The lowest gas price I’ve seen in MA is $1.97. Of course, I’m not driving around very much, looking for cheaper prices. I think prices should be lower, but the oil business wouldn’t survive.
Oil is fungible.
But we can guarantee a per bbl price for domestically produced oil.
Thus saving an industry and energy independence.
Worthy strategic and national security goals.
The Saudis have to dump the oil somewhere because they have no place to store them, even with excess tanker capacity.
$0.98 per gallon in my area. Will it go to $0.50 per gallon?
We need to bomb Mecca and seize the oil fields
Turn those tankers around. We are full up. Let the sand-monkeys drink their oil.
Looks like The Pride Mobile might be doing a double circuit
around the country.
Gas<$1/gal?
Alright!!!
Where we gonna store it?
They are deploying their Oil Weapon...
Oh wow...
Saudi trying to destroy USA oil plans by banning fracking didn’t work.
Now they are going to try it with a price war.
Use the oil to power the nuclear weapons plants. We’re going to need them sooner or later.
Open the country and lets take advantage of cheap oil. Oh yeah, Premier Fuci says we will all die.
The irony, of course, is that we’re using less gas by driving so much less while locked down. Murphy never sleeps.
The Saudis have been booking tankers right and left to use as at-sea storage, a temporary ploy that can’t continue much longer, but what it does is enable them to keep production going in the face of lower demand. This is primarily pointed at the Russians, who declined to come to a production agreement in early March, but it’s also pointed at the Iranians, which game may be the more strategically significant one of the two. One unintended consequence of the CoVid-19 problems in China is sharply reduced demand from that country, one of whose principal suppliers is Iran, who are having their own epidemic issues as well as lowered oil income. The Saudis would love to break Iran for a thousand reasons.
Do it Pres. Trump!!
Why is the US refining foreign oil?!
$10/barrel crude. Who could have seen THIS coming?
Time to have ENORMOUS strategic reservoir storage either in place or ready to receive this tide of below-market crude. just to make it disappear from the market. Once extracted, it is hard to hold much of this volume without it eventually being consumed, either by setting it on fire, or producing end market refined goods to such excess, that it can be sold for little more than cost of refining and cost of transportation.
Dairy farmers are simply dumping daily production for some kind of disposal (mostly spread on soil surface, much like liquid manure), as the dairy plants are unable to process the excess amount, because they cannot sell the product they now have on hand of cheese, pasteurized milk, yogurt, ice cream or any other processed dairy product. It is easier to dispose of excess milk than excess oil, because milk is much more easily composted into its constituent compounds than crude oil.
