It depends on China. Their zero covid policy is crushing their economy. As long as they stumble along there will be less pressure on crude demand. OPEC is watching the situation closely.

I saw gas at a Walmart in Lakewood, at $6.66 yesterday.
It was so high that I thought the electronic sign was wrong.

I actually paid $4.79 in N. Long Beach a short time later.
So yes, they are coming down.

A lot of places at $2.87 and $2.89 in Lawton.

Akron/North Canton rose from $3.20-ish to around $3.75 now is around $3.50. I was absolutely certain it was supposed to be $2.50 by now.

Cab says west Ohio is $3.56 which is unusual as their prices have been a good 30 cents above my corner station (Speedway/Marathon). He also noted it was stuck at $3.69 long time.

LeBron's hood (where his Cleveland crib is) on the west side of Akron is $3.65.

Yep. DOE announced awards/sales of an additional 20 million barrels from the Strategic Reserves in Aug for delivery in September and October and the administration has pledged to do more to keep prices down after OPEC agreed to/announced they were going to cut planned production in Oct.

They announced cuts to the quota, not actual production. They have been several million barrels a day short of production quotas.

This 100,000 b/d cut will not lower actual production levels by one barrel.

This is OPEC data. OPEC+ missed targets by a far higher amount.

https://www.reuters.com/business/energy/opec-oil-output-august-hits-highest-since-pandemics-early-days-2022-08-31/

With many producers lacking the capacity to raise output due to insufficient oilfield investment, the 10 OPEC members managed a 300,000 bpd increase from July and are still pumping far less than called for, the survey found.

Output from the 10 members was 1.4 million bpd below the August target, versus a 1.3 million bpd shortfall in July.

OPEC+ data from August 10th. OPEC and OPEC+ have missed their quota month after month after month.

https://www.yahoo.com/lifestyle/opec-july-production-survey-shows-133000461.html

Despite raising its crude oil production in July by 500,000 barrels per day, the OPEC+ group was still well below its collective quota, pumping 2.75 million bpd below targeted output, an Argus survey found on Wednesday.

Isn't that what "cut planned production in Oct" means?

Yep...and why not...when we are emptying our strategic reserves (lowest level in decades already)? They can wait until we run out of reserves and jack up prices even more.

You're dating us.

http://forums.pelicanparts.com/suppo...leys/freak.gif

Cost of shipping is down. Just before Russia invaded Ukraine I ordered some stuff to be shipped from AZ. Shipping was $2900. A few weeks after the invasion it was $4400. Finally ready to ship, now it's down to $4K.

Sad but true.

surprise polyamory!

:D:D:D

Well the title of this thread isn't true around here. The price of gas has gone up from $5.25 to $5.30 in the past few days.

Just got premium 93 at Cave City Ky. for $3.89.

Photo taken 9/8/2022 Oxnard CA
http://forums.pelicanparts.com/uploa...1662699117.jpg

With all due respect to the OP, looks like gas is UP again.

Some areas are ticking up (CA is one), but most are trending down.

https://www.gasbuddy.com/charts

http://forums.pelicanparts.com/uploa...1662700309.JPG

I paid $2.96 today for regular unleaded in Opelika, Alabama today.

Sent from my SM-N950U using Tapatalk

Still waiting for gas prices to go down….

La Crescenta CA- 9/12/2022


http://forums.pelicanparts.com/uploa...1663034106.jpg

93 at Sams in Indiana $3.89 today.

Gas here is $5.34, 87 octane. It's gone up 12 cents in the past ten days.

Curious.....why 10 cents more per gallon to not have a car wash?

https://oilprice.com/Energy/Energy-General/OPEC-Remains-Below-Production-Target-Despite-Boosting-Output-Again.html

OPEC raised its August oil production by 618,000 bpd, according to the group’s Monthly Oil Market Report published on September 13.

According to OPEC’s secondary sources, OPEC raised its production to 29.651 million bpd, with the largest increases coming from Libya and Saudi Arabia.

While still under the set production targets, OPEC has managed to lift its production in every month since May, although it has failed to meet its full production allocations in any of those months.http://forums.pelicanparts.com/uploa...1663107724.jpg

They offer a slight discount on the fuel if you get a car wash because they make money on the wash.

Gas is back up again, gotta pay for those privileged selfish, psycho, crybaby mellanies and gen-z's college debt. fjbhttp://forums.pelicanparts.com/uploa...1663114440.jpg

I see you are still posting them fancy charts. Funny how they all fail largely. It is transitory! Memba that?

I have said that I was wrong about inflation being transitory.

That has nothing in common with the actual OPEC production numbers that are presented here.

Gas is cheap enough now that I can turn off the Cayenne PSM on a regular basis.

Why do we need *******s again? fjb

how does a chart "fail"

no really, please explain. in detail, possibly with charts.

CA prices still going up while most the rest of the country goes down.


http://forums.pelicanparts.com/uploa...1663172785.JPG

When it is posted as a success when it is a failure...assuming fools will not understand the big picture/details.

what did it succeed at or fail at?

Enough oil was not produced to meet world demands at a reasonable price (without price support from selling off our strategic reserves) ...and although Saudi production may be up slightly, it is less than they had originally planned to produce. The only reason prices are going down is because high prices/inflation/poor economies have reduced demand and because we are pouring tax dollars into subsidizing the world's supply (using our strategic reserves).

that sounds like a whole bunch of the chart was correct, and presented correctly.

Biden in August said we have, "ZERO % inflation."

And now we have the "Inflation Reduction Act"

We have just spent another 750B that we don't have. One more straw on the camels back won't hurt..

I am sorry, the lies have gone beyond spin and are now completely detached from reality..

did the chart have something to do with what biden said about inflation?

no, no it didnt. swing and miss.

Bingo! Risking national security for political purposes. :mad::mad:

Shop shilling for the folks that caused this problem like you did when they told us the inflation was "transitory" and high gas prices were "temporary." Our problems are self-inflicted, and the temporary relief (for pre-election political purposes) is only making things worse. Note the terrible inflation report yesterday and the massive drop in the stock market. It is almost like driving gas up about $2 a gallon and then temporarily buying them down $1 a gallon with your money is a good thing. Saudi Arabia is producing less that they projected (as is OPEC). They announced it and they did it (much as the Administration announced selling off more oil from the strategic reserves).

Sooner at his best...trying to tell you that the urine coming down on your head is simply a summer rain. Yep...OPEC is coming to our rescue (as they announce cuts to production goals as we near winter). It is good to have folks like Saudi Arabia, Venuzuela, Iran, Iraq, Libya, etc. (OPEC) and Russia determining how much almost everything costs in our country. I sure hope we do nothing to annoy them this winter...or it will be very cold in the United States and Europe...as we have turned the reins over to folks that may not have our best interests at heart. Good thing we can pretend it is going well. Probably transitory like inflation was.