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Economy

First U.S. Gas Station Drops Below $2 a Gallon

2014-12-04

[BLOOMBERG] $2 gasoline is back in the U.S.

An Oncue Express station in Oklahoma City was selling the motor fuel for $1.99 a gallon today, becoming the first one to drop below $2 in the U.S. since July 30, 2010, Patrick DeHaan, a senior petroleum analyst at GasBuddy Organization Inc., said by e-mail from Chicago.

?We knew when we saw crude oil prices drop last week that we?d break the $2 threshold pretty soon, but we didn?t know if it would happen in South Carolina, Texas, Missouri or Oklahoma,? said DeHaan, senior petroleum analyst for GasBuddy. ?Today?s national average, $2.74, now makes the current price we pay a whopping 51 cents per gallon less than what we paid a year ago.?

Posted by:Fred

#8 Using the inflation calculator - Two dollars in 2014 would be .25 cents in 1960 or 1.45 in 2000.

In either 1975 or 1976 gas stations in my town were having a gas price war one weekend. When the price of gas dropped to .17 cents a gallon, the owner of my self serv station made me start washing windshields that weekend to get people to come to his station instead of the other self servs. Small town gas wars back in the day were vicious, but drivers loved them.

Posted by: Ebbomosh Hupemp2664 2014-12-04 15:55

#7 Adjusted for inflation, there has been no change in prices.
Let's all drive down to Oklahoma & gas up where it's cheap!

Posted by: Anguper Hupomosing9418 2014-12-04 15:24

#6 Bingo, B.

Posted by: Barbara 2014-12-04 12:12

#5 Using the inflation calculator - Two dollars in 2014 would be .25 cents in 1960 or 1.45 in 2000.

Behold the 60+ year Ponzi scheme that permits a borrowing big gov't to survive.

Posted by: Besoeker 2014-12-04 10:02

#4 Googled - price of gas 1960

and this popped up -

I remember filling up with gasoline in 1960 for 25 cents a gallon. Boy, those were the good old days! To adjust that for the change in the Consumer Price Index since 1960, I multiply by eight and get $2 a gallon in today's prices — still quite a bit less than today's $3.80 a gallon.
Price of gasoline was worse in 1960 | News OK
newsok.com/price-of-gasoline-was-worse...1960/.../365737...
The Oklahoman

Posted by: Procopius2k 2014-12-04 09:30

#3 Using the inflation calculator -

Two dollars in 2014 would be .25 cents in 1960 or 1.45 in 2000.

Call me when the best and brightest economists quit 'economically easing' their buddies on Wall Street and in the investment houses at everyone else's expense by printing money without backing (as in increased productivity).

Posted by: Procopius2k 2014-12-04 09:26

Likely a flash in the pan, but we should enjoy it while we can. I don't see other energy related goods & services moving downward much. When my Castrol rolls back to $2.50 per quart, call me.

Posted by: Besoeker 2014-12-04 05:13

#1 Wake me up when it gets back to 99 cents, you'll have a story then.

Posted by: Clem Noodleman5638 2014-12-04 01:16

00:00