National average is $3.30, down $0.25 from a month ago.

holy shit, I did not know it was that much. That is overboard.


saw 3.09 here

Amazing how much money the Federal, State and Local governments make on a gallon of gas.

We're finally back down to 2.99/gal here. And that's including the .75 state/county gas tax. *sigh*

filled up for $2.73 today. That's the lowest I've seen in a quite a while. I don't even know how long ago it would have been

Surging U.S. Oil Production Brings Down Prices

Edited to remove some of the other... stuff.

https://dnyuz.com/2023/12/01/surging...climate-fears/

American oil fields are gushing again.

Only three years after U.S. oil production collapsed during the pandemic, energy companies are cranking out a record 13.2 million barrels a day, more than Russia or Saudi Arabia. The flow of oil has grown by roughly 800,000 barrels a day since early 2022 and analysts expect the industry to add another 500,000 barrels a day next year.

The surge in output has helped push down gasoline prices, which have fallen by close to $2 a gallon since the summer of 2022 and are now back to levels that prevailed in 2021. It has also provided the Biden administration with substantial leverage in its dealings with oil-exporting foes like Russia, Venezuela and Iran while reducing its need to cajole more friendly countries like Saudi Arabia to temper prices.

The United States now exports roughly four million barrels a day, more than any member of the Organization of the Petroleum Exporting Countries except Saudi Arabia. On balance, the United States still imports more than it exports because domestic demand exceeds supply and many American refineries can more easily refine the heavier oil produced in Canada and Latin America than the lighter crude that oozes out of the shale fields of New Mexico, North Dakota and Texas.

Nearly every extra barrel of American crude produced is being exported, mostly to Europe and Asia, where supplies are tight. In addition, the natural gas that bubbles up with oil has also led to record exports of gas and helped to lower prices for that fuel and for electricity, much of which is produced at gas-fired power plants in the United States.
Most of the new U.S. oil production is coming from the Permian Basin, which straddles Texas and New Mexico. There are also some new projects and expansions in Alaska and offshore in the Gulf of Mexico.

“It’s the mother of all comeback stories,” said Robert McNally, who was a senior energy adviser under President George W. Bush. “The last couple of years have shown that you should never bet against the U.S. oil sector.”

The bonanza has helped American consumers. This week the average price for a gallon of regular gasoline was $3.25 a gallon, 25 cents below what it cost a year earlier and nearly $1.80 below the record price set in June 2022, according to AAA.

The American oil industry is now dominated by hydraulic fracturing of shale, a process that splits hard rock with pressurized water and chemicals. Shale wells are highly productive for only a couple of years, so a decline in drilling brings a quick, sharp decline in output. Conversely, a rapid return of drilling ignites a spurt of production.

Technological advances have enabled producers to drill faster with new rigs designed for the shale fields of Texas, New Mexico, Colorado and North Dakota. Robotics and software improvements have cut costs, while lateral wells have been lengthened to expose more rock for fracture.

And why is this happening? Because they’re trying to speed up refilling the SPR that was previously drained by a certain idiot.

It's happening because it's profitable.

Drawing down the SPR in order to try to drive down crude prices and thereby gasoline/diesel prices in response to consumer prices and other events is not a new thing. So please don't bring politics into this here.

Just speaking facts bro. And selling oil from the SPR to China had nothing to do with driving down prices. You wanna debate a guy who worked on the floor of the Merc about commodities pricing and supply/demand?

Once again, not here please. I assume you know how to find CPDC.

Wait, wut?

So selling oil from the SPR to China drove prices down?

But now, the Feds desire to fill the SPR is causing a surge in production that is also driving prices down?

I guess the Feds should continually fill and drain the SPR?


Only three years after U.S. oil production collapsed during the pandemic, energy companies are cranking out a record 13.2 million barrels a day, more than Russia or Saudi Arabia. The flow of oil has grown by roughly 800,000 barrels a day since early 2022 and analysts expect the industry to add another 500,000 barrels a day next year.

The surge in output has helped push down gasoline prices

Just filled up for $2.62 at a BP on State Line road.

Premium here is $3.90

Lol ok. If you say so