2 dollar gas coming soon (CNN)

[ghostsinthemachine]

Iran will add to oil supply glut

A nuclear deal with Iran means easing of sanctions and an increase in oil exports. Christine Romans explains what this could mean for your gas prices.



http://money.cnn.com/2015/07/14/news/economy/2-gas-iran-nuclear-deal/index.html

[Erich Bloodaxe BSN]

1. So hold off on filling up as long as I can?

heh.

[olddots]

2. two dollars a quart ?

CNN we don't report news we make news .

[GummyBearz]

3. laf

And then all the refineries will suddenly need to do some "maintenance" work, which will choke the supply off, just like what is happening in California right now.

The unfair business practices still exists at the refining level... all the oil in Iran won't solve that problem

[Agnosticsherbet]

4. Though the price of oil is low, $4 gas is where it's going

In California.

[taught_me_patience]

9. It's $4.50 here in Los Angeles n/t

[Agnosticsherbet]

12. Last week in San Diego, it was $3.90 at Costco

And AMPM and on military based. I haven't bought since then.

[Le Taz Hot]

17. I just filled up in Fresno

for $3.05.

[davidn3600]

5. I don't think you'll see this right away

From what I understand, the sanctions themselves can't be lifted until December at the earliest. So it's going to take some time for any additional supply to actually hit the market.

The price of crude today dropped at the announcement of the deal, but then rebounded.

Iran's oil output isn't really that extensive. They would need to have capital invested in more technology and equipment to increase their output to its potential. Only then would you see Iran have a significant effect on the market.

One reason you may see some short-term drop is investors believe that a war with Iran is now less likely and therefore there is less threat to disruption of current supply.

Projecting oil prices isn't always an exact science. A lot also depends on what the Saudis do. As Iran increases supply, the Saudis might decrease theirs offsetting any market changes.

[Recursion]

21. Also, crude is only one of many inputs to the price

Refining and transport probably represent more of the price at the pump than the original crude does.

[Warpy]

6. Gas here is the same price it was a few weeks ago when the price was ten bucks a barrel

higher than it is now. I don't know if that reflects the change in formula from gasohol to gasoline and it'll go down in the fall, I just find it interesting.

As for Iran adding to the oil glut, probably not any more than it does now. Once it goes from the wellhead into a tanker, it gets sold so many times before it gets to a refinery that nobody knows which piece of land it originally came from unless they do a lot of testing and nobody bothers doing that kind of testing.

In any case, I don't think I want $2/gallon gas, people would go back to driving tanks instead of cars. The cars on the road here are already getting bigger again, just with gas under $3/gallon.

[Sunlei]

8. Warpy! we need $1 or lower gasoline please

[yeoman6987]

16. We were better off in the 90's and gas was 90 cents a gallon

Bring back the 90's in all ways please.

[TransitJohn]

23. If you're an environmentalist you want it to be as hugh as possible

tosped the transition to using hydrogen for transportation instead of petroleum.

[Sunlei]

7. Thank you Iran for more gasoline money in my pockets. Drill baby drill, as the snow bunny says.

And thanks for your help to make filthy shale oil production not cost effective anymore.

[Frustratedlady]

10. THAT is what the Republicans are afraid of...

They've been lead to believe that big oil has to be protected at all costs.

Even when the gas prices dropped from the $4 level to $2.50, the price of food stayed the same or worse. If the food didn't rise in price, it lowered in quantity to the point of ridiculousness. A can of soup is so much smaller, casserole recipes have to be adjusted or add another can of cream of chicken soup, for instance. One-half gallon of ice cream is no longer true. I don't know what they are down to, now.

Someone has got to be pocketing a whole bunch of money even at the $2.59/gal. level.

[taught_me_patience]

11. Fuck the environment. Burn baby burn!!!

Our grandkids who will deal with an atmosphere of CO2 and oil shortages will sure thank us for our conservation efforts!

[Sunlei]

13. yes, I forgot to put the /s again

[hunter]

14. Unicorn blood...

[bluedigger]

15. All you naysayers are forgetting something.

Frackers need the price up to make a profit.

[KinMd]

18. It will be ANOTHER Obama success

[malaise]

19. But but but ReTHUGS predicted $6.50 in 2012

if that fugging Kenyan Muslim Socialist anti-Christ communist was reelected.

[Kingofalldems]

20. Fox news not liking this one.

Benghazi!

[olddots]

22. gas is now 1$ to 1.50 $

More per gallon in California than other states in America .