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    MichaellMichaell Moderator Posts: 243,971
    I paid $3.16 today for mid grade at Shell

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    texasestexases Member Posts: 10,757
    Dropped a dime here, $2.36 for RUG.
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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    Yes, ($3.69 RUG here, due to exclusivity, etc.) with DECREASES in avg mileage (between -6.7 % to -8.3%) & overall INCREASES in supply, ethanol (E10 to E15 year round), ULSD & EV uses, fuel prices should DECREASE. Current high fuel prices (CA) are gear to execute other agendas.

    Indeed, governments @ multi levels, make vastly more %’s & $$’s money than oil companies, i.e. ExxonMobil. Much of the prices are taxes one are compelled to pay.

    I have read that close to maximum to minimum storage of oil inventories (2.5% over interval use ) can cause wild price swings.

    While I do not know this, I’m guessing that Iranian oil doesn’t cost much more than Saudi Arabian oil ( $2.00 per bbl) , to get out of its ground.

    China, et all, https://www.wsj.com/articles/u-s-re-imposes-sanctions-against-iran-oil-banking-and-shipping-sectors-1541425059 can’t help but be enthusiastic buyers, on the “black market”; from a US POV. Both counties want, need, require “optimum“ USD prices per barrel of oil, to support its social (et al) agendas, efforts.https://www.wsj.com/articles/the-world-can-live-without-iranian-oil-1541361933
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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    $3.65 RUG, a .03 cent DROP! Woo hoo?

    Arecent WSJ article 11/08/2018

    “U.S. Oil Enters Bear Market on Rising Inventories, Worries of Oversupply“
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    PF_FlyerPF_Flyer Member Posts: 9,372
    Rising inventories... down another 2 cents to $2.93 here in State College
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    texasestexases Member Posts: 10,757
    I always get a laugh when, on the strength of an uptick in oil prices, some big financial names predict "$100/barrel is just around the corner!" Often, as now, that prediction is met with an immediate collapse in oil prices. They're now close to dropping into the $50s.
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    Mr_ShiftrightMr_Shiftright Member Posts: 64,481
    texases said:

    The markets have been dropping in the last week, up to the start of the sanctions, so seems like they think there's enough oil available.

    The oil markets aren't regulated like stocks and bonds. Anyone can manipulate prices with rumors, fake news--it's hard to make sense out of oil prices sometimes.

    In any event, the sanctions would cut off no more than 2% of the world's oil supply. In addition, there have been many waivers granted to various countries so that they can continue to do business with Iran.

    So these two aspects seem to have caused no great reaction (yet) at the gas pumps.

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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    Let us not forget that in buying fuel (per gal) are the taxes (huge $$ vol & %) we “are willing to pay.”
    https://www.eia.gov/tools/faqs/faq.php?id=10&t=10

    So in CA, out of the price of a gallon of gas, approximately $.77 are taxes (23.4 % on $3.29)!
    http://www.sandiegouniontribune.com/business/energy-green/sd-fi-california-gastax-20170413-story.html
    On the wholesale price of a gal of fuel, the $ percentages are absolutely astounding (@ 38.3%++) !!

    I also got one 411 on the economics of driving an EV (Tesla). “No POS PAY” options, using level 3 super charger option, stopped going forward was substituted for “paid upfront when purchased” ($ 90,000 +). This one view has no practical faith in advertised ranges & understands there are (unknown) electrical energy losses.

    Recalculation (home charging indicates $.13-$.15 per mile cost equivalent (.37 cent per kWh,). ( .105 PER mile 36 mpg $3.79 ULSD) this does not include the home permit “home-improvement” and installation of electrical charging equipment @ $1,000.

    We were not able to do the sub 3 sec., naught to 60 mph metric. Nonetheless, it is an absolutely lovely car.
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    kyfdxkyfdx Moderator Posts: 241,004
    On I-75, North of Dayton:
    Shell
    RUG $2.37
    PUG $3.41 !!

    That spread is criminal.

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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    So what would you call the spread for $ 3.65 RUG (allegedly botique) vs $2.37? 😱
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    kyfdxkyfdx Moderator Posts: 241,004
    ruking1 said:

    So what would you call the spread for $ 3.65 RUG (allegedly botique) vs $2.37? 😱

    CA real estate prices

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    kyfdxkyfdx Moderator Posts: 241,004
    And, last time I was in CA, the spread between RUG and PUG was only $0.20

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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    kyfdx said:

    ruking1 said:

    So what would you call the spread for $ 3.65 RUG (allegedly botique) vs $2.37? 😱

    CA real estate prices
    I’m sure in some odd (circuitous or otherwise ) ways, it does figure into it. I’m just glad that miles &/or expenses can be expensed. 👍

