Author Topic: So what's everone paying for gasoline?  (Read 384887 times)

RoadKingLarry

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Re: So what's everone paying for gasoline?
« Reply #325 on: August 26, 2015, 05:48:11 AM »
Still in the $2.25 range around here.
Liking the lower gas  prices but even though we all hate them the US oil producers are starting to feel the pinch. I don't see them going too much longer without additional major workforce reductions. If OPEC and friends can hold out long enough to shut down our domestic production then just a little longer so that it won't be just a matter of flipping a switch and turning it back on and we'll see $100 a barrel again.
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Hawkmoon

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Re: So what's everone paying for gasoline?
« Reply #326 on: August 26, 2015, 06:35:41 AM »
The lowest price I've seen locally is $2.52 for regular. Other stations in the area range from $2.57 (two) up into the $2.80s. Saw one station up-state a couple of weeks ago that was $2.41.

For awhile the price was dropping about 2 cents a day. The $2.52 price has been in place for a week or two now, so I sort of think it may have bottomed out.
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TechMan

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Re: So what's everone paying for gasoline?
« Reply #327 on: August 26, 2015, 06:48:19 AM »
If you are in OH, IN, IL, MI, WI or MN then your prices should start falling to what the current national average is.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #328 on: August 26, 2015, 07:52:39 AM »
"If OPEC and friends can hold out long enough to shut down our domestic production then just a little longer so that it won't be just a matter of flipping a switch and turning it back on and we'll see $100 a barrel again."

Except... there's absolutely no sign of any will within OPEC to do anything more tham pump. And Iranian oil hasn't even been factored in.

OPEC members are engaged in a huge amount of infighting over market share right now, which gives them even less incentive to cut production.

Some of the headlines coming out of OPEC have been hysterical bordering on inane.

Algeria last week called for non-OPEC members to cut production... in other words, cut their own production and allow OPEC members to re-establish a stranglehold on production.

Then, just a few days ago, Iran called on OPEC to take steps to secure and bolster oil prices... while at the same time saying that they're going to pump every drop of crude that they can to grow their market share.

I'm sure I know what Saudi Arabia's response to that would be... MOAR OILZ! PUMPZIES! PUMPZIES! FASTER, PUSSYCAT, PUMP! PUMP!

Over the last 20 or so years OPEC has stopped being an effective framework for controlling oil prices, or even supply and demand.
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charby

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Re: So what's everone paying for gasoline?
« Reply #329 on: August 26, 2015, 08:58:42 AM »
"If OPEC and friends can hold out long enough to shut down our domestic production then just a little longer so that it won't be just a matter of flipping a switch and turning it back on and we'll see $100 a barrel again."

Except... there's absolutely no sign of any will within OPEC to do anything more tham pump. And Iranian oil hasn't even been factored in.

OPEC members are engaged in a huge amount of infighting over market share right now, which gives them even less incentive to cut production.

Some of the headlines coming out of OPEC have been hysterical bordering on inane.

Algeria last week called for non-OPEC members to cut production... in other words, cut their own production and allow OPEC members to re-establish a stranglehold on production.

Then, just a few days ago, Iran called on OPEC to take steps to secure and bolster oil prices... while at the same time saying that they're going to pump every drop of crude that they can to grow their market share.

I'm sure I know what Saudi Arabia's response to that would be... MOAR OILZ! PUMPZIES! PUMPZIES! FASTER, PUSSYCAT, PUMP! PUMP!

Over the last 20 or so years OPEC has stopped being an effective framework for controlling oil prices, or even supply and demand.

Also many nations need the crude oil money to pay for social programs to keep civil wars from happening.
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Monkeyleg

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Re: So what's everone paying for gasoline?
« Reply #330 on: August 26, 2015, 10:36:07 AM »
Saw $2.07 last night.

charby

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Re: So what's everone paying for gasoline?
« Reply #331 on: August 26, 2015, 10:50:16 AM »
2.45-2.55 depending upon station and location to I-35 or US Hwy 30.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #332 on: August 26, 2015, 01:23:35 PM »
Gasoline futures have taken a huge pump (see what I did there?) this afternoon, now down over 8 cents a gallon.

