Gas Prices

Nitro Joe Jackson · 11-28-2015, 01:54 PM

$1.62 in Edmond, OK
today

Greenlight · 11-28-2015, 05:01 PM

There is a down side to the lower gas/diesel prices.

Over 250,000 layoffs in the oil and gas industry thus far in 2015, with predictions that the total number will be 500,000 total layoffs within the next 6 months.

http://www.theoilandgasyear.com/news...since-january/

Each of those US jobs result in a net reduction in tax revenue of about $20k (including the taxes that their employer was paying).

http://www.usdebtclock.org/

Someone (the remaining employed, who are not in the 160,000,000 US citizens getting government assistance) will have to catch up their slack and:

1) Pay the taxes lost by these now unemployed (and the tax revenue not paid by their former employers).
2) Pay unemployment benefits to those who lost their jobs.

There is no free lunch.

GTX JOHN · 11-28-2015, 07:04 PM

I am not a Economist............However, the $500.00 to $1000.00 we save in our business from gas prices goes right into what we spend every month as we sure do not save much at all.

I remember from college econ that their is a "Multiplier Effect" probably five times. The person I spend the money with will spend it with somebody else
and so on down the line. This keeps expanding our economy!

Christopher Stewart · 11-28-2015, 07:28 PM

I believe those laid off oil workers are probably working in other places, not just sitting around waiting.

Philip Saran · 11-28-2015, 07:32 PM

Gas is $1.76 a gallon & diesel is $2.18 here in Parker CO

Will the lower prices help me travel more or less?? My motorhome gets
7 MPG, lower prices help, but we will travel when we want to.

When we lived in SOCAL and diesel was $5.00 a gallon we still traveled,
maybe not as far as we might have liked.

MAURICE BLENDHEIM · 11-29-2015, 12:09 PM

Gas in Beautiful British Columbia this morning is $1.18 CDN per litre, which equates to $4.57CDN per U.S. Gallon (after conversion) or with the current money exchange rate $3.42US per U.S. gallon. A price reduction generally means an increase the following week.

brian schuetta · 11-30-2015, 12:32 AM

Yeah the laid off oil patch workers are working somewhere else but the people we hired are at about 50% of what they were making. Some traveled far to make the oil money now they will have have travel to make near that. South and west Texas ain't the place to make money working for someone else outside of a boom unless you have the needed skills.

T-Bolt Racer · 11-30-2015, 09:48 AM

I just read that Opec is cutting down there out put fuel will go up!!!!!!

11-28-2015, 01:54 PM	#1
Nitro Joe Jackson VIP Member Join Date: Dec 2001 Location: Loudonville, Ohio or where ever the Nitro Lounge is parked Posts: 2,293 Likes: 58 Liked 67 Times in 19 Posts	Re: Gas Prices $1.62 in Edmond, OK today __________________ Nitro Joe Jackson STK 3431 nitrojoe@neo.rr.com

11-28-2015, 05:01 PM	#2
Greenlight Member Join Date: Dec 2004 Posts: 215 Likes: 16 Liked 79 Times in 22 Posts	Re: Gas Prices There is a down side to the lower gas/diesel prices. Over 250,000 layoffs in the oil and gas industry thus far in 2015, with predictions that the total number will be 500,000 total layoffs within the next 6 months. http://www.theoilandgasyear.com/news...since-january/ Each of those US jobs result in a net reduction in tax revenue of about $20k (including the taxes that their employer was paying). http://www.usdebtclock.org/ Someone (the remaining employed, who are not in the 160,000,000 US citizens getting government assistance) will have to catch up their slack and: 1) Pay the taxes lost by these now unemployed (and the tax revenue not paid by their former employers). 2) Pay unemployment benefits to those who lost their jobs. There is no free lunch.

11-28-2015, 07:04 PM	#3
GTX JOHN VIP Member Join Date: Jun 2009 Location: Boulder City, Nevada 89005 Posts: 2,737 Likes: 2,819 Liked 2,489 Times in 699 Posts	Re: Gas Prices I am not a Economist............However, the $500.00 to $1000.00 we save in our business from gas prices goes right into what we spend every month as we sure do not save much at all. I remember from college econ that their is a "Multiplier Effect" probably five times. The person I spend the money with will spend it with somebody else and so on down the line. This keeps expanding our economy! __________________ John Irving 741 Stock 741 Super Stock

11-28-2015, 07:28 PM	#4
Christopher Stewart Junior Member Join Date: Feb 2007 Location: Nashville, Tenn Posts: 83 Likes: 104 Liked 24 Times in 8 Posts	Re: Gas Prices I believe those laid off oil workers are probably working in other places, not just sitting around waiting.

11-28-2015, 07:32 PM	#5
Philip Saran Senior Member Join Date: Oct 2006 Location: Parker, CO. Posts: 728 Likes: 168 Liked 14 Times in 11 Posts	Re: Gas Prices Gas is $1.76 a gallon & diesel is $2.18 here in Parker CO Will the lower prices help me travel more or less?? My motorhome gets 7 MPG, lower prices help, but we will travel when we want to. When we lived in SOCAL and diesel was $5.00 a gallon we still traveled, maybe not as far as we might have liked. __________________ Phil Saran Parker, Colorado

11-29-2015, 12:09 PM	#6
MAURICE BLENDHEIM Senior Member Join Date: Jun 2011 Location: Langley (no igloos), British Columbia, Canada Posts: 569 Likes: 311 Liked 285 Times in 87 Posts	Re: Gas Prices Gas in Beautiful British Columbia this morning is $1.18 CDN per litre, which equates to $4.57CDN per U.S. Gallon (after conversion) or with the current money exchange rate $3.42US per U.S. gallon. A price reduction generally means an increase the following week.

11-30-2015, 12:32 AM	#7
brian schuetta Member Join Date: Apr 2005 Location: san antonio tx Posts: 259 Likes: 5 Liked 28 Times in 15 Posts	Re: Gas Prices Yeah the laid off oil patch workers are working somewhere else but the people we hired are at about 50% of what they were making. Some traveled far to make the oil money now they will have have travel to make near that. South and west Texas ain't the place to make money working for someone else outside of a boom unless you have the needed skills.

11-30-2015, 09:48 AM	#8
T-Bolt Racer Junior Member Join Date: May 2013 Posts: 57 Likes: 0 Liked 0 Times in 0 Posts	Re: Gas Prices I just read that Opec is cutting down there out put fuel will go up!!!!!!