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Respected Contributor
Posts: 3,596
Registered: ‎05-11-2013

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

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.

Respected Contributor
Posts: 3,696
Registered: ‎04-19-2010

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

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

Respected Contributor
Posts: 3,998
Registered: ‎08-08-2011

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

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

Respected Contributor
Posts: 2,164
Registered: ‎07-18-2010

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

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

Trusted Contributor
Posts: 1,033
Registered: ‎04-28-2010

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

[ Edited ]

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!!

Honored Contributor
Posts: 12,844
Registered: ‎03-09-2010

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

@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. 

 

 

Honored Contributor
Posts: 11,158
Registered: ‎03-15-2014

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

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!

Super Contributor
Posts: 407
Registered: ‎09-09-2018

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

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.

Respected Contributor
Posts: 4,507
Registered: ‎03-09-2010

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

And traffic accidents and fatalities are way down.
Honored Contributor
Posts: 27,386
Registered: ‎03-20-2010

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


@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]

 

Animals are reliable, full of love, true in their affections, grateful. Difficult standards for people to live up to.”