Gasoline Prices Hitting Record Lows -- January 20, 2016

Reporting tomorrow:

• Bank of New York Mellon, forecast 64 cents; before market open;
• Schlumberger, forecast 63 cents; after market close;
• Starbucks, forecast 45 cents; after market close;
• Union Pacific Corp, forecast $1.42, before market open;
• Verizon, forecast 88 cents, 7:00 a.m. ET

******************************

Gasoline Prices Continue To Drop

According to PennEnergy, the state with the lowest average price of gasoline is Oklahoma, at $1.57/gallon.

#2: Missouri, $1.60

National average: $1.87

#57: California, at $2.74/gallon. I don't think Californians have seen it so low in the last four decades.

**************************

Flashback

The Wall Street Journal posted this two days ago:

From Science magazine’s “The Next Oil Crisis Looms Large—and Perhaps Close,” August 21, 1998:

This spring . . . the Paris-based International Energy Agency (IEA) of the Organization for Economic Cooperation and Development (OECD) reported for the first time that the peak of world oil production is in sight.

Even taking into account the best efforts of the explorationists and the discovery of new fields in frontier areas like the Caspian Sea . . . sometime between 2010 and 2020 the gush of oil from wells around the world will peak at 80 million barrels per day, then begin a steady, inevitable decline, the report says.

In round numbers, "we're" producing about 90 million bopd. Someone said we were producing 95 million bopd in 2015. If so, 95 - 80 / 80 = almost a 20% increase.

The same scientists who predicted "Peak Oil" back in 1998 knew they would soon be out of a job, and moved on. They are now predicting future global temperatures.

**************************

Flashback

We Can't Drill Our Way to Lower Gas Prices -- President Barack Obama with best advice money can buy:

one minute sixteen seconds of fathomless ignorance
"It's tough to make predictions, especially about the future."

-- Yogi Berra

******************************
I Don't Remember Loving You

I Don't Remember Loving You, John Conlee  

********************************

Overseas, Wind Energy Is All The Rage

SeekingAlpha is reporting:

• GE Renewable Energy secured 1.4 GW of firm and unconditional wind turbine supply orders in the month of December, 2015 
• The flurry of deal activity follows the recent launch of GE Renewable Energy, a new business unit the company introduced in November after completing its acquisition of Alstom's renewable energy group
• The agreements call for GE's wind technology to supply more than 20 new wind projects across seven different countries