Why haven't gas prices gone down?
- Thread starter grampi
- Start date
Patman
Staff member
But that’s because oil is a global commodity so anything that affects many countries does affect the price of oil and gas for the rest of the world
And we need foreign crude as our refineries are tuned to use it over our domestic brew.
The output fractions likely are getting kind of jacked at the moment.
Locally our gas prices are firmly speedway affected, so a small temporary dip only means it’s going up more in a week.
Worse I always could rely on e85 and ethanol blends to be extremely cheap comparatively during fuel crisis, sadly no longer true with ethanol and 88e15 being overpriced by energy content, hoping that resolves.
Good Times.
That's true, but what has been taken out of supply by the Straight, has been made up for by other producers. Supply isn't short, it's just a man made pricing manipulation...
87 E10 = 4.19
90 E0 = 4.97
Diesel = 5.49
90 E0 = 4.97
Diesel = 5.49
It's a Pet Day miracle. Price went down $0.10 at 711 near me. I had half tank but got $40 worth. Also had $0.36 gal in rewards, about $5.01 after all that. Gave me a little over 3/4 tank.
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They have gone down recently. Seems contradictory to world events but I'll take it.
Apparently the crude oil that makes gasoline is coming in from a different direction and ships are making u-turns. But I can't go into that too much.
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Prices didn't go up because there was an immediate shortage. They went up because of speculation that there could be a shortage in the future. Many countries have been drawing down reserves to ensure adequate supply. If the straight doesn't stay open or if conflict resumes, we'll see more pricing volatility because reserves have run low. Higher prices also destroyed some demand.
$3.16 for 87 at my local Marathon today. Not too bad IMO
In a bit of a loop, this is also influencing the conflict over the strait. Strikes were halted until 1 hour after the market closed on Friday and then an announcement of return to ceasefire came through 1 hour before the market futures were set to start yesterday.
Agreed though. If this continues and reserves do start running low, we'll see a lot more volatility in the market.
EDIT: Current US oil reserves stand at 331 million barrels, down from 415 million barrels in February. We consume ~21 million barrels a day against a production of ~13.5 million barrels a day.
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I wouldn't cry over that
