#opec

Way back in the polyester era, there was a little thing called the Oil Crisis (circa 1973). And right about the time giant American barges were coughing and wheezing their way to the (empty) fuel station while managing eight miles per gallon, Honda had a little idea.

Say hello to the “Civic.”

Even though electric vehicles still only account for a sliver of the global market, Big Oil is beginning to take them seriously as a long-term threat to the industry. While preserving a finite resource is still probably the way to go, oil companies are accustomed to making money and have now begun revising their forecasts to account for accelerated EV adoption.

Companies like Exxon Mobil and BP are ratcheting up their outlooks for the technology, anticipating slowing oil demand, while OPEC has quintupled its forecast for sales of EVs in the coming years.

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.

Despite OPEC’s desire to keep its stranglehold on the market, U.S. shale oil production looks to rise again amid a strengthening dollar.

OPEC is doubling down on shoving shale off a cliff, continuing the trend of low fuel prices through the fall in so doing, Memorial Day Weekend aside.

Those hoping for a return to $100 per barrel of oil are in for a long wait, as OPEC says oil will remain below the price point through the 2020s.

Remember when we thought $2.55 for a gallon of regular was going to make for a good Christmas? Turns out the new average is $2.47, the lowest average price reported in five years.

Also: That’s a photo shot by one of my relatives back in Louisville, Ky., where some stations are pumping gas for as low as $1.96/gallon.

Is your wallet feeling heavier these days, despite all of the blackened Thanksgivings and cybernetic Mondays meant to liberate you from your money? It’s about to become more so, thanks to an early Christmas present from OPEC.

While some OPEC nations are panicking over oil prices not being above $100/barrel, Saudi Arabia says it wouldn’t mind accepting barrels worth $90 or $80 for the next year or two, so long as it slows down production elsewhere.