topic Re: Gas Prices Are Low & We Can't Go................. in Community Chat

Gas Prices Are Low & We Can't Go.................

CrazyKittyLvr2 — Sun, 19 Apr 2020 13:28:13 GMT

anywhere. Well, grocery stores and pharmacies. Isn't that a kick in the pants.

Hopefully, when we can move around more prices will still be down. At least for a little while.

We leased a Honda HRV in Nov. of 2019. At least this stay at home order is helping to keep the milage down.

Re: Gas Prices Are Low & We Can't Go.................

Tricolor — Sun, 19 Apr 2020 13:52:37 GMT

My PA Turnpike EZ Pass is getting a break too. That's one of the many benefits of this stay at home order.

Re: Gas Prices Are Low & We Can't Go.................

itsmagic — Sun, 19 Apr 2020 13:53:40 GMT

I said the same thing the other day to the gas station attendant when I paid for gas. 😄

Re: Gas Prices Are Low & We Can't Go.................

Bhvbum — Sun, 19 Apr 2020 14:04:03 GMT

Supply is high because demand is now lower. When more businesses and people start using more, the prices will go back up.

Re: Gas Prices Are Low & We Can't Go.................

lynnie61 — Sun, 19 Apr 2020 14:15:31 GMT

yep, EZ pass and gas bill way down. I usually fill 1-2 times per week for my commute. Same gas for 5 weeks! I’ve been to the store, I think twice, and took a ride one Sunday (didn’t get out of the car, just got some fresh air). PA turnpike was already financially in turmoil, I don’t want to see the 2021 rates!!

Re: Gas Prices Are Low & We Can't Go.................

millieshops — Sun, 19 Apr 2020 14:12:04 GMT

@CrazyKittyLvr2In the law of unintended consequences, your post got me to thinking about gas stations and wondering how they are surviving. Even in good times, lots of the profits from our local stations came from sales in the convenience markets many run rather than from the fuel sales.

Now that so many are not needing much gas, have those sales shrunk to dangerous levels also? I haven't seen any reporting, but I wonder. I remember the many years when there were dozens more service stations in my home areas than there are now.

Re: Gas Prices Are Low & We Can't Go.................

ValuSkr — Sun, 19 Apr 2020 14:22:51 GMT

High supply - due to the Saudi-Russian price war and the Saudis flooding the market with oil - and low demand - due to COVID-19 = low gasoline prices!

Re: Gas Prices Are Low & We Can't Go.................

BeautyLver — Sun, 19 Apr 2020 14:28:58 GMT

Why don't you focus on gratitude. You must be grateful for, or can find much to be grateful for in life. I don't understand the desire to post complaints every single day. It must be draining to always see the glass as half empty. Everyone is going through much, some going through unspeakable right now. Those who are really suffering always seem to look for, find the most gratitude regardless of circumstances.

Re: Gas Prices Are Low & We Can't Go.................

bikerbabe — Sun, 19 Apr 2020 14:34:44 GMT

And traffic accidents and fatalities are way down.

Re: Gas Prices Are Low & We Can't Go.................

Spurt — Sun, 19 Apr 2020 14:35:00 GMT

@Bhvbum wrote:
Supply is high because demand is now lower. When more businesses and people start using more, the prices will go back up.

@Bhvbum

The pandemic is only part of what's going on with the oil industry between the U.S./Russia/OPEC...and things are starting to change as of early April----

On 8 March 2020 Saudi Arabia initiated a price war with Russia, facilitating a 65% quarterly fall in the price of oil.[1] Over a few weeks, US oil prices] fell by 34%, crude oil fell by 26%, and Brent oil fell by 24%.[2] The price war was triggered by a breakup in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the 2019–20 coronavirus pandemic.[1] Russia walked out of the agreement, leading to the fall of the OPEC+ alliance. Oil prices had already fallen 30% since the start of the year due to a drop in demand.[3] The price war is one of the major causes and effects of the currently ongoing global stock-market crash.[4]

On 8 March 2020, Saudi Arabia announced unexpected price discounts of $6 to $8 per barrel to customers in Europe, Asia, and the United States. The announcement triggered a free fall in oil prices and other consequences that day, with brent crude falling by 30%, the largest drop since the Gulf War.[17][18] The West Texas Intermediate, a grade of crude oil used as a benchmark in oil pricing fell 20%. On 9 March 2020, stock markets worldwide reported major losses thanks in part to a combination of price war and fears over the coronavirus pandemic.

As demand continued to fall dramatically, oil prices went down further, reaching a 17-year low on 18 March where Brent was priced at $24.72 a barrel and WTI at $20.48 a barrel.[25]

On 2 April, US claimed that a reduction of 10-15 million barrels in production would be possible, citing negotiations between Russia and Saudi Arabia brokered behind the scenes. The following day, Russia stated that global production could be cut by 10 million barrels. In response to that statement, oil prices jumped.[26] Even with a 10 million bpd cut, the International Energy Agency estimated that global oil stockpiles will still increase by 15 million bpd. IEA's director, Fatih Birol, stated that 50 million jobs related to oil refining and retail was at risk globally.[27] US oil prices increased by 25% on 2 April, the biggest one-day increase in history. Brent oil increased to $32 on 3 April.[28]

Re: Gas Prices Are Low & We Can't Go.................

twinny70 — Sun, 19 Apr 2020 14:49:43 GMT

@CrazyKittyLvr2 wrote:
anywhere. Well, grocery stores and pharmacies. Isn't that a kick in the pants.

