Wait, what?
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.
It traded down to $11.78 and is now $14.40. Complete collapse of the oil markets on underway. This does not bode well for the world economy...nor world peace.Delivering in June is now down to under $17. June could be headed negative too.
From my limited reading and understanding, it looks like USO ETF is the main reason for the collapse as they're the one holding these short term WTI crude oil futures and getting killed unable to roll at decent price. Collapse of USO is not collapse of the oil industry. It's just collapse of poorly designed ETF.I'm going to go out on a limb here and ask...can the collapse of the oil industry lead to a collapse of the global banking system? There is a whole lot more going on here than just cheap gas.
I just hope all this along with the pandemic does not pave the way to UN's 2030 agenda. Read up on that, it's some scary shit.
That would be nice but its deeper than that imo. June futures are at $15 now, and the ramifications if it stays here or goes lower are pretty extensive. It might become a very large domino.From my limited reading and understanding, it looks like USO ETF is the main reason for the collapse as they're the one holding these short term WTI crude oil futures and getting killed unable to roll at decent price. Collapse of USO is not collapse of the oil industry. It's just collapse of poorly designed ETF.
I just hope all this along with the pandemic does not pave the way to UN's 2030 agenda. Read up on that, it's some scary shit.
Oh my stars and garters, it sounds horrificThe Sustainable Development Goals are:
- No Poverty
- Zero Hunger
- Good Health and Well-being
- Quality Education
- Gender Equality
- Clean Water and Sanitation
- Affordable and Clean Energy
- Decent Work and Economic Growth
- Industry, Innovation, and Infrastructure
- Reducing Inequality
- Sustainable Cities and Communities
- Responsible Consumption and Production
- Climate Action
- Life Below Water
- Life On Land
- Peace, Justice, and Strong Institutions
- Partnerships for the Goals
USO is holding June futures now. People are just frontrunning because they know USO has to roll those as well.That would be nice but its deeper than that imo. June futures are at $15 now, and the ramifications if it stays here or goes lower are pretty extensive. Its going to be more than cheap gas, and might become a very large domino.
Check the link
PA taxes are 2nd highest & prices here are around $1.97 (NW PA).
Typically we're about 15-20 cents above the national average here. Not sure what that is now.
Brutal. I hope so, but seriously, who's going to short oil to $15, down $11 from Friday, $4 from yesterday, to front run, and to that scale? That's optimistic thinking imo. I think there are certainly concerns for getting stuck holding the bag for June now, after what happened to May.USO is holding June futures now. People are just frontrunning because they know USO has to roll those as well.
Meanwhile with all this, gas is still at 80 cents per litre here. That's cheap sure, but it's still way higher than it should be given the price of crude.
Dude, we have been over this. Try putting crude oil into your car. Go for it. You're saying A = C cost, therefore B should = C cost as well.
The crude oil then has to be transported to a refinery.
Then it has to have the gasoline refined out (amount of gasoline varies by
Then they have to send it to a terminal for it to be distributed.
Then it's loaded on a truck
Then the truck takes it to a gas station where you fill up
I also mentioned other costs such as tax and tax compliance. Each of those companies I listed above have employees, accounting departments, etc..
The thing is, it should still follow price of oil, and it does not. It only follows it when the price of oil goes up. The oil is still a major part of the cost.
I filled up the F150 yesterday. $2.29/gallon, ~32 gallons, $72. Not wonderful...but around $1/gallon cheaper than last fall.Crazy ... Unfortunately it would only help me if I actually had someplace to drive further then a couple miles.
Threw $5 gas in my Honda yesterday ... first time I bought any in 3 weeks and I anticipate it lasting quite awhile.
Geez. Nothing can ever fail again. This is so wrong.
I'm all for an economical renewable green energy source alternative, but as for commodities, they've been gamed since time began, and if it isn't oil, it will be something else (and often is.) The world economy didn't start it, it just brought it to scale.
And how is your sunlight collection going?Sunlight is a commodity that isn't gamed when people collect it themselves.