Sticker shock at the gas pump!

z31maniac said:

frenchyd said:

In reply to Mustang50 :

Russia sells us 4% of the oil we consume.  Meanwhile the oil companies have 9000 proven well sites that are already permitted and ready to go. Here in the US 
     Fracking makes money any time crude is above $60 a barrel  yet no fracking is going on. 
     I've noticed a lot of maintenance  suddenly going on at local refineries. 
   But some probably think I'm just paranoid. 

Having a lease to explore X land is not the same as it having proven reserves, or financially viable reserves.

Apparently you haven't been in the office of  Well development companies.  Using acoustics  and other means they pretty much know how much oil is on a site. 

In reply to Snowdoggie (Forum Supporter) :

If it's like truck sales, put your name on the list, offer $5k over the sticker and hope they can get you one

bobzilla said:

In reply to Panhandler :

yeah but that 2 weeks would turn into 2 years. 

Yeah, it worked so great the first time...

Panhandler said:

bobzilla said:

In reply to Panhandler :

yeah but that 2 weeks would turn into 2 years. 

Yeah, it worked so great the first time...

Well, in regards to gas prices it definitely did: 

In regards to everything else, it never really happened. But I'll back out of this conversation now.

In reply to mainlandboy :

Around $3.90 per gallon in Cedar Rapids, Iowa. Iowa produces a lot of ethanol which result in us having a little lower gas prices then our national average.   Some gas stations in Los Angeles are charging $7.25 per gallon!

Fred_B

mtn said:

Panhandler said:

bobzilla said:

In reply to Panhandler :

yeah but that 2 weeks would turn into 2 years. 

Yeah, it worked so great the first time...

Well, in regards to gas prices it definitely did: 

In regards to everything else, it never really happened. But I'll back out of this conversation now.

It didn't with gas either. Lockdowns didn't start until March 2020, so 15 months into that 2 years. What we did have was more production, or at least the appearance of domestic production. Lets be honest, with oil futures reality doesn't matter, just the idea or appearance. I mean I've seen better predictions from weather forcasters that didn't look at the models and were drunk than oil future trading!

bobzilla said:

mtn said:

Panhandler said:

bobzilla said:

In reply to Panhandler :

yeah but that 2 weeks would turn into 2 years. 

Yeah, it worked so great the first time...

Well, in regards to gas prices it definitely did: 

In regards to everything else, it never really happened. But I'll back out of this conversation now.

It didn't with gas either. Lockdowns didn't start until March 2020, so 15 months into that 2 years. What we did have was more production, or at least the appearance of domestic production. Lets be honest, with oil futures reality doesn't matter, just the idea or appearance. I mean I've seen better predictions from weather forcasters that didn't look at the models and were drunk than oil future trading!

[March and April was the start of a lot of people furloughed, laid off, or working from home which led to a huge reduction in gas usage. My company actually started it in February and didn't really go back to regular in-person working until this month, and still has probably 75% of people working from home on an average day in the US, probably 40k employees here]

The chart that I posted is actually just a screen shot of national average gas price by month. And you can see that in 2020, we had a 25% reduction in fuel costs by April from January.

In reply to mtn :

and in 2019 we had a 21% increase between Feb and May. Like I said, drunk weathermen guessing at crap.

This stuff is always more complicated than the memes make them out to be.

bobzilla said:

In reply to mtn :

and in 2019 we had a 21% increase between Feb and May. Like I said, drunk weathermen guessing at crap.

This stuff is always more complicated than the memes make them out to be.

 

For sure. I hate anybody blaming any pipeline or government entity for low or high gas prices. Nobody ever mentioned Rex Tillerson and gas prices in the same sentence, yet he had a hell of a lot more impact on them than Obama or Trump or Biden ever did... Until he got into government. 

In reply to mtn :

Just like I hate when people deny that pipelines or gov' entities have no effect on gas prices. This stuff is complicated and decisions have consequences on so many levels. I am glad to see the rise has stalled around here. Still sitting around 4.35-4.50 for 87