A good time to own an EV - Gas Prices about to go nuts [LOCKED DUE TO POLITICS]

[Sgt Beavis]

Oil hit $92 a barrel today and RBOB wholesale gasoline has climbed as high as $2.76. Retails prices are usually about $1.00 over the wholesale price, though it can be higher or lower. So we're getting closer to $4.00 gas.

RBOB price: https://www.cnbc.com/quotes/@RB.1

West Texas Intermediate Crude: https://www.cnbc.com/quotes/@CL.1

ICE Brent Crude: https://www.cnbc.com/quotes/@LCO.1

Meanwhile Natural Gas was at $3.28 before dropping down to $3.16. https://www.cnbc.com/quotes/@NG.1

If you're getting your electricity from NG, you should be relatively OK.

If you're charging on solar, I'm very jealous of you right now.

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[mkg3]

It's short term effect. Both oil and gas prices will drop before the summer driving season.

 

[JEV]

It depends on how long the war in Iran goes on. 20% of the global oil supply has to go through the Straight of Hormuz. The bigger impact on supply is for Asia and Australia. Global prices still impact us here in the US. I'm glad I invested in Solar PV on my home !

 

[blipit]

Highest prices for regular gas in last 10 years was June 2022. Just under $5/gal. Oil prices at the time were $122/barrel.

Current AAA reg avg is $3.32. We have a ways to go.

 

[Great Gatsby]

It's short term effect. Both oil and gas prices will drop before the summer driving season.

Historically, I feel like the opposite happens. Don't gas prices peak around Memorial Day?

 

[Cycliste]

What’s Going on With Shipping (https://youtube.com/@wgowshipping) is a great source of shipping analysis. War risk insurance with much higher premiums is again being written, but ship owners are still holding out on transiting the Strait of Hormuz.

 

[lefkonj]

What? Is something happening? Thought we had the great PEACE leader up there stopping all of this.

 

[DuoRivian]

What? Is something happening? Thought we had the great PEACE leader up there stopping all of this.

Let’s keep it on topic.

 

[Stainer85]

I would say Lefkonj’s comment is fair. Simple cause and effect.

 

[shamoo]

Cries in California. We've been at low to mid $5s forever now haha.

That feeling when your buddies in other parts of the country talk about gas in the $2 range. :'(

Fortunately:
- I have a Rivian eV
- My wife drives an ICE car but maybe 5-8 miles a day only
- I have a road legal dirt bike which gets like 68mpg which I ride rarely
- I have a fun car that I might put $10 in gas in once a month since I drive it so rarely. I guess it'll be $20 a month after all this stuff going on.

 

[UnsungZero_OldTimeAdMan]

I am frankly amaze by the number of my fellow Californians who have never learned from each time the price hit $7/ga. Each time is never the last time. This time, as they cry, I will be having popcorn with shades on.

What? Is something happening? Thought we had the great PEACE leader up there stopping all of this.

True. But there are others, pre-existing, compounding to it. The CA fuel tax makes each spike even more painful for Californians.

 

[DB-EV]

Oil hit $92 a barrel today and RBOB wholesale gasoline has climbed as high as $2.76. Retails prices are usually about $1.00 over the wholesale price, though it can be higher or lower. So we're getting closer to $4.00 gas.

RBOB price: https://www.cnbc.com/quotes/@RB.1

West Texas Intermediate Crude: https://www.cnbc.com/quotes/@CL.1

ICE Brent Crude: https://www.cnbc.com/quotes/@LCO.1

Meanwhile Natural Gas was at $3.28 before dropping down to $3.16. https://www.cnbc.com/quotes/@NG.1

If you're getting your electricity from NG, you should be relatively OK.

If you're charging on solar, I'm very jealous of you right now.

What up dude!

I got solar in with a powerwall under the last admin. It is a pretty cool arbitrage opportunity, but I didn't realize it is also a good inflation hedge.

I pay 20 per month to be hooked up, and my 15 year loan costs less to service monthly than my pre rivian electric usage.

Fast forward a few years, and I have the OG R1s launch edition and my wife commutes in a used bolt (beastly vehicles if you can dodge the battery issue). We have like 12 mos worth of charging banked with our utility.

The pendulum will swing and it will be easier to do solar installs.

 

[lefkonj]

It’s just more of an example that we need to reduce our dependence on oil period. It should be for things we can't replace right now like fueling planes and several other things. No reason we aren’t running at EVs as a country except the fact these POS take so much money from our tax subsidized oil Companies.

 

[DB-EV]

Highest prices for regular gas in last 10 years was June 2022. Just under $5/gal. Oil prices at the time were $122/barrel.

Current AAA reg avg is $3.32. We have a ways to go.

I wonder if the consumer economics (gas shock) will reign in what is happening.

 

[BigSkies]

There's a lot of ways this can go. With gulf production being shut down because of lack of transport, this could get bad pretty fast.

The number I saw is that about 6m/bpd of production could go offline if transport isn't resumed in the next few weeks. That's about 6% of global oil production, and prices could skyrocket.

Of course, there could be a declaration of "mission accomplished" (regardless of actual results) and the whole thing is over tomorrow. That's probably what will happen the moment things actually get bad.

Sustained, $90+ oil will do more for the energy transition than EV tax credits ever would.

I'm grateful I cut my dependence on hydrocarbons over the last five years. My home and vehicles are all electric, and it's solar powered. My last two things powered by hydrocarbons are my propane bbq and my backpacking stove. I think I'll be alright. Now is still a good time to make these changes in your life.

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