nrslam | 474 Posted April 1, 2020 Share Posted April 1, 2020 Saw $1.97 today, 30 cents cheaper than just 3 days ago. Looks like my $1.50 prediction is in trouble. Link to comment Share on other sites More sharing options...
Aguy | 772 Posted April 2, 2020 Share Posted April 2, 2020 It's dropped a $1 in the past 3 weeks here in San Diego ($3.50 -> $2.50). It sucks that gas gets so cheap once I don't have anywhere to go. Link to comment Share on other sites More sharing options...
Tanooki | 4,932 Posted April 2, 2020 Share Posted April 2, 2020 $1.98 to $1.92 at the same station from 2 days ago. Seems like a natural slide for this area in that time frame so I'm not certain how much farther it'll go under. At some rate, taxes aside, it still stop, as they're not going to frack/pump and then refine it for free. Link to comment Share on other sites More sharing options...
RH | 4,903 Posted April 2, 2020 Author Share Posted April 2, 2020 7 hours ago, Tanooki said: $1.98 to $1.92 at the same station from 2 days ago. Seems like a natural slide for this area in that time frame so I'm not certain how much farther it'll go under. At some rate, taxes aside, it still stop, as they're not going to frack/pump and then refine it for free. Well, they might get close to that. I'm honestly not sure of how this business works but it is built on a literal flow of oil. Often when any industry is built on continual movement, it is a massive burden to stop flow and to turn it back on. If the reserves are 100% to capacity, they could theoretically start paying to have it offloaded. We won't see "free gas" but those savings will start to trickle into the prices at the pumps because gas stations are far removed from the source but yes, refineries could be paid to take the oil, which they could turn around and distribute for free/practically free. And they could still be profitable if they are getting paid enough to take the surplus, although probably marginally profitable at best. And convenient stores often already slash their gas prices to be as slow as they can with only a few cents on a gallon being profit, but they could completely drop that if they are desperate. And negative oil prices have happened before. Quote Case in point: In the aftermath of the last major downturn four years ago, a North Dakota sour crude was briefly priced at negative 50 cents a barrel before being revised to a mere $1.50. Source: https://www.bloomberg.com/news/articles/2020-03-19/the-idea-of-negative-oil-prices-is-more-realistic-than-you-think It's crazy to think but it is possible that gas could get so cheap for us that all we are all only paying tax and distributors costs to get the gasoline to the gas stations. Link to comment Share on other sites More sharing options...
SpoonMan Abrams X | 697 Posted April 3, 2020 Share Posted April 3, 2020 Prices in my area are right at the $1.50 cusp (literally saw 1.499 today when leaving work). Should be sub 1.50 by this weekend. Link to comment Share on other sites More sharing options...
Tanooki | 4,932 Posted April 3, 2020 Share Posted April 3, 2020 I saw 1.90 earlier ago when I went out to grab something. I've heard of negative pricing, just seems insane, but you got to do what you have to to move stock. It's just a nasty little trifecta of US oil coming back, 2 oil powers fighting it out elsewhere undercutting each other, and then the virus. Don't drive much/at all, gas isn't being used. Link to comment Share on other sites More sharing options...
SpoonMan Abrams X | 697 Posted April 11, 2020 Share Posted April 11, 2020 Sub 1.50 earlier this week when I filled up Link to comment Share on other sites More sharing options...
Skorp | 383 Posted April 11, 2020 Share Posted April 11, 2020 1.15 today in Dallas. I filled up full under $16. Link to comment Share on other sites More sharing options...
Ferris Bueller | 495 Posted April 11, 2020 Share Posted April 11, 2020 7 hours ago, Skorp said: 1.15 today in Dallas. I filled up full under $16. We're about to hit Y2K! Link to comment Share on other sites More sharing options...
RegularGuyGamer | 2,012 Posted April 11, 2020 Share Posted April 11, 2020 Is it a bad time to be a gas station? Do they typically see a profit from gas sales? Link to comment Share on other sites More sharing options...
nrslam | 474 Posted April 11, 2020 Share Posted April 11, 2020 $1.75 at our low-price leader, but to be fair they're an anomaly. Only a few other stations have fallen below $2 and most of the name-brand stations are still at $2.29 or so. Also sounds like the oil war between Russia and OPEC may be ending so prices will probably stop falling at the wholesale level soon. The stay-at-home orders have reduced demand so that'll still pressure prices downward. Link to comment Share on other sites More sharing options...
RH | 4,903 Posted April 11, 2020 Author Share Posted April 11, 2020 2 hours ago, RegularGuyGamer said: Is it a bad time to be a gas station? Do they typically see a profit from gas sales? Most don't make profits. Gas stations in bigger cities tend to do better and the ones making a killing are near the airports where you'd drop off your rental car. I kid you not, I've seen some with gas as much as $1/gallon more than other stations in a region, just because they could. Link to comment Share on other sites More sharing options...
