How much is gas where you are?

[NismoZ]

What do you expect from a state that "energy" charges .90 extra for a "toasted" sandwich at Subway.:irked: $1.35 at our 'burbs local Sams.

[cameraman]

Crude oil today...

http://pbs.twimg.com/media/CdHeIY4WAAAKFrV.jpg

:rolleyes:

[dando]

Bend over and grab. :irked:

[Ankf00]

no need for the melodrama, it's still below $50...

$1.95 in ATL & $1.45 in HOU

Prices should stay low, relatively, the USD shouldn't be giving away strength. China's stemmed some volatility but the bad debt is still there, out in the open and in shadow banking, they're still going to have to spend billions more of FX to manage currency. US growth might be 2% but still a damn sight better than the major EMs and Europe.

And Iran/Saudi-wise, Iran needs cash so they're not going to conserve production, Saudi's going to the debt markets & floating Aramco for further funds. And the second there is any concerted production control on OPEC's part, and oil rebounds north of $60, North America has boatloads of swing production that can be turned on in an instant, and multiples more wells that are drilled, but not yet fractured, for further production.

In other news, for whatever reason I thought of Jim tonight, which reminded me to check back here. Hope all y'all are doing great.

[dando]

Approaching $2 at $1.92 on average in Cbus. And the summer changeover excuse is just starting.... :saywhat:

[NismoZ]

Good, uh...gracious! 1.89 and NO complaints here. What do you want, coupons based on gender, age, distance to work, income, NEED etc...Back during the Big One, my dad commuted from Evanston to Chicago in an Austin. Don't know WHAT it looked like, what KIND of Austin or how he even GOT one...but he CHAINED the car to a post near his job...seriously. He got dozens of offers to BUY the car but kept it 'til near V-J Day. True story. We STILL fly the huge American (48 star) flag that was hanging outside his (and Grampa's) office on one of those angled poles over the sidewalk! Patched, stitched and HEAVY wool (don't rain, PLEASE!)...used to hang it between our house and the next door neighbor's...now I display it (only on Memorial Day and The 4th) from the rain gutter along the front of my garage with those clippy clothes pins...I hope that isn't disrespectful but a 50 ft. flagpole is out of the question! People often drive slowly by and point. Sort of makes me feel good. PS I THINK my present daily driver gets at LEAST the mileage the little Austin did and I commute NOwhere now...so? Bunch of OTHER stuff to worry about, though!:D

[nrc]

In other news, for whatever reason I thought of Jim tonight, which reminded me to check back here. Hope all y'all are doing great.

Missed this when you posted it. Good to see you're still lurking around. You only need a few thousand posts to catch up.

RIP, Jim. Hard to believe it's over five years now.

[Ankf00]

hah, indeed.


Approaching $2 at $1.92 on average in Cbus. And the summer changeover excuse is just starting.... :saywhat:

we all like cheaper, but gotta admit it's still pretty cheap historically: http://www.eia.gov/forecasts/steo/realprices/

[dando]

hah, indeed.



we all like cheaper, but gotta admit it's still pretty cheap historically: http://www.eia.gov/forecasts/steo/realprices/

Agreed, but one artifact of this crash and now increase in oil prices are the purchases on the futures market like SWA. They buy ahead, and this time got burnt. Air fares are now 2x what they were a year ago. :\

[TravelGal]

In other news, for whatever reason I thought of Jim tonight, which reminded me to check back here. Hope all y'all are doing great.

I didn't catch this when you write it two weeks ago, Ank, but I was thinking of Jim also. I don't think I ever sobbed as hard as when I read his farewell post. I'm choking up, just thinking of it.

I've been thinking of you too, ANK. I hope you see this. Don't be such a stranger.

Farsigal

[dando]

I didn't catch this when you write it two weeks ago, Ank, but I was thinking of Jim also. I don't think I ever sobbed as hard as when I read his farewell post. I'm choking up, just thinking of it.

I've been thinking of you too, ANK. I hope you see this. Don't be such a stranger.

