Gas prices

[Mgderf]

$2.85/gallon for regular at my local Kroger today.

Problem with that is. Biden is trying to claim that "Bidenomics" are responsible for the drop in prices.
He's partly right, but only because there is less demand for the supply so the price is depressed.
Much like the real economy.

 

[Super Bee]

Gas prices are still coming down. Why?

This is a real question, I really dont know.

 

[Lpherr]

Gas prices are still coming down. Why?

This is a real question, I really dont know.

The demand is dropping significantly because
all those who are now driving EV's.











Maybe that should be in purple.

 

[GodFearinGunTotin]

Gas prices are still coming down. Why?

This is a real question, I really dont know.

The logic is unassailable.

 

[jwamplerusa]

Listened to a report this morning that output from the shale deposits in the US have increased substantially this year. Effectively adding a valuezuala worth of crude to the system.

While OPEC is struggling to control pricing in the rest of the world, it is having less effectiveness in the US due to the shale revolution.

Imagine where we would be at if it were not for the Communists in control.

Local Costco gas is at $2.49. adjusting for approximately 30% plus inflation in the last 3 years we are close to the December 2020 cost of gas. If you use gasoline as a proxy for inflation that puts the last 3 years at approximately 35% inflation. That inflation in a part of the supply chain where things have gotten better not worse.

 

[Lpherr]

Listened to a report this morning that output from the shale deposits in the US have increased substantially this year. Effectively adding a valuezuala worth of crude to the system.

While OPEC is struggling to control pricing in the rest of the world, it is having less effectiveness in the US due to the shale revolution.

Imagine where we would be at if it were not for the Communists in control.

Local Costco gas is it $2.49. adjusting for approximately 30% plus inflation in the last 3 years we are close to the December 2020 cost of gas. If you use gasoline as a proxy for inflation that puts the last 3 years at approximately 35% inflation. That inflation in a part of the supply chain where things have gotten better not worse.

Have no delusions, Brandon will be along shortly.

 

[DadSmith]

Here's where Biden stands on his promise to end drilling on federal lands three years in

President Joe Biden has said he ran for office "to restore the soul of the nation, rebuild the middle class, and unite the country." With 2024 looming, it's time to take stock of other promises he has made while campaigning and in office. This Washington Examiner series, Oath of Office, will…

www.washingtonexaminer.com

I read that the reason prices are dropping is because several refineries have completed maintenance.

 

[d.kaufman]

Just jumped from $2.55 to $2.99 today. Happy Holidays!

 

[Nugget]

Have no delusions, Brandon will be along shortly.

Already is. On my way to Terre Haute this morning from Morgan Co, gas was $2.45 - 2.49. On my way home this evening it was $2.99 - 3.09. Hope everyone filled up this morning!

Edit: d.kaufman beat me to it by a minute.

 

[jamil]

Gas prices are still coming down. Why?

This is a real question, I really dont know.

Seasonal demand changes. It's winter. Fewer people driving.


Except when they close the ***damn Sherman Minton Bridge and I need to get somewhere on time. Then every ******* braves the cold and gets in their damn car, and wants to take the same alternate route that I took.

 

[Super Bee]

Up .50 to .60 cents per gallon tonight depending on location.

Someday it will be nice filling up the Excursion and not having the pump automatically stop at $125.00, and I know it is not even full yet.

 

[Nugget]

Someday...

Yep. In 1999.

 

[bwframe]

Thanks for the updates folks!

I was hoping they'd keep dropping to use my Kroger points and gas up my tanks towards Jan 1.

 

[jamil]

Thanks for the updates folks!

I was hoping they'd keep dropping to use my Kroger points and gas up my tanks towards Jan 1.

Well. Probably the hike is temporary. A lot of people are traveling for the holidays. Gotta gouge them when you can. So if you can make it until after the new year, they'll probably come down.

I gassed up the Truck a few days ago. With Kroger points I think I paid something near $2.35/gallon. Not bad.

 

[miguel]

Follow West Texas Intermediate and what's happening in Cushing, OK and you will begin to understand the trends.

WTI Slides After US Crude Productions Hits New Record High, Inventories Rise Across The Board | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[BehindBlueI's]

Gas prices are still coming down. Why?

This is a real question, I really dont know.

Remember when a bunch of INGO wanted to pump Canadian oil to our US refineries so Canadian companies could export that gas elsewhere? NAFTA for oil would have been the result. Instead, the financial incentive was to build domestic supply. Which we have. POTUS can talk about oil production the same way Republicans can talk about getting suppressors off the NFA. They may mean it, they may not, but they never seem to get it done...but their base sure likes hearing them say it.

Combine seasonal price changes. Winter blend gas is cheaper to make then summer gas. Gas is a commodity, so *assuming static supply/demand* prices will trend down when costs trend down. I think that may be a bit of a wash for the consumer, as your mpg goes down a bit as well with winter blend.

I've continued to invest in pipeline companies. Much more stable and predictable vs producers and refiners, but unlikely to make big plays either. No crystal ball here, but if Israel's war spirals and the ME gets less stable, or shipping takes a real hit, that'd be bad for consumers in the US but big money for domestic oil. IMO. If it causes a global recession, may be a no winners scenario.

 

[Twangbanger]

...output from the shale deposits in the US have increased substantially this year. Effectively adding a valuezuala worth of crude to the system...

Man that is a lot of crude

 

[BehindBlueI's]

New U.S. Oil Field Developments Are A Sign Of Things To Come For Saudi Arabia | OilPrice.com

In energy, the U.S. has gone from strength to strength over the last two decades, a development that threatens Middle East producers

oilprice.com

Interesting read of both history and future prediction. Also touches on how the US has fomented dissent in the Middle East and exacerbated fault lines to keep oil prices in check. Of course we know some of the downside of that sort of action, oil may have been cheaper but GWOT was pretty costly as is the ongoing Israel-Hamas conflict.

 

[bwframe]

Oil Heads Higher After U.S.-U.K. Air Strikes On Houthi Rebels

Oil futures spiked late on Thursday following U.S.-U.K air strikes on Yemen's Iran-backed Houthi rebels and fears of a wider conflict in the Middle East.

www.forbes.com

 

[smokingman]

Well, at least we are setting record levels of LNG exports to Asia and the EU. Trillions being made thanks to our allies not having a choice and at home NG prices will of course go up(those evil stoves and power plants!). Of course we are conserving gas by not exporting to countries that do not support LGBT,as a matter of national pride I assure you(not to mention there are not enough ships to meet the demand of EU and Japan already)...sorry Egypt you just have to count on China and Russia,like you have been for decades.

Natural gas deliveries to U.S. LNG export facilities set a record in first-half 2023 - U.S. Energy Information Administration (EIA)

www.eia.gov

Subtle Shift in U.S. LNG Export Authorizations

With the U.S. LNG export industry poised for more growth, the Department of Energy is reconsidering its role in authorizing exports to non-FTA countries, from issuing blanket approvals and extensions to a time-bound approach.

www.csis.org

LOL. Man, they are now talking about backstabbing our allies as well as killing US drilling and natural gas development. The amount of money that would be lost is staggering.

Biden Weighs Banning Natural Gas Exports To Save The Climate | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

The good news is short term it would make NG cheap...Then the bad so cheap they would have to cut production and stop new projects.