Posted on 03/30/2020 1:51:21 AM PDT by nickcarraway
The price of oil has sunk to levels not seen since 2002 as demand for crude collapses amid the coronavirus pandemic.
Brent crude fell to $23.03 a barrel at one point on Monday morning, its lowest level since November 2002.
Meanwhile the price of US West Texas Intermediate (WTI) fell below $20 a barrel and close to an 18-year low.
(Excerpt) Read more at bbc.com ...
Gas is $1.39 gal in MI where I live. It sure makes it cheaper to run the power equipment.
Wow. It’s still about $3.00 here.
Yeah, and MI has one of the higher gas taxes.
It must suck filling up you tank in CA.
MI gas tax is 42 1/2 cents a gal, and they charge sales tax on top of that.
And it’s still $1.39 a gal!
I paid $1.78 yesterday ... bought it just because I could, not because I really needed it.
State by state gas taxes.
https://files.taxfoundation.org/20190730150512/Gas-Tax-July-2019-fv-01.png
Well, I’m sure the Saudis are not exactly happy the price of crude oil is so low but it has made fracking unprofitable. And that means the US is not a net exporter of oil...at least for awhile. Of course, the environmentalists will be happy that fracking might be shut down. Again, at least for awhile.
Increasing the demand for technologies that make the cost of it cheaper and cheaper.
Oil is going to be this cheap for 18 years? Wouldn't that be good news?
It won't matter, though. We will all die from the Sweet and Sour Sickness and then again from Global Warming.
Just checked on-line to refresh my memory and fracking can still be profitable (as in cover the costs of operations) down to $30/barrel. However, below $50/barrel, the capital for new exploration, development and new technology dries up...along with any incentive to do anything beyond ride out the storm, economically speaking. So $23/barrel is pretty tough on the industry.
Someone should remind Tommie the Commie and his staff of butt-kissing RINO legislators that PA has fallen behind Kalifornia and that they need to work much harder to get our gas tax back to no. 1 in the nation once again.
It sucks being no. 2.
Gasoline futures diverged from crude last week and are somewhat higher. So the pump decline will slow a bit this week.
Imagine that Kalifornia leads the way in tax at 61 cents a gallon. $2.55 a gallon at Costco and Sams club is the best I can find. But the tax doesn’t make up the difference between those paying $1.50 elsewhere in the Country. There are other forces at work gouging us in Kalifornia.
This does suck in one way, you just know the States are going to move quickly to increase the per-gallon tax.
Yup, CA has ridiculously high gas prices.
It’s $1.39 here (MI), but $1.09 gal is the cheapest in the state.
I guess the BBC forgot about the oil “war” between Russia and Saudi Arabia, where the Saudi sought to increase their output to flood the market and lower prices.
I paid $1.47 last Tuesday here in the DFW area.
TX has always had cheaper gas.
Normally MI has above average gas prices, but without tourism they have to have a gas war to sell it.
The gas stations make their money off beer and snacks, not gas.
I bet Virginia raises their state gas tax soon. They are a commie state now. I’m actually surprised that florida’s Is so high. Pennsylvania added a tax tovwork on roads as tolls didn’t do the trick....sure! Lol
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.
