Bink

That's a frequent occurrence near me too. There's a Shell and a Chevron that are always at least $0.30 higher than the rest. The wierd thing about the Shell is that it's on Hwy6 about 1/2 mile from another Shell (also on Hwy6) that's always competitive. I never got it either.

Pulaski

The price of WTI crude fell to below $50/barrel today, closing at $50.05. Brent is trading at $53.

Pulaski

While price cuts at lowest priced BP stations in my part of NC have slowed to a crawl, prices at other gas stations over a 60 mile stretch of NC that were 12c-20c higher than the lowest before Christmas have continued to fall and are now only 4c higher than the lowest priced BP gas.

zargof

Finally broken $2 here... it's $1.96 at Costco and about $2.15 everywhere else.

RICH

2.16 around here this week.

scrubbedexpat091

I paid 2.35 per gallon in Rochester, WA on Monday, 2.13 per gallon in Bellingham, WA on Monday as well.

1/2 tank of gas cost 12 dollars, 1/2 tank cost me $22 in Canada on the same day.

Shell however along my journey through Washington was consistently the highest and nowhere near what other stations were charging, in Bellingham they were 2.65 vs 2.05 to 2.15 everywhere else.

Shell always seem's highest priced when I go to the US.

SultanOfSwing

Seems to have stabilized at the $1.93/$1.94 mark around here. On Sunday night I filled up both our cars for what it cost me just to fill mine only a few months ago. That was nice.

scrubbedexpat099

1.89 Safeway

jtb87

1.80 in Plano/Richardson TX

SultanOfSwing

Back up to bloody $2.25 again. WTF?

Pulaski

You haven't passed me anymore!

Michael

Mr. Weeze, what is your opinion on this. Oil companies want to lift the US ban on crude oil exports but Larry Summers claims that will cause world crude prices to drop further as world markets get more flooded with crude oil.

Summers Sees Lower Gasoline Prices If Oil Export Ban Ends - Bloomberg

Currently only refined products can be exported so Keystone Phase III can't currently be fully utilized but if the ban is lifted, then more crude will flow to the gulf for export (naturally opposed by gulf coast refiners).

Oil companies and republicans also want to build Keystone XL pipeline but if the US export ban is lifted, Canadian crude will again likely be bottlenecked in the Midwest since there will likely be little if any pipeline capacity remaining to get the crude to the gulf coast on the southern section of the Keystone pipeline or other southern pipelines that may be available.

Mr Weeze

Quick answer:

The biggest value jump is in the higher API condensate. Those barrels can have -$6 or larger differential to WTI. That differential will close with exports. Otherwise, the gap between Brent and WTI will largely disappear on lifting of the export ban. Gasoline is priced on the world market (i.e. Brent) so it will be slightly cheaper. Note that the differential between the two benchmarks has narrowed significantly - the markets expect the ban to be lifted.

Michael

The current differential is about $4 and that seems like nothing compared to the $50+ drop in crude over the past few months. If the US lifted the ban on exports a couple of years ago, that $4 may have seemed like a lot of money to the oil companies but it may have caused the price of crude to drop earlier as the glut appeared faster on the world markets as shale producers drilled wells more quickly.

It is assumed that the differential will close if the ban is lifted but will the price of WTI rise to the price of Brent or will the price of Bent drop to the price of WTI? Oil companies may possibly be getting something that they don't want.

There are always unintended consequences to all decisions and I don't think anything or anyone, except the Saudis, can stop the rapid decline in the price of crude except a low enough price to make it impossible for shale and/or Canadian tar sands producers to continue operations.

You stated in an earlier post that you thought that 2016 would show a reversal in price and suspect that may occur earlier than that since the decline in price has been much quicker and deeper than I had expected. Now many are talking about crude hitting $40 per barrel and maybe even lower.

Bob

Around here, Stop and Shop, go gas points for grocery shopping, but they're nearly always more expensive that you don't end up saving anything, unless you hit the mega amount of points for huge amounts of groceries.

Cumbies, it's basically using a card tied to your account, rather than a debit card as they use a third party that charges a smaller rate, so you get 10c a gallon saving.

$2.17G is the cheapest around...so not going down very much then.