Farsigal

We've lost a few, eh? Jim, Pete, Andrew, Tallcool1, and others. :(

[SteveH]

Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era: Deputy Crown Prince (http://www.bloomberg.com/news/articles/2016-04-01/saudi-arabia-plans-2-trillion-megafund-to-dwarf-all-its-rivals)


The sale of Aramco, or Saudi Arabian Oil Co., is planned for 2018 or even a year earlier, according to the prince. The fund will then play a major role in the economy, investing at home and abroad. It would be big enough to buy Apple Inc., Google parent Alphabet Inc., Microsoft Corp. and Berkshire Hathaway Inc. -- the world’s four largest publicly traded companies.

I'm pretty sure that today's date is purely coincidental. This is yuge.

[Insomniac]

Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era: Deputy Crown Prince (http://www.bloomberg.com/news/articles/2016-04-01/saudi-arabia-plans-2-trillion-megafund-to-dwarf-all-its-rivals)



I'm pretty sure that today's date is purely coincidental. This is yuge.

They just aired a Saudi Arabia episode on Frontline: http://www.pbs.org/wgbh/frontline/announcement/on-march-29-frontline-premieres-saudi-arabia-uncovered/

Said that it was probably worth $10T. Interesting in the context of that episode. Said they're tearing through their cash reserves and could be out before the end of the decade if oil prices stay low. The high unemployment among young men and the cutback on social programs (used to qwell the Arab Spring) combined with that has them concerned. I think this move to raise capital confirms what the IMF thinks about their financial situation.

[dando]

We hit the $2+ mark in Cbus. :\

[cameraman]

$2.099 for Shell regular

[Napoleon]

They just aired a Saudi Arabia episode on Frontline: http://www.pbs.org/wgbh/frontline/announcement/on-march-29-frontline-premieres-saudi-arabia-uncovered/

Said that it was probably worth $10T. Interesting in the context of that episode. Said they're tearing through their cash reserves and could be out before the end of the decade if oil prices stay low. The high unemployment among young men and the cutback on social programs (used to qwell the Arab Spring) combined with that has them concerned. I think this move to raise capital confirms what the IMF thinks about their financial situation.

Genus timing on the Saudis part (not). It is as if they expect the price they can float the company at not to be adversely impacted by the price of oil (and that is not even addressing we are talking Saudi Arabia here). When the history of all of humankind is written I suspect the Saudis of 1930s-20xx to be very high on the list of societies that just tossed out any advantage they had for nothing in return (contra example in a similar situation, Norway).

[Gnam]

Saudi Arabia will be just fine as long as armies run on oil.
I do like watching them squirm though. :p

[TravelGal]

Edging close to $3.00 a gallon in LA, the place with nearly $1.00 a gallon in taxes.

[dando]

$2.09 appears to prevalent in Cbus. :\ Apparently doesn't affect nrc with his Tesla. :gomer: ;)

[nrc]

$2.09 appears to prevalent in Cbus. :\ Apparently doesn't affect nrc with his Tesla. :gomer: ;)

Har. I was just snickering at the nitwits waiting in line to put down deposits for cars they've never seen or driven.

[dando]

Har. I was just snickering at the nitwits waiting in line to put down deposits for cars they've never seen or driven.

C'mon, man...Do the Dew.

http://www.bbc.com/news/technology-35940302

I've got extension cords if ya need some.

;) :gomer: :tony:

NOTE: my parental units have a Prius. Drives me nuts. It has no sound, and the pick up is awful. Gots to smash the pedal to the metal for any pick up. :shakehead:

EDIT: the step-dad unit backed into a construction trailer during a recent trip to IL. Took ~6 weeks to get it fixed in Savannah, GA.

[nrc]

C'mon, man...Do the Dew.

http://www.bbc.com/news/technology-35940302

I've got extension cords if ya need some.

Musk says at $42k and 180,000 orders they made 7.5 billion in one day. Kind of a lie since you don't get paid until the car is delivered. :rolleyes:



NOTE: my parental units have a Prius. Drives me nuts. It has no sound, and the pick up is awful. Gots to smash the pedal to the metal for any pick up. :shakehead:

EDIT: the step-dad unit backed into a construction trailer during a recent trip to IL. Took ~6 weeks to get it fixed in Savannah, GA.

