vacerator
Well-known member
What the heck is going on? Largest hike in years! 50 cents per gallon in one darn day! Was $259 yesterday, and $295 this evening.
Gasoline prices
- Thread starter vacerator
- Start date
Help Support :
Several things are going on at once....
First and foremost the "glut" of oil largely has been drawn down.
Next you have the economies of Europe, USA and elsewhere in world expanding and or otherwise recovering nicely from the havoc of credit/financial crises that brought about recessions (if not depressions) all over the world.
And there is OPEC, remember them? https://www.reuters.com/article/us-...ains-opec-says-glut-nearly-gone-idUSKBN1HQ028
First and foremost the "glut" of oil largely has been drawn down.
Next you have the economies of Europe, USA and elsewhere in world expanding and or otherwise recovering nicely from the havoc of credit/financial crises that brought about recessions (if not depressions) all over the world.
And there is OPEC, remember them? https://www.reuters.com/article/us-...ains-opec-says-glut-nearly-gone-idUSKBN1HQ028
$2.449 for several days+. Was $2.339 for a few hrs one recent morning.
$2.39. Last Saturday it was $2.32 when I got gas, the next morning it was $2.39 and has remained there.
$7.35 today at the cheapest gas station.
Our gas stations in Belchville usually had prices that were about 8 or 9 cents a gallon cheaper than in Montgomery County, our neighbor to the west, and stations in NW DC where it was even more expensive. There was something written years ago about different distributors offering varying prices on gas to various stations in various locales, but our Belchville prices are the same now as the Montgomery County stations I pass from time to time. Something has changed. With petroleum, there is always a gun at your back. The only thing that varies is the caliber of the bullets. Everything makes an argument for hybrids and, where possible, electric vehicles.
And crude prices are still low enough to harm the economies of Russia, Venezuela and the other sponsors of terror.
And crude prices are still low enough to harm the economies of Russia, Venezuela and the other sponsors of terror.
vacerator
Well-known member
On the CBS radio
station this morning, a report said a Saudi Company wants oil prices of $80 to $100 a barrel.
Well, all I can say is our mid term elections are soon.
I recall June of 2008. The price for regular unleaded here was $4.09 a gallon.
I was out of work, burning gas going to interviews. There were few jobs to be had. The one I found was at half my former salary with no benefits.
In retrospect, I don't know why I didn't file for my unemployment extension.
If I had to work now, I'd claim SS disability. My heel spurs are painful.
I know a loser who got a lawyer and claimed deep depression, and that he is a danger to him self or others and gets over a grand per month.
station this morning, a report said a Saudi Company wants oil prices of $80 to $100 a barrel.
Well, all I can say is our mid term elections are soon.
I recall June of 2008. The price for regular unleaded here was $4.09 a gallon.
I was out of work, burning gas going to interviews. There were few jobs to be had. The one I found was at half my former salary with no benefits.
In retrospect, I don't know why I didn't file for my unemployment extension.
If I had to work now, I'd claim SS disability. My heel spurs are painful.
I know a loser who got a lawyer and claimed deep depression, and that he is a danger to him self or others and gets over a grand per month.
Ours went up the other day to $1.30 cdn liter.. $3.86 US gal. What pisses me off is the last time it was this high a little over a year ago a barrel of oil was around $105... It dropped down half yet the pump price never did.. and now that the barrel has creeped up a little but still nowhere near $105, the pump prices are going back up there
Hovering around 2.80 here but Sams and BJ's are 2.62.
Noticed tonight on the way home that WAWA have gone up 4 cents a gallon to $2.69. Noticed that 7-11 was still $2.65 so I filled up at the 7-11. I still think something is rigging this, but I am not waiting 30 minutes in line at Costco nor am I driving 15 minutes up to that cluster fuck in Laurel to save a few cents a gallon. I should be good for another month.
When we got out of the service tonight, Judy discovered that she had left her parking lights on and her old Honda Hybrid does not have an auto off for the headlights. So three of us had a great deal of fun getting her jumped. She had this battery jump thing in her trunk that we used with my 6 LED pocket light and got her started. I guess I will buy one of these things; seemed handy to have not that I have had that many batteries die because I keep tabs on the expire date, but one dead battery in a lonely parking lot makes this worth while especially when one dies before its time. This was a rechargeable thing that hooked to the battery, not of those things that plugs into the cigarette lighter and takes 10 minutes. Does anyone have any experience with one of these devices?