    Correction: botique should be boutique.
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    PF_FlyerPF_Flyer Member Posts: 9,372
    edited November 2018
    Down to $2.89, paid $2.77 at Sam's
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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    RUG: Folsom $3.25, Home $3.61, Las Vegas $2.99

    The CA states “Disco Inferno” shows “mother” nature doing what’s been done for thousands of years: parts to some to most of the state catches fire. Rug emissions fear=TOTALLY OVERBLOWN, Even when a 40 minute drive now takes an hour and a half to two hours.
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    fintailfintail Member Posts: 57,315
    Saw RUG in the 2.59-2.79 range in OH and MI.
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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    I’m not sure what will happen to local gas prices, with today’s $55.31 USD per bbl (off 7.7%).
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    kyfdxkyfdx Moderator Posts: 241,004
    Local Shell

    RUG $2.39
    PUG $2.99

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    texasestexases Member Posts: 10,757
    They'll continue to slowly drop, I bet.
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    PF_FlyerPF_Flyer Member Posts: 9,372
    One station down to $2.85, an outlier among the $2.89's :)
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    texasestexases Member Posts: 10,757
    That drop to $55/bbl is the latest step in a major oil price collapse, bad enough to get OPEC talking about reducing production. Even Saudi's pledge to cut by 500,000 B/D wasn't enough to halt the drop. So go buy that new Expedition!
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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    Yup! I have had a 36 mpg ULSD small crossover suv! Yearly consumption are/is 500 gal/s.

    VW bought back a 32 mpg ULSD midsized suv.
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    fintailfintail Member Posts: 57,315
    Paid $2.37 for RUG in western MI today.
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    ruking1ruking1 Member Posts: 19,826
    Showing RUG $3.65, ULSD $4.09, @ a closed to hm station.
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    fintailfintail Member Posts: 57,315
    Saw RUG as low as 2.30 along the highway in MI today. I think I paid 2.69 in suburban Chicago - and that Armada loves to drink.
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    texasestexases Member Posts: 10,757
    $2.17 RUG here
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    MichaellMichaell Moderator Posts: 243,971
    $3.06/gal for mid grade (87) in Colorado

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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    Las Vegas, NV: RUG $3.24, PUG $3.74, ULSD $ 3.17

    Happy Thanksgiving to all that follow this board!
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    PF_FlyerPF_Flyer Member Posts: 9,372
    $2.83

    Let the over-eating commence!
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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    PF_Flyer said:

    $2.83

    Let the over-eating commence!

    A WYNN/ Bellaggio, etc. hotel buffet would surely be lost on me, SANS the delight on the eyes & smells! Lemming news has average American Thanksgiving day calorie intake at 4,500.

    Further north (of Las Vegas) Lake Tahoe, NV/CA is expecting the rain/snow at about 7 PM.

    But for other (like, global warming people)i winter is going to be the coldest that it has been in decades.

    https://www.yahoo.com/gma/coldest-thanksgiving-decades-way-northeast-midwest-122203488--abc-news-topstories.html

    Happy Thanksgiving

    RUG/PUG/ULSD prices? Glut?

    https://www.yahoo.com/finance/news/u-oil-prices-stabilize-6-percent-slump-market-003846132--finance.html
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    fintailfintail Member Posts: 57,315
    Normal weather here, not cold, not dry.

    I'll probably top off the tank after doing some driving this weekend, I expect diesel to be in the $3.40 range after cash discount.
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    berriberri Member Posts: 10,165
    You had big fog delays at Sea-Tac Saturday
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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    According to the Wall Street Journal (articles) , “Why Oil Prices Took Such a Tumble—and What Comes Next. By Sarah McFarlane and Pat Minczeski
    Updated Nov. 27, 2018 (Due to (access,membership issues) the article link is not posted)

    Investors and oil traders had a sudden rethink about how much oil would be pumped onto world markets. Rising inventories could weigh on prices.“

    WE are/ I’m enjoying LOWER (for CA, anyway) fuel prices due to US (low) oil production.

    According to one graph and words, the US produces 7,000,000 barrels of oil per day versus OPEC’s 1.5 million barrels per day! For those that understand percentages, this is absolutely YHUGE!
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    texasestexases Member Posts: 10,757
    edited November 2018
    You mean 'due to high US oil production', right?

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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    I think low/high etc. might be indeed BE opinion oriented. The sense I get from the quoted/indicated article & to your graph posting, that it is LOW due to low headroom and limiting factors: low profit due to low prices & high costs, barriers to getting product to market, etc. So for example, if/when pipelines are completed, these add a higher capacity of 1.8 million barrels per day/7 m bbl, That is both larger than Saudi Arabia output & adds 25% to US capacities.