Then there's the apparent steering problem that causes them all to pull to the left...

[Insomniac]

Har. I was just snickering at the nitwits waiting in line to put down deposits for cars they've never seen or driven.

Why? It's fully refundable. The Federal tax credit ($7500) is going to be limited to the earliest buyers. You could potentially sell your spot/car if the demand is high in 2 years when they start to deliver. People put down a lot more for a lot worse terms for other cars.

[nrc]

Why? It's fully refundable. The Federal tax credit ($7500) is going to be limited to the earliest buyers. You could potentially sell your spot/car if the demand is high in 2 years when they start to deliver. People put down a lot more for a lot worse terms for other cars.

Cars sell at market price. When the ecocorp-welfare payment goes away the price will either adjust or demand will fall. If anyone has put down a deposit as speculation on a market to get those tax credits then pre-orders have already exceeded actual demand.

Of course, money is relative. For some people I'm sure that tying up $1000 for years just for the thrill of being in on Musk's ponzi scheme is no big deal. But I suspect that majority of the folks who are going for this are not the sort who have that kind of money. These are the nitwits who stand in line for iPhones and they probably put it on a credit card.

People make a lot of stupid car deals but I don't know anyone who has put $1000 down to buy a car with almost no information for delivery at some unknown price two or more years in the future. If they really want to do their infinitesimally small part to save us all from our imminent incineration they would be better served to put that money into something that will start making a difference now, not maybe in three years from now.

"There's a sucker born every minute." Seems like that needs adjusted for inflation.

[dando]

I just hope they launch better than SpaceX rockets. :irked: Someone on one of the news outlets (IIRC, NBC) last night said that peeps were basically buying a lottery ticket, and would sell them for $$$K more. :saywhat:

[Insomniac]

Cars sell at market price. When the ecocorp-welfare payment goes away the price will either adjust or demand will fall. If anyone has put down a deposit as speculation on a market to get those tax credits then pre-orders have already exceeded actual demand.

Of course, money is relative. For some people I'm sure that tying up $1000 for years just for the thrill of being in on Musk's ponzi scheme is no big deal. But I suspect that majority of the folks who are going for this are not the sort who have that kind of money. These are the nitwits who stand in line for iPhones and they probably put it on a credit card.

People make a lot of stupid car deals but I don't know anyone who has put $1000 down to buy a car with almost no information for delivery at some unknown price two or more years in the future. If they really want to do their infinitesimally small part to save us all from our imminent incineration they would be better served to put that money into something that will start making a difference now, not maybe in three years from now.

"There's a sucker born every minute." Seems like that needs adjusted for inflation.

Spots in a line are also at a market price. It's not really a speculation on the tax credit since the rules are defined. When Tesla sells 200k cars (total, not per model), no more tax credits. They're well past that with current sales + pre-orders now.

It just doesn't seem all that crazy to me. Your comparison to people who stand in line is not analogous. More appropriate would be the people who pre-order the iPhone online, which again doesn't seem all that crazy. Initial demand is high and they want to get in line sooner.

It seems like you may have a personal issue with electric cars and/or people who may be environmentally inclined.

There's certainly more information about the car than you imply: https://www.teslamotors.com/model3 There's a starting price, estimated date when deliveries begin. Pictures of the car. Basic specs. I'm not seeing how this is any different than orders for business or commercial jets? Are all airline executives nitwits? All of the people/businesses who have Gulfstream's orders going 3 years deep (non-refundable I'd add)?

(I also don't know anyone who has, but most of the company I keep also doesn't have cars any more expensive than that and can't predict when they'd replace their current cars, but they'd buy one if it made sense for them when the time comes.)

[Insomniac]

I just hope they launch better than SpaceX rockets. :irked: Someone on one of the news outlets (IIRC, NBC) last night said that peeps were basically buying a lottery ticket, and would sell them for $$$K more. :saywhat:

I think the estimated production numbers make that chart fall exponentially the further back in line they are. Unless that backlog is a couple years (for real when they really are at production) I don't see there being much value to people to pay $$$ to jump the line at that point.

