Man, gas is getting cheap!

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Re: Man, gas is getting cheap!

Post by ImLawBoy »

I paid $2.40/gal to fill up the van on Saturday. Fortunately I don't have to fill up frequently, because the other car requires premium and that's about a buck more a gallon.
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Re: Man, gas is getting cheap!

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$1.34 a gal here this morning.
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Re: Man, gas is getting cheap!

Post by Lassr »

Cheapest I saw yesterday was $1.56

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Re: Man, gas is getting cheap!

Post by LordMortis »

I has to venture out on Friday. I saw gas for $1.259
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Re: Man, gas is getting cheap!

Post by Isgrimnur »

1.33 today.
It's almost as if people are the problem.
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Re: Man, gas is getting cheap!

Post by Apollo »

1.38 for me, which is a few cents cheaper than I saw during the worst of the "Great Recession" (which will now be renamed "World Recession I" ).
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Re: Man, gas is getting cheap!

Post by stessier »

Oil is down to ~$11.30/barrel in pre-market trading. Speculation is people are buying low and storing it anticipating a rebound in the fall and that we are running out of storage capacity.
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Re: Man, gas is getting cheap!

Post by Jeff V »

stessier wrote: Mon Apr 20, 2020 8:35 am Oil is down to ~$11.30/barrel in pre-market trading. Speculation is people are buying low and storing it anticipating a rebound in the fall and that we are running out of storage capacity.
I read an article a week ago stating global storage capacity was nearing 100%.
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Re: Man, gas is getting cheap!

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Re: Man, gas is getting cheap!

Post by Smoove_B »

Wait until they start allowing us in NJ to pump our own gas. End of times.
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Re: Man, gas is getting cheap!

Post by Jeff V »

Smoove_B wrote: Mon Apr 20, 2020 11:31 am Wait until they start allowing us in NJ to pump our own gas. End of times.
With such low demand for gas atop low prices, how can stations afford to keep a pump monkey on duty at all times?
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Re: Man, gas is getting cheap!

Post by stessier »

stessier wrote: Mon Apr 20, 2020 8:35 am Oil is down to ~$11.30/barrel in pre-market trading. Speculation is people are buying low and storing it anticipating a rebound in the fall and that we are running out of storage capacity.
I posted too soon - oil is now down to $6.22.

:shock:
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Re: Man, gas is getting cheap!

Post by DOS=HIGH »

stessier wrote: Mon Apr 20, 2020 1:00 pm
stessier wrote: Mon Apr 20, 2020 8:35 am Oil is down to ~$11.30/barrel in pre-market trading. Speculation is people are buying low and storing it anticipating a rebound in the fall and that we are running out of storage capacity.
I posted too soon - oil is now down to $6.22.

:shock:
Too soon:

$0.43 WTF?!?
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Re: Man, gas is getting cheap!

Post by stessier »

DOS=HIGH wrote: Mon Apr 20, 2020 2:12 pm
stessier wrote: Mon Apr 20, 2020 1:00 pm
stessier wrote: Mon Apr 20, 2020 8:35 am Oil is down to ~$11.30/barrel in pre-market trading. Speculation is people are buying low and storing it anticipating a rebound in the fall and that we are running out of storage capacity.
I posted too soon - oil is now down to $6.22.

:shock:
Too soon:

$0.43 WTF?!?
They are oil futures contracts that expire tomorrow. It went negative at one point. Next month is sitting around $18 last I checked, so it's going to make a nice recovery tomorrow.
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Re: Man, gas is getting cheap!

Post by Exodor »

Markets are stupid
At one point, oil fell to $-1.43 a barrel.
:?
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Re: Man, gas is getting cheap!

Post by Daehawk »

Yup neg $1.49 now. Wish oil for my car was this cheap I could afford a oil change :)

Gas is $1.15 here. But I dont need any. I looked back at 2008 when it was over $4 and remember how tough it was on us. Now its silly.
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Re: Man, gas is getting cheap!