Jeevan | 8,910 Events Helper · Posted April 11, 2020 Share Posted April 11, 2020 1.25 filled up today, 8 bux for 6.5 gallons. Gas stations make little to no profit on gas, they have it lower than their rivals so they can draw u in to get a drink or a candy bar. Those are always higher remember, that is where they make their money. Link to comment Share on other sites More sharing options...
Tabonga | 2,317 Posted April 12, 2020 Share Posted April 12, 2020 I went by one of the KIng Soopers that I often get gas at - it was $1.56 a gallon. Didn't get any since I have a half tank still and since we are not driving much that will last me at last two weeks before I get to a 1/4 tank (which is when I normally fill up.) Link to comment Share on other sites More sharing options...
drxandy | 3,225 Posted April 13, 2020 Share Posted April 13, 2020 1 Link to comment Share on other sites More sharing options...
MachineCode | 159 Posted April 13, 2020 Share Posted April 13, 2020 I haven't left the house in a week now, but we were at an even $2.00 in South Jersey on Tues. I don't plan on leaving again until next week for a food run so I'll report back then. Idk what I'll do if it gets down to sub $1 early 90's prices. Link to comment Share on other sites More sharing options...
Bonanza125 | 55 Posted April 14, 2020 Share Posted April 14, 2020 I wish California had gas prices below $2 a gallon. 1 Link to comment Share on other sites More sharing options...
Tanooki | 4,932 Posted April 15, 2020 Share Posted April 15, 2020 12 hours ago, Bonanza125 said: I wish California had gas prices below $2 a gallon. I remember that, it was 2002-03 last I think. When I left the state the first time in Dec 2002 I remember it being 1.87 only because I was surprised here how it was like 1.19 and people were coming off as ingrates to me whining it was over a dollar. I'd tell them what I had just paid weeks earlier, they'd stop. Link to comment Share on other sites More sharing options...
darkchylde28 | 1,546 Posted April 15, 2020 Share Posted April 15, 2020 I paid $1.39/gal yesterday to fill up after not being able to get close to the place down the road that had it at $1.19/gal. I had to run out to pick up my wife's prescription (because our insurance refuses to pay for a 90 day fill at our regular pharmacy, only at the one that can't get the paperwork right and wants to charge us $800/mo versus $10/mo), saw the cheap gas place on the way down with 2 cars filling up and one waiting. I figured I'd get gas there on the way back and save a bit of money (with the grocery store's/pharmacy's pumps at $1.59/gal), only to find the entire parking lot of the place totally full as well as people sitting in the road (off to the side, but still in the road) waiting to get in. I noped right out of that and straight into $1.39/gal right below our house, lol. Link to comment Share on other sites More sharing options...
nrslam | 474 Posted May 12, 2020 Share Posted May 12, 2020 Looks like my initial guess was pretty accurate. Got down to $1.51 at a few stations just a week ago, and has now bounced back up to $1.79. Sure is going back up faster than it came down. Link to comment Share on other sites More sharing options...
RH | 4,903 Posted May 12, 2020 Author Share Posted May 12, 2020 25 minutes ago, nrslam said: Looks like my initial guess was pretty accurate. Got down to $1.51 at a few stations just a week ago, and has now bounced back up to $1.79. Sure is going back up faster than it came down. It always does. Sellers really don't want to lower their prices anymore than they have to and in an effort to get back to desirable profit levels, all of the whole sellers will look for a reason to spike the price. I've not paid attention in a while. Are the stockpiles being stockpiled again? Have they found a place to put all of that negatively priced oil? Link to comment Share on other sites More sharing options...
Tabonga | 2,317 Posted May 12, 2020 Share Posted May 12, 2020 I filled up on Saturday at $1.33 a gallon. I drove by the same place today and it was at $1.53 a gallon. Not sure what is happening with that. Link to comment Share on other sites More sharing options...
captmorgandrinker | 1,649 Administrator · Posted May 12, 2020 Share Posted May 12, 2020 1 minute ago, Tabonga said: I filled up on Saturday at $1.33 a gallon. I drove by the same place today and it was at $1.53 a gallon. Not sure what is happening with that. All ours has shot up to 1.89 a gallon, from a low of around 1.15 locally. It went up in 20 cent chunks about every 2 days. Link to comment Share on other sites More sharing options...
Tabonga | 2,317 Posted May 12, 2020 Share Posted May 12, 2020 1 minute ago, captmorgandrinker said: All ours has shot up to 1.89 a gallon, from a low of around 1.15 locally. It went up in 20 cent chunks about every 2 days. I wonder if enough people are driving more that it has sucked up much of the surplus from the refineries - or maybe they have dropped production somewhat. I know that the few times I go out there seems to be more and more traffic than even a few weeks ago. (The crude surplus is another story since that seems to be a problem of where to store it.) Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,104 Posted May 12, 2020 Share Posted May 12, 2020 4 minutes ago, captmorgandrinker said: All ours has shot up to 1.89 a gallon, from a low of around 1.15 locally. It went up in 20 cent chunks about every 2 days. Same here. A week ago it was $1.35 and it's up to $1.95 now. Link to comment Share on other sites More sharing options...
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