Gasoline prices

[mrtlc]

We filled the tank for $.97 yesterday

[Serk]

Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn

https://www.cnbc.com/2020/04/01/coronavirus-oil-prices-could-turn-negative-as-storage-nears-capacity.html

[Gryphon Rider]

Actually appears that full service is riskier than self service.

Same deal with sex.  


Buddy of mine insists I should be using sanitizer on hands, shifter and steering wheel (and whatever else you touch in your car), as you go about your shopping, loading, gassing, yada.  So you're keeping things you are constantly touching clean during your outing.  I continue to try and balance reasonable risk with paranoia... but it's getting harder.  

That's nice, in theory, but around here hand sanitizer and disinfecting wipes are impossible to find.  Grocery stores have wipes to clean shopping cart handles, but don't have them on the shelf to purchase.

[Gryphon Rider]

Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn

https://www.cnbc.com/2020/04/01/coronavirus-oil-prices-could-turn-negative-as-storage-nears-capacity.html

Why wouldn't they just leave it in the ground by turning off the wellhead pumps or closing the valve if the oil is under pressure?  It's not like a river that you can only delay the flow with a dam, but not stop it.  Not being on that end of the O&G business, I have no idea why the turn-off-the-taps cost would be greater than paying someone to take oil.

[F6Dave]

Oil prices could soon turn negative as the world runs out of places to store crude, analysts warn

https://www.cnbc.com/2020/04/01/coronavirus-oil-prices-could-turn-negative-as-storage-nears-capacity.html

Why wouldn't they just leave it in the ground by turning off the wellhead pumps or closing the valve if the oil is under pressure?  It's not like a river that you can only delay the flow with a dam, but not stop it.  Not being on that end of the O&G business, I have no idea why the turn-off-the-taps cost would be greater than paying someone to take oil.

There can be other factors.  An operator can lose the lease (of mineral rights) if a well isn't produced for a certain number of days.  Some wells using enhanced recovery methods can be difficult to restart.

[Bighead]

Cheapest I have seen here is $1.59. Would love to see those $1.06 prices. Hell I might have to just drive my truck to work for the next couple weeks 

[cookiedough]

We filled the tank for $.97 yesterday

where in WI is gas 97 cents per gallon?  cheapest I found is 1.199 around me.

loving it to be honest.  Another GREAT reason to get the cycle out and burn some gas since so darn cheap not costing much at all.   I do not feel horrid when filling up my 38 gallon truck that gets 16 avg mpg.   When gas was HIGH was 100 dollar bill now well below half that loving it!   

that 2400 married filing joint stimulus check coming in next month or so will go a long ways to burning some more gas this summer.

[Skinhead]

The PHX area is still ripping us off. It’s come down to $2.55 from $2.99 a month ago. Ninety miles up in the MTNs, it’s .30 cents cheaper. AND it costs more transportation to get it up there.

Yup, makes no sense.  It was $2.09 in Tucson on Friday.  I did see that a Thumbs station on Bell and the 101 was selling gas for $1.95 with a free full service option (they pump).  Don't know how long that lasted though.

-RP

I'd bet the difference is due to local (county) taxes. 

[Skinhead]

What does it cost to shutdown and restart a refinery?  That may be why they are still producing, although if demand stays low, they may have no other choice.  You can't stuff 10 lbs. in a 5 lb bag.

[cookiedough]

as most on here are posting that COSTCO (or Sams) gas is say 20 cents or more cheaper than the other gas stations around them like where I live,  I wonder how they get gas so cheap to afford 20 cents per gallon cheaper than all other gas stations around them?

My 60 dollar yearly membership plus 4% off per gallon of gas surely saves me that 60 bucks in gas savings alone per year.  Me and the wife driving separately to work (before this virus stuff hit) combined per month we put on 2800 miles per month just driving back/forth to work.  Lets just say I stock up on OIL when it goes on sale all the time and change oil on 2 of our vehicles every 4 months or before that.  I am doing my part to use up the nations OIL surplus, how about you?

[..]

SAM'S, COSTCO and BJ's sell gas as an incentive to become a member???

Don't some oil / frackers have to pay a monthly/yearly stipend to a land owner? Would make it difficult to stop producing knowing that nut had to be paid?

[Serk]

as most on here are posting that COSTCO (or Sams) gas is say 20 cents or more cheaper than the other gas stations around them like where I live,  I wonder how they get gas so cheap to afford 20 cents per gallon cheaper than all other gas stations around them?

Costco's business model isn't to sell products to make a profit.

Their business model is to sell that $60/year per member to make a profit, then sell their stuff with as thin of margins as possible.

[..]

as most on here are posting that COSTCO (or Sams) gas is say 20 cents or more cheaper than the other gas stations around them like where I live,  I wonder how they get gas so cheap to afford 20 cents per gallon cheaper than all other gas stations around them?

