oil / gasoline price watch

[MetroMPG]

Because of the very close relationship between U.S. gas prices and forum activity, I tend to follow news about oil & gasoline price swings. Especially when they're near exremes.

So I thought I'd start this thread for posting interesting tidbits and factoids.

Here's a chart I haven't seen before that helps to illustrate why oil prices crashed in the last year or so. US non-strategic oil stockpiles are through the roof due to the spike in production from fracking/tight oil production in recent years.

Through the winter I kept seeing reports about possibly running out of storage room.



Source: Why oil prices have nowhere left to go but down - MarketWatch

Despite that, U.S. gasoline prices hit a six month high on the weekend.

Talk about mixed signals.

[rmay635703]

The excuse now is that they don't have storage left and have to increase prices to build more storage.

The reality is that the producers are getting very little $$ and the middle men make more on what does sell.

[MetroMPG]

It appears there's an annual peak in storage that happens in late April / early May. IE right now.

So you guys probably aren't actually going to run out of storage space, if that storage pattern holds for this year.

US gasoline consumption is also at a record high, and US oil production is declining, all of which will draw down those reserves as the "summer driving season" ramps up.

The Energy Information Administration says U.S. gasoline demand climbed to 9.2 million barrels a day in February, a record for the month. Demand was 6.4 per cent higher than a year ago, making it the largest 12-month percentage increase in nearly four decades.

Source: A record month of U.S. gas guzzling

[jcp123]

Meanwhile: I keep burning 50+ gallons of diesel every day

[MetroMPG]

Your Echo has a diesel?

[Frank Lee]

Originally Posted by MetroMPG

So you guys probably aren't actually going to run out of storage space, if that storage pattern holds for this year.

US gasoline consumption is also at a record high, and US oil production is declining, all of which will draw down those reserves as the "summer driving season" ramps up.

I wondered why that wasn't in the news. As we know, a few months back it was widely reported that storage space was running out.

Many good little Duhmericans have gone out and gotten guzzlers, even if they had something economical before. :/ And I imagine most everyone, guzzler driver or not, is racing around all over creation like a chicken with it's head cut off because of low gas prices.

You know what? Why not. And have 13 kids while you're at it. And run the heat and a/c in the house with all the windows open too. And put Autostarts on everything, and use them judiciously. Really- why not? If you can afford it or have access to the credit to "afford it" then freakin' max everything out. That's livin'.

[rmay635703]

As gas prices have gotten lower my energy consumption has gone down a well.

My gas usage this heating season was much lower but my electric use has gone up a bit. (ah well $5 a month instead of $3)
I have recently identified some unusual phantom loads that are now addressed (thank you "unused" circuit breaker on 1900's era house)

I guess I don't like to be trendy.

I am tempted to pick up a hourd of energy efficient vehicles while they are cheap, then wear them out later when fuel rises.

I also am repairing my Dodge Pickup so when I have to take it out to move trailers its more fuel efficient, blah, should just leave it with the intake leak and 8mpg.

Ah well, too bad people don't think ahead.

Low fuel prices won't last because nobody but the consumer wants low fuel prices.

[jcp123]

Originally Posted by MetroMPG

Your Echo has a diesel?

Yup! Toyota sells a Ford VTEC diesel conversion kit. The ECU was programmed by VW! It's a very thorough kit, even came with new muffler bearings and reticulation synchronizers.

We up sized a month and a half ago, but for reasons other than low fuel prices, and they played no role whatsoever.

I'm actually surprised that these prices have persisted as long as they have.

[MetroMPG]

Unfortunately, the latest thing affecting global oil prices is the wildfire that's caused an evacuation of ~90,000 people in Alberta.

Fort McMurray fires shut down more oilsands facilities, knock one million barrels offline

Oil went up a few percent yesterday as a result, and will probably go up more in the days ahead. The fire usn't under control.

The good news, from what I've read, is there haven't been any fatalities, despite the close calls during evacuation and all the property destroyed.

People who fled the flames in Fort McMurray, Alta., shouldn't expect to head back to their homes in the days ahead, the premier says, citing safety concerns as fire crews work to contain the growing, shifting blaze.

Below NSFW: 2 videos of residents barely getting out. Mute if you're at work or have sensitive ears -- language NSFW, especially the 2nd one.

https://www.youtube.com/watch?v=ieTQvIdG-Vo

https://www.youtube.com/watch?v=AOC5YGyoGDw

[California98Civic]

Originally Posted by rmay635703

As gas prices have gotten lower my energy consumption has gone down a well....

My distance driven in the car has declined in the last year as I use the electric bike more, but my average fuel economy has dropped too. The miles I do on the e-bike are often the best hypermile miles. Also, I don't hypermile as stringently as I used to. Current tank looks to be about 58mpg.

I noticed those stories about storage too. Irritating to see people return to guzzlers.

Good time to buy a second hand Prius. Prices must be lower than one would expect for those 2011 and 2012 models.