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Old 03-10-2020, 10:43 AM   #11 (permalink)
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Originally Posted by jjackstone View Post
Back in '86 there was a price war in the small town of Sandoval, IL. Both stations wanted to say they had the lowest price. I didn't buy at the lowest price. I had to pay 10 cents per gallon. I heard that the lowest price went down to zero.

That is funny!

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Old 03-10-2020, 10:48 AM   #12 (permalink)
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First drop in global oil demand since financial crisis

Quote:
Global oil demand is set to contract in 2020 for the first time in more than a decade as global economic activity stalls due to the coronavirus, the International Energy Agency said on Monday.


The sharp downward revision in demand expectations came as oil prices dropped by more than a quarter and were set for their biggest one-day fall in 29 years after Saudi Arabia ignited a crude-price war in the market.
https://www.theglobeandmail.com/busi...e-2009-due-to/

Numbers: they're forecasting 2020 demand of 99.9 bpd, down from almost 101 million bpd.

They expect the drop to be temporary, with demand rebounding when the epi/pandemic effect on transportation and industry passes.


Unless of course this mess tips countries into recession... then it'll take a bit longer.
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Old 03-10-2020, 03:25 PM   #13 (permalink)
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Dropped a dime to $2.14 here, woot woot, got that pickup all warmed up.
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Old 03-10-2020, 06:03 PM   #14 (permalink)
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Gas is under a buck a litre here - first time in I don't remember how long.



(Though that might have been as recently as 2015 or so... I honestly don't pay attention to it that closely.)
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Old 03-10-2020, 11:00 PM   #15 (permalink)
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Russia/ China

Russia

Putin is in a disagreement with the Saudi's and OPEC ….so all of them are pumping and exporting crude into the world market ….regardless of price free fall


China

The CCP is exporting pollution, virus, ozone holes and could care less how the whole world has to deal with any of that. The CCP exported SARS and CORONOVIRUS.. plus they have cut imports of crude oil
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Old 03-10-2020, 11:24 PM   #16 (permalink)
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It couldn't possibly have anything to do with EV's.
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Old 03-11-2020, 08:45 AM   #17 (permalink)
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Don't worry, it's all just a russian conspiracy to reelect trump.
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Old 03-11-2020, 05:30 PM   #18 (permalink)
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According to Gas Buddy, prices in Arizona have declined 60¢ in the last ten months.


The cheapest place in Show Low is $2.399. I wish that I could look up one station's history to see how prices have varied locally.

I bought my first car in 2000 and I got a tank or two for under $1 a gallon with that car.
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Old 03-14-2020, 11:19 AM   #19 (permalink)
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Quote:
Originally Posted by Xist View Post
I bought my first car in 2000 and I got a tank or two for under $1 a gallon with that car.
In 2000 diesel for the F250 was 45-52 CENTS @ gallon.
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Old 03-18-2020, 10:37 PM   #20 (permalink)
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Oil prices could fall below zero: Analyst

https://www.foxbusiness.com/markets/...w-zero-analyst


Quote:
The COVID-19 pandemic has brought the U.S. and global economy to a standstill by prompting “shelter in place” orders, social distancing between people and the cancellation of non-essential travel. The sharp slowdown in economic activity has curtailed the need for oil.

If that weren't enough, Saudi Arabia recently slashed oil prices and raised output after Russia refused to join OPEC in deepening production cuts.

Oil is a 100 million barrel-per-day market, but Sankey says it’s possible that the economic fallout from the pandemic could zap demand, creating a 20 million barrel-per-day surplus.

He says the “physical reality” of the market is that oil is pumped out of the ground and has to be consumed or stored. When the cost of storage goes high enough -- or space runs out -- companies might pay customers to take it.





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