I personally believe it’s highly possible that petrolium based fuels are really expensive right now because of speculation on the commodity market. I can see it dropping to $30 or less a barrel in the not too distant future. Thanks to the lockdowns, it’s not like we suddenly started using a lot of fuel the last couple of years. And the Ukraine thing is a red herring.
And lastly, it is in the democrats’ interest (the controlling party) to cause prices to drop a lot just before the election.
I dint think it’ll be enough.....at least I hope not.
You too? Finally, an ally!
Same thing happened in ‘14 / ‘15 but then I think the inventory number were manipulated. The industry is much better at managing stocks than to have had that many millions of barrels suddenly show up in storage in just two weeks.
Nothing changes price this fast naturally or for good cause except speculation.
I have tried to explain many times that with the advent of energy futures trading we have had nothing but a wild ride. The energy industry are merely price takers. It is the traders in futures that are the price makers.
Back before 1982, save for the embargo, energy prices were pretty darn stable and it was good for all of us. Investment decisions could be made with certainty on both supply and demand sides. Steady was good for the economy. These wild rides only do one group any good, futures traders.
Not sure about $30 but better than this will be welcome.
I’m sure you are aware all the data comes out on Wednesdays at EIA. Note the rocket of diesel price.
https://www.eia.gov/petroleum/weekly/
I went to town three weeks ago and it was $4.79. A week later is was 5.14 and a week after that is was $5.45. I parked the truck. I’m staying at home.
This has at least motivated me to get my ‘72 restoration underway. 400 cubes of dual quadrajet cruising and ZERO emissions controls! Even at today’s gasoline price it is good value for fun.
Funny how the hint of maybe getting better helps the mind for just a bit.