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The bust is in full swing. With a barrel of oil at give away prices now most all production is slowing to a crawl. Why pump and sell oil at a cost below production rates?
Gas prices are crazy low. A local Costco is selling gasoline at the pump here is Oklahoma City for $0.99 per gallon. A buck a gallon is crazy. Back in the stone ages when I started driving gasoline was 20 to 25 cents per gallon. With inflation that 25 cents is equal to $1.60 now. The fuel taxes have certainly gone way up.
So gas is cheap and no one is traveling.
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Glen
49 Year member of the Porsche Club of America
1985 911 Carrera; 2017 Macan
1986 El Camino with Fuel Injected 350 Crate Engine
My Motto: I will never be too old to have a happy childhood!
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