When we got out of the service tonight, Judy discovered that she had left her parking lights on and her old Honda Hybrid does not have an auto off for the headlights. So three of us had a great deal of fun getting her jumped. She had this battery jump thing in her trunk that we used with my 6 LED pocket light and got her started. I guess I will buy one of these things; seemed handy to have not that I have had that many batteries die because I keep tabs on the expire date, but one dead battery in a lonely parking lot makes this worth while especially when one dies before its time. This was a rechargeable thing that hooked to the battery, not of those things that plugs into the cigarette lighter and takes 10 minutes. Does anyone have any experience with one of these devices?
It's causing 45 pain so it can't be all bad
Surging oil prices rattle President Trump
by Matt Egan and Alanna Petroff @CNNMoney April 20, 2018: 1:07 PM ET
Current Time 01:52
/
Duration Time 11:02
U.S. shale won't spoil the oil rally
The oil market has caught President Trump in an awkward spot between his pro-business instincts and his populist tendencies.
Trump, a major friend to the fossil fuels industry, took OPEC to task on Friday for the recent surge in oil prices. The price has climbed toward $70 in recent weeks, the highest in more than three years.
"Looks like OPEC is at it again," Trump tweeted. "Oil prices are artificially Very High! No good and will not be accepted!"
Trump is right that OPEC, the Saudi-led cartel, has orchestrated higher prices, as it's known to do. And millions of American voters will probably share the president's outrage if gasoline prices soar as a result.
Yet millions of Trump voters also live in states such as Texas, Oklahoma and North Dakota that depend on the oil industry for prosperity. The 2014-2016 oil price crash cost countless jobs and led to dozens of corporate bankruptcies.
Trump has pushed an agenda of American "energy dominance" by slashing environmental regulations and green-lighting pipeline projects.
"These oil-producing states are Trump red states. They're part of his coalition," said Joe McMonigle, senior energy policy analyst at Hedgeye Risk Management, an investment research firm. "To have energy dominance you need higher prices to support investment."
Trump has close ties to Harold Hamm, the billionaire who runs Continental Resources (CLR), a shale oil producer that benefits from higher oil prices. Hamm gave a primetime speech during the 2016 Republican convention, and Trump reportedly considered naming the CEO his energy secretary.
"The president is going to hear from Harold Hamm" about his tweet, said McMonigle, a top Energy Department official under former President George. W. Bush.
Continental Resources did not respond to a request for comment.
Trump portrays himself as pro-business, but he has also attacked major American companies like Amazon (AMZN), threatened to start a costly trade war with China and gone after drug makers for high prices.
Related: Forecast: You'll pay 14% more for gas this summer
Trump's attack on OPEC could also conflict with his efforts to improve relations with Saudi Arabia, the country pulling the strings at the oil cartel.
The timing of Trump's tweet is intriguing because OPEC's strategy hasn't changed recently.
What has shifted is the impact. Oil prices have soared 12% this year, and the price of gas has jumped to a national average of $2.75 a gallon.
That's partly because of production cuts by OPEC and Russia, which have successfully mopped up the huge supply glut that caused prices to crash. Officials from OPEC and Russia met on Friday to take a victory lap for their coordinated action.
"OPEC hasn't done anything different since early 2017," said Spencer Walsh, oil market analyst at IHS Markit.
"The tweet, in my opinion, is a little misleading and not fully factual," he said.
Trump himself shares blame for the more recent jump in oil prices. Geopolitical uncertainty briefly caused by US airstrikes in Syria helped lift prices earlier this month. Oil traders are also nervous about Trump's threats to reimpose sanctions on Iran, a move that could risk up to 1 million barrels per day of oil supply.
"A lot of the reason for higher prices is the president's policy on Iran," McMonigle said. "You're talking about a huge amount of oil at risk. You're going to see prices spike. That's US policy. It's not anything OPEC has done."
And then there's Venezuela, the crumbling OPEC country where instability has driven down production. The Trump administration is considering imposing oil sanctions on Venezuela that could further drive down supply.
"The thing that's kicked up the price is the geopolitical escalation, globally," Walsh said.
Related: Saudi oil shipments to America plunge to 1988 levels
Oil prices have also been lifted by resurgent appetite for energy around the world. Global oil demand grew during the first three months of 2018 by the most since late 2010, according to estimates by Goldman Sachs. The investment bank projected that Brent crude, the global benchmark, will rise to $80 a barrel this year, up from $75 today.
Trump's tweet noted that there are "record amounts of Oil all over the place."
Of course, OPEC and Russia are certainly not pumping at full capacity. Yet production in the US, driven by the shale oil boom, has climbed to record highs. The US is even expected to eventually topple Saudi Arabia and Russia as the world's No. 1 producer.