[nrc]

Spots in a line are also at a market price. It's not really a speculation on the tax credit since the rules are defined. When Tesla sells 200k cars (total, not per model), no more tax credits. They're well past that with current sales + pre-orders now.

Given Tesla's penchant for delays it's possible that Model 3 buyers could miss out on the tax credit entirely. I'm sure we'll see stories about someone selling their spot in line or flipping their early production car. But we won't see anything about the vast majority who are tying up $1000 (some with interest) for the privilege of waiting two plus years to pay full list price.


It just doesn't seem all that crazy to me. Your comparison to people who stand in line is not analogous. More appropriate would be the people who pre-order the iPhone online, which again doesn't seem all that crazy. Initial demand is high and they want to get in line sooner.

It seems like you may have a personal issue with electric cars and/or people who may be environmentally inclined.

Same thing, it's a comment on the mentality. Money is relative and value is subjective. If someone wants to pay a premium to be "the first on their block" to have this hip new thing, I'm sure they don't care what I think about it. It's not about "environmentally inclined." I suspect that most people tying up a thousand bucks that could be doing good for the environment right now are really more interested in appearance than the environment.

Being environmentally inclined is a good thing. But too many people are environmentally irrational or foolish.

My main qualm with electric cars is that they have an extremely small niche in the market right now and I don't believe in using tax policy to try to create a viable market where it isn't sustainable. This is doubly true in the case of Tesla. Tesla's entire business model is based on corporate welfare, regulatory flim-flam, marketing hype, and hand-outs for the rich or at least the well off.


There's certainly more information about the car than you imply: https://www.teslamotors.com/model3 There's a starting price, estimated date when deliveries begin. Pictures of the car. Basic specs. I'm not seeing how this is any different than orders for business or commercial jets? Are all airline executives nitwits? All of the people/businesses who have Gulfstream's orders going 3 years deep (non-refundable I'd add)?

Again, money, value, relative, etc. I would never consider that enough information to commit that much money. But I suspect that a Tesla logo is all that most of those people need to see.

Airliners and corporate jets are completely different cases. In the case of airlines, we're talking about capital equipment that is essential to their business. They have to acquire a very specific type of equipment and it has to planned so that delivery corresponds with the life cycle of their existing equipment. In that process they negotiate with multiple potential providers and generally reach an agreement that gives them guarantees, cancellation options, and a price based on market demand. That's nothing like what we're talking about.

In the case of corporate jets, I'm sure there are some nitwits in that mix. But for a fortune 500 company the entire cost a Gulfstream is a smaller percentage of their annual revenue than just the deposit for a Tesla is for many of those buyers. Outside of that higher strata most businesses have the sense to either go through a leasing, timeshare, or charter company.

[SteveH]

http://www.aei.org/wp-content/uploads/2016/12/USshale-1.jpg

http://www.aei.org/publication/blog/carpe-diem/


In shale fields from Texas to North Dakota, production costs have roughly halved since 2014 (see chart above), when Saudi Arabia signaled an output free-for-all in an attempt to drive higher-cost shale producers out of the market. Rather than killing the U.S. shale industry, the ensuing two-year price war made shale a stronger rival, even in the current low-price environment. In Dunn County, North Dakota, there are around 2,000 square miles where the cost to produce Bakken shale is $15 a barrel and falling.

USA! USA! USA! :thumbup: :D

[SteveH]

OPEC Looks Totally Bewildered by the Oil Market (https://www.bloomberg.com/gadfly/articles/2017-06-25/opec-looks-totally-bewildered-by-the-oil-market)


awww, too bad;)

[SteveH]

Looks like the US oil industry has figured out to expand in light of reduced per barrel revenue (https://ycharts.com/indicators/us_oil_rotary_rigs)

[TravelGal]

The discussion gives me a moment to say that this weekend we passed a station with $4.49 for regular in West LA and $2.69 here in the Valley. :eek::eek:

[stroker]

We're sub-$2 in Missouri.

