oil / gasoline price watch

[MetroMPG]

It's been a bad couple of years for people trying to make a living in the oil business.

Crude awakening: At least 58 U.S. oil companies have gone bankrupt this year

At least 58 producers have fled to bankruptcy court this year, representing about $50.4 billion in debt, far above last year’s $17.4 billion debt accumulated from the 44 companies that filed for bankruptcies. And despite an uptick in oil prices from a 12-year low of $26 a barrel in January, more bankruptcies are expected to arrive this year.

[pgfpro]

Any of you east coast guys seen prices going up after the pipe line issue?


East Coast faces gas shortages, price hikes after pipeline leak | Money - WYFF Home

[MetroMPG]

Apparently some stations have actually been running out.

[MetroMPG]

So, OPEC (mostly S.A.) says they're cutting production at the start of next month. A dozen non-OPEC countries have agreed to do the same (however Canada & the U.S. are absent).

All with the intent of bringing supply in line with demand to stabilize prices. (U.S. oil current stockpiles are at a new record.)

Surprise (!) result: U.S. oil shoots above $50 a barrel.

US gas prices have gone up about 5% since then. This year's gas price graph does not look at all like the typical pattern of a slide from the summer peak down to late winter:




Source: AAA Gas Prices

But will OPEC actually meet its self-imposed cut targets? I'm betting... nope! And if it does, will U.S. and Canadian "expensive" oil production take up the production slack anyway? I'm betting... yup!

[wdb]

US/Canadian "expensive" facilities were hard hit by the long price slump. I suspect it will take some time, and a longish period of increased per-barrel prices, to get them back online.

[MetroMPG]

The US average gasoline price is now a touch higher than it was back in July.

For December, this is unusual, to say the least. This has been a weird year.

[steddie]

The price of fuel for petrol/gas cars here in New Zealand is on the rise again and is now $1.849 per liter that is exactly $7 dollars per US gallon, and you think your fuel is expensive.
Greetings,
Eddie.

[ThermionicScott]

Originally Posted by MetroMPG

The US average gasoline price is now a touch higher than it was back in July.

For December, this is unusual, to say the least. This has been a weird year.

You can say that again. Checking through my logs, I don't think I paid more than $2.20/gallon (US) all year, including a fill a couple weeks ago.

Only here can I wish for this situation to change without fearing tar and feathers and pitchforks.

[MetroMPG]

Originally Posted by steddie

and you think your fuel is expensive.

Oh, I definitely don't think fuel in the US is expensive!

[steddie]

Thanx for your reply ThermionicScott,
We are getting ripped off thats for sure and those Oil barrons drive around in golden and platinum cars, just because they can.
I myselve have a cheap running car, 19/km per liter, that is 44.7/mpg US, so that helps to make my fuel bill a bit more acceptable.
Eddie.