03-09-2020, 10:17 AM
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#1 (permalink)
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Batman Junior
Join Date: Nov 2007
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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.
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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.
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The price shock has spread to stock markets, hitting energy companies particularly hard:
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“It is the most crude price-bearish combination since the early 1930s..."
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Full article: https://www.ft.com/content/804d6c82-...d-df28cc3c6a68
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 Today
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Other popular topics in this forum...
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03-09-2020, 10:23 AM
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#2 (permalink)
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Batman Junior
Join Date: Nov 2007
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Time to buy that cute little commuter you've had your eye on!
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03-09-2020, 11:39 AM
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#3 (permalink)
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Corporate imperialist
Join Date: Jul 2011
Location: NewMexico (USA)
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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.
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1984 chevy suburban, custom made 6.5L diesel turbocharged with a Garrett T76 and Holset HE351VE, 22:1 compression 13psi of intercooled boost.
1989 firebird mostly stock. Aside from the 6-speed manual trans, corvette gen 5 front brakes, 1LE drive shaft, 4th Gen disc brake fbody rear end.
2011 leaf SL, white, portable 240v CHAdeMO, trailer hitch, new batt as of 2014.
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03-09-2020, 12:39 PM
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#4 (permalink)
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Human Environmentalist
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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?
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03-09-2020, 01:05 PM
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#5 (permalink)
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(:
Join Date: Jan 2008
Location: up north
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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!  |
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03-09-2020, 01:21 PM
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#6 (permalink)
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Master EcoWalker
Join Date: Dec 2012
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https://edition.cnn.com/2020/03/08/i...bia/index.html
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Oil crashes by most since 1991 ...
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Say say two thousand two zero party over, oops, out of time
So tonight I'm gonna party like it's nineteen ninety-one
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2011 Honda Insight + HID, LEDs, tiny PV panel, extra brake pad return springs, neutral wheel alignment, 44/42 PSI (air), PHEV light (inop), tightened wheel nut.
  lifetime FE over 0.2 Gigameter or 0.13 Megamile.
For confirmation go to people just like you.
For education go to people unlike yourself.
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03-09-2020, 02:01 PM
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#7 (permalink)
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EcoModding Lurker
Join Date: Feb 2020
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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.
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03-09-2020, 06:10 PM
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#8 (permalink)
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Batman Junior
Join Date: Nov 2007
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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."
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03-10-2020, 12:27 AM
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#9 (permalink)
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Master EcoModder
Join Date: Jan 2008
Location: Sacramento, CA
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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.
https://apnews.com/04ce151ab6c881dccdeae8dbb5243036
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03-10-2020, 12:51 AM
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#10 (permalink)
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Human Environmentalist
Join Date: Aug 2010
Location: Oregon
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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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