Gas prices dropping soon?

[Bikeman315]

Ghetto Low Income Area tax.

That is sooooo un-PC. I fixed it for you.

Sponsored

 

[Cobra Jet]

$4.49 for regular (87 octane) just the other day.

The only way my gas prices are dropping is using the WaWa app that gets me a big fat 0.15 cent discount per gallon of fuel... that ends in a big net savings of just about $2.00....

 

[Bruce 8858]

$4.49 for regular (87 octane) just the other day.

The only way my gas prices are dropping is using the WaWa app that gets me a big fat 0.15 cent discount per gallon of fuel... that ends in a big net savings of just about $2.00....

Better than nothing.

 

[Rapid Red]

 

[Bikeman315]

We import more crude oil from Mexico than we do Saudi Arabia. Not sure what the point is in trying to lay the blame for our gas prices at their feet. By the way have you checked profits from the American oil companies? Bet they aren’t hurting.

https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php

 

[Qcman17]

If all you SOBs would stop driving your Mustangs I could get cheaper gas for mine.

 

[LSchicago]

Oil hit $115 bbl.

Maybe another SPR release completely emoting all reserves LOL.

Higher the gas price the less cars on the road.....this luxury is unobtainable otherwise.

It was $120 on March 9th.

 

[LSchicago]

The record high was $140 a barrel in June of 2008, and prices were a bit better than now. It's corporate greed at this point. Prices should be less than they were 2 months ago, not higher.

 

[sk47]

Free money has consequences.

Hello; put best I have read so far. Near zero interest rates for too many years.

 

[MIDLYFE]

Hello; put best I have read so far. Near zero interest rates for too many years.

Goes back to Greenspan.

 

[MIDLYFE]

This is the best explanation of current gas prices I've seen yet.

 

[ice445]

If you by corporate greed you mean regulation and lack of long term investment, I agree. It's the crack spreads that are sending prices though the roof though and that is from lack of refining capacity. These companies have a vested interest to make sure refineries aren’t build so they can maintain their profit margins.

BTW what even is corporate greed? Public corporations have a duty to make the most possible money for their shareholders. If you mean monopolies Or XXopolies then I agree, but again that loops back to regulation. The problems in this world revolve around the fact that for the last 10 years money was free and any large corporation could just gobble up anything the resembled competition. They had the power to shape legislation and regulation to keep smaller competitors that they couldn't buy, out of the game.

What we ended up with is a few companies anywhere you look that almost completely control their entire market. That doesn’t work well for consumers. Free money has consequences.

Well that and they expect demand to drop due to relatively widespread electric adoption in the next decade (I.e, peak oil has already been reached). Nobody wants to spend billions on new refining capacity right now just to be left holding the bag before it even starts making a profit.

That's probably the absolute worst part of this energy "crisis", it's almost completely by design and there isn't any solution in the works.

 

[Joe B.]

EV adoption by coercion.

 

[LSchicago]

Well, Nigerian oil is selling for $118 bbl, while OPEC / ME is around $87 bbl, and RU selling at $70 bbl incl shipping.

The west pays the highest price in the world haha. Good thing everyone has lots of credit for the most part, realitively.

I own lots of shares in western oil co, mainly operating offshore Nigeria, and Namibia, exclusively, where the ultra high grade is coveted by refiners and now by all those who don't want RU oil any more.

I Also own shares in western oil co operating in Vietnam, who has Asias third largest recoverable reserves and govt even more protective of the oil business than Nigeria and Namibia.

Great jurisdictions thanks to low taxes, hunger for tax revenue, and lots of lead for activists and other opposition haha, great offshore conditions and proximity to plenty of equipment and personnel needed. There are no shortages of anything with average netbacks $80 bbl now.

Good thing we produce more than we use and are net exporters.

 

[Bikeman315]

That's probably the absolute worst part of this energy "crisis", it's almost completely by design and there isn't any solution in the works.

But we do not have an energy crisis. There are no shortages of gasoline and the diesel shortage on the East Coast is man made not natural. That said the cost of extraction is going to continue to rise as will the cost of refining. The time for gas demand going down due to alternative sources of power is a long way off. I do not think the oil companies are really concerned about that now. Of course they say otherwise to validate their pump prices.

Sponsored