Oil drops to 11 dollars per barrel!!

Fox TV news | 20 April 20 | hapnHal

[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.

[EQAndyBuzz]

$1.25 in San Antonio today.

[babble-on]

Might be a good summer to finally take that RV trip I’ve always wanted to do.

[Hot Tabasco]

I’ve suffered thru $4 per gallon gas so I’m willing to pay whatever it is now that will keep our drillers employed.......

[babble-on]

It’s a misleading futures market anomaly not the actual spot trading price, correct?

[blabs]

Buckle up Houston, things are about to get ugly.

[babble-on]

by “it”, I mean the $11 dollar price.

[Peter W. Kessler]

Here in New (Tax Me to Death) Jersey, I paid $1.91 yesterday.

Of course, we’re not going anywhere, so that gas will last a month. By the time I fill up again, it’ll be well into the $2.50 range.

I DESPISE New Jersey. Getting outahere as soon as I can.

[txrefugee]

It means that after 20 years, the oil and gas industries will no longer be propping up the U S economy. Which industry will take their place?

[meatloaf]

It’s good that Iran is beset by sanctions, COVID-19, low oil prices and now locusts. Maybe with all of the hurdles Iran’s funding of terrorism will decline ... or stop.

I’d like to see Hamas in the market for begging bowls.

[adorno]

Eliminate and/or reduce gas taxes and we may have .33 cents per gallon gas again.

The temptation will be there to do the opposite and raise gas taxes to $2.00 or more per gallon, and keep fuel prices high.

Were Obama president and democrats were in control of congress and states, gas taxes would have been raised thru the roof.

[Rusty0604]

What it means is great losses to our oil producers and mass unemployment.

[rey]

$2.69 in North Bay of SF

[Bruiser 10]

In constant dollars, oil is cheaper than in 1946:

Year 1946

Nominal Price $1.63

Inflation Adjusted Price $21.20

[youngidiot]

This is terrible

[Rusty0604]

Ditto that!

[TexasM1A]

Things already are.
It started a month ago.

[Vermont Lt]

There is literally nowhere to put any oil in significant amounts.

[SecondAmendment]

> While great for those of us not in the oil industry these low prices are killing our domestic oil & gas industry

It’s worse than that, oil is THE strategic commodity, without it we can’t fight a war.

[dhs12345]

Oil producers... Iran, Russia... however too bad for US states.

[Mr. K]

Dayum!!

I remember as a kid I took a gallon plastic jug to get gas for my mini-bike

I asked the attendant (they still had them in those days) to give me 50 cents worth of gas... he looked at the jug and said “I won’t fit 50 cents worth in that”