Costco's business model isn't to sell products to make a profit.

Their business model is to sell that $60/year per member to make a profit, then sell their stuff with as thin of margins as possible.

About 40 million members give or take. About 75 million card holders.

Some will also have a SAM's / BJ's membership.

[shadowsoftime]

100% gas---99.9
Filled up little while ago, gallons was showing faster than $, have not seen that in over 20 years.
Have 7 more vehicles to go fill up, then a ride, 90* here today, take the trike out first then the bike.
Ride Safe

[0leman]

After a great 160 miler yesterday, filed up with gas at $2.39.   hasn't been that cheap in my part of the world for number of years.   Dropped over 15 cents in a week.

[cookiedough]

After a great 160 miler yesterday, filed up with gas at $2.39.   hasn't been that cheap in my part of the world for number of years.   Dropped over 15 cents in a week.

that is still pretty high gas pricing over 2 bucks per gallon I would think in most parts of the states is lower than 2 bucks per gallon?   

I am just waiting until I need gas when fuel light comes on now knowing it will keep going lower in price to hopefully near 1.00 gallon vs. now 1.15 gallon at local Costco all other gas stations are 1.299 on up.  That extra say 20 cents a gallon savings going thru Costco vs. any other gas station, when both were driving into work,  saves us 300 dollars per year in gas savings alone more than making up for the 60 dollar a year membership fee.  It is not out of the way either like 1 mile down the road more is all.  Me and former boss at other job got into a disagreement him saying it is stupid to drive 1-2 miles extra down the road to save say 5-10 cents per gallon.  Goes to show how some supervisors are not that smart.        Prior to having a Costco membership,  I use to get most of my gas either at Kwik Trips since every 15 swipes of their membership card saves 5 cents off per gallon up to 30 gallons (I fill up truck then with extra savings off having a 38 gallon gas tank) or my local mom and pop gas station in town mostly for my cycles since am able to pay cash where he gives a 7 cent discount for paying cash vs. credit card plus can put in 1, 5, 10, 20 dollar bills in at the pump self pay is nice not having to go into his shop to BS with him while he lights up another cigarette.  Plus,  Costco visa card also saves an extra 4% off gas in check at the end of the year anywhere you get gas as well as I think 2% off all Costco purchases. 

Only bad thing about Costco is the BILL at month end on their visa card we have been known to spend a few times 200-300 bucks per month on Costco purchases alone in one month only in a few times per month. 

[DGS65]

I have not been seeing pricing like this in NY.  I got my boat in the water today and hope to fill up tomorrow I need about 200 gallons of diesel it would be nice to see such cheap numbers but I'm not holding my breath!

[0leman]

After a great 160 miler yesterday, filed up with gas at $2.39.   hasn't been that cheap in my part of the world for number of years.   Dropped over 15 cents in a week.

that is still pretty high gas pricing over 2 bucks per gallon I would think in most parts of the states is lower than 2 bucks per gallon?   

I agree that we pay way too much for gas here in Southern OR, but we get most of our gas from CA.  At least we are not paying what they are.

[scooperhsd]

I have not been seeing pricing like this in NY.  I got my boat in the water today and hope to fill up tomorrow I need about 200 gallons of diesel it would be nice to see such cheap numbers but I'm not holding my breath!

Diesel has been going down, but not quite at the rate of gasoline. I own 2 diesel VW's (my only cars) as well as my Valk.

[DGS65]

I drive a diesel Sprinter van for my work van really my daily driver and under $3 is still hard to find.
Diesel on the water is about the same price as on land they charge a premium for water front access but then the is no highway tax it is off road red diesel on the water.

[..]

Regular holding steady at $1.79 in N.E. GA. One guy owns 3 of the 6 gas stations. Raceway, BP and Ingles keep track with him.

[old2soon]

         As of a bit ago and ALL of the gasoline is corn polluted. And all prices are for 87 octane.
                  The Loves here in Willow Springs $1.48 gal the Caseys $1.46 gal.
                   Next up Murphy at wally wurld $1.58 gal at Mountain Grove  25 miles away
                                                                $1.58 gal at West Plains.  23 miles away
                                                                 S1.60 gal at Houston. 26 miles away.
                    And last but not least Ava at $1.51 gal and 47 miles or so away.
           The wally wurld prices are Before my 3 cent a gal discount with the wally wurld preloaded gift card. All prices rounded Up 1/10th of a cent. Cheap gas? Thinkin here it will NOT remain cheap. RIDE SAFE.

[John Schmidt]

Shell $1.09 here in Green Bay area....and I just filled the SUV the day before at $1.19.

[Jess from VA]

I find it pretty ironic that the lowest gas prices in forever come when most everyone is staying home.  Of course demand is down, so so is price.  At this rate, I won't need gas in my truck until next Christmas.  Groceries and anything else I need are about 3 miles.  And most of my 20 gallons of stored no-corn is out in the shed (though mowing season is here...... yaay  ).  

