Posted on 02/09/2018 10:20:16 AM PST by bananaman22
As if the recent nosedive that oil prices have taken in the last few days wasn’t bad enough—Baker Hughes reported a staggering increase to the number of rigs. The number of active oil and gas rigs increased by 29 to Baker Hughes data. This brings the total number of oil and gas rigs to 975, which is an addition of 234 rigs year over year.
(Excerpt) Read more at oilprice.com ...
Here you go, it’s about a five or six minute video from Marathon Oil if you’re interested.
Best. Election. Ever.
So when is the price of gas going to tank?
Oh, I know.
It’s got to work through the system.......
Yeah, right......
I too have noticed that when oil prices rise, the effect at the pump is instantaneous, but as the price drops: “The less expensive product has to work its way through the system”.
Yeah, OK. I may have been born at night, but it wasn’t LAST night!
They won’t fall because the oil companies have figured that the public is too used to paying the current amount, $2.79 in Eastern Washington. They may tweak them up and down slightly to give us the impression their tied to some economic reason. And even if they do fall and maintain that new level for an extended period of time, then look for your state to raise the gas tax to restore it back to the higher price.
Today I paid $2.389 at a Sam’s Club in Atlanta.
Wheee, weeeee, weeee :-)
Exactly, on all counts......
Oil drillers and refiners have no more to do with what you pay for gasoline than a cattle rancher has to do with what you pay at the grocery store for steak
$2.75 in Eastern Nevada. Thirty-five miles East in St. George, UT, COSTCO 87 octane is $2.42. Go figure.
Drive through the rural areas of central and western Oklahoma and that’s all you see, new oil and gas rigs.
“They may tweak them up and down slightly to give us the impression their tied to some economic reason”.....
Isn’t that akin to “price fixing”?
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