[indyfan31]

The discussion gives me a moment to say that this weekend we passed a station with $4.49 for regular in West LA and $2.69 here in the Valley. :eek::eek:

Needless to say, those folks can afford it; but still . . . :eek:

[nissan gtp]

paid $1.89 today.

[SteveH]

OPEC Grapples With Growing Threats to Oil Deal (https://www.wsj.com/articles/opec-grapples-with-growing-threats-to-oil-deal-1500815977)


OPEC is worried that its plan to drain a global oil glut—and thereby raise crude prices—isn’t working.

:thumbup:

[WickerBill]

OPEC Grapples With Growing Threats to Oil Deal (https://www.wsj.com/articles/opec-grapples-with-growing-threats-to-oil-deal-1500815977)



:thumbup:

Amen to that. I can see them now: "What do you MEAN it's not working??"

[SteveH]

Gilmer: We Should View The Permian Basin As A Permanent Resource (https://www.forbes.com/sites/davidblackmon/2017/08/17/gilmer-we-should-view-the-permian-basin-as-a-permanent-resource/#236b857756ff)


"We should view the Permian Basin as a permanent resource," he says, "The Permian is best viewed as a near infinite resource - we will never produce the last drop of economic oil from the Basin."

USA USA USA :thumbup:

[opinionated ow]

About $3.29USD/USG in the major Australian cities at the moment.

[SteveH]

Will U.S. shale ruin the oil party (again)? (http://money.cnn.com/2018/01/15/investing/oil-prices-shale-fracking/index.html)


Crude oil is hotter this year than the Dow, the Nasdaq and even bitcoin.

It has surged 7% so far in 2018 and hit a three-year high of $64.81 a barrel on Monday, reflecting confidence that an epic supply glut may finally be over because of production cuts by OPEC and Russia.

"The market has gone really high, really fast," said Michael Tran, energy strategist at RBC Capital Markets. "The oil market has reached the healthiest state in several years."

But is the infamously boom-and-bust oil industry setting itself up for disappointment? Crude is so high that it could trigger a "drill, baby, drill" mentality from U.S. shale oil producers who will once again flood the market with supply and drive down prices.


Do it!

America could be crowned the oil world's new king in 2018. (http://money.cnn.com/2018/01/03/investing/oil-us-russia-saudi-arabia-shale/index.html?iid=EL)


Surging shale oil output should allow the United States to dethrone Russia and Saudi Arabia as the planet's leading crude oil producer, Rystad predicted in a recent report. The U.S. hasn't been the global leader, nor ahead of both Russia and Saudi Arabia, since 1975.

Wonder if that means there will be a F1 race in North Dakota in the near future? :gomer:

[SteveH]

Oil plunges 3.2%, settling at $59.20, posting worst weekly decline in two years (https://www.cnbc.com/2018/02/09/oil-falls-below-60-for-first-time-in-2018-on-pace-for-big-weekly-drop.html)


•U.S. crude oil fell below $59 a barrel for the first time in 2018, on pace for the worst weekly drop in two years.
•Rising production and a strong dollar have heaped pressure on oil prices amid a broad financial market sell-off.
•The U.S. rig count rose by 26 rigs in the week through Feb. 9 to a total of 791.


what a difference just a month makes - see previous post

[SteveH]

U.S. crude oil production hit record high in November: EIA (https://www.reuters.com/article/us-usa-oil-production/u-s-crude-oil-production-hit-record-high-in-november-eia-idUSKCN1GC2PB)


November’s figure exceeded the 10.044 million barrels produced daily in November 1970. Output has surged in the last several years due to the shale boom, pushing the United States past Saudi Arabia among top producers. Only Russia now has greater daily oil output.

and surprisingly...


Americans consumed 0.01 percent less gasoline in 2017 than they did in the prior year, EIA data showed, marking the first year-to-year decrease since 2012.

Considering how jammed interstates are around here with traffic especially semi-trucks, I would have thought consumption would have increased.

