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gas prices may drop?

I believe South Carolina under $2.00. Paid 2.09 for 87 and 2.499 for 93 at Costco in NJ, worked out to 2.244/gal for 89.18 (blend 1/3 & 2/3). They had just lowered the price prior to my arrival.
 
ramButz said:
since we all are driving less now prices are dropping?

www.gasbuddy.com

Costco - 120 Township Blvd - Camillus, NY - GasBuddy.com

Costco in Camillus, NY. Carries Regular, Premium. Has Pay At Pump, Membership Required. Check current gas prices and read customer reviews. Rated 4.8 out of 5 stars.
www.gasbuddy.com www.gasbuddy.com
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Its not so much that demand is dropping as much as Saudi Arabia started an oil war with Russia because the opec+1 group couldn’t agree to throttle output. Russia said they will continue to produce. So Saudi Arabia said they would one up them and flood the market with oil, causing pain for everyone (the producers not the consumers). While this game of chicken is good for the consumers in the short run, if it drives the shale producers (in the US) out of business because of the low price/high cost to produce, this will ultimately hurt us because they will once again become the only game in town. That said, the pandemic has led to far less driving, less airline travel and a mild winter that is now over. You should expect VERY cheap gas for the foreseeable future.
 
Patsy1099 said:
Its not so much that demand is dropping as much as Saudi Arabia started an oil war with Russia because the opec+1 group couldn’t agree to throttle output. Russia said they will continue to produce. So Saudi Arabia said they would one up them and flood the market with oil, causing pain for everyone (the producers not the consumers). While this game of chicken is good for the consumers in the short run, if it drives the shale producers (in the US) out of business because of the low price/high cost to produce, this will ultimately hurt us because they will once again become the only game in town. That said, the pandemic has led to far less driving, less airline travel and a mild winter that is now over. You should expect VERY cheap gas for the foreseeable future.
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This. The company I work for went from 14 drilling rigs down to 2. We’re finishing up our current projects then shutting down until 2021.


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Bear217 said:
This. The company I work for went from 14 drilling rigs down to 2. We’re finishing up our current projects then shutting down until 2021.


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Hopefully that doesn’t put you in a hard spot. Good luck!
 
Prices have dropped considerably here in Manitoba Canada
 
Bear217 said:
This. The company I work for went from 14 drilling rigs down to 2. We’re finishing up our current projects then shutting down until 2021.


Sent from my iPhone using Tapatalk
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Do you know the barrel cost of oil to stay viable? How long can Saudi Arabia and Russia pull this battle off?
 
Saudi Arabia started an oil war at the the same time demand is way down. Lot's of people working form home or not at all and planes are sitting idle. I'm still commuting into the office every day but I will say traffic is way down, no stop and go can do the speed limit and then some.
 
A bit off topic, but I’m getting better milage due to less traffic. I live a bit north of Austin and have to commute 22 miles one way to work. But less traffic means no bumper to bumper and complete stops. And as of today, we’re working from home. I probably want have to fill up but every two weeks.
 
Jako said:
Do you know the barrel cost of oil to stay viable? How long can Saudi Arabia and Russia pull this battle off?
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Russia is in the red (pun intended) with oil under $50 a barrel so this is not good for them. They are the big losers in this. Saudi Arabia has a lot more rope. The US has become a big player but the timing of the oil war coupled with the economic damage being done by the coronavirus is a bad combo for the US.
 
NC diesel price 1.99 cheapest I’ve seen in years!!! Lol I pay more for unleaded then diesel lol when does that ever happen
 
I paid $1.759 a week ago, just north of Dallas

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$1.69 a gallon in Ky. Probably go down some more, it almost always does after I fill up
 
OPEC tried to do similar thing years ago, to destroy the US Frackers by increasing production and lowering prices, but it ended up making them more efficient and able to produce profitably at a lower price point. This is the reason why we haven't had crazy gas prices all these years, US Frackers balancing the power of oil.

This will however force US Frackers to shut down production temporarily, but once OPEC decides to start limiting production and prices go back up, the US oil industry can quickly start pumping again.

What this does to the Russian oil industry, not sure.
 
I'm happy for all of you that are seeing cheaper gas. With oil prices dropping to their lowest price in 18 years I expected to see a price drop at the pump. I put in 28.5 gallons yesterday at $3.09 per gallon. Same price I was paying a month ago. This was for Chevron and the station I use is 10 cents a gallon less than any of the other brand name stations. Costco and Arco are a little cheaper but I won't run Arco in my rig and I won't sit in the lines at Costco to save a couple bucks. We always have among the highest prices in the country.
 
Rick J said:
I'm happy for all of you that are seeing cheaper gas. With oil prices dropping to their lowest price in 18 years I expected to see a price drop at the pump. I put in 28.5 gallons yesterday at $3.09 per gallon. Same price I was paying a month ago. This was for Chevron and the station I use is 10 cents a gallon less than any of the other brand name stations. Costco and Arco are a little cheaper but I won't run Arco in my rig and I won't sit in the lines at Costco to save a couple bucks. We always have among the highest prices in the country.
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I thought here in California we had the highest, but apparently not. In San Diego, my local Costco for 87 is $2.85 and 91 is $3.05.

What's interesting is the cheapest name brand in my are (Chevron) is $3.39 for regular. We have a bit of a branded gas monopoly here in California, which results in lower competition and higher prices, not to mention our fuel taxes. But a 54 cent difference between Costco and brand name is way too much. That's an almost $11 difference if you fill up with 20 gallons.

Depending on when you go, sometimes there isn't really a line at Costco, even at the heaviest of times, a 10 minute wait is worth it.
 
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