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Oil Supply & Price Trends

moosehead

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Just as a matter of petroleum trends and expressly not as a political debate, we've watched oil bottom at the peak of the pandemic, to reaching circa $100 per barrel of crude in this Russia-Ukraine conflict.

Given the above, I was a bit surprised by this recent clip featuring Ed Morse, Citi's Head of Commodities, standing by their $65 per barrel guidance that they gave last December despite global conflicts and what appears to be inevitable Russian sanctions.

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moosehead

moosehead

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As of yesterday, there was news coverage of certain CA gas stations at $5.95/gal for premium.

U.S. Gas Prices Are Skyrocketing—How Much Worse Will It Get? (caranddriver.com)

This will be interesting to watch for a multitude of reasons. Will it moderate as US and middle east production increases to meet $100+ barrel pricing? Will Americans be willing to pay these prices to support sanctions, a small price relative to other global conflicts? Will it hasten the adoption of EV's, public transport, biking and walking, other?
 
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moosehead

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*laughs in europe pricing* we have it GOOD.
No doubt. Striking that the last time average US prices were at $4/gallon was 2008 yet there will be a ton of squawking.
 

jjswan33

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*laughs in europe pricing* we have it GOOD.
Exactly.. I remember my time near Geneva as a grad student. It took ~$75 to fill up my Opal Astra with a 1.4l four banger. Not sure the tank size but usually cost around 2 CHF/l or $8/gal.
 

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*laughs in europe pricing* we have it GOOD.
In Canada, in Vancouver for example, gas just went above $2 per liter, meaning $7.56 per gallon (in Canadian dollars).

I still remember in Feb 2013, when I had gotten my Volt, the pleasure I was having driving in front of gas stations and thinking, I can wait another week to put gas.
 

SANZC02

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As of yesterday, there was news coverage of certain CA gas stations at $5.95/gal for premium.

U.S. Gas Prices Are Skyrocketing—How Much Worse Will It Get? (caranddriver.com)

This will be interesting to watch for a multitude of reasons. Will it moderate as US and middle east production increases to meet $100+ barrel pricing? Will Americans be willing to pay these prices to support sanctions, a small price relative to other global conflicts? Will it hasten the adoption of EV's, public transport, biking and walking, other?
They are soft-balling it, per AAA as of 3/6/2022 the average for regular in California is 5.28, diesel is 5.59. There are several stations in LA over $7 and quite a few over $6 for regular.

We are primarily using the Tesla, patiently (?) waiting for the R1S.
 

moosetags

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I keep a log on Fuel purchases. I live in the Florida Panhandle where fuel prices are about as low as anywhere. We use Diesel fuel in our truck. The price for Diesel today at the Murphy Express is $4.28. I filled the truck up a week ago (02/25/22) and Diesel was $3.73. That's a 55 cent in crease in one week. Wow!

Now that EV's are becoming mainstream, I think that ICE vehicles will begin to fade and the demand for automotive fuels and their will begin to recede. Before you know it, convenient stores will have to offer EV charging station to get you in there to buy coffee, hot dogs, and beer.

Brian
 

SANZC02

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Filled up my Jeep GC today, 5.19 a gallon, per AAA CA average is 5.28. Fortunately most of our driving is the Tesla these days.

This was for 344 miles so works out to a gas charge of .28 per mile….

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Craigins

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If i take my Ram to 1/8th a tank I can't even fill up in one transaction.

Hopefully only a few months left!
 

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Tim-in-CA

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Expect traditional dealers to feel further emboldened to add even more ADM to EVs! Unfortunately, this situation is not going to disappear overnight and even when the price of oil drops the price of gasoline never drops as quickly as it seems to rise essentially overnight!

It is price gouging by both sides to take advantage of a bad situation!
 
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SANZC02

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Expect traditional dealers to feel further emboldened to add even more ADM to EVs! Unfortunately, this situation is not going to disappear overnight and even win the price of oil drops the price of gasoline never drops as quickly as it seems to rise essentially overnight!
There was already a news report out of LA this morning about premiums being placed on EVs by dealers.
 

Tim-in-CA

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There was already a news report out of LA this morning about premiums being placed on EVs by dealers.
Absolutely not surprising! Hopefully my Cadillac dealer will not renege on their promise to not charge more than MSRP for my Lyriq when it comes in in a few months. I’m beginning to question if that will happen Just like Mercedes did when I pre-ordered an E class cabriolet before The whole chip shortage issue forced them to charge me about 9K more for the vehicle. I obviously canceled.
 

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If i take my Ram to 1/8th a tank I can't even fill up in one transaction.

Hopefully only a few months left!

I'm in the same boat. Lately, my Duramax always takes two transactions to fill up.

Brian
 

Zoidz

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I filled my Avalanche about a week ago at $3.89, I was anticipating a jump. Some stations in my area are as high as $4.40 - $4.50 . Pennsylvania is in the top two or three states in fuel tax rate, and we have bridges falling down. :rolleyes:

This pricing is not going to end any time s00n..... The K1200RS will be getting some miles as soon as it warms up a bit.

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