Gas prices [ADMIN WARNING: NO POLITICS]

[aperea]

Yall care about gas prices? If I need gas, I get gas. Would've gone EV if I cared about prices these days, but I dont!
Also, if you have a pony, you should measure smiles per gallon, not miles per gallon.

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[Ryunker]

Jeez, talk about oil shocks.
98 is now $NZ3.55 litre and 95 is $NZ2.85. That's $US7.82 and $6.28 for a US gallon.
Still not stopping me from driving.
But our pathetic media are talking about carless days as in the late 70's when you could not drive one day a week.

And just think its all caused by fear of future prices.

 

[Spykexx]

Yall care about gas prices? If I need gas, I get gas. Would've gone EV if I cared about prices these days, but I dont!
Also, if you have a pony, you should measure smiles per gallon, not miles per gallon.

Lemme tell you, as a Mach E owner as well because it was dirt cheap to lease. It is NOT cheaper on actual trips where you need to charge on the interstate.

 

[D/\rK•650]

Try 6.43$ northbay California. I dont think it ever went that high during the covid.

 

[keithwalton]

There is a level of profiteering involved, the UK gov has 'promised' to look into it but are way to late about that.
Diesel here has been hit far worse but petrol is still bad.
95 was £1.239/l with 99 £1.319($6.6) it's now £1.349 and £1.469 ($7.35)
With diesel was £1.279 now £1.519

On day 1 an esso (500m from the place above) is usually 1p/l more. They put diesel up by 5p straight away, next day another 5p, day 3 another. They started at 1.289 are now £1.619/l

They also want £1.609 for 99
That's £6.1/us gal. or $8/gal

 

[LouG]

$3.90/gal for 93 O just before the "serious exchange of national views" started. $4.75/gal for 93 O today at the same station.

@Lou G ----I've always wanted to visit The Shire, but damn! Your scaring me with those prices! Hope it gets better for you soon.

We are a very expensive place to live now. But If you're here on holiday getting $1.73 for $US1, you'll not notice it too much apart from gas and eating out.

 

[MAT1955]

It is what it is. This should all be over soon and then it will just keep betting better. Sold a big 38 foot cruiser with twin 502s with Bravo III XL counter rotating props a few years ago. Each engine was 430 HP. When "just on plane cruising " I burned 25 gallons an hour and a lot more if I went faster. It would hold 50 mph on the GPS. That would drain the tank in a short day's cruising. It was $1,200.00 to fill it up. On a week's cruise I would fill it up 3 or 4 times. Everything is relative. The cost for my stangs is a drop in the bucket. If you can't afford it get a used ev. This is a Mustang forum - we proudly burn the gas that the ev guys don't use....the more of them on the road (or more correctly waiting at charging stations, lol) the more gas for us.

Twin 502s with 5Kw Kohler used 5-7 gpm when in use at anchor.

BuT the good news is that I saved money on detailing as the wife (aka as the Admiral or just Boss for short) waxed the hull. Took three 8 huur days with us boyh doing it. Thank God we had a bottom coat put on it after the first year as that area took another 2 days to do.

 

[somckinney]

All costs are going up. War is also killing many.

 

[SpeedLu]

What are you even talking about.

I thought the hundreds of billions in subsidies for oil companies and loosening regulations on drilling were supposed to fix this.

It did until very recently. Did you not notice gas prices over the past year?

 

[Skye]

Did you not notice gas prices over the past year?

I did. Over the last few years actually.

But the decreases in prices were the result of Russia pumping more oil and cutting long-term deals to fund the war in Ukraine, while keeping their economy afloat. To maintain their customer base, OPEC in-turn increased their output. China and India were the primary beneficiaries. The world as a whole also enjoyed cheaper prices.

US Production markedly increased in 2018/2019, through greater use of fracking and other drilling technologies. It's been roughly the same since. US consumption remained about the same: 20M barrels a day.

What has changed in the US is where we get our oil. We rely less on imports than we have past. But while the source has changed, the oil we produce is still a commodity traded in the open markets, to be bought by anyone. When Russia, and later OPEC, made crude even more accessible, it made US oil cheaper as a result.

With the Straight of Hormuz closed, global production has been cut by 20%. Demand is now greater. Countries and businesses wanting to maintain stable supplies are willing to pay more, especially in SouthEast Asia where energy production is often limited.

