Oil Drops To Lowest Level in 22 Years! 😳

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  • gudnoyez
    gudnoyez Posts: 8,132
    Paid $1.01 a gallon for ethanol at Costco yesterday filled both trucks up.
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  • nooshinjohn
    nooshinjohn Posts: 25,448
    Toolfan66 wrote: »
    Filled the wife’s car on Friday, used our King Soopers points..

    0zqrxvq28u0q.jpeg

    I haven't seen that price at the pump since I was 8 years old...
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  • treitz3
    treitz3 Posts: 19,150
    From one extreme to the other. Back in '08-'09, I filled up my truck for about $140.00 at the height of things. Tank would last me 3 days max. I remember one month, gas was so expensive, I paid more for gas than I did for my mortgage by hundreds of dollars.

    Fast forward to today. Cost to fill up is about $54 and the tank will last me most of a week because of working from home more.

    Crazy swings.

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  • GlennDog
    GlennDog Posts: 3,121
    Kex wrote: »
    They are paying people to take oil away so that they don’t have to shut down wells that would be more costly to reopen.

    Any idea where they take it or what they do with it? I hope they’re not contaminating “things”
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  • Dabutcher
    Dabutcher Posts: 2,597
    Barrel of oil drops below 0.
    https://www.theblaze.com/news/oil-prices-drop-below-0-for-the-first-time-in-history
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  • kevhed72
    kevhed72 Posts: 5,059
    edited April 2020
    This makes zero sense in the short term IMO. You would hope the Saudi Royal family has a plan in the long term.
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  • kevhed72
    kevhed72 Posts: 5,059
    Kex wrote: »
    Yup! It actually turned negative, down to -$40 at one point.

    They are paying people to take oil away so that they don’t have to shut down wells that would be more costly to reopen.

    This is only for the May contracts that expire tomorrow. The June contracts are still about $20 (positive 😂).

    What??? It cant be that difficult to turn off the supply....righty tighty
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  • mrbigbluelight
    mrbigbluelight Posts: 9,800
    nooshinjohn wrote: »
    Toolfan66 wrote: »
    Filled the wife’s car on Friday, used our King Soopers points..

    0zqrxvq28u0q.jpeg

    I haven't seen that price at the pump since I was 8 years old...

    Yeah but did Larry receive a free glass with that fill up ?
    Sal Palooza
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  • nooshinjohn
    nooshinjohn Posts: 25,448
    mrbigbluelight wrote: »
    nooshinjohn wrote: »
    Toolfan66 wrote: »
    Filled the wife’s car on Friday, used our King Soopers points..

    0zqrxvq28u0q.jpeg

    I haven't seen that price at the pump since I was 8 years old...

    Yeah but did Larry receive a free glass with that fill up ?

    S&H stamps...
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  • Tony M
    Tony M Posts: 11,164
    Also a toy dinosaur. ;)
    Most people just listen to music and watch movies. I EXPERIENCE them.
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  • Tony M
    Tony M Posts: 11,164
    edited April 2020
    nooshinjohn wrote: »
    mrbigbluelight wrote: »
    nooshinjohn wrote: »
    Toolfan66 wrote: »
    Filled the wife’s car on Friday, used our King Soopers points..

    0zqrxvq28u0q.jpeg

    I haven't seen that price at the pump since I was 8 years old...

    Yeah but did Larry receive a free glass with that fill up ?

    S&H stamps...

    Speaking of S&H green stamps, or what ever they were, I loved this movie! Sugarland express. :) Goldie loaded up on em. :D
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  • motorhead43026
    motorhead43026 Posts: 3,901
    edited April 2020
    Oil up in premarket to $.01 per barrel.

    Crazy stuff
    The best way to predict the future is to invent it.

    It is imperative that we recognize that an opinion is not a fact.
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  • NotaSuv
    NotaSuv Posts: 3,856
    motorhead43026 wrote: »
    Oil up in premarket to $.01 per barrel.

    Crazy stuff

    we went past crazy when we started buying our own debt ;)
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  • tonyb
    tonyb Posts: 32,983
    NotaSuv wrote: »
    motorhead43026 wrote: »
    Oil up in premarket to $.01 per barrel.

    Crazy stuff

    we went past crazy when we started buying our own debt ;)
    NotaSuv wrote: »
    motorhead43026 wrote: »
    Oil up in premarket to $.01 per barrel.

    Crazy stuff

    we went past crazy when we started buying our own debt ;)


    Amen to that bro.
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  • smglbrth
    smglbrth Posts: 1,474
    ^^^^^Yup....
    Remember, when you're running from something, you're running to something...-me
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  • Milito
    Milito Posts: 1,965
    edited April 2020
    nooshinjohn wrote: »
    Toolfan66 wrote: »
    Filled the wife’s car on Friday, used our King Soopers points..

    0zqrxvq28u0q.jpeg

    I haven't seen that price at the pump since I was 8 years old...

    I remember paying 32.9 gal for Super Shell gas for my Z/28 in high school (1968-1969) . With the timing advance I ran on my car it was the only premium gas my motor wouldn't knock on.
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  • motorhead43026
    motorhead43026 Posts: 3,901
    edited April 2020
    NotaSuv wrote: »
    motorhead43026 wrote: »
    Oil up in premarket to $.01 per barrel.