    On the other hand, we can ignore this and say (your post) these graphic figures indicate “high”

    That is of no doubt! Then our two postings indicate a hand in glove relationship.

    World affairs tend to favor US domestic production, benefiting the US. The rest of the world can/do benefit also.

    Nonetheless, prices: local/Las Vegas

    RUG $3.59/$3.23. PUG.$3.89/$3.55. ULSD $4.09/$3.39.
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    texasestexases Member Posts: 10,757
    US oil production is at all-time record levels. There are some pipeline limitations out of West Texas that will be gone next year, so it'll go even higher.
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    PF_FlyerPF_Flyer Member Posts: 9,372
    Still $2.75 here. $2.49 at Sam's. 12 miles east, it drops to $2.63. GEt over the mountain about 40 min, you find $2.58
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    kyfdxkyfdx Moderator Posts: 241,004
    Shell
    $2.39 RUG
    $2.99 PUG

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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    This will come as no real news, but the price/s of oil/s are being “stabilized “ (aks, manipulated)

    https://youtu.be/RILhIjjTbEw

    Why would anybody want to buy brand Brent crude when there is very little Brent crude ? West Texas Intermediate crude (WTI) is way cheaper ?
    http://www.oil-price.net/
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    sdasda Member Posts: 7,029
    For RUG:
    Charlotte, NC. $2.39
    Indian Land, SC  $2.15
    about 10 miles south of Indian Land, $1.95

    Gas tax is higher in NC

    2018 VW Passat SE w/tech, 2016 Audi Q5 Premium Plus w/tech, 2006 Acura TL w/nav

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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    Fiddy $ YO? (craps reference)

    ...”Gulf monarchies have massive reserves and very low production costs. Yet, while they can generate cash flow at even lower prices, they can’t support their oil-dependent economies at anything close to today’s $50 WTI or $60 Brent crude. The International Monetary Fund estimates that Saudi Arabia can only balance its books at Brent prices of $85 to $87 a barrel.”...

    WSJ article. For Oil, $50 Isn’t Quite the New $70 By Spencer Jakab
    Nov. 29, 2018 1:27 p.m. ET

    It might be instructive to include this EIA.gov link https://www.eia.gov/tools/faqs/faq.php?id=327&t=9

    So at $50 per barrel = $1.62 cost per gallon. ($2.50 per gal without ULSD) These (42 gal barrel) oil prices are sans many items, albeit, most being hidden.
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    kyfdxkyfdx Moderator Posts: 241,004
    Kroger
    $2.19 RUG
    $3.09 ULSD

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    texasestexases Member Posts: 10,757
    RUG $1.96 at QT
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    sdasda Member Posts: 7,029
    QT has really grown its presence in our area in a very short time. I’m impressed with them, Top Tier gas, good prices, friendly helpful staff, clean stores. There is a QT less than 5 minutes away and it is my preferred gas station.

    2018 VW Passat SE w/tech, 2016 Audi Q5 Premium Plus w/tech, 2006 Acura TL w/nav

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    texasestexases Member Posts: 10,757
    sda said:

    QT has really grown its presence in our area in a very short time. I’m impressed with them, Top Tier gas, good prices, friendly helpful staff, clean stores. There is a QT less than 5 minutes away and it is my preferred gas station.

    Same here. Big advance over the local 7-11.
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    ruking1ruking1 Member Posts: 19,826
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    berriberri Member Posts: 10,165
    Temp shutdown of the Alaska pipeline. That ought to spike it with the traders!
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    ruking1ruking1 Member Posts: 19,826
    edited November 2018
    Farther down the food chain (@ the pumps), it will be interesting to hear what everybody reports.
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    texasestexases Member Posts: 10,757
    Pipeline is back up, 7 hrs only so no price impact I bet. 
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    ruking1ruking1 Member Posts: 19,826
    edited December 2018
    It’s been long known refineries need to operate 24/7 & as close to 365 as possible. Among some of the reasons: shut down/start up procedures are financially costly to devastating. Running @ less than FULL capacity also increase costs. Not as commonly known; refineries do a dance with other parts of the industry to make their “fair’ profit during a more narrow time window.

    While world fuel consumption trends UP, overall (US) fuel consumption trends down. It is trending down from a yearly avg of 12,000 miles - 15,000 miles TO 11,000 miles-14,000 miles. https://www-fars.nhtsa.dot.gov/Main/index.aspx. This is a decrease of approximately minus - 8.3%. So say the average mpg are 22, minus/-1,000 miles are app -46 gals.* minus- 288,034,000 vehicles, well, ... most are falling asleep already? zzzzzzzzzzzz


    Other indicators also point to an increase in product inventories.
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