Price of gas update...
Sep 8th 2014, 2:27 pm
#2461
I have a comma problem
Joined: Feb 2009
Location: Fox Lake, IL (from Carrickfergus NI)
Posts: 49,598
Sep 23rd 2014, 2:21 am
#2463
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,443
Re: Price of gas update...
The BP station I have favoured for the past few months bumped it's price up by 7¢ a couple of weeks ago, but prices have slipped again by 4¢ back to $3.219 
..... Which matches the nearby Citgo and Shell, and the Hess a couple of miles down the road.
Meanwhile another BP gas station about 60 miles away that I use when it is price competitive has dropped it's price to $3.239 from the $3.259 that they have been holding steady at for more than a month.
Meanwhile, part way between the two, I stumbled on another BP that is selling gas for $3.129,
..... so that is my new favourite station, for now at least. I am such a gas tart! 
In all cases BP matches, or is within 1-2¢ of, the cheapest available gas, including BJ's gas station, which is only sporadically competitive.
..... Which matches the nearby Citgo and Shell, and the Hess a couple of miles down the road.Meanwhile another BP gas station about 60 miles away that I use when it is price competitive has dropped it's price to $3.239 from the $3.259 that they have been holding steady at for more than a month.
Meanwhile, part way between the two, I stumbled on another BP that is selling gas for $3.129,
..... so that is my new favourite station, for now at least. I am such a gas tart! In all cases BP matches, or is within 1-2¢ of, the cheapest available gas, including BJ's gas station, which is only sporadically competitive.
Sep 25th 2014, 8:15 pm
#2465
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,443
Re: Price of gas update...
I was reading today that the price of oil is on the slide, probably coming down another $10/ barrel from the current $93 ish.
Libyan oil is starting to flow again, the shale oil business is booming in the US and US imports are down about 40% since 2008. And, most intriguingly, after more than thirty years of almost continuous armed conflict in the middle east (Iraq-Iran, Israel in Lebanon, Iraqi invasion of Kuwait, Gulf I, Saddam's domestic actions, Yemen united and subsequent chaos, Gulf II, Israel in Lebanon again, the US-UK occupation of Iraq, and the subsequent domestic chaos in Iraq, and now almost three years of the Arab Spring) history has proved that the conflicts have never significantly impacted the flow of oil, and that people are starting to notice that there is no need to price in a "risk premium" for the possibility of oil flow being interrupted in the Middle East.
Against this back ground, oil is priced in USD, and the rest of the world is facing rising price of oil is rising in local currency terms, so Europe is risking slipping back into recession because of the cost of energy, and the same effect is exerting pressure on the Chinese economy.
Libyan oil is starting to flow again, the shale oil business is booming in the US and US imports are down about 40% since 2008. And, most intriguingly, after more than thirty years of almost continuous armed conflict in the middle east (Iraq-Iran, Israel in Lebanon, Iraqi invasion of Kuwait, Gulf I, Saddam's domestic actions, Yemen united and subsequent chaos, Gulf II, Israel in Lebanon again, the US-UK occupation of Iraq, and the subsequent domestic chaos in Iraq, and now almost three years of the Arab Spring) history has proved that the conflicts have never significantly impacted the flow of oil, and that people are starting to notice that there is no need to price in a "risk premium" for the possibility of oil flow being interrupted in the Middle East.
Against this back ground, oil is priced in USD, and the rest of the world is facing rising price of oil is rising in local currency terms, so Europe is risking slipping back into recession because of the cost of energy, and the same effect is exerting pressure on the Chinese economy.
Last edited by Pulaski; Sep 25th 2014 at 8:19 pm.
Sep 25th 2014, 9:11 pm
#2466
The worse half of Weeze
Joined: Mar 2012
Location: Back in TX
Posts: 3,231
Re: Price of gas update...
I was reading today that the price of oil is on the slide, probably coming down another $10/ barrel from the current $93 ish.
