Re: Gas Prices?
 

There is a world wide shortage of fuel right now and that is due to OPEC restricting its oil production. They are seeing the warning signs of a global covid surge and less need for oil again. Plus this helps them keep oil prices high with low supply.
One could make the alternative argument that rising gas prices are from the refusal of U.S. producers to increase production. However, it’s more complex than that. During the pandemic, some producers went out of business. Some low-production stripper wells were certainly shut down. That’s production that won’t come back easily. (And some of those factors also impact production from Russia and OPEC).
I hope this is not to political if it is dont stop the thread just delete my post.
Thanks

Re: Gas Prices?
 

Today. I heard that we consume 20 million barrels of oil per day. That math says the reserve release of 50 million will satisfy 2.5 days. Like a taking a piss in the ocean.

It's a political distraction. Generally, the release of reserve oil in the US is due to availability issues...shortages. Reasonably temporary in nature. The action is not used to satisfy pricing at the pump. For good reason...it has little to no impact.

We dropped another few cents overnight...not because of any release that hasn't taken place yet.

Refineries are a bigger issue as some shut down to change to winter formulas. A huge Ohio refinery has an issue right now that will impact 4 or 5 states in the region. That could very well impact fuel(s) availability which in turn will kick up pricing.

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It actually dropped here yesterday, down to $3.19

Re: Gas Prices?
 

Have you noticed whenever you hear oil prices are going up, the next day gas prices are up but when the oil prices go down, gas prices won't go down for a while!
Oil prices have gone down for a week now but I have not seen any price drop in gas station around me. We are still paying $3.89 for regular.
Supply and demand is an old myth when it comes to gas prices.

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$2.82 -$2.85 here today.

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They are very loosely based on supply/demand and the rest is as much about public perception as anything.
Gas is more a "commodity" than an actual product in that respect. If oil prices go up, they raise the price of the gas that has already been produced goes up in response. This is supposedly there to cover that new higher cost. But then, when the oil price drops, that gas was produced from that higher oil, so the price stays up until it gets consumed. So, it is oil is bought as a commodity, yet the gas is sold as a product.
I don't buy the supply/demand bit in as much as the way they try to sell it to us. People don't just "buy less" when the price is up. They just pay more and gripe about it. Transversely, they don't go out and intentionally "waste more" when the price is down.
It does come into play when purchasing a new vehicle to some degree, but that is a monumentally slow shift.

Funny thing is that when oil was trading below zero a little over a year ago, gas wasn't free? Well, not free, you would still have to pay the taxes.

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Just got back from San Pedro, Belize. Primary form of transportation is golf carts. Gas is $6.12 per gallon US, which is $12.24 in Belizean money.

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Even if oil was to trade at zero, the cost of distribution and refining to fuels would come into play...and of course, the taxes. The tax man, at all levels will not miss a beat. At least fuel taxes are a consumption tax.

Gas dropped, again, a couple of pennies here. Unusual...coming into a long holiday weekend.

Which reminds me...everybody stay safe out there.

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I see Saudi Arabia is being attacked again from Yeman and looks like abit of war might happen, so gas prices might go up. See what happens I guess.

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I was kidding, there would always be refining, distribution, retail mark-up, and of course the taxes (state and fed)
That's probably about as close as you're gonna se though, in that $1.75 range
The tax alone here is 59 cents

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Dropped to $ 2.94 today. A dime. My guess is, it will ramp back up soon due to new covid variant in Africa.

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You all worried about gas prices. What gripes me is water prices. See and hear people standing in line at gas station buying 3 bottles of water at $1.69 per bottle that's 20 Oz. And complaining about price of gas.. People paying more for bottles water than for gas!!! But that's ok. I guess. It's all just filtered city water anyways. What's big deal about bottled water. I guess it's for all the people in hell wanting ice water!!!! We used to drink water from tap or hose. Guess we're going to get sick from doing that these days. My kids by bottled water and I still drink water from tap and refuse to buy any bottled water. Off topic. But plastic bottles are evenly bad for environment. There everywhere. Just need to figure out how an empty plastic bottle can be turned it into fuel!!!

