So prices for gasoline – It’s now down to $1.79/$1.85 cash/credit. How much further will it go I’m guessing $1.50/$1.65. This Russia vs. Saudi Arabia thing is great for making the price of a barrel of oil drop like the proverbial rock.
I am loving it, normally to fill up from half a tank was $16-$18. Today it was $13. And the Shell station near me – it was selling for $1.639 I am absolutely loving this. Why? Because cheap gas that’s why. Prices I haven’t seen since the early 1990’s.
Plus I know a few other things. The fact that cars are getting much more fuel efficient also played into this. Consider if you will the state and federal tax on a gallon of gasoline. Here in Georgia it’s 49.42 cents so if you back that out of that $1.639 you get $1.1358 a gallon. About 30% of that is refining, so 79 cents a gallon.