Trump has sought to encourage more production by cutting environmental regulations. He also advanced the controversial Keystone and Dakota Access pipelines.
What he can't do, at least by himself, is keep oil prices from rising to levels that hurt the economy and upset drivers.
"Other than presidential tweets," McMonigle said, "the federal government doesn't have a lot of tools at its disposal to affect prices."
CNNMoney (New York) First published April 20, 2018: 12:34 PM ET
Surging oil prices rattle President Trump
by Matt Egan and Alanna Petroff @CNNMoney April 20, 2018: 1:07 PM ET
Current Time 01:52
/
Duration Time 11:02
U.S. shale won't spoil the oil rally
The oil market has caught President Trump in an awkward spot between his pro-business instincts and his populist tendencies.
Trump, a major friend to the fossil fuels industry, took OPEC to task on Friday for the recent surge in oil prices. The price has climbed toward $70 in recent weeks, the highest in more than three years.
"Looks like OPEC is at it again," Trump tweeted. "Oil prices are artificially Very High! No good and will not be accepted!"
Trump is right that OPEC, the Saudi-led cartel, has orchestrated higher prices, as it's known to do. And millions of American voters will probably share the president's outrage if gasoline prices soar as a result.
Yet millions of Trump voters also live in states such as Texas, Oklahoma and North Dakota that depend on the oil industry for prosperity. The 2014-2016 oil price crash cost countless jobs and led to dozens of corporate bankruptcies.
Trump has pushed an agenda of American "energy dominance" by slashing environmental regulations and green-lighting pipeline projects.
"These oil-producing states are Trump red states. They're part of his coalition," said Joe McMonigle, senior energy policy analyst at Hedgeye Risk Management, an investment research firm. "To have energy dominance you need higher prices to support investment."
Trump has close ties to Harold Hamm, the billionaire who runs Continental Resources (CLR), a shale oil producer that benefits from higher oil prices. Hamm gave a primetime speech during the 2016 Republican convention, and Trump reportedly considered naming the CEO his energy secretary.
"The president is going to hear from Harold Hamm" about his tweet, said McMonigle, a top Energy Department official under former President George. W. Bush.
Continental Resources did not respond to a request for comment.
Trump portrays himself as pro-business, but he has also attacked major American companies like Amazon (AMZN), threatened to start a costly trade war with China and gone after drug makers for high prices.
Related: Forecast: You'll pay 14% more for gas this summer
Trump's attack on OPEC could also conflict with his efforts to improve relations with Saudi Arabia, the country pulling the strings at the oil cartel.
The timing of Trump's tweet is intriguing because OPEC's strategy hasn't changed recently.
What has shifted is the impact. Oil prices have soared 12% this year, and the price of gas has jumped to a national average of $2.75 a gallon.
That's partly because of production cuts by OPEC and Russia, which have successfully mopped up the huge supply glut that caused prices to crash. Officials from OPEC and Russia met on Friday to take a victory lap for their coordinated action.
"OPEC hasn't done anything different since early 2017," said Spencer Walsh, oil market analyst at IHS Markit.
"The tweet, in my opinion, is a little misleading and not fully factual," he said.
Trump himself shares blame for the more recent jump in oil prices. Geopolitical uncertainty briefly caused by US airstrikes in Syria helped lift prices earlier this month. Oil traders are also nervous about Trump's threats to reimpose sanctions on Iran, a move that could risk up to 1 million barrels per day of oil supply.
"A lot of the reason for higher prices is the president's policy on Iran," McMonigle said. "You're talking about a huge amount of oil at risk. You're going to see prices spike. That's US policy. It's not anything OPEC has done."
And then there's Venezuela, the crumbling OPEC country where instability has driven down production. The Trump administration is considering imposing oil sanctions on Venezuela that could further drive down supply.
"The thing that's kicked up the price is the geopolitical escalation, globally," Walsh said.
Related: Saudi oil shipments to America plunge to 1988 levels
Oil prices have also been lifted by resurgent appetite for energy around the world. Global oil demand grew during the first three months of 2018 by the most since late 2010, according to estimates by Goldman Sachs. The investment bank projected that Brent crude, the global benchmark, will rise to $80 a barrel this year, up from $75 today.
Trump's tweet noted that there are "record amounts of Oil all over the place."
Of course, OPEC and Russia are certainly not pumping at full capacity. Yet production in the US, driven by the shale oil boom, has climbed to record highs. The US is even expected to eventually topple Saudi Arabia and Russia as the world's No. 1 producer.
