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

[Fast Freddy 944]

Edited. Not a PARF thread.

[stevej37]

Reg is down 12 cents today at $4.32/gal.

[Shaun @ Tru6]

93 is down to $4.41 at Shell.

[pete3799]

diesel is up .26.......now $5.259

[rcooled]

Just a few days ago near here, right next to a freeway on/off ramp.

[stevej37]

^^^ That's a great spread between reg and prem....Only 30 cents.
Other than that...it's awful.

[VINMAN]

Reg up $.40 the past week.. Diesel up $.50....


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[island911]

Past 3 years, CA/US avg / Austin TX ...




Wow, gas was $1.45 in Austin in April of 2020

[Sooner or later]

Originally Posted by island911

Past 3 years, CA/US avg / Austin TX ...




Wow, gas was $1.45 in Austin in April of 2020

Wow, May 11th, 2020
https://www.houstonpublicmedia.org/articles/news/energy-environment/2020/05/11/369209/more-oil-and-gas-bankruptcies-could-be-on-the-way/
Houston oil and gas companies are reporting billions in losses for the first quarter of 2020, and the next few months are not looking much better. As Texas oil continues to hover around $20-25 per barrel, companies are slashing budgets and cutting workers.

Houston-based Diamond Offshore Drilling has already filed for Chapter 11 bankruptcy amid the conoronavirus pandemic. And experts who watch the industry say more bankruptcies are on the way.

Charlie Beckham specializes in oil and gas bankruptcies at Haynes and Boone in Houston. He spoke with energy reporter Kyra Buckley about why companies are vulnerable during the oil price crash.

Where you saw a lot of the interest in the oil and gas industry over the last 10 years was from investors who flooded money into the only gas industry generally on a junior basis — meaning they loaned money to oil and gas companies at generally low interest rates with an expectation that there was such tremendous cash flow in the oil and gas industry that it would be easy for companies to repay those loans on a timely basis. That simply has not happened.

Instead, you’ve had what we’ve seen the last month of oil going negative, which was an anomaly. But still oil is low today, in the $20s, and it’s simply not high enough to repay the billions of dollars of debt that was invested in the industry over the last decade.

[fintstone]

Actually, about two years ago, our government decided to destroy the oil/gas industry and said so. Then they went about doing exactly what they said. Now we see the results. We can pretend it is something else...but we know it is not.

[stevej37]

Down again today to $4.15 for reg.

[Evans, Marv]

I founds red diesel for $5.99 today for my tractors. Cheapest fuel around.

[look 171]

Originally Posted by Evans, Marv

I founds red diesel for $5.99 today for my tractors. Cheapest fuel around.

I wouldn't know who would carry such fuel around here. Diesel is 6.50-6.60 in most pumps around here but I have seen it as high as 7.00

[astrochex]

$7.30/gal for propane for a submereged tank fill.

[VINMAN]

How is it steadily going down in some places, and rapidly going up in others??

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[KFC911]

Originally Posted by VINMAN

How is it steadily going down in some places, and rapidly going up in others??

.

It's being dictated by profits, and politics imo, but not Fint's version.

Because they can ... and have a convenient scapegoat to blame? Who really knows... follow the $$$.

At my goto station recently, it was 3.07 (usually a low cost leader here), and then jumped to 3.49 overnight.... where ALL the local stations seemed to top out. It's slowly dropped to 3.38 at mine. There is usually a .25 delta between Sheetz stations here depending upon location, and all paying the same price... out of the same tankers.

The prices posted in CA are obscene... sure they have different blends and taxes.... about .85 per gallon give or take.

The rest of the CA delta is in pure profits.... and Biden .... He must like us better tho'

$$$$ ....

[rockfan4]

I just got home from a trip to Omaha.
Gasbuddy is a real savior (saver?)

Around here, most everyone is at $3.69, but about 30 miles out of town, in the middle of nowhere Minnesota, (St. Charles) there's a gas war or something going on. $3.47 where we filled up. Same thing around Des Moines / Ankeny. $3.59 or $3.69 everywhere, except 3 stations within 2 blocks where they're all $3.27. In Omaha, everything was $3.49 / $3.59, except a station in Underwood, IA, just east of Omaha, same $3.27 for a gallon.

We drove the wife's Impala, and the wind had a effect on our gas mileage. One the way out, driving into the wind - Red flag warnings out - couldn't break 29mpg, 28.8 was the best it would get to. Driving home, this is still an average, didn't reset, it rose to 29.9 average for the trip.

[p911dad]

Originally Posted by KC911

It's being dictated by profits, and politics imo, but not Fint's version.

Because they can ... and have a convenient scapegoat to blame? Who really knows... follow the $$$.

At my goto station recently, it was 3.07 (usually a low cost leader here), and then jumped to 3.49 overnight.... where ALL the local stations seemed to top out. It's slowly dropped to 3.38 at mine. There is usually a .25 delta between Sheetz stations here depending upon location, and all paying the same price... out of the same tankers.

The prices posted in CA are obscene... sure they have different blends and taxes.... about .85 per gallon give or take.

The rest of the CA delta is in pure profits.... and Biden .... He must like us better tho'

$$$$ ....

The issue is climate goals vs. energy security. The energy producers have been un-nerved by the new domestic climate/energy policies, including the cancellation of approved permits for the Keystone XL pipeline, new prohibitions on future leasing of federal lands for gas and oil exploration, new methane taxes, etc. Add to that the Russians starting a war in Ukraine and global oil and gas prices have been destabilized. Also CA has limited refinery resources (nothing new) and some major US refineries are undergoing maintenance and not producing. Also, the shareholders of these oil and gas companies are not happy with the performance of the companies, dividends or share prices, leading to further reductions in exploration and development to pay out better to shareholders. Now inflation is jamming everyone and gasoline demand is falling because people can't afford it and have modified their behavior leading to recent lower prices but no change in the reasons for the mess we now find ourselves in.
So, climate goals are clearly affecting energy security and as this is now getting codified into Federal law, will continue. Good luck!

[KFC911]

^^^^ There is no shortage of gas anywhere in the USA, oil is at $85/bbl, and gas prices are not reflecting this in many places.

Follow the $$$ ....

[stevej37]

Down another 6 cents here today to $4.09 for reg.