Iran’s oil minister has said that an emergency OPEC meeting may be necessary to stem the tide of slumping worldwide oil prices, Reuters is reporting. Algeria has also called for an emergency meeting.
A barrel of crude oil slid to its lowest price last week of around $40, the lowest in more than six years. Record low gas prices could closely follow, which would help American drivers and car buyers, however the broader economic impact may be tougher to discern. Worldwide markets sank on Friday, largely on fears that China would slow its economic growth and instability in Greece could hamper European economies.
Break out the champagne and 7-liter engines. Have one on us, alright?
The Wall Street Journal and Reuters are reporting that despite a mild increase in crude, oil is hovering around $40 a barrel and it’s expected to further dip in coming months to a six-year low on a global glut of oil.
The national average for a gallon of gas could drop to as low as $2, Green Car Reports says, which would be the cheapest its been since January, and could approach historical lows from 2008.
With fuller wallets and lower prices at the pump, millennials are leading the charge toward the highest consumption among Americans since 2007.
After a slight decline during Easter, gas prices are once again climbing back up as crude oil does the same.
With fuel prices still falling as of this writing, the U.S. Energy Information Administration issued a report forecasting an average of $550 in savings at the pump for a typical family in 2015.
Once upon a time, a gallon of regular could be had for under $3. Then, prices climbed as reduced production and geopolitical uncertainty played their respective roles. However, 2014 could feel like 2010 again as prices tumble back down to $3/gallon.
From Zero Hedge, a look at global gas prices, with New York City as the benchmark. A look at the price of a liter of gas (multiply by 3.8 for the gallon equivalent) gives a better picture of the choices that people make around the world when it comes to buying cars.
On occassion, I’ll use the Question of the Day feature as a tool to draw on the collective knowledge of the B&B to learn something; today I’m asking your your input on Tropical Storm (Hurricane?) Isaac.
More than half of new car shoppers have recently changed their minds about the car they want to buy, says a new study by Kelley Blue Book. Researches find customers thinking about cars they normally would not have considered. What is changing their minds en masse: Rising gas prices. (Read More…)
I realize opinions are like…elbows. But right now I am looking for a hit to the ribs.
I am moving to Northern California, and intend to live up in the hills around Skyline Blvd. / Highway 280.
I am debt free on a 2006 Mitsubishi Montero Limited. It is such a fantastic sleeper of an SUV; as rugged as I need for weekend camping, rock climbing and/or surfing excursions, and also cleans up well for mid-week business meetings (I work from home, so only need to drive to the office or customer site a couple days per week).
The Monty is in great condition, with 75K miles on the odometer, and still worth approx. $15-20K. It is safe for my wife, infant, and possibly future brood. The Monty is a gorgeous ”carbon grey metallic” color, without the cheesy spoiler option. It’s a stellar SUV in the classic sense.
That stated, I have the itch to sell the Monty and use that cash to buy a slightly ”lesser” vehicle (in terms of value), as well as an enduro-type motorcycle; perhaps a used BMW F 800 GS. (Read More…)