Oil Hits $20 For The First Time In 18 Years

Oilprice.com ^ | 03-30-2020 | Para

[mylife]

last time gas was this cheap was GWB’s 1st term.

[Meatspace]

“Remember those peak oil idiots from the late 2000’s”

Back in 2096 they were really obnoxious.

[Bloody Sam Roberts]

last time gas was this cheap was GWB’s 1st term.

I haven't seen much downward movement on gas prices in my area. Low oil prices doesn't necessarily translate to lower gas prices. We'll see.

[Obadiah]

That is $.99 per gallon territory.

[Skywise]

“Gas is never going under $2 again! Those days are gone.” - Barack Hussein Obama, mmm mmm mmm

[glennaro]

Regular gasoline remains over $3/gallon even in the suburbs in Newsome’s utopia out here.

[frogjerk]

1. We are the #1 producer of OIL now - Thanks Trump
plus
2. No one is driving due to lockdown - low demand
plus
3. Saudis and Russia oil price war - low prices
equals
$20 per barrel

[mylife]

1.56 here in ohio.

[TheBattman]

Saudi Arabia? Did Russia quit flooding the market too?

[Magnum44]

I paid $1.68 yesterday (credit rate), saw $1.59 cash price over the weekend.

[Diana in Wisconsin]

“IT’S OFFICIAL: National Average Now $1.99 per gallon.”

https://www.gasbuddy.com/

[SanchoP]

Conversation with a friend out in West Texas:

Me: Hows the awl bidness out there.
Him: Hear all that noise in the background?
Me: No,can't hear a thing.
Him: Exactly.

[nascarnation]

RBOB wholesale at .55/gal
That translates in usual times to $1.20 here (Indiana) but the best price is $1.44
I do see $1.17 in Houston

[ExGeeEye]

I am experiencing prices from Clinton’s second!

Though I felt raped at the time...

[Osage Orange]

Worked with a guy back in 2002...that said. "Gasoline will never, never be under $2 again..!"

I told him yeah it will...

He thought I was cra cra....

[BulletBobCo]

Last week, my daughter and I drove her car from the east coast back to Colorado as her classes are all online for now. On one of our gas breaks in Kansas, I was getting something to eat and mentioned to the lady how nice it was to see low gas prices. She made mention that this was not good for her brother as he is in the oil business here and that they were laying people off left and right as it wasn’t profitable for them to produce at the moment. Didn’t know what to say after that.

[TheBattman]

IT all depends on where you are - I’ve seen reports of 99 cents per gallon for over a week in some areas (Eastern Oklahoma from friends).

But here in NW Arkansas, just across the border - gasoline is still $1.68-1.89 a gallon.

But demand here is still a bit higher - it’s only slightly slowed people down.

Of course - we all know that gasoline prices tend to drop very slowly, regardless of oil price drops, but rise instantanouesly. Its how the market works (and no, it isn’t about the cost of the gasoline in the tanks now - that would make sense).

[Paladin2]

How can I lock in a lifetime supply at this price?