The US Strategic Petroleum Reserve can cover US consumption for about one month, if all other sources (US production and imports) of oil are lost. The US and other countries have coordinated selling from their reserves to increase global availability. At the moment, it seems to have at least stopped prices from going higher.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus2&f=a

https://afdc.energy.gov/data/10324

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

Drillers are going to drill when the price per barrel covers their costs and affords a margin making it worthwhile. Prices trending lower (2022-recent) were a disincentive to bring even more oil into an already relaxed market. Current world events might change that.

For the moment, drillers and energy producers are more concerned about security and stability. If we later see a long-term decrease in production, it could incentivize other producers to increase exploration and later output. But that won't happen overnight.

 

[Gregs24]

There is a level of profiteering involved, the UK gov has 'promised' to look into it but are way to late about that.
Diesel here has been hit far worse but petrol is still bad.
95 was £1.239/l with 99 £1.319($6.6) it's now £1.349 and £1.469 ($7.35)
With diesel was £1.279 now £1.519

On day 1 an esso (500m from the place above) is usually 1p/l more. They put diesel up by 5p straight away, next day another 5p, day 3 another. They started at 1.289 are now £1.619/l

They also want £1.609 for 99
That's £6.1/us gal. or $8/gal

To be fair smaller garages / franchises pay spot prices for fuel unlike bigger chains that can buy ahead. So just because one garage is £170/l doesn't mean they are automatically making more money than another one at £1.30/l, just depends when they bought the fuel. Some garages buy fuel daily.

 

[Zig]

I did. Over the last few years actually.

But the decreases in prices were the result of Russia pumping more oil and cutting long-term deals to fund the war in Ukraine, while keeping their economy afloat. To maintain their customer base, OPEC in-turn increased their output. China and India were the primary beneficiaries. The world as a whole also enjoyed cheaper prices.

US Production markedly increased in 2018/2019, through greater use of fracking and other drilling technologies. It's been roughly the same since. US consumption remained about the same: 20M barrels a day.

What has changed in the US is where we get our oil. We rely less on imports than we have past. But while the source has changed, the oil we produce is still a commodity traded in the open markets, to be bought by anyone. When Russia, and later OPEC, made crude even more accessible, it made US oil cheaper as a result.

With the Straight of Hormuz closed, global production has been cut by 20%. Demand is now greater. Countries and businesses wanting to maintain stable supplies are willing to pay more, especially in SouthEast Asia where energy production is often limited.

The US Strategic Petroleum Reserve can cover US consumption for about one month, if all other sources (US production and imports) of oil are lost. The US and other countries have coordinated selling from their reserves to increase global availability. At the moment, it seems to have at least stopped prices from going higher.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus2&f=a

https://afdc.energy.gov/data/10324

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

Drillers are going to drill when the price per barrel covers their costs and affords a margin making it worthwhile. Prices trending lower (2022-recent) were a disincentive to bring even more oil into an already relaxed market. Current world events might change that.

For the moment, drillers and energy producers are more concerned about security and stability. If we later see a long-term decrease in production, it could incentivize other producers to increase exploration and later output. But that won't happen overnight.

At $100 a barrel them pumps will be a pumping and drills a drilling, at 50 not so much. When a single choke point is able to ransom the world it demonstrates the complacency that is.

 

[Charger68]

I’m retired and so gas prices don’t bother me when you’re not driving to work daily. 87 was $4.06 four years ago, and there wasn’t an uproar. It will retreat after the money is made, and as history repeats itself.

 

[MAT1955]

Thank God, IMO, that the USA steps-up and has since WWI to ensure the safety of the entire world. IMO the gas prices will be a short inconvenience to guarantee world safety via the defanging of Iran's maniacial determination to acquire a nuclear weapon. I'll gladly pay some more at the pump so my grand daughter (and the world) won't be faced with a radical government with nuclear capability. Every President for 5 decades has wanted to do this so it was about time IMO. It will be over soon enough then we can get back to discussion mods on our Mustangs.

 

[Walter]

$2.50-2.60 per litre for 98 octane in Western Australia (not as steep as NZ),
price went up by 50 cents per litre within 48 hours of the first bombs being delivered with the same pre bomb fuel in the fuel stations underground tanks. Then we were asked not to panic buy. Then the Government stated that they would increase fines to companies for fuel gouging. Now things have gone quiet because they have run out of jokes.

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