Fuel prices

[greyhawktom]

A buck 69 to $1 .81 in alabama

[GHen]

Washington state dropped a little during the last couple weeks.
Lowest Regular $1.45
Lowest Diesel $2.12

Too bad we can’t drive anywhere....

[Riverman]

Cheap gas and we can't go anywhere . No wonder it's cheap.

[Camper_bob]

Read an article the other day that some crude oil prices could actually go NEGATIVE. Crude oil storage is full to capacity right now (on-shore and off-shore). Until producers can halt production, especially land-locked producers, they will have to PAY someone to take it away. Don't know what they'll do with it. Plus the agreement between OPEC and non-OPEC producers that stabilized prices expired earlier this week or last week, so they expect OPEC to increase production. IMO that would be a dumb move because there's no where to sell it... And as of the date of that article earlier this week, there were no plans for additional agreements to be put in place...

[GHen]

Interesting, I wonder if the US national reserves are at capacity also?

I can imagine them increasing production, but nobody said they were smart. Problem is Russia doesn’t need to sell oil to keep the economy going, but the Saudi’s are totally dependent on that money coming in. Everything is wrapped up in political positioning.

A lot of our economics need oil over $35 a barrel. Once they come to an agreement and raise pricing, some of the pressure will come off of our stock market. Then we just need this virus to back off....

[Turtle Tim]

Originally Posted by GHen

Interesting, I wonder if the US national reserves are at capacity also?

I can imagine them increasing production, but nobody said they were smart. Problem is Russia doesn’t need to sell oil to keep the economy going, but the Saudi’s are totally dependent on that money coming in. Everything is wrapped up in political positioning.

A lot of our economics need oil over $35 a barrel. Once they come to an agreement and raise pricing, some of the pressure will come off of our stock market. Then we just need this virus to back off....

The National reserves are not full. The president intended on purchasing enough oil to fill the reserves, but was stopped by the people that insisted on funding the arts and other pet projects. It would have been a win/win, we replenish our reserves at bargain prices while giving relief to a vital industry.

[RPR]

Millions to NY arts and they are laying people off

[Midnightmoon]

We just ordered heating oil for the furnaces this week. We were quoted $1.82/gal. That is much less than we have paid for many years.

[Tockert]

Paid $1.61 for unleaded in West Texas. Diesel was around $2.00 a gallon.

Working in the oil and gas industry, we are sending many people home because of the low oil prices.
I hope to not be one of them as I work for a supermajor.
Currently, this area of West Texas is being hit hard by the low prices, as companies are cutting their drill rigs and the impact for each rig that is cut, is close to 50 people per rig.
At our company, we cut 12 rigs, and as they finish work, they are headed to their yard until the prices come back up.

[jloco]

Originally Posted by Riverman

Cheap gas and we can't go anywhere . No wonder it's cheap.

Yup.. there's a surplus with folks staying at home.. Once this clears up, prices will go right back up.

[norty1]

Wish I had a place to store some Diesel. It's cheaper than I can remember.

[Route 66 Traveler]

I have a feeling that now the cost is so low it will be a prime opportunity for States to raise the tax on fuel. The Federal Government will also seize the opportunity. Then when the price of fuel goes back to what it was 6 months ago...and it will...we'll all be paying more for fuel.

[Tockert]

Originally Posted by Camper_bob

Read an article the other day that some crude oil prices could actually go NEGATIVE. Crude oil storage is full to capacity right now (on-shore and off-shore). Until producers can halt production, especially land-locked producers, they will have to PAY someone to take it away.

Being in the oil and gas industry in West Texas, we would not pay someone to take our oil away via pipeline. We would most likely shut in the wells until the price comes back to a point that it is at least a break even point.
We need Saudi and Russia to end their fight, this virus to end its cycle, and the demand to increase again. Storage tanks are full, so I expect after the meeting oil exec's had with the President, that we might see some curtailment here. Not heard anything yet though.
Many companies here in West Texas make no money from shipping the excess gas that comes from the production of oil. At times, we have had to pay to get rid of it. Others just burn it off, that than take a loss on it.

[Route 66 Traveler]

There is a Flying J that I go by everyday. Today gas was $1.81, but no cars on the car side, lots of trucks getting diesel. The Denny's is takeout only, but the store is still open. Diesel was $2.81 cash; $2.85 CC

[mokurt]

Diesel in Hollister Ca. is $3.84.