Gasoline prices Skyrocketing!

[Oldaudioschool]

WTI dropped below $50 a barrel today. Expect more drops in pump prices ...

I saw the cost of a barrel drop on the news last night. The Saudis' have also said the are cutting back production. This reduced production follows on what they said they would do several weeks ago. Its also being reported that the home building industry is at a three year low and sales are really slowing dramatically for people trying to sell their homes even at reduced prices. Many people are just walking away from their mortgage and in some places rising property taxes.

 

[BlazeES]

I saw the cost of a barrel drop on the news last night. The Saudis' have also said the are cutting back production. This reduced production follows on what they said they would do several weeks ago. Its also being reported that the home building industry is at a three year low and sales are really slowing dramatically for people trying to sell their homes even at reduced prices. Many people are just walking away from their mortgage and in some places rising property taxes.

I don't think OPEC has the muscle they once had to be honest ... they are being over shadowed by the production capacity in the U.S.

 

[laatsch55]

They dont have the power they once had Tony, but what they do have is still considerable. I think there' s less cohesion than there once was, but the Saudis are still the 800 lb gorilla. Their costs of production are still the best in the world. They need a good price as much as we do, and were it not for their economy being tied to oil as much as it is they wouldn't stand losing market share as they are. So many factors involved , political being as much as economical. IIRC, last month we only imported 1.2 million a day from the Saudis and its headed to 800,000 this month..

Exxon has made some MAJOR discoveries offshore Guyana , ten of them at last count in the billion barrel range. Guyana is fixing to be a major exporter in 3 to 5 years, further eroding OPEC's market share.
And there is still a lot of excess capacity in the middle east. Iran, Iraq, Libya are all under producing. Supply is not going to be a problem in the foreseeable future....

 

[BlazeES]

... as we watch WTI hit $46 and some change. Huge drop today. I still don't think OPEC (SA and Russia...) announcing production cuts is driving the price down.

 

[BlazeES]

Wow! WTI closed at $45.91.

 

[laatsch55]

It's not. Too much oil Tony..

 

[Skywavebe]

For the first time in a lot of years I saw prices in my county (Du Page) in the number below $2.00/Gal.
This is the way it should be but when they get a clue I will be driving a Tesla.

 

[Fast Forward]

1.97 a Gal in Delevan Wisc

 

[VSAT88]

Reg unleaded 1.82 9/10 here. Phenix City Al. Marathon. Wow man, far out.

 

[Oldaudioschool]

Gas prices were all over the board (eastern IOWA) during the holidays. $1.82 today at Murphy's & $2.09 at shell on the other end of town.

 

[NavLinear]

Don't ask - we're getting raped.

 

[laatsch55]

SOP for Cali, right?

 

[NavLinear]

Yeah Lee - par for the course.

 

[Oldaudioschool]

Prices are on the increase. Low is $1.95 to a high of $2.02 here in the valley.

 

[VSAT88]

$1.78 Per Gal. here reg. unlead. Damn man, never thought I would see the day. Now I want my 69 Camaro back....But when did I not want it back !

 

[BlazeES]

Lowest in N. Little Rock is $1.72 at a Sinclair. Average around town is about $1.80 ... didn't jump quickly after WTI bumped last week.



In the mean time ... LOL

San Francisco Avg

3.51

 

[laatsch55]

And they call that "progressive"......

 

[Bradrock]

They have to pay those poop scooper patrols & support all of the illegal bums somehow.

 

[laatsch55]

Get a lot of snow there Brad??

 

[Bradrock]

Get a lot of snow there Brad??

None. Just 48 hours straight of freezing rain, sleet & slush. Stayed right around 32 deg. Might see the sun a couple days this week. But the stereo is rockin so.....................maybe a little Locomotive Breath will warm things up.