Where is all the supply coming from? The US? The Saudi's? :hmmm:

We just went above 11 million bpd production for the first time ever. The Saudis also pushed production. Some political impacts, too.

And yet the price at the pump hasn't changed around here.

And it won't for a week or so.

It's down nearly 20 cents in the last couple of weeks here. Further dropping would be wonderful!

I will be shocked if it moves much, if any.

same. KC area has dropped below or right at 2.50. It'd be nice to get under 2 again

Well, prepare to be shocked, I guess.

Initiative Q is building a new payment network and giving away significant sums of their future currency to early adopters. It’s by invite only and I have a limited number of invites

I paid $2.19/ gallon in Tulsa today. Lowest price that I've seen in a while. I've paid less though. I use the Conoco app, which automatically drops the price 10 cents a gallon. I found a station that took mobil payment charging $2.23 the other day. That dropped it to $2.13

I for one am very fazed by rising tab.

how would you describe your relationship with your mother, donger?

Who is this cucumber?

Ongoing.

WTF is going on here?

Tulsa has always had the cheapest fuel.

2.48 Costco. Maple Grove, MN

Tulsa has a very wide range of prices. It's usually 20 cents or more a gallon higher over on the East side.

Problem is, you have to go to Tulsa to get it.

$2.11 here in Texas today.

Don't try to figure it out.

$2.89 here still.

Why the **** Donger?

Pump it up, until you can feel it
Pump it up, when you don't really need it

Prices drop much more slowly than they increase.

Why are these people in the Midwest getting much cheaper gas than us in AZ? Are them Republicans trying to **** me here?!?!?!?!?

Probably a combination of being closer to the refineries and taxation.

Welp...

https://www.cnn.com/2018/11/12/busin...pec/index.html

"The consensus among all members is that we need to do whatever it takes to balance the market," Al Falih said. "If that means trimming supply by a million [barrels per day], we will do it."

Eh. Let em cut production. The US isn't going to join them, thus reducing the effects of their cuts.

The Motley Fool

A Texas-Sized Surge in Oil Production Will Hold Prices Down
New pipeline capacity, a massive backlog of uncompleted wells, and increased drilling activity together set the stage for the next leg of growth in U.S. oil production.
Adam Levine-Weinberg (TMFGemHunter) Nov 11, 2018 at 7:25AM
In the span of five weeks, a roaring bull market for oil has given way to a sharp downturn. Fears that U.S. sanctions on Iran would cause a global oil shortage have been replaced with worries that the market is oversupplied. Prices for both WTI and Brent crude -- the U.S. and international benchmarks, respectively -- have plunged about 20% since early October.

Rising U.S. output played a big role in popping the recent oil price bubble. Some oil-producing countries are now considering production cuts to reverse the recent drop in oil prices.

In the short term, production cuts by OPEC and its allies could drive up prices. But in the long run, any such moves would be self-defeating. U.S. oil production is primed to keep skyrocketing -- and the higher oil prices go in the short term, the bigger the jump in U.S. output will be.

No, we won't. But we can't ramp up another million bpd of production, at least not quickly. And this move WILL raise the price of crude, which will make our boys less willing to increase domestic production.

Unless something has changed, that's the opposite of what will happen. Our production costs far exceed the Saudis.

On a cost per well basis, yes. But the Saudis need to finance their welfare state model. While they're moving away from that model to a more entrepreneurial style system, they're not remotely close. Some have argued the Saudis need upwards of $90/barrel to fund their programs. I don't fall into that category, I think that's woefully high and doesn't account for Saudi cash reserves or the possibility the crown would be willing to take on debt to finance their government enterprises. But I think it's reasonable to look at a price of $60-$70/barrel as a reasonable price point. However, US producers following the 2015 price shock, trimmed the fat, deployed new technologies, improved production rates, increased the length of laterals and number of frac stages to bring production costs down considerably and putting us in a spot where we're more than competitive with the price the Saudis need.

It also assumes their OPEC partners would hold to those production cuts as well. While compliance has been fairly good, I believe, in recent years. The price drop of 2015 hurt all those nations as well. It is reasonable to wonder if the OPEC nations would continue those compliance rates if the Saudis cut production and drove up prices. It would be very tempting for those nations to produce more black market crude to take advantage of that price environment.

Crude approaching $51.

So, shocked?

Can get has for around 2.03 in the KC area. This bitch gonna get below 2/gallon.

Here in rural central Florida it's $2.15 at Walmart and Shell, Circle K had it for $1.99 for one day last week. We had a Marathon station that use to be a nickel higher for credit cards, then the Circle K opened across the street, that put an end to that. I have a Walmart credit card and they're give 3% back on all purchases until the end of the year, been going on for a month, so that takes the price down another 6 cents at Walmart.

