Gas Prices Low! FOR NOW...

[MikeM]

I just now heard a story that the supertanker business is booming because they're leased out to store excess crude oil. "There's no other place to put it."

Why can't it be left it underground — for free — with no risk of oil spills? Don't oil wells have an off switch?

We're retroactively remaking the fictional movie Idiocracy into a real life documentary.

Because it's been sold already. The buyer is the one who needs a place to store it.

[Jimaz]

Because it's been sold already. The buyer is the one who needs a place to store it.

Okay. They also said it has something to do with futures but that's not my area of expertise.

[MikeM]

Okay. They also said it has something to do with futures but that's not my area of expertise.

You want to hold it until prices rise in the future, especially if you paid more than what it's selling for today - as long as the cost to carry can be covered.

[Ray1936]

$2.75 at Chevron in Las Vegas. Other brands maybe a quarter cheaper. It would almost make it worthwhile to drive to Detroit for a fill-up.

[401don]

Canadian crude is worthless right now. At $20 a barrel Canada is losing about 80 million a day just by pumping out of the ground. Remember the oil crisis in the '70's? What a joke.

[abraham]

Plus I have heard its not easy to just shut these pumps down and re open. I recently read about them giving away oil instead of having to shut down the operation. Same article was saying how when demand drops like it has eventually they will shut down. Then, though, when demand pops up instantly, the pumps will lag to re open and gas will be thru the roof.

[DetroitSoldier]

I did enjoy filling my vehicle for $9.95 today!

[Former_Detroiter]

$2.75 at Chevron in Las Vegas. Other brands maybe a quarter cheaper. It would almost make it worthwhile to drive to Detroit for a fill-up.

Chevron gas tends to be higher than the rest of the gas stations near me in Santa Fe, NM. Most gas station prices are about $1.29/gallon. Chevron is about $1.80/gallon.

[brandon48202]

This photo was taken yesterday April 11, 2020. The location was the corner of Grand Boulevard and Oakland near Detroit's New Center area.

Remember that approximately 40 cents of each gallon is going to state and federal gas tax. So at $1.09/gallon the retail cost of the actual gasoline is only about 70 cents. I am not aware of any kind of bottled water that is that cheap.

Think that this is good for us, saving some money at the pump? The losses the average person has in their 401K and other investments greatly exceeds the few dollars we are saving when buying gas. Remember it's not just the Oil companys but also the banks that loaned them money that are in trouble.

[313WX]

On a more positive note, according to GasBuddy, the Citgo at 7 Mile and Joann is now $0.92 cents.

[Honky Tonk]

The end is near...

https://www.yahoo.com/finance/news/o...180531461.html

[Lowell]

The global oil price war has been settled with all sides agreeing to a 10% cut. However the price of oil has barely budged from its deeply deflated prices due largely to the glut of oil and falling demand as the world enters a recession, or worse.

The deal will reduce output by 9.7 million barrels a day. While significant, the cut falls far short of what is needed to bring oil production in line with demand.


https://www.nytimes.com/2020/04/12/b...?smid=em-share

[SyGolden48236]

Regular unleaded was $0.889 at Costco on Saturday 04/11/2020. The last time I remember it being that low was in the mid 1980s.

[Richard]

The global oil price war has been settled with all sides agreeing to a 10% cut. However the price of oil has barely budged from its deeply deflated prices due largely to the glut of oil and falling demand as the world enters a recession, or worse.

The deal will reduce output by 9.7 million barrels a day. While significant, the cut falls far short of what is needed to bring oil production in line with demand.


https://www.nytimes.com/2020/04/12/b...?smid=em-share

We triggered all of that when we became self sufficient on oil for the first time in over 50 years.

In the 70s they sunk thousands of wells into the Everglades and capped them,it is one of the largest reserves in the world.

This was a taste on how we can actually change things when we become self sufficient,in the 80s we were paying Venezuela [[Citco) over market value for their oil in order to prop up those economy.

The world does not like it when we become self dependent on oil.

I wonder if you guys are seeing cheaper prices because of the refinery in your back yard?

We are at $1,50 to 1.90 and I am still paying $2.65 to 2.85 for premium.Mid grade is still 2.10 2.35.

It is kinda nice to be able to dictate OPEC for a change,instead being their slave.

[Lowell]

I just learned that the agreed cutbacks do not take place until May 1, so sub dollar a gallon gas will likely be here for a bit longer.

[Wesley Mouch]

I just learned that the agreed cutbacks do not take place until May 1, so sub dollar a gallon gas will likely be here for a bit longer.

And maybe longer if the Russian and the Saudis don't deliver their cuts -- which would hardly be surprising.

[yaktown]

A co-worker of mine [[yes, I still drive to work) used her Kroger fuel rewards to get $1 off per gallon, thus making it $0.099/gal. Filled up both her and her boyfriend's vehicle for $2.63

[Jimaz]

I just now heard that crude futures have fallen to $5/barrel.

It still pays to shop around [[on DetroitGasPrices.com) for gas though. A few days ago I found a 50¢/gallon price difference between stations located 5 miles apart.

[313WX]

I just now heard that crude futures have fallen to $5/barrel.

It still pays to shop around [[on DetroitGasPrices.com) for gas though. A few days ago I found a 50¢/gallon price difference between stations located 5 miles apart.

WTI is below $1/barrel now.

[Jimaz]

It's $-37.63! They have to pay you to take their oil! LOL

And Trump says the U.S. is going to buy it! Cheap! But where are we going to put it?

Ah! In his hair. LOL!

[gnome]

sunday at a Kroger gas station. Used my Kroger points... but I do wonder how any gas station is going to make any money. Not that I harbor a lot of sympathy for gas stations ...

[MikeM]

but I do wonder how any gas station is going to make any money. Not that I harbor a lot of sympathy for gas stations ...

Gas stations make money on what's inside the doors.

[401don]

Gas stations make money on what's inside the doors.

yeah I'm always amazed when I see some guy who looks like he doesn't have a dime to spare walk in and add 40 bucks worth of smokes, lotto tickets & snacks to his gas. He's probably the same guy who complains about gas prices. I must say though, the gas marts in the U.S. don't mark up their products half as much as they do here in Canada.

[GPCharles]

[QUOTE

And Trump says the U.S. is going to buy it! Cheap! But where are we going to put it?

][/QUOTE]

The strategic oil reserve.

[Richard]

^ the poster already knew that but never let an opportunity for a useless plug pass one up.

A cricket could chirp in the night and somebody somewhere will blame it on a tweet because it bothered them.