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MetroMPG 03-09-2020 09:17 AM

Oil prices crash 20-30% on collapse of OPEC/Non-OPEC deal, declining demand

Prices were already depressed by declining demand (including by expected effects of the coronavirus spread on transportation) and record production in some non-OPEC countries (hello, US shale oil!).

Last week Russia refused to join OPEC in trimming production to stabilize prices, so Saudi Arabia hit back by starting a price war: by discounting its exports and increasing production.


Crude was on track for its biggest one-day drop since the 1991 Gulf war after the Saudi move, which threatens to swamp the oil market with supplies just as the coronavirus outbreak hits demand.
The price shock has spread to stock markets, hitting energy companies particularly hard:


“It is the most crude price-bearish combination since the early 1930s..."
Full article:

MetroMPG 03-09-2020 09:23 AM

Time to buy that cute little commuter you've had your eye on!

oil pan 4 03-09-2020 10:39 AM

Time to stock up.
I never filled up my 500 gallon propane tank or my stsinless tractor trailer fuel tank.
If EV prices drop enough I might be able to afford a 62kwh leaf battery.

Something like this kind of happened in the late 1990s. Asian markets imploded, but not from pandemic hysteria and the US economy soared high on the cheap oil.

redpoint5 03-09-2020 11:39 AM

Time to buy 500 gallons of diesel. Also a good time to look for deals on an EV. How long until retail pricing reflects this?

Frank Lee 03-09-2020 12:05 PM

I don't have Autostarters on anything so I guess I'll have to go outside now and start everything... just in case I need to go somewhere, sometime. Ah hell, I don't NEED anything so I'll just cruise the main drag in the pickup for kicks. Let's see now, is the fun- like the pot of gold at the end of the rainbow- on this end of town, or that end? This end? That end? This end? That end? This end? That end? This end? That end? Gonna go forth and back until I find it! :confused:

RedDevil 03-09-2020 12:21 PM

Oil crashes by most since 1991 ...
Say say two thousand two zero party over, oops, out of time
So tonight I'm gonna party like it's nineteen ninety-one

Yippeekyaa 03-09-2020 01:01 PM

Gas stations near me were at 2.05 Friday morning, this morning they were 1.88 and 5 hours later at 1.79. Never witnessed it drop so fast before.

MetroMPG 03-09-2020 05:10 PM

This will be a good time to watch whether gas/petrol prices actually follow the pattern of "up like a rocket, down like a parachute."

jjackstone 03-09-2020 11:27 PM

Hope this doesn't hurt new EV sales too much. I think it's a communist(and Arab) plot.

Anyone remember the best price they've paid for gas in the last 30 years or so? 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. They were actually giving gas away so they could have the lowest price in town.

Damn, I found the story.


redpoint5 03-09-2020 11:51 PM

Lowest sustained I can remember paying is $0.99 in Oregon. That probably means the Midwest was paying less. That was 1998 or 1999. I could fill the motorcycle, pay with a five, and get change. Fill the 1969 Beetle, pay with a ten, and get change. Fill the Dodge Ram van, pay with a twenty, and get change.

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