    Crazy stuff

    we went past crazy when we started buying our own debt ;)

    The FED Reserve is buying everybody’s debt right now. We don’t buy our own debt, the FED does. We are just on the hook for it to the Central Bank.

    But yeah it’s messed up regardless.
    The best way to predict the future is to invent it.

    It is imperative that we recognize that an opinion is not a fact.
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  • Kex
    Kex Posts: 5,200
    edited April 2020
    Some explanation in this article about Oil Filling To Capacity
    At the Cushing, Oklahoma, storage facility — a linchpin for delivery for the West Texas intermediate contract — capacity has virtually hit its cap. Reports of the rapidly filling hub had been a key driver of Monday’s oil price breach below zero for the May WTI contract.

    “Any holder of a long position going into settlement would then be obligated to take delivery of crude in Cushing during the month of May,” Courvalin said. “This means that an investor long a WTI May contract would be forced to sell out of this position (at any price) before [Tuesday’s] settlement to avoid being stuck having to find room for barrels in the Cushing storage hub which will likely be completely full by then.”

    The Cushing facility was about 77% full as of last Friday, and the past two weeks’ worth of builds point to “stock-out by the first week of May,”
    Post edited by Kex on
    Alea jacta est!
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  • tophatjohnny
    tophatjohnny Posts: 4,182
    Filled up.the tank in our Armada and the cashier cut us a check for 14 bucks. Crazy😂
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  • tonyb
    tonyb Posts: 32,983
    I think for the first time too, the taxes are more than the actual gasoline.

    John, out in Cali the gas could be free and you'd still pay 3 bucks a gallon. :)
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  • Kex
    Kex Posts: 5,200
    Federal and state taxes on gasoline in California are roughly 80¢ per gallon (about 5¢ more than Illinois). Federal taxes are almost 20¢ everywhere. State taxes range from 15¢ to 61¢

    Prices here are already under $3 (from the premium brands), and under $2.50 for cash only. It’s even cheaper close to Long Beach (where some of the refineries are).

    Fortunately, I normally spend as much on wine in a week as I do on gas in a month!
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  • afterburnt
    afterburnt Posts: 7,892
    tonyb wrote: »
    I think for the first time too, the taxes are more than the actual gasoline.

    John, out in Cali the gas could be free and you'd still pay 3 bucks a gallon. :)

    Pretty much where it's at now.
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  • daddyjt
    daddyjt Posts: 2,557
    Kex wrote: »
    Federal and state taxes on gasoline in California are roughly 80¢ per gallon (about 5¢ more than Illinois). Federal taxes are almost 20¢ everywhere. State taxes range from 15¢ to 61¢

    Prices here are already under $3 (from the premium brands), and under $2.50 for cash only. It’s even cheaper close to Long Beach (where some of the refineries are).

    Fortunately, I normally spend as much on wine in a week as I do on gas in a month!

    That’s not quite the whole picture - this is from last year, but I doubt the landscape has changed much...

    Funny to see people arguing that CA gas prices are good!

    https://www.ocregister.com/2019/04/16/californias-gas-taxes-total-nearly-1-per-gallon-and-include-a-28-cent-mystery-surcharge/

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  • audioluvr
    audioluvr Posts: 5,603
    tonyb wrote: »
    John, out in Cali the gas could be free and you'd still pay 3 bucks a gallon. :)

    Not just California. Oregon and Washington are still really high. Our prices never really go down much but they go up instantly when the market does
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  • BlueFox
    BlueFox Posts: 15,251
    I bought gas for my lawn mower last week, and it wasn’t too bad. I don’t even remember what I paid.
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  • Dennis Gardner
    Dennis Gardner Posts: 4,861
    Prices pretty low in south OKC. $.92/gal.
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  • Kex
    Kex Posts: 5,200
    This is the current breakdown of the most recent estimated cost of gasoline available from the California Energy Commission (March 30) at $2.95 retail in California:
    • Distribution Costs, Marketing Costs and Profits $1.08
    • Crude Oil Costs $0.56
    • Refinery Cost and Profit $0.57
    • State Underground Storage Tank Fee $0.02
    • State and Local Tax $0.065
    • State Excise Tax $0.473
    • Federal Excise Tax $0.184
    • Retail Price $2.95

    So the state tax is actually only 18% of the total cost.
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  • tonyb
    tonyb Posts: 32,983
    So the state of California actually makes more profit from the sale of gas, than the oil companies.
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  • motorhead43026
    motorhead43026 Posts: 3,901
    edited April 2020
    tonyb wrote: »
    So the state of California actually makes more profit from the sale of gas, than the oil companies.

    That would be pretty much the case no matter what state.

    The best way to predict the future is to invent it.

    It is imperative that we recognize that an opinion is not a fact.
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  • tonyb
    tonyb Posts: 32,983
    motorhead43026 wrote: »
    tonyb wrote: »
    So the state of California actually makes more profit from the sale of gas, than the oil companies.

    That would be pretty much the case no matter what state.

    I know, just making a point since the oil companies are always getting a bad rep. My state is no different either.

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