oil / gasoline price watch

[wdb]

I haven't read the entire thread so this may have been discussed, but one thing I've really noticed is that premium costs a *lot* more than regular grade in the US these days. A few years ago the difference was 20 or 25 cents at most. Lately I've seen price differences of 50 cents and more. It seems to have happened as prices plummeted over the past 18 months or so.

[freebeard]

There's 'premium' and then there's Premium. I burn clear premium (no corn likker); it's about as expensive as it gets but I don't use much (~2000 miles/year and 30mpg).

The most recent receipt I find (20160405) is for $3.899/gallon.

[Xist]

Wow! I remember when mid-grade and premium were an additional five cents each, but gas cost much less, but that still would have been at least a dollar. I remember gas being under a buck before 2000 and soon afterward, but I do not think it has been that cheap since.

[MetroMPG]

Fed chairwoman Janet Yellen recently announced that savings from lower gas prices reached US$780 on average in 2015, and over the first five months of this year, they stood at US$420.

I'm not sure if that's per vehicle or household, and what period they're comparing to.

But we can guess where people are spending their gas savings: Record new vehicle sales.

Cheap Gas

[nemo]

Originally Posted by MetroMPG

I'm not sure if that's per vehicle or household, and what period they're comparing to.

But we can guess where people are spending their gas savings: Record new vehicle sales.

Cheap Gas

For the traffic on the road I say they are not saving at the pump just traveling more miles.

[MetroMPG]

Why gas prices could spiral back down again

- U.S. fracking / crude production has picked up in the past month or so
- the number of active US drilling rigs is no longer declining
- oil & gasoline inventories are at record highs for the time of year

Predicted:

a 20 percent decline from here — and most likely a renewed fragrance of freedom for drivers.

Why gas prices could spiral back down again | KLFY

[Frank Lee]

Maybe. The real reason gas dropped in town a few days ago is because I filled up the day before that.

[MetroMPG]

‘At rock bottom’: Oil discoveries at 70-year low signal supply shortfall ahead

With oil prices down by more than half since the price collapse two years ago, drillers have cut their exploration budgets to the bone. The result: Just 2.7 billion barrels of new supply was discovered in 2015, the smallest amount since 1947

‘At rock bottom’: Oil discoveries at 70-year low signal supply shortfall ahead | Financial Post



However the article says impact of reduced exploration on prices isn't expected to hit for several years at the soonest.

[Xist]

Up like a rocket, down like a parachute.

[Frank Lee]

The real reason gas went up a few days ago is all my gas cans and tanks are empty.