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I buy bottled water since the water company issued a warning to me that I was in a zone where the water "could' be contaminated. They didn't lower the rates though.

I don't drink water anyway. Fish poop and make love in it and beer is better.

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Gas in Knoxville about $2.95 gal
City water about $32.00 a month
electric heat and air runs about $130.00 a month
cable /internet is expensive at $185.00 month

No state income tax ! :lol:

It's no wonder why so many are moving here . ;)

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The secret is out now:lol:

$2.90 here ( for a gallon of gas, That is:ito:)

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I rarely buy bottled water, maybe a case a year. When I do, it's to drink and hand out at swap meets and I bring any leftovers home. I use one to freeze nightly to put in my lunch cooler for work. I only buy actual spring water. I drink my tap water daily. I use washed out glass quart jars to take to work. There is no comparison to the cost of gas vs the cost of water per gallon. My truck uses a gallon every 10 miles I drive. I use about 5 gallons a day just to go to work and back. I don't drink 5 gallons of water a day. Most bottled water isn't sold by the gallon either. Just like buying Coke, you pay a lot more per gallon 16oz at a time. Gas costs the same per gallon no matter how much you buy. It's not just gas. How about fuel oil and the diesel that is a hard cost within every product we buy? You fill your tank for the same price per gallon as filling a carry can and that trucker is paying the same per gallon on his fill-up. Also, sometimes bottled water is all there is to survive, such as when public water is contaminated by floods or other interruption. We can't survive w/o water but we can survive w/o driving, when there's a disaster

Regular around here is still the same price as a few weeks ago now, $3.24 at the cheapest place

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Here's a tip. If for nothing else buy the water or whatever and keep it in your fridge and in your freezer. It works like an ice chest and keeps the fridge cold. which equals less work for the refrigerator. Less electricity consumed and possibly more longevity for the fridge.

Fun fact. After 3 months of fighting with LG and Lowes over my overpriced refrigerator that didn't work What do you know? It decided to work. :)

It works fine now. I guess it was just on vacation.

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Break in period....:)

LockDoc

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Still on the downward slide:)

$2.82 to $2.85 a gallon here.:chevy:

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Gas is $3.03 here on Eastern Alabama. I think it's Ironic that people complain about High Fuel prices while they drink 5-7 Dollar Starbucks!

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I have never spent a nickel on Starbucks or any other fancy coffee for that matter.

Gas is back up here. just a week ago it was at $3.19, yesterday $3.40

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People don't drink any beverage anywhere near as much as their vehicle drinks fuel.

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It is all about having choices to me. You have the option of buying bottle water and you have the choice of what type and how much to pay for it versus gas, what is your options? The other fact is the propaganda, publicity and psychology of it. I guess it wouldn't bother me if they wouldn't just try to justify the price hikes by using different excuses rather than just saying that we want to maintain and increase our profit! Oil went down $10 and gas in our area (WA,seattle) has not gone down a penny so far. They say when the oil prices go down it takes a while for gas prices to go down and then I ask why the price of the gas goes up immediately when the price goes up but it doesn't do down fast when the oil price goes down.
Again, it is all about having choices and also, the psychology of it.

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Tell me about it, I have mineral rights in OK. You would think when gas prices are high that the royalty checks would be higher........nope. In fact the royalty checks have been getting smaller and smaller through the years. The funny thing is they keep telling us that the wells in that county are just not producing that much. Then in the next sentence they ask if we want to sell our mineral rights. The other day we got a check for .50 :lol: really .50 that cost more for that company to mail that check.

One thing to remember as well is there is a thing called speculation in oil prices, that can effect prices on oil/gas as well.

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Reg dropped near a dime today to under $2.80.