Libyan oil is starting to flow again, the shale oil business is booming in the US and US imports are down about 40% since 2008. And, most intriguingly, after more than thirty years of almost continuous armed conflict in the middle east (Iraq-Iran, Israel in Lebanon, Iraqi invasion of Kuwait, Gulf I, Saddam's domestic actions, Yemen united and subsequent chaos, Gulf II, Israel in Lebanon again, the US-UK occupation of Iraq, and the subsequent domestic chaos in Iraq, and now almost three years of the Arab Spring) history has proved that the conflicts have never significantly impacted the flow of oil, and that people are starting to notice that there is no need to price in a "risk premium" for the possibility of oil flow being interrupted in the Middle East.
Against this back ground, oil is priced in USD, and the rest of the world is facing rising price of oil is rising in local currency terms, so Europe is risking slipping back into recession because of the cost of energy, and the same effect is exerting pressure on the Chinese economy.
Libyan oil is starting to flow again, the shale oil business is booming in the US and US imports are down about 40% since 2008. And, most intriguingly, after more than thirty years of almost continuous armed conflict in the middle east (Iraq-Iran, Israel in Lebanon, Iraqi invasion of Kuwait, Gulf I, Saddam's domestic actions, Yemen united and subsequent chaos, Gulf II, Israel in Lebanon again, the US-UK occupation of Iraq, and the subsequent domestic chaos in Iraq, and now almost three years of the Arab Spring) history has proved that the conflicts have never significantly impacted the flow of oil, and that people are starting to notice that there is no need to price in a "risk premium" for the possibility of oil flow being interrupted in the Middle East.
Against this back ground, oil is priced in USD, and the rest of the world is facing rising price of oil is rising in local currency terms, so Europe is risking slipping back into recession because of the cost of energy, and the same effect is exerting pressure on the Chinese economy.
While I am clearly biased, the consumer would benefit from oil exports being allowed from the USA again. Gasoline is priced off Brent, and the differential between Brent and WTI will collapse. WTI will go up (hence why I am biased) while Brent will drop. Domestic investment will grow further. Sell refiner stock...
Oct 10th 2014, 5:56 pm
#2468
Lost in BE Cyberspace
Joined: Jun 2008
Location: San Francisco Bay Area
Posts: 10,678
Re: Price of gas update...
Brent is at $90 and WTI is at $85 so regular in the bay area is as low as $3.33. I suspect there are areas where the price is below $3.00 per gallon.
Apparently Saudi Arabia is over producing by 2 million barrels per day and another 900,000 barrels per day is expected to be produced this year from fracking in the US. With fracking in the US producing 12%-14% more oil per year, I doubt there will be enough pipeline capabilities to get all the oil to the gulf coast even if the Keystone IV pipeline is approved since the lower Keystone pipeline (already in operation) can only carry a maximum of 900,000 barrels per day so possibly the Keystone XL pipeline (if approved) will just flood the Midwest with even more oil.
Apparently Saudi Arabia is over producing by 2 million barrels per day and another 900,000 barrels per day is expected to be produced this year from fracking in the US. With fracking in the US producing 12%-14% more oil per year, I doubt there will be enough pipeline capabilities to get all the oil to the gulf coast even if the Keystone IV pipeline is approved since the lower Keystone pipeline (already in operation) can only carry a maximum of 900,000 barrels per day so possibly the Keystone XL pipeline (if approved) will just flood the Midwest with even more oil.
Oct 10th 2014, 8:51 pm
#2473
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,443
Oct 10th 2014, 11:06 pm
#2475
The worse half of Weeze
Joined: Mar 2012
Location: Back in TX
Posts: 3,231
Re: Price of gas update...
Venezuela are calling for an extraordinary meeting of OPEC to get oil back to $100. The IMF forecasts that Iran needs $140+ for a balanced budget, with several other countries needing $100+. There's a WSJ article on it, if you have a subscription. Big game of chicken going on in OPEC right now...