Gas prices going back up??

[coltle6920]

In my little corner of the World gas prices bottomed out around $1.65/gal. Didn't last long because in about 10days they went back up around 13¢/gal.

Certainly nothing to panic over other than States saying they wont have monies to do the roadwork that is needed. Where have we heard this excuse before?

 

[Rpg]

There are a few spots near me selling regular unleaded for $1.56 but most are 20-30 cents higher.

 

[spricks]

I only run premium gas. I paid $1.89 / gallon yesterday. I never looked at the reg price, but had to be a lot less.

 

[Justin T]

Enjoy those gas prices while you can. The oil and gas industry and its contractors are laying off FAST. If one is an employee in O&G it certainly IS something to worry about. The barrel price is cost prohibitive and operators don't want to invest in anything with the barrel price under $35.

Honestly you won't see a meaningful change in the pump price until the barrel price gets back up to that region.

 

[Rustyt1953]

Saudi Arabia, Russia and Mexico have called a truce in the oil price war and are reducing their daily oil output. Prices will creep up soon.

 

[Ματθιας]

Gas is $1.19. That's down about a $.05 from last week at least where I fill up.

 

[Justin T]

Saudi Arabia, Russia and Mexico have called a truce in the oil price war and are reducing their daily oil output. Prices will creep up soon.

Forgive me, but I'll remain bearish on this topic. Most in the market will agree that a 10mbpd cut leaves a still-significant 20m barrel per day still flooding the marketplace. Whiting has now filed chapter 11, several other majors are hiring debt restructuring consultants, baker hughes rig counts are still headed to zero, and major projects are being cancelled with major EPC companies going on furlough. A company I used to work for is scaling their OG&C office here in houston to 50% of what it is currently (down to about 500 maybe) and the company as a whole is laying off 35% of its workforce across the globe.

Natural gas is not that far behind and will see similar results if not they arent careful. And there is no OPEC-type group for natural gas.

Sorry for the lack of positivity, but I'm living it and do not think US influencers will have the influence they claim.

 

[muddocktor]

Adding to the facts posted by Justin T above, is the Covid 19 thing that's ongoing too. I work on drilling rigs and am presently sitting a land job in East Texas and Covid 19 is definitely playing a factor in how we operate. Most of the regulars on the rig are staying on location and everyone keeps an eye out for symptoms, but any other third party people that come out are temperature checked as well as looked at for other symptoms. Offshore is especially bad I've heard, since when you are out there you are literally in everyone else's face and there have been cases of Covid 19 causing significant evacuations of sick personnel out there. At least here on the land rig I stay in my trailer/lab by myself and I can limit contact with the third party people.

One of the customers the company I work for has went and shut down all offshore drilling until after hurricane season because of low oil prices and Covid 19. They had been keeping 2-3 rigs drilling out there since the early 2010's.

 

[Wingmaster]

$50.00 a barrel oil would be a happy medium. Gas prices wouldn't be too high and all these people in my area that keep our economy going would go back to work.

Wingmaster

 

[Narragansett]

In my little corner of the World gas prices bottomed out around $1.65/gal. Didn't last long because in about 10days they went back up around 13¢/gal.

Certainly nothing to panic over other than States saying they wont have monies to do the roadwork that is needed. Where have we heard this excuse before?

I do not think gas revenue taxes are expressed as a percentage per gallon but rather a fixed price per gallon. I think. Revenues will be down because of demand.

I foresee the demand as being low for some time, regardless of the price. With COVID-19 and mass unemployment I see a lower than normaldemand for over a year, regardless f the price

Just my .02

 

[ericrlarson]

I can attest that this is not good for oil and gas workers. So many are without work right now.


Sent from my iPhone using Tapatalk

 

[SC_Mike]

My son is taking online classes and the grocery store is 4 miles from his place. He's had the same tank of fuel for 4 weeks now.

 

[bummer]

I live in Pennsylvania, what are these low gas prices you speak of

 

[coltle6920]

I live in Pennsylvania, what are these low gas prices you speak of

Have you tried the "Gasbuddy" site? Doesn't help if you're not close to a cheap station but prices are down around $1.60/gal in some areas.

 

[coltle6920]

I do not think gas revenue taxes are expressed as a percentage per gallon but rather a fixed price per gallon. I think. Revenues will be down because of demand.

Just my .02

You're right... Taxes are fixed per gallon. Didn't mean to suggest a correlation between my two sentences.

 

[Tubbsy]

Price hasn't really dipped below $2 a gallon here...

 

[muddocktor]

I just checked the GasBuddy app and around where I am at in East TX, it looks like several stations have regular at $1.35/gal.

 

[Golddollar]

I live in Pennsylvania, what are these low gas prices you speak of

PA has the second highest gas taxes in the country.

 

[HOUSTON RICK]

As a Houstonian, I quietly cheer any increase in gas prices. At $24.09 for a barrel of West Texas Intermediate, I have little to cheer about.

 

[xray97]

Yeah, we "plummeted" to about 2.39/gal. around here.