Gas Prices Are Still Dropping With No Signs Of Stopping.

[Jeepasaurus_Rex]

Interesting, I didn't realize they temporarily hit negative numbers. However, that was a short term occurrence due to the pandemic because in April 2020 the world economy hit the brakes. Traders were worried about where to store all that oil that was being pumped and shipped.

This definitely did happen. I work in the oil/gas industry and in April/May 2020 we cut about 90% of our workforce. Everyone who wasn't cut went on rotational layoffs. It was pretty bad, but luckily didn't last too long. However, we've never grown back to where we used to be.

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[Iowafarm]

I track commodities as a past time. I never seen a barrel of oil go to -$30 a barrel. At that price. They couldn't give it away fast enough. The only time I've seen energy prices go negative is in power generation. Late at night. A sudden drop in demand and generation can't reduce power fast enough. This will never be notice by the customer. Just the control room operator.

Not here to bash, but when someone says something I think is totally wrong, don't ask for a source. Do some research and scorch him. That said, it also stops you from saying you know it didn't happen because I follow the markets. Because if you simply typed, did crude go negative, you would have found out that yes it did. Know for the nitpicking it was only Texas crude, the 20th of April 2020.

 

[carmigo]

$2.85 on Jan 1st, overnight went to $3.35 on the 2nd. $3.29 on the 3rd, $3.45 yesterday. Afraid to look today..

Yikes... we are right there with you.

 

[carmigo]

Below $3 at end of 2022. At $3.49 last night.

New Year, new dent in the wallet

 

[carmigo]

LOL what? Gas is up from $2.65 to $3.35 again here

Oh no... must be one of the states that aren't currently below $3

 

[carmigo]

Haven't seen $3.14 a gallon in YEARS.... Just paid $5.50 the other day.

Some states could only dream of $3 a gallon. California sadly is not cheap to drive in.

 

[carmigo]

I’m just going to leave this right here….
Diesel

87

Ouch... Diesel drivers, we feel for you.

 

[carmigo]

Lowest price near me is $3.69 right now. For us in SoCal that's a pretty decent price.

For SoCal that's not bad at all!

 

[Rusty PW]

Not here to bash, but when someone says something I think is totally wrong, don't ask for a source. Do some research and scorch him. That said, it also stops you from saying you know it didn't happen because I follow the markets. Because if you simply typed, did crude go negative, you would have found out that yes it did. Know for the nitpicking it was only Texas crude, the 20th of April 2020.

Yeah, have to agree with you on the price dip. Somewhat of an anomaly.


One day dip in price.

 

[Lunentucker]

$2.89 was the cheapest I saw today in my travels. Most were $3.19 in North Carolina.
I filled up close to home at $2.91 in Virginia.

 

[22EcoDs]

Diesels over $5 a gallon here. Averaging 5.25. It's actually cheaper to drive my hemi at 15mpg...

 

[DailyMoparGuy]

Crude prices can be deceiving when correlating them to prices at the pump. You can’t accurately compare a raw material to a refined and finished product. That refining process is a BIG business and is costly these days (trust me I know). Valves, piping, transmitters, sensors, Allen Bradley control boxes, etc are only getting more expensive. All of which are needed for refining fuels (and plastics).

Then throw on top whatever manipulation goes on to maximize profits (if you believe in that).

 

[Wheelin98TJ]

Crude prices can be deceiving when correlating them to prices at the pump. You can’t accurately compare a raw material to a refined and finished product. That refining process is a BIG business and is costly these days (trust me I know). Valves, piping, transmitters, sensors, Allen Bradley control boxes, etc are only getting more expensive. All of which are needed for refining fuels (and plastics).

Then throw on top whatever manipulation goes on to maximize profits (if you believe in that).

Federal and State Tax adds about $0.60/gal on average (depending on state). And then retail markup on top of that.

 

[sharpsicle]

Yeah, have to agree with you on the price dip. Somewhat of an anomaly.


One day dip in price.

Not only was it a fluke anomaly, but it’s also deceiving because it is a futures market. That means it doesn’t directly mean the price of a barrel is negative, just that the futures options for said barrels was being offloaded. The barrels themselves were still worth money.

They weren’t shipping out barrels for free with $30 taped to them.

 

[DankjeeP]

You may want to look out the window in Iowa.
Price up bigly in the last 2 weeks - 40 to 60 cents higher.
Ya should have posted that a month ago....... then update it today for the rise. And they are saying "steady increases for the coming months".
The drop ended last year.

There he is.............I spent several months away from this forum and I knew I could find this fucker in about 2 minutes, he has no life

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