In other words, wholesale gasoline is now 3 cents a gallon cheaper than wholesale home heating oil.
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Hawkmoon

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Re: So what's everone paying for gasoline?
« Reply #333 on: August 26, 2015, 05:45:47 PM »
Update: The station that was charging $2.52 yesterday is charging $2.48 today. One of the two stations along my commute that were $2.57 yesterday has dropped to $2.53 -- the other is still at $2.57.
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Re: So what's everone paying for gasoline?
« Reply #334 on: August 27, 2015, 06:07:57 AM »
Oil is back above the $40 psychological barrier this morning and still rising.  Gas is up six cents wholesale and climbing.
China's government intervened in some fashion in the market (the story did not say what form the intervention took) and the Shanghai Composite went from a .7% loss to a 5.3% gain in the last hour of trading.
If China's stock market truly stabilizes, then the oil and gas markets have likely hit their bottom as well.  Much of the downward pressure on oil prices has been driven by perceived weakness in Chinese demand.  It would not surprise me if this is where the speculators get their herd mentality back in sync and drive oil prices slowly upward again.
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Perd Hapley

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Re: So what's everone paying for gasoline?
« Reply #335 on: August 27, 2015, 07:22:06 AM »
Gas was at $1.99 here, yesterday.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #336 on: August 27, 2015, 08:00:25 AM »
"It would not surprise me if this is where the speculators get their herd mentality back in sync and drive oil prices slowly upward again."

Except that there are several other gorillas in the room right now, too:

1. Massive global stockpiles.

2. Continuing overproduction, which will generally only get worse with a rise in the price of oil, which makes it more profitable for marginal producers to produce.

3. Iran. Iran has already said that once its markets reopen it's going to pump as much as it can as fast as it can to establish and capture market share. The likely Saudi response to that is going to be PUMPZ MOAR OILZ! It's very likely that they'll get tied into a supply war with Iran.

What we're seeing today, I believe, is a move by traders to get into any commodity class that they can to grab some quick profits. Same with precious metals today, and most other traded commodities. I suspect that this is nothing more than a rather temporary upwards correction.

US gasoline prices should continue to decline in the near term because we're very close to the move to winter blendstock, which is cheaper, and Labor day is the end of the heavy use driving season.

In other words,  I may not be bearish, but I'm certainly not bullish.
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wmenorr67

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Re: So what's everone paying for gasoline?
« Reply #337 on: August 27, 2015, 08:01:37 AM »
Paid $2.52 for 91 octane this morning.  The "regular" gas was $2.22.  Interesting that usually Oklahoma has some of the cheapest gas in the nation but right now we are lagging behind.
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Re: So what's everone paying for gasoline?
« Reply #338 on: August 27, 2015, 08:05:42 AM »
If you are in OH, IN, IL, MI, WI or MN then your prices should start falling to what the current national average is.

Not likely just yet as long as the BP refinery in Indiana is still offline. $2.73 locally this morning.
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Re: So what's everone paying for gasoline?
« Reply #339 on: August 27, 2015, 10:06:16 AM »
Not likely just yet as long as the BP refinery in Indiana is still offline. $2.73 locally this morning.

Really? I just did an Google News search and the only thing I can find is that the refinery has been restarted.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #340 on: August 27, 2015, 10:32:20 AM »
A couple of the stations that I pass regularly on my commute are at $2.419 as of yesterday evening. The Citgo nearest my house is $2.459.

I'm working in an office in Springfield, Virginia, today, and a few of the stations that I passed on the way here are still in the $2.60s.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #341 on: August 27, 2015, 10:52:50 AM »
Also many nations need the crude oil money to pay for social programs to keep civil wars from happening.

It's working great in Venezuela!
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Perd Hapley

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Re: So what's everone paying for gasoline?
« Reply #342 on: August 27, 2015, 07:56:24 PM »
Paid $1.949 today. :P
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charby

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Re: So what's everone paying for gasoline?
« Reply #343 on: August 27, 2015, 08:40:56 PM »
2.89 for 91 Octane in Ankeny, IA.
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BobR

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Re: So what's everone paying for gasoline?
« Reply #344 on: August 27, 2015, 09:26:28 PM »
2.77 for diesel, 2.83 for regular in Spokane

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Re: So what's everone paying for gasoline?
« Reply #345 on: August 28, 2015, 08:06:28 AM »
Just saw $1.95 this morning and Walmart had $1.89 last night.
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Re: So what's everone paying for gasoline?
« Reply #346 on: August 28, 2015, 09:39:23 AM »
$2.039 at the Weatherford WalMart last night.

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Re: So what's everone paying for gasoline?
« Reply #347 on: August 28, 2015, 10:26:03 AM »
$ 2.61 at the Arlington Costco 40 miles north of Seattle.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #348 on: August 28, 2015, 10:55:07 AM »
I filled up for $2.399 on Arlington Boulevard in Arlington, VA, this morning.
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Re: So what's everone paying for gasoline?
« Reply #349 on: August 28, 2015, 10:55:17 PM »
$2.15 this afternoon at the local Hess.  
Get it while you can.  It will start back up soon with the $8/barrel increase in oil the last three days.
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Conservatives see George Orwell's "1984" as a cautionary tale.  Progressives view it as a "how to" manual.

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Liberals believe one should never let reason, logic and facts get in the way of a good emotional argument.