Skip to comments.Oil Climbs As U.S. Pushes For An End To The Price War
Posted on 03/25/2020 5:06:23 PM PDT by bananaman22
Oil prices continued to rise for the third day in a row, recovering earlier losses as U.S. lawmakers pressure Saudi Arabia to end the oil war.
The ongoing oil war, in which Saudi Arabia and Russia are the key players, has exacerbated the already tremendous glut in oil markets, and demand destruction could end up reaching 15-20 million bpd in April.
According to Russell Hardy, Vitols chief executive, the supply overhang could end up filling storage tanks at a very high pace as India, with the worlds fastest-growing oil consumer now facing a nationwide lockdown.
Oilprice.coms Julianne Geiger wrote yesterday that Washington is growing increasingly concerned that the current situation in markets is doing serious damage to U.S. shale producers and that a series of high profile bankruptcies in the U.S. oil patch could end up crushing the administrations dream of energy independence.
The Trump administration is now facing a difficult task as large shale producers such as Continental Resources and industry bodies such as the API are asking for help, but direct intervention in the form of subsidies to heavily indebted oil companies is facing serious political opposition.
(Excerpt) Read more at oilprice.com ...
Is retail gasoline making “windfall” profits?
Typically if I take the wholesale commodity price for RBOB (currently 53 cents) and add 65 cents for tax, transportation, marketing, and profit, I get close to the retail here in Indiana. But it’s more like a dollar more than wholesale these days.
I did see retail prices in Texas of 1.19.
Gasoline in North Idaho is below $2 now!
Of course, a tank lasts a long time these days.
I am sure it does! Well, doesn’t hurt to have a couple of jerrycans in the barn right?
Oregon Coast. Two weeks ago gas was 3.19. I think they got it all the way down to 3.09 now.
We deserve high gas prices. We’re stupid and we vote democrat.
Ditto when I lived just north from you in Seattle area.
Love Florida prices for gasoline, property taxes, sales taxes, etc. You in OR have no sales tax but must pay state income tax. In FL state income tax is zero.
Last I saw in Dallas it was about 1.62 But I have not driven anywhere since Saturday.
Maybe I will walk down the street and look around the corner...
I’m 900 miles away but using GasBuddy app as my resource.
$3.09 now? Oregon is an insane asylum. Here in Mich the idiots put in a rat Governor. Within a month of taking office she tried to ram through a 45 cent a gallon gas increase. After it had just gone up the year before.
Usually by Thursday I have to top off.
I’ve been on a work from home rotation this week. As of now, 3/4 or so.
Have to go in tomorrow since I have to deal with physical problems and a list of tickets. Remote access goes a long way but some people don’t.
Most pump prices still haven’t caught up with the recent plunge
1.59 today in Jefferson CO Wisconsin
Blended 87 gasoline at retail is $1.84/9 in mid_Missouri.
$2.75 here in Northern California. Alas my idiot brothers and sisters who ratified a new gas tax do indeed deserve it. But what about me!?!
$2.55 for 87 octane in Eastern Nevada.
Technically, oil fluctuations hint Brent might fall below $25 finally. We shall see in April. I wouldn’t be so glad over falling price because government would negotiate lower gas wihh higher taxes and falling oil would once again drag maktets with her.
Lowest I ever paid was 0.19 in Columbia, Missouri at the “U-Pump Ethyl” station, one of the very first ever self serve stations. That was about 1970 or 1971 back in the era of “gas wars.”
I always loved the name of that gas station. Rather cheeky owner, I’d say.
Does anybody remember “Ethyl”?
Does anybody remember Ethyl?
If they are under 40 or so I bet the don’t. I pumped a few gallons
during my youth. Family had a couple of stations in a rural area.
“Fill ‘er up with ethyl.”
Those were the days...except the air was filthy dirty almost everywhere.
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