Hopefully, when we can move around more prices will still be down. At least for a little while.

We leased a Honda HRV in Nov. of 2019. At least this stay at home order is helping to keep the milage down.

What are your gas prices? Our gas prices in S. WI are $1.29 a gallon. I would love to go somewhere.

Re: Gas Prices Are Low & We Can't Go.................

CrazyKittyLvr2 — Sun, 19 Apr 2020 14:50:13 GMT

@BeautyLver I assume you were addressing me. I wasn't complaining, but making an observation. My kick in the pants comment was meant to be lighhearted. I just find the situation ironic. Geez.

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pugvette74 — Sun, 19 Apr 2020 15:17:07 GMT

It helps us healthcare workers...

Re: Gas Prices Are Low & We Can't Go.................

DustRose — Sun, 19 Apr 2020 15:25:24 GMT

Costco in Monmouth County NJ $1.55 gal

Re: Gas Prices Are Low & We Can't Go.................

FLGranny — Sun, 19 Apr 2020 15:32:30 GMT

. My granddaughter got hired by a major airline right before the pandemic hit. What’s one of the biggest perks? Being able to fly anywhere for free! Except there’s a travel ban and she can’t go anywhere! Kinda like winning free pizza for life right after having weight loss surgery! Gotta love life!!!

Re: Gas Prices Are Low & We Can't Go.................

kitcat51 — Sun, 19 Apr 2020 15:37:29 GMT

Everyone who's working is grateful for the lower prices & volunteers are too...nobody is paying for our gas & the supplies we need everyday, we are. Yesterday I paid the lowest price so far, $1.00/gal for regular.

Re: Gas Prices Are Low & We Can't Go.................

Bhvbum — Sun, 19 Apr 2020 15:45:26 GMT

@Spurt wrote:
@Bhvbum wrote:
Supply is high because demand is now lower. When more businesses and people start using more, the prices will go back up.
@Bhvbum

The pandemic is only part of what's going on with the oil industry between the U.S./Russia/OPEC...and things are starting to change as of early April----

On 8 March 2020 Saudi Arabia initiated a price war with Russia, facilitating a 65% quarterly fall in the price of oil.[1] Over a few weeks, US oil prices] fell by 34%, crude oil fell by 26%, and Brent oil fell by 24%.[2] The price war was triggered by a breakup in dialogue between the Organization of the Petroleum Exporting Countries (OPEC) and Russia over proposed oil-production cuts in the midst of the 2019–20 coronavirus pandemic.[1] Russia walked out of the agreement, leading to the fall of the OPEC+ alliance. Oil prices had already fallen 30% since the start of the year due to a drop in demand.[3] The price war is one of the major causes and effects of the currently ongoing global stock-market crash.[4]

On 8 March 2020, Saudi Arabia announced unexpected price discounts of $6 to $8 per barrel to customers in Europe, Asia, and the United States. The announcement triggered a free fall in oil prices and other consequences that day, with brent crude falling by 30%, the largest drop since the Gulf War.[17][18] The West Texas Intermediate, a grade of crude oil used as a benchmark in oil pricing fell 20%. On 9 March 2020, stock markets worldwide reported major losses thanks in part to a combination of price war and fears over the coronavirus pandemic.

As demand continued to fall dramatically, oil prices went down further, reaching a 17-year low on 18 March where Brent was priced at $24.72 a barrel and WTI at $20.48 a barrel.[25]

On 2 April, US claimed that a reduction of 10-15 million barrels in production would be possible, citing negotiations between Russia and Saudi Arabia brokered behind the scenes. The following day, Russia stated that global production could be cut by 10 million barrels. In response to that statement, oil prices jumped.[26] Even with a 10 million bpd cut, the International Energy Agency estimated that global oil stockpiles will still increase by 15 million bpd. IEA's director, Fatih Birol, stated that 50 million jobs related to oil refining and retail was at risk globally.[27] US oil prices increased by 25% on 2 April, the biggest one-day increase in history. Brent oil increased to $32 on 3 April.[28]

I actually know all that and Trump's efforts to jump in and get Russia and the Saudi's out of their corners. The good news, the U.S. has a wealth of natural gas, the bad news we have agreed to curb production to boost prices. So It still all comes down to supply and demand.

Re: Gas Prices Are Low & We Can't Go.................

CrazyKittyLvr2 — Sun, 19 Apr 2020 15:43:33 GMT

@twinny70 Wow, you have us beat. The last I saw is was like $1.64.

Re: Gas Prices Are Low & We Can't Go.................

BeautyLver — Sun, 19 Apr 2020 15:47:35 GMT

@pugvette74 wrote:
It helps us healthcare workers...

Absolutely!! A family member who came out of retirement to work the front lines in her health field...is beyond thrilled. As she has quite a commute. There are so many at this time...a little added perk with lower gas prices helps a lot.

Please stay safe🙏🙏

Re: Gas Prices Are Low & We Can't Go.................

Still Raining — Sun, 19 Apr 2020 15:49:23 GMT

Ha! Had to drive my neighbor over to a hospital on the coast yesterday and they didn't get the memo as usual. What is it about coastal towns?