Unprecedented plunge in Fourth of July gas prices

Costco usually is around .20 cheaper. In Maryland, gas is around 3.55 so our local Costco would be in the 3.30 range

 

I googled “does citygator have Google?” and got this response: “It looks like there aren't many great matches for your search.”

 

Funny cheering about a big drop because a year ago gas prices were at all time record highs.
Current prices are still higher than typical.

 

In this case it was to help US oil and gas producers. The price of oil had actually went negative briefly had it stayed so low tens of thousands of US oil workers would have been out of jobs, and companies bankrupted.
It wasn’t in our interest to see that happen due to COVID induced demand destruction.

 

Instead of buying it at $20/barrel Biden has said he would buy it at 70$/barrel.
Do you think oil companies are making more money at 70 a barrel or 20/barrel.
Biden must love him some big oil….

Had it been done when Trump wanted to do it the US would have made money when Biden released it from the SPR instead the SPR will need to be filled at higher prices, way to go Dems.

 

Even if it was only 80million barrels bought at $20/barrel selling it at $80/barrel would have made almost 5 billion, hardly chump change.

 

Ok, but to get an accurate answer, I need to know WHICH "city" you are.

 

Prices have bounced back up. This morning I drove by two gas stations across the road from each other. They usually have the same price. Today, one was $3.17 and one was $3.49. Less than an hour later, both were $3.49.

 

I was seeing 2.99 in a lot of places last week, now it is all 3.17. A little better than your prices, but similarly higher than they were last week.

 

Damn I guess I literally missed the boat......My boat tank is almost 100 gallons and it is sitting on empty. Should have filled it last week.

 

U.S. Oil Boom Blunts OPEC’s Pricing Power


https://archive.is/cTChy


U.S. crude output this year through April is up 9% from a year ago, surprising analysts given that oil futures were sliding and the country’s shale boom was showing signs of peaking. The surge is being driven in part by improved production efficiency, and signals that the Organization of the Petroleum Exporting Countries’ power to control prices could be waning as output continues to grow in the rest of the world.
After prices crashed in 2015, U.S. producers “went back to the lab and got much more efficient, with a lot of engineering-based gains and a lot of staff and cost cutting,” said Vikas Dwivedi, global oil and gas strategist at Macquarie Group.
OPEC and its allies so far this year have announced cutsamounting to about 6% of last year’s production. Crude prices have nevertheless slid by about 13%. Along with weaker-than-expected demand in China, prices are being weighed down by stepped-up production in other countries including Brazil, Canada and Norway. Increased output in countries outside OPEC is making up for about two-thirds of the alliance’s cuts, according to estimates by Rystad Energy.

 

Or inflation was so high people didn’t know if they could afford to travel this summer, thanks Biden..

 

Buccees in daytona was still $3.08 today for regular. Literally every other station outside of Sam's club was at $3.49. For .40c a gallon I'll deal with the chaos at buccees which normally isn't bad if you know how to deal with it. Yesterday morning was the first time it was so packed however that I waited till this morning to fill up.

 

I was being tongue in cheek hence the “wink”.
Inflation has ticked down in the last few months however..

How cold was it in the east really in May and early june?
Cold enough to keep travelers at bad?
I missed that

 

I’m sure the temp being 65 in May instead of 75 kept many people at home….

 

BJs in Jax was $2.99 yesterday. $2.89 if you use their credit card. But it was packed, no way to even get in line.