Oil Prices

[highland512]

At lunch I bought 20 gal of gas for the lawn mower, total price was $19.58 @$0.979. I never thought in my entire life I would ever see gas below $1 again. As nice as it is to buy gas at <$1 I am afraid this will be a death blow to US energy producers and we will loose our "independence" from opec and a huge base of the economy.

slip knot, whats the mood on the Houston and in midstream?

[Matt_T]

You should've held off a few days. May WTI contract is currently at $1.30 a barrel

[highland512]

I dont see how it could go any lower. It's already cheaper than a gallon of water at wal-mart.

As of 2:05pm 4/20/20 WTI may delivery is at $0.10 PER BARREL

[goodfellow]

It crazy! I filled at my regular station and the price was $2.09 (about a $0.10 cent drop from last week). My daughter filled up her car last week at a discount station 5 miles from here for a $1.59. Prices in the DC area are among the highest in the nation, and given the price of a barrel of oil these days, SOMEONE is making a killing in the DC area retail gasoline market.

[Matt_T]

I dont see how it could go any lower. It's already cheaper than a gallon of water at wal-mart.

As of 2:05pm 4/20/20 WTI may delivery is at $0.10 PER BARREL

May has gone negative now -$0.75.

SOMEONE is making a killing in the DC area retail gasoline market.

Might be local, or State, tax differences.

[gtermini]

I am afraid this will be a death blow to US energy producers and we will loose our "independence" from opec and a huge base of the economy.

Gas is still ~$2 here in oregon. I saw 1.95 last Friday and thought the exact same thing you did. This feels great on the wallet, but whacks the economy big time in the long run.

[walrus]

It crazy! I filled at my regular station and the price was $2.09 (about a $0.10 cent drop from last week). My daughter filled up her car last week at a discount station 5 miles from here for a $1.59. Prices in the DC area are among the highest in the nation, and given the price of a barrel of oil these days, SOMEONE is making a killing in the DC area retail gasoline market.

Normal margin is 12 to 15 cents around me. Was as high as 60 cents, now about 40 cents. Volume off 50%, inside sales worse than that.

[Lookin4_67GalaxieConv]

Gas is as cheap as $1.42 here in metro Atlanta that I've seen.

[pep]

Enjoy it while it last, I say.

[ken w.]

I went to the local Indian Rez yesterday. It was 88 cents for regular and diesel was $ 1.68. I filled my tank for 12 bucks.

[slip knot]

Enjoy it while it last, I say.

Cheap oil aint a good thing for this area. lots of folks unemployed and theres not anything to replace the oil field jobs around here. Our local economy will be in the toilet until oil prices go back up. Hopefully it comes back soon.

[skfarmer]

same with ag. commodity prices somewhat follow oil and its not helping them. i can't bitch about gas prices as i know they are cheaper but we are getting gouged.  we are around 1.50 and according to crude it should be well under a buck,

same thing with meat prices. prices in the tank......except at the  meat counter. i know there is issues with processing plants but that isn't the whole problem.

[DeadNutz]

It is a no win cycle. If we get to fill our tank cheap, people are out of work. If gas is expensive for us, oil workers are enjoying paychecks. It would be nice to remain at a happy median price.
Grocery bills are higher now. We also got a pack of Smithfield baby back ribs a of couple days before they announced the plant problems and closings. I don't think the wife is too thrilled about me cooking them.

[slip knot]

Just cook em a little extra they'll be ok. 

[highland512]

We also got a pack of Smithfield baby back ribs a of couple days before they announced the plant problems and closings. I don't think the wife is too thrilled about me cooking them.

Smithfield is owned by the Chicoms.

same with ag. commodity prices somewhat follow oil and its not helping them. i can't bitch about gas prices as i know they are cheaper but we are getting gouged.  we are around 1.50 and according to crude it should be well under a buck,

same thing with meat prices. prices in the tank......except at the  meat counter. i know there is issues with processing plants but that isn't the whole problem.

I was talking to a local pork producer over the weekend. He tried to give me a hog, he said they have tried giving away as many as they could. The local butcher is already flush with hanging pork. The producer stated if prices did not recover by 4/22 he had 300 head that has to be "disposed". Its sad that it cost more to feed and transport the product than whats its worth.