It's around $1.69 to $1.79 here in the Piedmont Triad (High Point, NC).
Oil is being overproduced right now. Market forces will drive the price low enough to push less efficient producers out of the market. Then it will start going up again.
Some reasons:
America is producing more oil and importing less these days. This puts downward pressure on foreign oil prices.
Our neighboring countries are producing more oil.
The dollar is very strong right now, making foreign oil less expensive for Americans.
We're lifting sanctions on Iran. They plan to dump about 500 or more billion barrels of oil on the world market in the next year.
China's economy is cooling down, so they're using less oil.
Government mandated efficiency rules have slowly lifted the average gas mileage of vehicles sold in the USA. More and more cars are equipped with hybrid drive trains. Conventional engines and drive trains are getting more efficient, AND more powerful.
2015 was a record year for car sales, meaning lots of older, more inefficient cars and trucks were replaced by newer, more efficient ones.
The economy continues to suck, despite what the folks in Washington want to mislead you to believe. Only some sectors are doing better... Others are doing worse.
I'm sure there are other reasons oil prices are getting hammered. As usual, a combination of factors pushes prices up and down over time. Predicting demand for gasoline is complex macroeconomic analysis, depending on many factors.
tramsey wrote:
I've been listening to the news commentators telling me that the price of gas is coming down, down, down.
So what's the price of gas (for cars) in your area and do you think it is good things or has it gone down too far,
I just paid $1.50 here in deep South Texas. I have a good friend that lost his job as an oil worker now he's out pounding the pavement.
I think it has gone down too far and it's going to keep going down.