Trump has sought to encourage more production by cutting environmental regulations. He also advanced the controversial Keystone and Dakota Access pipelines.
What he can't do, at least by himself, is keep oil prices from rising to levels that hurt the economy and upset drivers.
"Other than presidential tweets," McMonigle said, "the federal government doesn't have a lot of tools at its disposal to affect prices."
CNNMoney (New York) First published April 20, 2018: 12:34 PM ET
Surging oil prices rattle President Trump
Trump's Twitter attack on OPEC shows how the oil market has caught him in an awkward spot between pro-business instincts and populist tendencies.
money.cnn.com
vacerator
Well-known member
Yes Tom, and, but;
At least 45 is saying he is upset with the increase. We don't know if that is sincere. I'm sure large investors in the oil market may be happy, as many red state voters with that. A lot of pricing is due to speculation as well.
The US also exports a lot of oil, and we haven't had to touch our reserves.
Remember that China has little to no crude, and depends on oil from the US, Russia, and the middle east. The US Navy patrols the Pacific, and sea of Japan and guards the tankers on the way to China.
The pipelines run from Canada through central Oklahoma where the reserve tank fields are, to the gulf ports.
Some are saying fracking will compensate for any supply interruption, but we must also remember that fracking has a limited yield. It's rock, not wells. Same for shale.
A new automotive battery is also on the horizon that can be fully charged in under an hour. This can be a game changer.
However, as trucks and larger SUV's are thirsty, their sales may also be.
I recall Bush saying GM made vehicles nobody wanted. Well we wanted those trucks, because they were selling well, so that's not why they went bankrupt. Bush was in oil, and had influence on pricing. Business owners need trucks to earn their livings if they are in any type of the building trades, landscaping, etc., and can deduct fuel as an expense. However, those with little work, or out of work may have had to sell those vehicles in order to pay other bills. Some were re posessed as well. So sales of all vehicles in general declined harshly.
So we may hurt for a time, but the truth will come out in the wash, as it did in 2008.
At least 45 is saying he is upset with the increase. We don't know if that is sincere. I'm sure large investors in the oil market may be happy, as many red state voters with that. A lot of pricing is due to speculation as well.
The US also exports a lot of oil, and we haven't had to touch our reserves.
Remember that China has little to no crude, and depends on oil from the US, Russia, and the middle east. The US Navy patrols the Pacific, and sea of Japan and guards the tankers on the way to China.
The pipelines run from Canada through central Oklahoma where the reserve tank fields are, to the gulf ports.
Some are saying fracking will compensate for any supply interruption, but we must also remember that fracking has a limited yield. It's rock, not wells. Same for shale.
A new automotive battery is also on the horizon that can be fully charged in under an hour. This can be a game changer.
However, as trucks and larger SUV's are thirsty, their sales may also be.
I recall Bush saying GM made vehicles nobody wanted. Well we wanted those trucks, because they were selling well, so that's not why they went bankrupt. Bush was in oil, and had influence on pricing. Business owners need trucks to earn their livings if they are in any type of the building trades, landscaping, etc., and can deduct fuel as an expense. However, those with little work, or out of work may have had to sell those vehicles in order to pay other bills. Some were re posessed as well. So sales of all vehicles in general declined harshly.
So we may hurt for a time, but the truth will come out in the wash, as it did in 2008.
Gasoline Prices In The US
I wish we could catch up with the rest of the world and have prices in the $5.00 per gallon range, the amount of unnecessary driving people do is ridiculous, I see people sitting in their cars all the time with the engine idling, driving too fast and worst of all buying dangerous fuel wasting SUVs, we need a serious shakeup for sure.
Higher gas prices would be about the best thing that could happen for the health of people and the planet.
John L.
I wish we could catch up with the rest of the world and have prices in the $5.00 per gallon range, the amount of unnecessary driving people do is ridiculous, I see people sitting in their cars all the time with the engine idling, driving too fast and worst of all buying dangerous fuel wasting SUVs, we need a serious shakeup for sure.
Higher gas prices would be about the best thing that could happen for the health of people and the planet.
John L.
vacerator
Well-known member
True John,
but we are nor prepared for those high prices. The average Joe would starve commuting to work. In many places, we have no choice but to drive. Europe has way better local, regional, and long distance mass and high speed rail transit.
Much of their high gas prices are the tax, which fund their healthcare, etc.
Most here don't want that. Not yet anyway.
Parking in Europe's cities is also more than congested. Paris still has a smog problem from cars during thee working week days.