[indyfan31]

Was in El Paso about 2 weeks ago: $2.09
Came home to $3.09

:irked:

[SteveH]

U.S. Oil Output Tops 12 Million Barrels a Day for First Time
(https://finance.yahoo.com/news/u-oil-output-tops-12-120000720.html)

[TravelGal]

Was in El Paso about 2 weeks ago: $2.09
Came home to $3.09

:irked:

Indyfan31, I'm moving to your part of SoCal. It's $3.79 here though in the $3.50's for no-name gas.

[cameraman]

$2.98 for Shell regular in SLC

[opinionated ow]

Equivalent of $3.55US/USG for 95 octane in Sydney at the moment. That's cheapest it's been in ages

[indyfan31]

Indyfan31, I'm moving to your part of SoCal. It's $3.79 here though in the $3.50's for no-name gas.
Paid $3.18 at Sam' Club saturday, today it's $.06/gal more. so, thanks Governors Brown/Newsom, and every fool that voted to keep the gas tax increase. :shakehead:

[TravelGal]

Paid $3.18 at Sam' Club saturday, today it's $.06/gal more. so, thanks Governors Brown/Newsom, and every fool that voted to keep the gas tax increase. :shakehead:

The price increase is due to the holiday (I hope). I filled up at Chevron and paid $3.89 for regular. It had jumped $.12 overnight :eek:

[Lux Interior]

$2.55 at Speedway (Marathon / Ashland Petroleum) here in northeast Ohio.

[TravelGal]

Saw gas for $3.56 the day after the 4th. Down $.20 a gallon from the day before the 4th. :flaming: Quite a holiday bump.

[indyfan31]

The price increase is due to the holiday (I hope). I filled up at Chevron and paid $3.89 for regular. It had jumped $.12 overnight :eek:
TG, $.06 of that was due to a California gas tax increase due to hit on July 1st.

[TKGAngel]

$2.81 for regular in Western New York as of yesterday morning.

[nrc]

Anyone filled up lately? :D

Remember, no filling plastic bags with gasoline. :gomer:

[SteveH]

Anyone filled up lately? :D

Remember, no filling plastic bags with gasoline. :gomer:

Hummer destroyed by fire after driver stockpiles gas (https://thehill.com/homenews/state-watch/553431-hummer-destroyed-by-fire-after-driver-stockpiles-gas)

[nrc]

Hummer destroyed by fire after driver stockpiles gas (https://thehill.com/homenews/state-watch/553431-hummer-destroyed-by-fire-after-driver-stockpiles-gas)

Sounds like $4 a gallon worth of pain.

I wonder if that was a case of filling the cans in the vehicle. Only fill approved containers resting on the *ground*.

[WickerBill]

$2.91 south side of Indy. $3.20 in Batesville Indiana.

WHERE MY HOARDERS AT

[nrc]

$2.91 south side of Indy. $3.20 in Batesville Indiana.

WHERE MY HOARDERS AT

Columbus is similar. Not sure what that adds up to per Hefty bag.

[SteveH]

Sounds like $4 a gallon worth of pain.

I wonder if that was a case of filling the cans in the vehicle. Only fill approved containers resting on the *ground*.

Here's your answer

https://mobile.twitter.com/StrictlyChristo/status/1393012449482186752

[trish]

I paid $4.79 today for regular gas at one of the local Mobil stations.

[WickerBill]

$4.02 where I am.

[Mr. Vengeance]

$1.80/litre (Cdn). Converted to USD (and US gallons) it comes out to $5.36/gallon. (I think...) $1.90 for diesel, so my truck will see some down time.

Gas hit $2/litre in Vancouver a couple days ago.

[opinionated ow]

NSW fuel price for 95 (my car can't run 91) at the most affordable within 10km of me in South-west Sydney works out at 5.16USD/USG

[stroker]

Roughly $3.65/gal in mid-Missouri.

[TRDfan]

$4.09 La Crosse WI (headquarters of Kwik Trip)

[stroker]

up to $4.00/gal mid-Missouri, now...

[cameraman]

The joys of using premium gas....

$4.599/gallon last night