Posted on 11/07/2018 9:11:14 AM PST by dangus
Oil prices crashing??????
Could have fooled me. Gas station prices have held steddy or gone up a little in the past few weeks.
Could it be they are “gouging” the public???
The Baytown Olefins Plant in Texas is ExxonMobil's largest ethylene production facility in the world. The firms new ethane steam cracker, scheduled to start up in 2017, will increase the sites ethylene capacity by 70 percent. Photo courtesy of ExxonMobil
In the ongoing race to land the largest chemical manufacturing projects in the US, Texas and Louisiana stand out as the veritable Usain Bolt and Michael Phelps of the competition. They dont just beat their opponents; they win by a mile.
Consider the evidence of the recent past:
From 2007 through 2015, Texas ranks first in total plastics exports. During that same time period, Texas ranks first in chemical exports.
From 2011 through 2015, Texas ranks first in total corporate facility investment projects in plastics and chemicals, with 256. Louisiana ranks third with 150.
Fueled mostly by large-scale investments into new chemical manufacturing plants, Texas led all states in total business capital investment last year with $48.3 billion, while Louisiana ranked second with $33.9 billion. The next highest-ranking state, California, had $7 billion.
Most of what you pay at the pump is tax. And yes, it is “gouging the public.”
You got that right. Here in Seattle, the tax on each gallon of gas is disgustingly high. The taxes are indeed hugely gouging drivers.
Current regular gasoline wholesale price is hovering around $1.60 average.
Yet those hybrid & plug-in electric vehicles pay almost no fuel/highway taxes, but still use them every bit as much as anyone else.
There will always be regional variations based on local factors, but I’m surprised to hear that ANYONE’s gas prices have gone up in the past week. Perhaps why the oil production hasn’t slipped is that the collapse in oil prices has been so sudden since the election of Balsonaro that the industry didn’t respond.
In the past week, the national average price of gas has fallen from $2.91 to $2.71, while the price of oil (I’m not sure which market GasBuddy bases its price on) has fallen from $75 to $62.
prices at the pump have dropped about 20 cents per gallon in my neck of the woods over the last few weeks ...
Excuse me... past few weeks...
if crude oil was free gasoline and other refined products would still have a significant cost ...
How far do you think it’ll go? $40?
My guess is that crude oil will become so cheap, in a few decades, that it will be practically free. Global demand is leveling off, technology is increasing, and yes, eventually, renewables will become cheap.
Gas station prices in VA and WV have dropped about $0.08/gal in the last week or two.
Net exporter of oil?
Why do people keep claiming that?
We consume in the range of 19 million barrels a day.
We produce less than 12 million barrels per day.
Year | Retail Gasoline Price (Current dollars/gallon) |
Retail Gasoline Price (Constant 2015 dollars/gallon) |
---|---|---|
1929 | 0.21 | 2.38 |
1930 | 0.20 | 2.30 |
1931 | 0.17 | 2.18 |
1932 | 0.18 | 2.61 |
1933 | 0.18 | 2.66 |
1934 | 0.19 | 2.67 |
1935 | 0.19 | 2.62 |
1936 | 0.19 | 2.67 |
1937 | 0.20 | 2.63 |
1938 | 0.20 | 2.64 |
1939 | 0.19 | 2.56 |
1940 | 0.18 | 2.49 |
1941 | 0.19 | 2.43 |
1942 | 0.20 | 2.39 |
1943 | 0.21 | 2.30 |
1944 | 0.21 | 2.25 |
1945 | 0.21 | 2.19 |
1946 | 0.21 | 1.96 |
1947 | 0.23 | 1.97 |
1948 | 0.26 | 2.09 |
1949 | 0.27 | 2.17 |
1950 | 0.27 | 2.14 |
1951 | 0.27 | 2.03 |
1952 | 0.27 | 2.01 |
1953 | 0.29 | 2.08 |
1954 | 0.29 | 2.08 |
1955 | 0.29 | 2.05 |
1956 | 0.30 | 2.04 |
1957 | 0.31 | 2.05 |
1958 | 0.30 | 1.96 |
1959 | 0.31 | 1.94 |
1960 | 0.31 | 1.95 |
1961 | 0.31 | 1.91 |
1962 | 0.31 | 1.88 |
1963 | 0.30 | 1.84 |
1964 | 0.30 | 1.82 |
1965 | 0.31 | 1.83 |
1966 | 0.32 | 1.83 |
1967 | 0.33 | 1.84 |
1968 | 0.34 | 1.79 |
1969 | 0.35 | 1.77 |
1970 | 0.36 | 1.72 |
1971 | 0.36 | 1.67 |
1972 | 0.36 | 1.59 |
1973 | 0.39 | 1.62 |
1974 | 0.53 | 2.03 |
1975 | 0.57 | 1.98 |
1976 | 0.59 | 1.96 |
1977 | 0.62 | 1.94 |
1978 | 0.63 | 1.83 |
1979 | 0.86 | 2.31 |
1980 | 1.19 | 2.95 |
1981 | 1.31 | 2.97 |
1982 | 1.22 | 2.60 |
1983 | 1.16 | 2.37 |
1984 | 1.13 | 2.23 |
1985 | 1.12 | 2.14 |
1986 | 0.86 | 1.61 |
1987 | 0.90 | 1.64 |
1988 | 0.90 | 1.59 |
1989 | 1.00 | 1.70 |
1990 | 1.15 | 1.89 |
1991 | 1.14 | 1.81 |
1992 | 1.13 | 1.75 |
1993 | 1.11 | 1.68 |
1994 | 1.11 | 1.65 |
1995 | 1.15 | 1.67 |
1996 | 1.23 | 1.76 |
1997 | 1.23 | 1.74 |
1998 | 1.06 | 1.47 |
1999 | 1.17 | 1.60 |
2000 | 1.51 | 2.02 |
2001 | 1.46 | 1.91 |
2002 | 1.36 | 1.75 |
2003 | 1.59 | 2.01 |
2004 | 1.88 | 2.32 |
2005 | 2.30 | 2.74 |
2006 | 2.59 | 3.00 |
2007 | 2.80 | 3.16 |
2008 | 3.27 | 3.61 |
2009 | 2.35 | 2.58 |
2010 | 2.79 | 3.02 |
2011 | 3.53 | 3.75 |
2012 | 3.64 | 3.80 |
2013 | 3.53 | 3.62 |
2014 | 3.37 | 3.40 |
2015 | 2.45 | 2.45 |
Sources: U.S. Department of Commerce, Bureau of Economic Analysis, National Income and Product Accounts, Table 1.1.9. Implicit Price Deflators for Gross Domestic Product, February 2016. |
Okay, so the table didn’t format perfectly.
Source for the above stats.
Gasoline prices in New Mexico are higher in the oil producing areas, likely because marketers know that the demand is high for diesel and gasoline in drilling and moving crude by truck (pipelines are inadequate at the present time.
I drove from ABQ to Hobbs yesterday and filled up at Moriarty and Roswell for $2.45 at both locations. Prices in Hobbs are $2.95 to $3.05, 50 cents or higher than other areas of the state.
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