Skip to comments.Oil slumps as surprise gasoline build raises supply worries
Posted on 04/20/2017 10:26:58 AM PDT by Berlin_Freeper
Oil slumped to a two-week low on Wednesday, after U.S. data showed a smaller-than-expected drop in overall crude stocks and a surprising build in gasoline inventories, which raised worries about excessively high global supply.
U.S. crude futures settled down $1.97 to $50.44 a barrel, a 3.8 percent drop, the worst-one day decline since March 8, as investors bailed out of long positions in response to the bearish inventory figures.
(Excerpt) Read more at cnbc.com ...
Gasoline is on the rise, though some of it is government-mandated formula tinkering for summer driving. *Rolleyes*
I paid $2.34/gallon earlier this week. $24.00 to fill up the VW Golf, which is a LOT.
Maybe gas will go back down below $2 now.
If some of the regulatory requirements here in the US are eased.....look for further drops...
You poor dear!
$2.81/gal here in Eastern WA. We can thank our lovely lib state for one of the highest gas tax rates in the nation.
It would appear the Globalist habit of manipulating O&G prices with Mid-east fake tensions for 40+yrs is OVER.
People worry too much.
Excess supply will cause production to scale back. And vice versa.
With a $.64 a gal discount at the pump!
2.30 here in central KY. My old stomping grounds is EW, btw.
1960’s and many relatives still live in Moses Lake and Wenatchee.
With our (former republican) governor Tom Corbett and full Republican control of both houses of legislature, Pennsylvania has led the way with the highest gas tax in the country. This has inspired New Jersey and the other states to raise theirs as well. We will never see $2.00 gas again.
I’m in Cal, we pay that much in tax
$2.09 in southeast KY this morning, not counting Kroger fuel points.
Rex Tillerson’s Fault /s
What a shock!
As of yesterday in my area of Illinois, it is $1.99
In Central Indiana, two months ago, 87 Octane gasoline fluctuated between $2.09 and $2.29. Today the range is more like $2.19 to $2.49. However, I expect an increase as the legislature is going to raise the gasoline tax to pay for road work.
I know most people don’t like the idea of increasing the gas tax, but it is the best and most efficient way to pay for road maintenance. The idea of establishing tolls on some interstates had been floated, but appears to have died. Good. Tolls are not an efficient way of raising revenue, as the establishment and maintenance of the toll structure and the hiring of toll workers means only a percentage of the revenue goes to the actual asphalt and concrete of road work.
And the Indiana roads are way behind in both needed construction and regular maintenance. The expansion of I65 to three lanes from Louisville to Gary is way overdue, but I doubt it will be seriously considered for another decade as there is so much overdue maintenance that needs to be done.
If you want to drive on nice smooth roads, you have to pay for them. They don’t just magically happen.
Ours in NC has crept up from $2.15 a few weeks ago to $2.35 today.
Wenatchee is a nice area! They claim they get 300 days of sun per year. We are east of there and get considerably fewer than that.
You ever make it up to Leavenworth?
I think the problem most people have with gas taxes is that they are not being spent on the roads. I remember when I lived in Seattle a good portion was being spent to support metro transit.
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