Sometimes the need necessitates the wanting. the USA doesn't have the "need yet", but very high fuel prices will spark a want for better mass transit.
but we are nor prepared for those high prices. The average Joe would starve commuting to work. In many places, we have no choice but to drive. Europe has way better local, regional, and long distance mass and high speed rail transit.
Much of their high gas prices are the tax, which fund their healthcare, etc.
Most here don't want that. Not yet anyway.
Parking in Europe's cities is also more than congested. Paris still has a smog problem from cars during thee working week days.
Sometimes the need necessitates the wanting. the USA doesn't have the "need yet", but very high fuel prices will spark a want for better mass transit.
It's also about the time stations switch from winter formula to the more expensive one for summer. I saw stations today about $2.75/gal. Last I bought I got for $2.39.
vacerator
Well-known member
Yeah, winter me,
summer me. They raise the price for both. Why? You get lower mileage in winter.
I think they add more alcohol for the winter blend.
When Buffa Bush executive ordered the alcohol ratio higher in 2007, mine, and many other's catalytic convertors clogged up. The higher burning temperature caused them to overheat, melt, and clog.
What a dingleberry, making us buy gas we didn't want.
summer me. They raise the price for both. Why? You get lower mileage in winter.
I think they add more alcohol for the winter blend.
When Buffa Bush executive ordered the alcohol ratio higher in 2007, mine, and many other's catalytic convertors clogged up. The higher burning temperature caused them to overheat, melt, and clog.
What a dingleberry, making us buy gas we didn't want.
Not just alcohol, but ethanol that screws up all small engines unless you keep the Stabil in it all the time. I buy pre-mixed gas by the quart for $6 bucks a can and my weed wacker starts the first pull. I always do end of the season treatments on my mower and snowblower. People that dont treat their boat motors always run into trouble here.
lordkenmore
Well-known member
I don't know if it's just ethanol, or if there were other factors instead or in addition too... But I remember a mechanic telling me about 8 years ago how problematic gas had gotten in our area. He was seeing a lot of customers needing fuel filters replaced. And he warned me that he didn't feel that gas lasted as long in a car's gas tank as it had. I think his time line was a month of storage or less. Not that one would have gas sitting that long if one drove regularly--but a month of a car being idle is a real possibility if someone went on a long enough vacation.
The cheapest unleaded reg is the Mobil Station on my corner, $3.499 a gal, it was $3.239 about 8 days ago, went to the current price about 4 days ago and has stayed there. The Chevron Station near where my husband works, unleaded reg is $3.799, 5 days ago it was $3.659.
And I agree, I hate gas cut with ethanol, it dramatically reduces MPG. Union 78 gas cuts their gas the most. I have kept a notebook in the car for over 40 years to record my MPG, I got into the habit when I had a 67’ Buick Skylark that had no functioning fuel gauge for about a year. By recording the gas I bought, how many mile I’d driven and the MPG I always knew how much gas I had and never ran out. Anyway, this is why I know Union 76 uses the highest ethanol ratio, because whenever I get gas there the MPG is always about 2 MPG or more less MPG.
I know that the ethanol is supposed to pollute less, but seems like if you have to use more gas for the same MPG, its 6 of one and half a dozen of another.
The abundance of huge SUV’s and PU’s with usually only the driver and no passengers is so selfish and wasteful. Not only are they polluting more, they are using more of a fuel source with a limited supply. And they contribute to heavier urban traffiic simply because they take up more space. Every time the cost of gas goes down consumers begin buying gas hogs. Then the price of gas goes up and they complain. Oh well.
Eddie
And I agree, I hate gas cut with ethanol, it dramatically reduces MPG. Union 78 gas cuts their gas the most. I have kept a notebook in the car for over 40 years to record my MPG, I got into the habit when I had a 67’ Buick Skylark that had no functioning fuel gauge for about a year. By recording the gas I bought, how many mile I’d driven and the MPG I always knew how much gas I had and never ran out. Anyway, this is why I know Union 76 uses the highest ethanol ratio, because whenever I get gas there the MPG is always about 2 MPG or more less MPG.
I know that the ethanol is supposed to pollute less, but seems like if you have to use more gas for the same MPG, its 6 of one and half a dozen of another.
The abundance of huge SUV’s and PU’s with usually only the driver and no passengers is so selfish and wasteful. Not only are they polluting more, they are using more of a fuel source with a limited supply. And they contribute to heavier urban traffiic simply because they take up more space. Every time the cost of gas goes down consumers begin buying gas hogs. Then the price of gas goes up and they complain. Oh well.
Eddie