Post by stessier »

Make that -$35.20. That's actually impressive.
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Re: Man, gas is getting cheap!

Post by Jeff V »

stessier wrote: Mon Apr 20, 2020 2:43 pm Make that -$35.20. That's actually impressive.
At that price I need to find a way to store a million barrels on my property...
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Re: Man, gas is getting cheap!

Post by Scuzz »

For a while today (I don't know the ending price) oil was cheaper by the barrel (crude of course) than a gallon of gas at the pump. Cheapest price for a barrel since 1983.
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Re: Man, gas is getting cheap!

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It's almost as if people are the problem.
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Re: Man, gas is getting cheap!

Post by em2nought »

So can I take physical delivery of a barrel if I buy some? Seems much cheaper than five quarts of Castrol 5W30. :lol:
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Re: Man, gas is getting cheap!

Post by Isgrimnur »

You can take possession of 1,000 barrels.
When you trade a futures contract, you must either buy or sell—call or put—the commodity by the expiration date at the stated price. If you hold a call, the only way to avoid actually having to take physical delivery of 1,000 barrels of crude oil is to offset the trade before the expiration.
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Re: Man, gas is getting cheap!

Post by LawBeefaroni »

Those are May futures prices, not spot prices. And just WTI crude. This means that you have to take delivery tomorrow in Cushing. Brent crude is still in the mid to high $20s.

Also, you're not buying 1,000 barrels of oil. You're buying 1,000 barrels worth of oil. Barrels not included. Good luck getting it to the storage bunker in the back 40.
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Re: Man, gas is getting cheap!

Post by Jaymon »

excuse my ignorance for a moment, but can't they, ya know, stop producing? if there is no place to store it, and nobody is buying it, can't they just slow the pumping until demand picks back up again?

I am of course assuming that oil wells have an off switch.
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Re: Man, gas is getting cheap!

Post by LawBeefaroni »

Jaymon wrote: Tue Apr 21, 2020 5:58 pm excuse my ignorance for a moment, but can't they, ya know, stop producing? if there is no place to store it, and nobody is buying it, can't they just slow the pumping until demand picks back up again?

I am of course assuming that oil wells have an off switch.
They can, it's usually not as easy as flipping a switch and it's often costly to reverse, but it can be done. And production has been slashed over the last few weeks. But for smaller producers that means cutting all revenue and that means going out of business. For larger producers it's massive cash burn.

And it wouldn't' necessarily help right now because there are millions of barrels on ships currently heading to various destinations to deliver their cargo. That's not counting all the oil just parked in ships via contango.
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Re: Man, gas is getting cheap!

Post by Jeff V »

Hey, I don't know about the rest of you, but I'm doing my best to keep up, still filling the tanks on both cars weekly. I'd do more...but where am I going to go?
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Re: Man, gas is getting cheap!

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Jeff V wrote: Wed Apr 22, 2020 10:00 am Hey, I don't know about the rest of you, but I'm doing my best to keep up, still filling the tanks on both cars weekly. I'd do more...but where am I going to go?
Gasoline generator. Screw ComEd and save the economy!
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Re: Man, gas is getting cheap!

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LawBeefaroni wrote: Wed Apr 22, 2020 10:19 am
Jeff V wrote: Wed Apr 22, 2020 10:00 am Hey, I don't know about the rest of you, but I'm doing my best to keep up, still filling the tanks on both cars weekly. I'd do more...but where am I going to go?
Gasoline generator. Screw ComEd and save the economy!
and kill the environment but that's beating the proverbial dead horse.
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Re: Man, gas is getting cheap!

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coopasonic wrote: Wed Apr 22, 2020 11:10 am and kill the environment but that's beating the proverbial dead horse.
The war against the environment started 3 years ago and we are winning!
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Re: Man, gas is getting cheap!

