Civic EG

Curious as to how oil prices directly affect you? I don't want anything to get political, just would like views into the positives and negatives of the current price of oil.

Being in Louisiana, I hear all the time that the lower gas prices will cause all kinds of layoffs and will be bad for us.

But I read something somewhere (can't remember offhand) that gas prices have to fall a great sum more before it's a real crisis. Talking like, below a $1. None of my oil field friends are worried yet (but their wifes are!).

Well there are may factors that play into at what value per barrel becomes a break even point. I know first hand that the amount of rigs pulled out of the United States last month was the largest decline since 1991, right before the Persian Gulf War. WTI is currently sitting at a hair under $46bbl and I don't see it slowing down for awhile.

I drive ~100 mi/day, so my wallet is happy. The oil industry is taking a hit, so that sucks. Hopefully lower gas & oil prices will give the economy a jump to combat the layoffs in the oil industry.

I have a few friends in the oil field who have already been layed off sadly, but as teal said it does make for a happy wallet!

up, down, whatever.

i gotta go places no matter what so i dont even worry about it.

Its great! I can finally drive my car like an asshole from time to time and be able to afford to refill it!

So would it be safe to say that most of you are only concerned with how much it's saving you at the pump?

I can't say I feel bad for the oil companies. They have made billions in profits for years. If they were thinking long term, they should have prepared for this. We're using less oil than we used to and we're getting better at pulling it from the earth. Unfortunately it's the workers at the bottom of that ladder that are going to take the hit due to lower prices.

They knew they had everyone by the balls for years... now things are starting to change with more sources and less consumption (in the US - Other parts of the world are consuming more than before.)



Now the other 98% get a break for a while. I'm sure things will level back out in a few years or so. In the meantime, I'm saving $30+/wk on gas.

I agree with you 100%, but this go around is mostly influenced by the middle east refusing to cut production and even at $20/bbl, oil is still very profitable in the middle east. Over here, no so much because it's so much harder for us to extract.

As long as we're dependent on foreign oil, they can screw us any time.

Working in parts at a Honda dealership the lower oil prices are great. Most people dont realize the advertised $19.99 oil change is to get people in the door to try to upsell them things like tires and brakes. We were losing money on every single one of those oil changes (Thankfully this is only on older cars that don't use the 0-w20), only like 50 cents but when you do a hundred everyday it adds up and eats away at my commission.

Also with premium being down to $2.04 I'm saving quite a bit of money for the 70 miles I drive everyday.

The long term effects on the economy will probably balance out. I'm sure the lower prices will cause layoffs in the oil industry but the lower oil prices help us with everything else. Shipping cost, food cost, and anything else that is transported to its selling point should see a reduction in price since there is less cost in the transportation now. Just my 2cents.

That is, if they pass along the savings to the consumer.

Oil profits go up as gas prices go up...no shit! LoL