Gasoline prices Skyrocketing!

Gepetto said:
That is very sad Lee...we need profitable energy businesses, lots of em.
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Yes Joe we do.
Tony6 I don't think the bottom has been reached. The market was reacting to Trumps press briefing yesterday. The market was starved for any good news and over reacted. It'll work its way back down..without a tariff or production cuts there will be no bottom. We have 47 days of storage at the present rate..
 
laatsch55 said:
Yes Joe we do.
Tony6 I don't think the bottom has been reached. The market was reacting to Trumps press briefing yesterday. The market was starved for any good news and over reacted. It'll work its way back down..without a tariff or production cuts there will be no bottom. We have 47 days of storage at the present rate..
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Time for restriction, not tariff. No more oil imports until Russia and Saudi finish each other off.
 
Can't happen Joe. We can't refine all the sweet crude we produce now. We we're changed over to refining sour crude. That's why we still import, it takes quite a bit to change back to running sweet crude. We also import refined product.
When Congress allowed the US to export crude, that was in response to the sweet production surge that was suppressing sweet crude prices domestically. We did that one to ourself. We did the refining snafu to ourselves, it's been a clusterfuck for a loooooong time Joe...
 
In the spirit of national security (on many fronts frankly) we have to be focused on turning Can't into Can. To me it makes little sense to brag about being energy independent but have to swap our crude for the crude from somewhere else in order to make our refining work. I agree with you that we likely did this to ourselves.
 
Get the EPA and the NIMBY's out of the way and it can happen.
The damage that will be inflicted on the oil and gas industry will surpass anything I've seen in 45 years Joe. The perfect storm..
There are a lot of problems with shutting wells in. In an active waterflood the injection effectiveness can be altered by stopping. Corrosion and lack of chemical application can cause a lot of damage. The old adage, if it's not being used its degrading is true. Stripper we l ls that make less than 10 bbls a day will be hit especially hard. Maintenance and workovers will become killers at less than 40/bbl. A lot of strippers will be lost for good.
 
laatsch55 said:
Can't happen Joe. We can't refine all the sweet crude we produce now. We we're changed over to refining sour crude. That's why we still import, it takes quite a bit to change back to running sweet crude. We also import refined product.
When Congress allowed the US to export crude, that was in response to the sweet production surge that was suppressing sweet crude prices domestically. We did that one to ourself. We did the refining snafu to ourselves, it's been a clusterfuck for a loooooong time Joe...
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What a surprise, screwing ourselves seems to be a habit of the rule makers.
 
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I have a hunch it is up to the oil companies to fix this dilemma. I doubt there are things keeping them from doing this other than maximization of profit.
 
It would take far too long, but I bet it would be interesting to dig into relationships between oil “policy” changes over the years and profits...

Probably parallel, but no one is looking.
 
$1.17 at a Valero and the station across the straight.
 
$1.18 for ethanol grade 87. Midgrade 89 is $1.60.
I needed some kerosene for my 120 year old lamps that I use on my patio during the summer months. $4.61 a gal.
 
$1.14 for unleaded and $1.79 for premium this morning ... at our local Kroger.
 
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