$.75/gallon gas? Wait for it... /EDIT: COLLAPSE of global oil industry

[Miramonti]

Oil traded below $15 a barrel today! This is insane. Cheap gas is nice, but wow, this is going to destroy some countries (including Russia.)

/edit 4/20/20: It (May futures) traded <$11! (June is still over $22, down from $25 Friday)
/edit 4/20/20: May futures are <$8!
/edit 4/20/20: $5.50!
/edit 4/20/20: New low...$2.25/barrel!!!

/edit: Oil goes NEGATIVE!!

Oil Plunges Below Zero for First Time in Unprecedented Wipeout...
-$37.63 a barrel, yes MINUS, meaning suppliers will PAY you to take it off their hands!!

For a brief synopsis, it appears May Crude futures expired today, and as the price collapsed throughout the day (from Friday's close of ~$18), suppliers ultimately became willing to pay buyers to take crude oil off of their hands so that they did not have to take physical delivery of it soon, which they do not have room for. June is the lead futures trading month now (and has technically been for a little while), and is currently trading at $21, down about $4 from Friday.

/edit 4/21/20: June futures traded down to $11.78 this morning and are [currently] at $14.30 and volatile. This is collapse of the global world petroleum market, and does not bode well for many country's economies...nor world peace imo.

/edit: 4/21/20: June hits low of $6.90!!!

 

[SaltyNuts]

Bad, VERY BAD, for the economy.

 

[esquared]

Gasoline Is Selling for 12 Cents a Gallon and Nobody Wants It

Bloomberg - Are you a robot?

Now this is wholesale prices but............................


Its not necessarily bad all around. Oil companies yes. For consumers, its like a tax cut if they are
actually dropping the prices. Where I live there's still plenty of stations at 3.00 a gal.,
so the oil companies are still making plenty of money here.

 

[Greenman]

That would put about $300 a month back in my pocket.

 

[Miramonti]

Gasoline Is Selling for 12 Cents a Gallon and Nobody Wants It

Bloomberg - Are you a robot?

Now this is wholesale prices but............................


Its not necessarily bad all around. Oil companies yes. For consumers, its like a tax cut if they are
actually dropping the prices. Where I live there's still plenty of stations at 3.00 a gal.,
so the oil companies are still making plenty of money here.

Unbelievable. Just need a safe place to put it for a few years.

 

[Miramonti]

That would put about $300 a month back in my pocket.

That's a lot of driving.

 

[ElFenix]

sayonara to the planet

 

[VirtualLarry]

It was $1.89 locally a few weeks ago. Haven't checked more recent than that.

 

[Miramonti]

sayonara to the planet

No demand is good for the planet, just bad for humanity lol.

It was $1.89 locally a few weeks ago. Haven't checked more recent than that.

It may not get that low in your area, but it's already been as low as $.93 in a few places lately, perhaps even lower.

 

[BoomerD]

Damn...I wish. The only gas station in town is still sitting on $2.99/gallon for regular. $2.25 about 20 miles away in Aberdeen, $1.35 in the towns east of Seattle.

 

[Hans Gruber]

It's almost time for the gas stations to get back to super mini marts. Cheap gas means that people will have plenty of money for treats. Nothing is better for the economy in America than cheap gas. People take out their boats, RV's, trucks and cars.

 

[BarkingGhostar]

It's almost time for the gas stations to get back to super mini marts. Cheap gas means that people will have plenty of money for treats. Nothing is better for the economy in America than cheap gas. People take out their boats, RV's, trucks and cars.

I agree! In my county not only are they not sheltering in place, but they are congregating in mass in all kinds of places including the lakes with their 10-man fishing pontoons and whatnot.

 

[Red Squirrel]

What I hate about all this is it shows how gas prices is just a huge game, it has nothing to do with the actual cost of producing it but what the game players choose to set the prices to in order to play with the world economy. It's just a huge scam. We need to get off oil for energy, for the sake of the planet, and for sake of having a more stable and self reliant system for energy and economy.

Here in Canada we get screwed either way, gas prices did go down at an all time low, but no where near as low as the states. Still pre 9/11 prices though so it's still kinda crazy to see. But thing is when oil prices go back up to normal our prices will then skyrocket to higher than they were when oil was that price already. It's all a big game.

 

[gill77]

Not in California:

https://en.wikipedia.org/wiki/Fuel_...edia/File:Fuel_taxes_in_the_united_states.png

 

[BoomerD]

Not in California:

https://en.wikipedia.org/wiki/Fuel_...edia/File:Fuel_taxes_in_the_united_states.png

Woohoo! Washington dropped a notch...we're now the 4th highest gas taxes instead of 3rd...

 

[Miramonti]

It's less that $11.50 now!

(This is 'May' futures, which probably cease to become the 'lead month' soon. June is still over $22.)

 

[gill77]

It's less that $11.50 now!

(This is 'May' futures, which probably cease to become the 'lead month' soon. June is still over $22.)

I believe tomorrow is the last trading day.

 

[Roger Wilco]

When was the last time crude was this cheap? The 1800s?

 

[gill77]

https://www.macrotrends.net/1369/crude-oil-price-history-chart

 

[BoomerD]

When was the last time crude was this cheap? The 1800s?

1990's I think. Maybe right after the 9-11 attacks.

 

[NuclearNed]

I got gas at a local grocery store yesterday for $1.34. I don't think I've paid that little since I was in college in the early/mid 90s

 

[BoomerD]

https://www.macrotrends.net/1369/crude-oil-price-history-chart

uncheck the "adjust for inflation."

 

[ponyo]

I got gas at a local grocery store yesterday for $1.34. I don't think I've paid that little since I was in college in the early/mid 90s

I remember paying around $0.69 gallon back in 1998-1999 or so. It was when oil dropped to $10 a barrel. I paid with $10 bill at the gas station after full fill up and got change back.

 

[Red Squirrel]

1990's I think. Maybe right after the 9-11 attacks.

Didn't it skyrocket at that point? I remember it had never been over a dollar here until after 9/11. Signs at gas stations used numbers that were manually inserted and only had space 2 digits. They had to upgrade all the signs after to be able to add the 1.

 

[BoomerD]

Didn't it skyrocket at that point? I remember it had never been over a dollar here until after 9/11. Signs at gas stations used numbers that were manually inserted and only had space 2 digits. They had to upgrade all the signs after to be able to add the 1.

with all the airplanes grounded, prices dropped dramatically for a couple of months. Not this low, I guess...