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gas prices

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grizz02

Well-known Member
just went to town to fill up on gas it went from 2.65gal to 1.99 over night, I guess supply and demand , maybe we could see under a dollar for a short term , I guess a plus for the virus LOL
 
Actually, the oil war between Saudi Arabia and Russia is having a MUCH greater effect upon oil prices lately than is the (forbidden word).

Dean
 
The reduced air travel (Delta is 40% down by itself) creates a glut of feed stock. It is cheaper to create gasoline than jet fuel, or diesel, so when two of the producers refuse to pull back from massive output to keep prices high through demand, the effect is compounded. Jim
 
As a consumer myself I can understand your excitement of recent gasoline prices.


But I have yet to find one person that can explain to me how low oil/gas prices is good for the overall economy.
Yes they can state lower fuel prices means lower shipping cost or people like farmers have lower input cost.
And by doing this they just show how little they know how much our economy is driven on the production side of oil and gas.
 
Dean is right.
Saudi Arabia wanted to cut supply to stabilize the price.
Russia refused to go along.
To punish them Saudi Arabia opened the taps and flooded the market with oil.
They can do this because their cost of production is in the $20 a barrel price.

Now what remains to be seen is if Russia will get the hint and go along with Saudi Arabia.
If they do not the USA could be in for it.
At $30 a barrel all USA production will come to a halt.
And when that happens the price will sky rocket.
Hopefully not back 2008 prices.
 
When the tide comes in, all ships rise. And when the tide goes out, all ships go back down.
So if the crude oil price goes down, in time the rest of commodities will follow along with it. Pumping Billions of $$ of cash into the economy, will not drive commodities back up long term, only weaken the buying power of the dollar. This has been pretty much the way the western worlds economy has worked in the post WW2 era. I have seen gas as low as .86 Canadian funds , per litre Friday . And that is down from the highest I had seen in January at a $1.26 per litre.
 
$1.75 here in middle Tennessee this morning. I can see where states that pump oil would come out the looser while it seems to help economy in places like Tennessee , more travel and more money to spend .
 

According to 2019 figures from the U.S. Energy Information Administration we still import a wee amount more than we export.

If it becomes cheaper to import vs export, north american oil extraction might go idle.
But the refineries will remain at full capacity.
 
Were leaving for Tennessee in the morning, so good to know gas is cheap down there also. Its $1,81 here in southern Indiana. I got a 100 I'm my transfer tank yesterday and then pumped it into my overhead tank.
 
With the additional taxes, Ohio recently put on gas I never thought I ever would see gas at less than a $

$1.939 Austinburg, Oh
 
Get ready, folks. Gubmint uses low gasoline prices as an opportunity to raise gasoline taxes.

Never let a good opportunity go to waste.

Dean
 
All I can say for sure is low gas prices are good for my economy lol. If low or high gas prices are good for the US economy in general, I've heard so called "experts" disagree, some may say low is good, others high is good (good for WHOM??), Oh Well to each their own opinions. I doubt it will get down to 018.9 per gallon as I paid in the late sixties.

John T
 
Out here in central Alberta Bruce, most places are $0.829 but there is usually a 3-5 cent discount from that in various forms (lower price or in-store purchases). Costco is about $0.769 or thereabouts.
 
Extreme measures or not the sooner the virus can be somewhat contained and controlled the better. There?s no one in the world benefiting from the situation.
 
I doubt the virus has much to do with the price of gas. Here in northern Michigan, gas is $1.79 today for regular. As far as I know, the little Crown Prince Mohammed bin Salman in Saudi Arabia is having a price-war with Putin in Russia. So he is dumping oil do cheap our US prices are dropping a lot. I fail to see how a Chinese virus has much to do with that.
 
I filled up this morning for 1.94,later we took the wife's truck to Hannibal,$1.64 there.
 
I thought diesel and jet fuel were easier to make than gas? Maybe that?s before the ultra low sulphur added more processing?
 
What happens when gasoline is cheaper than ethanol, or less than the cost to produce ethanol?
 
Roaming around this site will give you an idea as to what and why is going on in the petroleum arena. Pay particular attention to the untapped resources. I really doubt that folks involved in that industry will let any green new deal displace their empire. Besides, all my stuff runs on petroleum and I like it.

https://oilprice.com
 
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