Posted on 03/18/2020 10:54:58 AM PDT by C19fan
Oil dropped 23% to a more than 18-year low on Wednesday as the coronavirus pandemic continues to sap demand for crude and as rising worries about a global recession lead to fears of longer-term demand destruction. U.S. West Texas Intermediate crude fell 23.78%, or $6.41, to $20.55 per barrel, its lowest level since Feb. 2002. WTI is on pace for its third worst day on record.
International benchmark Brent crude shed 13.75%, or $3.97, to trade at $24.76, its lowest level since 2003.
(Excerpt) Read more at cnbc.com ...
Ed
Ed
Ed
We’re still $2.49- Yay us!
Taxes and the cost to produce it at the refinery, plus a wee profit for the seller. I wouldn’t expect to see it below $1.50.
Maybe they will get off their A-holes and build more refineries.
1977
Marathon Petroleum Corp. built the last major U.S. refinery in Garyville, Louisiana in 1977. It could process 200,000 barrels of oil a day when it first opened.Nov 23, 2016
We’re filling the strategic reserve to capacity at these historic-low prices.
Correct when it’s full.
I have seen $1.75 per gal (cash) for the better part of a week now in Fredericksburg, VA.
Go up the road toward/into DC and gas taxes spike very significantly, and as well, the owners are also clearly gouging. They are making a profit killing!
Ot was a really big deal when it was happening, but Clinton closed 20% of U.S. refineries.
I got $1.69 yesterday in Memphis. At Exxon, it was $2.19, so screw that!
I see the state governments telling themselves that it’s the best time to raise the gasoline tax....
Three letters stopping them. E. P. A.
I’m thinking, as he probably is, that in 2 to 4 weeks, things will start to rebound.
I’m thinking, as he probably is, that in 2 to 4 weeks, things will start to rebound.
In Texas, gasoline and diesel fuel are subject to a 20-cent tax per gallon State tax.
In addition, the federal government imposes taxes of 18.4 cents per gallon on gasoline
63 + 20 + 18.4 = 1.01.4.
Just looked again, $1.83.
So much for “we only make about 10% profit” the gas stations always say.
I understand it takes a while for prices to drop and about 3 seconds when they rise but that is about 55% profit?
.
I can clearly remember filling up my 27 Packard at the Jenney station for 19 cents per gallon... The down side was having to crank the gas-pump handle... However, when you are 12-years old (in those days) and you had just gotten your drivers license, physical exercise wasn't a dirty word...
Missing the point — TESLA has been a high-flying stock based on “you’ll save money on gas as well as being green”.
With gas prices cratering, that can’t help their stock.
The problem is the upfront costs + battery replacement costs + environmental impact of mining for and disposal of battery + electricity coming from a plug is likely generated by coal AND has all the power losses while transmitting power == it pollutes more than a regular car does anyway.
They need to buy that oil from American companies that are fracking. I hate subsidies but this might be one time to subsidize them for one year to keep them going providing oil for the reserve and the US military exclusively. Energy independence gives us the ability to tell the middle east to go to hell, all of you!
Russia, Saudi Arabia, etc are colluding to crash our oil market because they can’t compete with our scrappy frackers. So we should start dumping oil from the Strategic Oil Reserve onto the oil market, while buying replacement oil SOR from our good guys. We would collapse world markets, but our oil men would have a floor under them to keep our oil industry alive to fight another day.
The only thing that kept the US economy from suffering an Obama Depression was our fossil fuel industry. We owe them some help.
Time to pull the US Navy out of the Persian Gulf.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.