re: Gas Price Question for you O&G folks

The oil futures and spot oil price in 2014 were much lower than the oil futures and spot prices today. The information in that tweet is just wrong. The crude prices were not the exact same.

In 2014 oil futures were around $100 in Jan 2014 and dropped steadily throughout the year to $50 per barrel at the end of '14.

The current oil price as well as futures are almost $120 per barrel. That is 20% higher than the beginning of 2014 and almost 2.5 times the price of oil at the end of 2014.

Also average gas prices followed that trend. The price per gallon average of gas at the beginning of 2014 was north of $3 per gallon. By December the price as $2 flat per gallon. These numbers reflect the price of oil going from $100 to $50 during the same time.

The current price of oil is 2.5 times the price of oil in December 2014 and the current price of gas is about the same 2.5 times the price of gas in December 2014. Even ignoring the factors of distribution and refining adding costs that aren't the same as in 2014, these numbers seem very reasonable and normal to me.

Dont believe what you see on social media, look it up yourself.


WTI Crude oil prices and futures chart history

Avg gas price history chart