Gas prices

[GTBRMC]

Oddly, gas in northern Milwaukee burb that I benchmark dropped from $4.799 to $4.599 from several days ago to Friday before Memorial Day weekend.

 

[Bruce]

Filled up at $3.93 after watching fireworks.

 

[Hergy]

Sorry to say, I’m winning this one, again. Here is what I paid a day or so ago (for super unleaded)
Here in NCal about 30’miles south east of San Francisco.
View attachment 178404

One of the many reason not to live in California!

 

[Ronnie]

One of the many reason not to live in California!

Depends on your perspective and income.

 

[Hergy]

Depends on your perspective and income.

That’s true. Having lived all over the world California makes the top 5 places not to live in my list!

 

[Rumbo]

I spent $527 today to fill up my motorhome and boat. Ouch. That was half a tank in the motorhome and just over half a tank in the boat. Fucking ridiculous.

 

[Bruce]

I spent $527 today to fill up my motorhome and boat. Ouch. That was half a tank in the motorhome and just over half a tank in the boat. Fucking ridiculous.

Prices will keep going up as long as we keep buying. Since you paid that the market has not yet found the max you will pay.

 

[Rumbo]

Prices will keep going up as long as we keep buying. Since you paid that the market has not yet found the max you will pay.

You can’t claim free market principals when the government is restricting the free market. Poor argument sir. Get the tyrannical feds out of the way then I’ll agree with you.

 

[Rumbo]

Prices will keep going up as long as we keep buying. Since you paid that the market has not yet found the max you will pay.

Furthermore, this is less than 10% of the fuel I’ve typically burned by Memorial Day weekend so I have drastically reduced my demand. Doesn’t seem to be making a difference does it?

 

[Bruce]

@Rumbo, regardless of your political assertions, when less oil is consumed prices fall. We saw that clearly demonstrated in early 2020. Actually too much so.

As long as we are willing to pay more the market trend will be up.

 

[Jim_in_Delaware]

You can’t claim free market principals when the government is restricting the free market. Poor argument sir. Get the tyrannical feds out of the way then I’ll agree with you.

Again, you continue to repeat this falsehood. There is no U.S. market for oil and gas. Prices are set on speculation on worldwide supply and demand. At the current market price, U.S. producers have the ability to drill and pump more oil, yet choose not to. The oil companies and OPEC nations have no desire to see reductions in prices as they are making record profits.

Jim

 

[I_squared_r]

26 miles sunday night, arrived home at 3AM, and back again yesterday for another 16 miles. 42 miles total, approx 3mpg in my AR192, so roughly $70 to enjoy memorial day weekend. Gas prices aren't going to change anything for me

 

[Hergy]

I spent $527 today to fill up my motorhome and boat. Ouch. That was half a tank in the motorhome and just over half a tank in the boat. Fucking ridiculous.

Those motor homes suck the gas!

 

[OCMD]

SPOT ON @Rumbo. Some folks are just blind to facts. Best not to engage or disagree of you will be sat down (kicked off the forum) for 30 days.

 

[GTBRMC]

Gas at $5.259 in northern Milwaukee burb benchmark station last night (note in these posts on this thread, I always am referencing typical 87 octane regular, 10% ethanol)

 

[Hergy]

Gas at $5.259 in northern Milwaukee burb benchmark station last night (note in these posts on this thread, I always am referencing typical 87 octane regular, 10% ethanol)

We are at $4.48 here in Kentucky. Still going up! My boat takes 93 octane so it’s over $5.00 per gallon. Told the wife I was going to have to be a Gigolo to afford her boating habit! I said she needed to be supportive and look on the bright side?

 

[FSH 210 Sport]

Talked to my friend yesterday who has a place down in Bullhead AZ. He said gas on the water on Lake Mojave was $9 per gallon for ethanol laced 87. He was taking his boat out anyway before the mahoodies show up for the weekend and was going to go fill up at Sam’s club for $4.43.

 

[Brad460]

I'm genuinly curious how each of the above has an impact on the pump price of gas today:

1. The Paris climate agreement is a future looking commitment to reduce green house gas emissions. The US has yet to codify any rules that will get us to our "pledge" to come up with a "Clean Power Plan" and automotive efficiency standards. The latter would actually result in a reduction in gas prices since it would reduce demand.
2. The Keystone XL pipeline EXPANSION wouldn't have come online until 2025 - so no impact on today's gas price
3. Leases in Anwar have no impact on today's gas prices
4. New oil leases - no impact on today's gas prices
5. I'd love to see a reference to this and just what you are referring to. The fossil fuel industry currently gets in the neighborhood of 45 billion in tax advantages already.
6. Can you cite these new regulations - I'd be curious to understand them, their timing and costs. This would definitely drive up prices if this is new.

Oil is indeed a commodity, but its price is driven mostly by supply and demand, and we aren't ramping up supply and neither is OPEC (intentionally to make up their loses from Covid low consumption). This is OPEC's choice. It has nothing to do with US policy. They like high prices and are recovering their "lost" profit so lots of Arab Skeiks can buy new cars, Yachts, islands etc. We don't control them. Anyone who thinks we (the US) can influence the price of oil much is deluded.

The single largest oil find in the US was made in 2018. It hasn't been tapped despite them having the drilling rights to do so. Why?


It might....if OPEC chose to play along.


Do you have a reference to this? I have been unable to find ANY refineries that shut down (other than the ones in Texas that went offline during the freezing weather). Is there such a thing as a "Small refinery"?

The US has not returned to the level of gasoline production we were at pre-pandemic. The only answers I can find as to why is because 1) they are enjoying the record profits at the current prices, 2) they are switching over to summer blend and blaming that for not ramping overall production.

I paid $5.90 at my marina over the weekend.

As I explained in an earlier post that got clipped and upset a few - Cancelling the Keystone and other anti-oil and gas actions sent a message that investing in oil and gas is bad. To expand and increase production you need investment. I could go on and on here but too many lefties in here get upset that their guy has very much contributed to these high energy prices.

I can also tell you that many companies in the industry have moved from the boom or bust strategy of the past to steady growth…which is why the ramp up is slower. Record profits will lead to increase Capex..but cautiously due to strategy shift.

We haven’t even got back to pre-covid drill rig counts!


ESG, emissions reduction, flare gas mitigation..etc..etc..

I suspect many of you have no idea majority of the nat gas in the country is moved by natural gas engines driving compressors..regulations forcing extreme emissions reductions..(catalyst)..CO2, NOx, VOCs...A lot of the equipment lease companies are not able to finance equipment (due to negative attitude toward O&G)..

Drill rigs are being forced to move from diesel to natural gas generators ..all this crap increase operating costs..

NY banned fracking because idiots believe extracting oil and gas 2 miles below the surface somehow effects your 100 ft deep well. But NY really loves oil and gas from WV and PA..

 

[Hergy]

Talked to my friend yesterday who has a place down in Bullhead AZ. He said gas on the water on Lake Mojave was $9 per gallon for ethanol laced 87. He was taking his boat out anyway before the mahoodies show up for the weekend and was going to go fill up at Sam’s club for $4.43.

That’s ridiculous!

 

[FSH 210 Sport]

That’s ridiculous!

Right?