Gas prices are... um well, wait a minute

[stevej37]

25 cents for both a gal of gas or a pack of cigs for me in 1970.
I was a junior in high school then.

[RNajarian]

Someone tell California gas prices are down. . .

Oxnard CA 9/2/2022


Thanks Joe, thanks Gavin

[Danimal16]

Originally Posted by RNajarian

Someone tell California gas prices are down. . .

Oxnard CA 9/2/2022


Thanks Joe, thanks Gavin

And don't charge your EV.

[p911dad]

For recent historical perspective, I checked Gas Buddy. On March 19, 2020 in London KY at a BP station, regular was $0.99 per gallon. So we have a long way to go to get down to that (if ever).

[rfuerst911sc]

Paid $2.97 a gallon yesterday in north Georgia .

[Sooner or later]

Originally Posted by p911dad

For recent historical perspective, I checked Gas Buddy. On March 19, 2020 in London KY at a BP station, regular was $0.99 per gallon. So we have a long way to go to get down to that (if ever).

https://www.autoblog.com/2020/03/19/coronavirus-99-cent-gasoline/

[Sooner or later]

For historical purpose...


https://www.ogv.energy/news-item/over-100-oil-and-gas-companies-went-bankrupt-in-2020
More than 100 oil and gas companies declared bankruptcy in 2020 after the coronavirus pandemic plunged the energy sector into the worst downturn in a generation.

Forty-six exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas law firm tracking bankruptcies. The 107 oil and gas bankruptcies in 2020 were the most since 142 bankruptcies were filed during the last oil bust in 2016.

“Since 2015, more than 500 bankruptcies have been filed in the North American oil and gas industry,” Haynes and Boone said in its latest bankruptcy report published this month. “In hindsight, 2020 stands out over this dismal period for the industry setting a number of records.”

[Sooner or later]

Add in 2020 and 500 billion in free cash flow evaporated.

https://www.csis.org/analysis/what-expect-shale-year

The first decade of the shale boom created jobs, delivered tax revenue to states and the federal government, and helped reduce the trade deficit—but destroyed investor capital on an unprecedented scale. Quarter after quarter, many shale companies reinvested all their cash flow as management teams were incentivized to seek growth rather than returns. The result was a lost decade for investors. According to one estimate, free cash flow for the entire U.S. shale sector for 2010–2019 was a stunning -$300 billion.

[Evans, Marv]

Gee! The price of gas went down another tenth of a cent here yesterday to the $5.25 range.

[fintstone]

Highest gas prices in history for a Labor Day Weekend? Sheesh!

[JackDidley]

Originally Posted by fintstone

Highest gas prices in history for a Labor Day Weekend? Sheesh!

Not true. Its 60 cents lower than a month ago.

[Racerbvd]

Originally Posted by JackDidley

Not true. Its 60 cents lower than a month ago.

That doesn't make it untrue for Labor Day weekend, just means it was cheaper a month ago.

[JackDidley]

Originally Posted by Racerbvd

That doesn't make it untrue for Labor Day weekend, just means it was cheaper a month ago.

Labor day 2008, gas was priced pretty close to what it is today.. At the end of 08 it was $1.67. I actually payed nearly $5 at a station in a 1 horse town in Ky.

[fintstone]

Originally Posted by JackDidley

Not true. Its 60 cents lower than a month ago.

Was it Labor Day a month ago too? I thought they were only once a year?

[fintstone]

Good thing we sold off all those strategic reserves and crushed our economy...to still have record Labor Day Weekend prices. Two record high years in a row! Nothing to worry about here...we can pay it all back next year when the strategic reserves run out. Our kids/grandkids can pay off the borrowing for us later.

Los Angeles gas prices set a Labor Day weekend record high
The average price of a gallon of self-serve regular gasoline in California and Los Angeles is $5.25, the highest on record for the Labor Day weekend.
HUGO MARTÍN
SEPT. 1, 2022
Although gasoline prices have been dropping all summer, Labor Day travelers around California are expected to pay the highest price on record for the holiday weekend.

And as gas prices drop, an oppressive Southern California heat wave is expected to persist, forcing some weekend vacationers to alter their travel plans.

The average gas price for a gallon in California and Los Angeles was $5.25 on Thursday, which is 5 cents lower than a week earlier, according to the Automobile Club of Southern California. The previous record for the start of the Labor Day weekend came last year at $4.39 a gallon in California and $4.40 for Los Angeles...

Read the rest:
https://www.latimes.com/business/story/2022-09-01/los-angeles-gas-prices-set-a-labor-day-weekend-record-high

[JackDidley]

OK, you win. To be honest I read your post as being highest prices ever, on Labor day weekend. My bad.

[Noah930]

Still about $5.40 (sorry, $5.39999) per gallon around here. I went to Costco this morning, where it was 70 cents cheaper.

[porsche tech]

Savannah this morning:

[HobieMarty]

Down to $3.27 in Opelika, Alabama this morning.

Sent from my SM-N950U using Tapatalk

[Scott Douglas]

My good friend Zeke and his wife were traveling yesterday between KC Mo and Nashville TN to see his new grandson. He sent me this from somewhere along the way when they stopped for gas.

I think it was in Ky.

I had just been to the gas station to fill up my wife's car and paid $5.25/gal.
He gets great joy in ribbing me about that fact.