[..]

Please check with your vehicle insurers.

I insure my 2 cages with Geico.

they are giving a 15% rebate on my next bill. COvid and reduced mileage.

I asked and received a $200 re bate for my recent ( March 27) 6 month payment.

[Serk]

USAA is automatically giving a 20% for the next two billing cycles.....

[Jess from VA]

I have USAA and am informed of the rebate too, and it's a bit funny because my claimed (proven) annual mileage is already way low (and already gives me a healthy discount).

[cookiedough]

I have not been seeing pricing like this in NY.  I got my boat in the water today and hope to fill up tomorrow I need about 200 gallons of diesel it would be nice to see such cheap numbers but I'm not holding my breath!

I want to see the boat that holds 200 gallons of diesel fuel.  I am jealous!   

[old2soon]

I have not been seeing pricing like this in NY.  I got my boat in the water today and hope to fill up tomorrow I need about 200 gallons of diesel it would be nice to see such cheap numbers but I'm not holding my breath!

I want to see the boat that holds 200 gallons of diesel fuel.  I am jealous!   

           Ship I was on held mogas-87 octane and aircraft gasoline 155/145 octane J P 4 jet fuel and N S F O Navy Standard Fuel Oil-bunker fuel. Running air ops around the clock meant running the ship fast and we needed a tanker every 3 or 4 days to U N R E P-Underway Replenishment. Have NO idea How Many gallons of each fuel But even in the 60s I'd rather not pay fer even one fillup!  And Military aircraft are figured in fuel burn per hour in the different power settings not M P G. And fuel here in SoMo still high buck fifty low buck sixty. RIDE SAFE.

[shadowsoftime]

Gas price going up here, was 99 now 1.16.   Why

[Serk]

Gas price going up here, was 99 now 1.16.   Why

People getting tired of the lockdown and getting out more = higher demand for gas = higher gas prices.

(Just my hunch)

[cookiedough]

Costco went down to .989 gallon was for a few weeks .999  so the price still going down but the rest of the gas stations are no longer 20 cents higher but most are down to 1.099 so only 10 cents gallon higher than Costco now.

We just got our yearly rebate check for being a Costco member in the mail from the 4% savings and ONLY a member 6 months not the full 12 months and is 98 bucks so the 60 dollar membership pays for sure just in gas savings alone the entire 12 months. 

I suspect gas pricing cannot go down much lower than 98 cents per gallon but I may be wrong?  I think a vast majority of companies and workers cannot survive thru end of May lockdowned at home off and on there will be riots and a lot of angry people if it does go on much past thru say end of April.   A lady at work who is normally happy go lucky forced to come into work as I am off and on thru supposedly end of May was cussing up a storm and she never does that much at all and was ONLY the first week on furloughs last week we both in the office can you imagine what we all will be like come end of May being 120 hours behind on our daily job duties vs. only say normally 5-10 hours per week behind and NO overtime allowed to catch up ever will NOT survive both the company and employees.  It will be interesting going back into work next week for me to see how far behind OR NOT the 2 workers doing my job me in alone have done?   I left them 30 hours of work to do so hoping having 2 of them in vs. only me they have less hours of 1 week worth of work to do?  And all I hear from the boss who is useless to us is why not this and that done.  I nearly told her off last Friday to go F herself!    I should have been nice and said a THANK YOU is in order to me for I saved the company 30 hours of pay leaving them only 30 hours of work to do vs. paying them last week for the other 2 ladies another 60 hours of salary (60-30=30 hours of pay saved).    She is brainless and clueless for sure and not living in the REAL WORK world.

[mrtlc]

We bought gas for $.86 in Wautoma Wi yesterday 

[F6Dave]

With gas taxes averaging about 50 cents per gallon there isn't much room for prices to drop much more.  And many refiners are still paying more than the futures prices you've been seeing.  That's because lots of oil and natural gas being produced has the price set by contracts that were negotiated months ago.  Refiners and utilities enter into these agreements to guarantee they'll have an adequate supply and to minimize price volatility.  Some are 'take or pay' contracts, where a refiner will pay for oil he may not even accept.

There's another possible twist:  higher utility bills.  Nearly all 'oil' wells actually produce oil, natural gas, and water, so shutting in wells for lack of an oil market will also cut natural gas production.  And since gas usage hasn't dropped nearly as much as oil, the supply cut could easily raise prices.  Electric bills could also rise since gas has replaced coal as the #1 fuel for generation.

I've seen estimates that natural gas could increase from its current price of under $2 per MMBTU to as much as $3 or even $4 later this summer.  This could help some gas rich producers survive.  The shale revolution cut natural gas prices to all time lows last winter.  My January bill was less than a third of what I paid a decade ago.