Posted on 04/20/2020 6:43:17 AM PDT by hapnHal
Fox morning news is reporting that Oil Prices have dropped to 11 dollars per barrel. What does this mean? Eliminate and/or reduce gas taxes and we may have .33 cents per gallon gas again.
Gas is 1.79 here.
How much does the barrel itself cost? d;^)
It means the oil-producing states are going to be in a world of hurt in addition to the virus impact. Terrible.
It means China (the largest importer of oil) is getting cheap oil, while the USA, the largest producer of oil, is getting screwed.
Yeah.
Filled up yesterday for 1.59 a gallon. We have taken advantage of these low prices to go on a couple of day trips or just get outta the house for a while.
Yeah, what you said too.
Same here in Lexington, NC. But over in Asheboro it's generally ~$1.39.
Go figure. d:^)
It means cheap petroleum products for the near future and lots of layoffs in the oil industry.
I have seen this cycle many times.
Except no one will sell it at that price
Buy bicycles
It means the economy has to get rolling and fast.
Sign of a world-wide depression.
“ Gas is 1.79 here.”
********
Yeh, it’s under $2.00 most everywhere I think. While great for those of us not in the oil industry these low prices are killing our domestic oil & gas industry. And, putting out of work a bunch of folks dependent on it. Guess it’s all about who’s ox is being gored....
It’s economic warfare by Russia, China, and the mullahs.
And people are so stupid here they think it is a good thing.
You want a bunch of US boys to die in the Middle East for 25 more years? Then kill US domestic production by allowing dumping of oil at less than its price of production.
I’m watching the price of non-ethanol gasoline. I’ll stock up when it goes below $2.00/gal. I can store that.
I just filled up with 87 pump octane unleaded for US$2.15 per gallon—in California, of all things!!
We get to see the amount of taxes that we are paying for a gallon of gas.
$1.12 per gallon in Dacula
With my Kroger Fuel points, I paid .12 cents per gallon. Filled my truck that is for sure.
This $10-$11-12.29 price exists in the (in 1 day) expiring MAY contract.
The JUN contract is trading more like 22.7x - 22.8x
I don’t know enough to say what this means, even tho I trade oil now and again. How there can be a $10 difference in the MAY vs JUN futures contract, I have no explanation, none.
But I DO see volume in the May contract. Normal traders/specs would no longer be trading it. Maybe you get an instant delivery notice if you’re filled on a buy! Hope you got some big ass storage tanks or an empty tanker available (no doubt; some do)
Right now oil is at about 23 bucks a barrel. At no time did the WTI price drop to 11.
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.