I've bought gas for $1.99 per gallon twice this week. Nice to see sub $2 gas again. It's been quite the free fall lately.

I knew I should have went ahead and bought the full size Ram with a Quad Cab and Hemi V8.

Nope, I haven't seen much of a drop on diesel around here yet.

The real kick in the sack is, we have three refineries within 14 miles, Exxon, P-66 and CHS.

I paid 1.99 on the south side of Springfield this week at a Rapid Roberts Conoco/Philips. Same chain was 2.15 a couple miles north.

Diesel doesn't count. It's the Fuel of Satan.

:)

LMAO

Yeah well the company pays for the gas in the company car so I don't really give a crap how much that costs. My rig is a Chevy Duramax and that turbo beast drinks "Satan Fuel," so that's what I keep an eye on.

I drive the company rig most of the time anyway because a long box crew cab is a pain in the ass in a lot of parking lots. As a bonus, I don't mile up my truck and the gas is free.

$2.89 still here.

Give me an answer Donger? WTF is it still high here?!?!

You're in PHX?

Yes.

What gives brah?

You can get it at ~$2.60 if you look for it. The national average is about that right now.

Driving around to save a total of $2-3 for a fill-up never made much sense to me when you waste that in gas alone to get to the cheaper gas place.

Just filled up for $1.90/gallon. ($1.93 but 3 cents off with QT card)

Sent from my LGLS992 using Tapatalk

No, it doesn't. I'm just stating the fact that it's out there. It's $2.68 here in Colorado, if that helps.

Filled up for $2.09 earlier today. Prices actually went down during the long holiday weekend, which was welcome but strange. Normally it's very much the opposite.

Filling up now for $1.88/gallon. I wonder how much farther it's going to fall?

<a href="http://s1260.photobucket.com/user/KCTattoo58/media/gas_zpshzkih3vz.jpg.html" target="_blank"><img src="http://i1260.photobucket.com/albums/ii574/KCTattoo58/gas_zpshzkih3vz.jpg" border="0" alt=" photo gas_zpshzkih3vz.jpg"/></a>



Oklahoma City today


I get home Larned kansas and it's 2.10 **** you Kansas

I am still ****ing fazed by rising tab.

I wonder where it will bottom out? I mean, this is getting crazy. If you account for inflation, gas prices are nearing historical lows. $1 in 1990 equates to $1.92 today. I remember gas being around $1/gallon back then. So gasis actually as cheap as I can remember it now.

1.84 in Topeka

It's hovering just over $2.00 a gallon here. Can't imagine that'll last much longer.

I had 30¢ off a gallon @ $1.80 so ended up $1.50 a gallon for 35 gallons (Dillons)

We are getting gang raped out here in Phoenix/Scottsdale ! $2.59 is the lowest I saw anywhere.

Was looking around online and it appears Columbus, OH is just about as low as anyone right now. Cheapest gas price there is $1.46. But lots of 1.48, 1.49 prices.

Yeah, what the **** is up with that? Diesel is 3.10 at convience stores, and 2.61 at Samsclub.

Gas might end up at half of diesel if the trend continues. Time to fill up the underground tanks here at the farm.

Pay nothing, if u fill up and drive off they WILL NEVER CATCH YOU.

0.00 per gallon!!!!!!!!!!!

Not much further.

At least another Dime or so, Sheriff of Rock Ridge said as much.

Crude passing $74/barrel (Brent). WTI is $65. Gasoline at $2.84

Gasoline here in Scottsdale shot up from around $2.49 - $3.09 in less than 4-5 weeks.

I'm really surprised at the recent surge in our prices. The United States produces more oil than anyone and they aren't cutting production with the crooked OPEC countries. I still don't think that it's sustainable. Prices can't continue to increase or even maintain these levels for long.

The issue is that our refining capacity hasn't increased like our production has. That's why we are now exporting.

Funny reading this thread now !

I paid 1.04/ gallon yesterday. I had to do a double take before hanging up the handle.

Still $1.73 here

1.06 in Parker CO and with the points discount I get at Murphy Express I literally paid .86 cents !! Haven't seen those prices for a loooooong time.:clap:

And with the glut of oil now on the market it only goes down further.:thumb:

Just heard a report that says oil prices are now ~$30/barrel BELOW ZERO. Am I hallucinating? And if not, how is that number even possible?

EDIT: Also, I filled up at $1.81 the other day and was pretty happy about it. Now I think I ****ed up and jumped too soon!

As I understand, it's cheaper for oil companies to absorb the cost than it is to shut down stuff unless they think it will be shut down a long time.

Interesting, thanks. I thought maybe it was due to speculation or something, and the Russians and Saudis squirting oil bukkake at one another like it was a porn shoot.

Whenwould be a good time to buy oil stocks?

$1.40 gas today in KC

Go **** yourself, Donger.