Bank of America is now predicting that Brent crude oil, which drives gas prices, will zoom to $120 a barrel by June 2022.

[Kjmack]

Ukraine war ups pressure for US oil; industry faces hurdles

BILLINGS, Mont. (AP) — In the oil fields of northern Montana, industry veteran Mac McDermott watched crude prices whipsaw from $75 a barrel in January to more than $120 as Russia pressed its war in Ukraine , then down again when coronavirus worries in China raised the specter of a global slowdown.

apnews.com

Break even fracking used to be 44 bucks a barrel . I'm not sure now , but at 65 a barrel it would be a cash cow .

 

[ekrampitzjr]

Ukraine war ups pressure for US oil; industry faces hurdles

BILLINGS, Mont. (AP) — In the oil fields of northern Montana, industry veteran Mac McDermott watched crude prices whipsaw from $75 a barrel in January to more than $120 as Russia pressed its war in Ukraine , then down again when coronavirus worries in China raised the specter of a global slowdown.

apnews.com

The US crude industry is in the same fix as the US space program. As the shuttle program wound down and ended in 2010–2011, mass layoffs of skilled workers began at Cape Canaveral and other space facilities. Private companies actually employed most workers at these facilities, not NASA. Even though NASA is trying to get new launch systems going to return to the moon over the next few years, the labor shortage is hindering these efforts. Who is going to risk being laid off after the next space system fizzles?

The crude industry is in the same boat. Once lots of people are laid off from an industry, it's going to be hard to persuade them to return. They've all moved on. Why would they take the chance again, just to be laid off at a future date? And with everything switching to electric vehicles, how long would these crude-oil jobs last this time? It reminds me of the bleating about shortages of truck drivers now when we kept hearing that all the trucks will soon be self-driving with no need for drivers. Who would chance entering or re-entering that field?

 

[Slow Car Sport Mode]

Ukraine war ups pressure for US oil; industry faces hurdles

BILLINGS, Mont. (AP) — In the oil fields of northern Montana, industry veteran Mac McDermott watched crude prices whipsaw from $75 a barrel in January to more than $120 as Russia pressed its war in Ukraine , then down again when coronavirus worries in China raised the specter of a global slowdown.

apnews.com

It would take from a few months to about a year for the supply to make its way reflecting into prices at the pump, but increasing the supply, there is no downside to that. We need more domestic oil.

Areas of the United States are awash with oil and should be producing. Whatever the 2022 version of drill baby drill may be.

 

[tedsweet]

super is over 5 bucks here

 

[michaelluscher]

I'm down 30¢+ in the past 7-10 days in NYC

Premium is $4.5x instead of $5+ credit

 

[michaelluscher]

Down again
Costco by be is $4.05/$4.55
But there's no mid, only 87/93
They only take credit, so no cash discount

 

[alarmguy]

It would take from a few months to about a year for the supply to make its way reflecting into prices at the pump, but increasing the supply, there is no downside to that. We need more domestic oil.

Areas of the United States are awash with oil and should be producing. Whatever the 2022 version of drill baby drill may be.

Very true but if it was fact that supply would be increasing that in itself would drive down prices.
We have to remember, oil is a commodity. Price above the actual oil coming out of the ground and loaded onto an oil barge or pipeline is very different then the wholesale and retail price of the oil once it reaches its destination.
This price is created by the commodity traders on Wall Street. They "buy" the oil on those barges, that demand determines the actual price at its destination. If they know/speculate vast amounts of oil are going to hit the market, no different than the wheat crop or just like the stock market those commodities and options on the oil go down.
Its just happened when news hit that Qatar was going to try to get OPEC to pump more oil, prices leveled out and started falling instantly even at the gas pump, however we now know that is dead for now. We ahve seen prices fall here in SC, just paid $3.60 a gallon on the weekend at Costco. Honestly taking into account the price of fuel back in 1975 and inflation plus all the extra taxes your county, state and local government added on over those years I think fuel is still cheap compared to everything else.
To me its a media event. The US consumer spends MUCH less of their income on energy than they did in the 70's and 80's
Costco Regular 3/20/2022 - Premium was $4.29

 

[michaelluscher]

Down again
Costco by be is $4.05/$4.55
But there's no mid, only 87/93
They only take credit, so no cash discount

8 hours later
It's $4.09/4.49
It's trending , so that's good
Still wonder if it's gonna go back to January prices
Sub $70 fill up, it's been a while
The $25 dealer gas cap fixed my P0456, and clicks with satisfying precision
19.76 MPG, I'm so close to 20

 

[mattd]

Diesel still 5.19 here…gas 3.95

 

[billt460]

What have we been missing over the past year?

Someone with half a brain running the country.