Post by LawBeefaroni »

coopasonic wrote: Wed Apr 22, 2020 11:10 am
LawBeefaroni wrote: Wed Apr 22, 2020 10:19 am
Jeff V wrote: Wed Apr 22, 2020 10:00 am Hey, I don't know about the rest of you, but I'm doing my best to keep up, still filling the tanks on both cars weekly. I'd do more...but where am I going to go?
Gasoline generator. Screw ComEd and save the economy!
and kill the environment but that's beating the proverbial dead horse.
Coop Identified: Economy Hater!
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Re: Man, gas is getting cheap!

Post by coopasonic »

LawBeefaroni wrote: Wed Apr 22, 2020 1:28 pm
coopasonic wrote: Wed Apr 22, 2020 11:10 am
LawBeefaroni wrote: Wed Apr 22, 2020 10:19 am
Jeff V wrote: Wed Apr 22, 2020 10:00 am Hey, I don't know about the rest of you, but I'm doing my best to keep up, still filling the tanks on both cars weekly. I'd do more...but where am I going to go?
Gasoline generator. Screw ComEd and save the economy!
and kill the environment but that's beating the proverbial dead horse.
Coop Identified: Economy Hater!
During the great recession I bought two new cars, a house and had a kid. I am the guy that keeps the damn economy humming!

I'm just pissed that I don't get to take advantage of cheap gas. Not only have I been WFH for 6 weeks with many more to come, but my damn car is electric.
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Re: Man, gas is getting cheap!

Post by LawBeefaroni »

coopasonic wrote: Wed Apr 22, 2020 2:19 pm
LawBeefaroni wrote: Wed Apr 22, 2020 1:28 pm
coopasonic wrote: Wed Apr 22, 2020 11:10 am
LawBeefaroni wrote: Wed Apr 22, 2020 10:19 am
Jeff V wrote: Wed Apr 22, 2020 10:00 am Hey, I don't know about the rest of you, but I'm doing my best to keep up, still filling the tanks on both cars weekly. I'd do more...but where am I going to go?
Gasoline generator. Screw ComEd and save the economy!
and kill the environment but that's beating the proverbial dead horse.
Coop Identified: Economy Hater!
During the great recession I bought two new cars, a house and had a kid. I am the guy that keeps the damn economy humming!

I'm just pissed that I don't get to take advantage of cheap gas. Not only have I been WFH for 6 weeks with many more to come, but my damn car is electric.
Coal prices are plummeting too!
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Re: Man, gas is getting cheap!

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Maybe my electric bill will go down.
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Re: Man, gas is getting cheap!

Post by Daehawk »

If I had tons of money and a HUGE underground tank for a generator theres no point as todays ethanol based gas goes bad in a year on average.

Diesel is still high too so cant go that route either. Id need to own my own refinery and simply keep the oil as is until needed cracked.
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Re: Man, gas is getting cheap!

Post by Scuzz »

dbt1949 wrote: Wed Apr 22, 2020 2:48 pm Maybe my electric bill will go down.
Like that would ever happen.
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Re: Man, gas is getting cheap!

Post by dbt1949 »

I got gas for 69 cents a gallon using my grocery discount card. :shock:
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Re: Man, gas is getting cheap!

Post by Daehawk »

Looks like the lowest is $1.09 in my state and $1.15 near me.
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Re: Man, gas is getting cheap!

Post by LawBeefaroni »

Had to top off a tire this morning (on top of everything, it's pothole season!). Gas was $2.58.
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Re: Man, gas is getting cheap!

Post by Unagi »

North suburbs it’s under $2.00

($1.99 in Lake County and to be fair it might have been diesel)
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Re: Man, gas is getting cheap!

Post by Jeff V »

dbt1949 wrote: Fri Apr 24, 2020 9:16 am I got gas for 69 cents a gallon using my grocery discount card. :shock:
That wouldn't even cover the taxes here.
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