$4.05 a gallon for Shell 93 octane in my AO [WARNING: NO POLITICS]

[mlee]

Originally Posted by 95 imp

Actually, we do. The whole shale oil thing broke the back of OPEC last time. Right now, there so many uncertainties that the US oil industry isn't investing or pumping oil.

There was a period a few years back where we were the world's largest oil producer.

Originally Posted by USMC85

America was the largest producer of oil and controlled the market price of oil only a year ago. Something changed and we no longer were the largest producer. It was almost over night and appeared to be on purpose. Why wouldn't someone want America to be energy independent?

Largest oil producer but @ only ~15% of the oil produced doesn't = controlling prices. We need way more than that which is the point I was trying to make.

[95 imp]

Originally Posted by mlee

Largest oil producer but @ only ~15% of the oil produced doesn't = controlling prices. We need way more than that which is the point I was trying to make.

Yes and no.

That extra 15% oversupplied the market and caused a glut. Prices dropped because of that.

OPEC would have to curb their production by 15% (which they weren't willing to do) in order to maintain the price per Bbl.


If OPEC ate the 15%, then prices would have remained the same.

[h422694]

Originally Posted by Aragorn

Current admin releasing oil reserves, and omicron could alleviate high prices. Hard to see the future is, however.

Releasing 50 million barrels is less than a 3 day supply. Biden has promised 18 million of that go to UK, Japan, S. Korea and China. Yes, China. That leaves less than 2 days supply. Does anyone really believe that will lower price at all.

[WhiteMale]

the release only really effected the market side, the supply side of it really wasn't and as noted the consumption rate and the released number of barrels is pretty miniscule in the scheme of things.

[Aragorn]

Originally Posted by h422694

Releasing 50 million barrels is less than a 3 day supply. Biden has promised 18 million of that go to UK, Japan, S. Korea and China. Yes, China. That leaves less than 2 days supply. Does anyone really believe that will lower price at all.

Yes 18m for sale abroad, 32m for us. At least they’re trying. Hopefully Russia and opec will do the same.

https://www.foxbusiness.com/politics...hina-india.amp

[Aragorn]

Originally Posted by Aragorn

Yes 18m for sale abroad, 32m for us. At least they’re trying. Hopefully Russia and opec will do the same.

https://www.foxbusiness.com/politics...hina-india.amp

“OPEC and a group of Russia-led oil producers agreed to continue pumping more crude, betting that pent-up demand in a post-lockdown world will outweigh any hit to economic activity by the recent permutations of Covid-19.

The Organization of the Petroleum Exporting Countries and allied producers led by Russia said Thursday they would raise their collective production by another 400,000 barrels a day in January. The group agreed earlier this year to boost output in such increments each month until production reaches pre-pandemic levels.

The White House had put pressure on the group to accelerate that pace. Many market watchers, meanwhile, expected the group, which calls itself OPEC+, to pause in opening taps any wider. That expectation came amid the uncertain economic impact of new travel bans going up to curb the Omicron variant and fresh lockdowns in places like Europe, which is suffering through another wave of the older, Delta variant

Saudi Arabia and Russia had previously debated such a pause, The Wall Street Journal reported, after the U.S. released stockpiled oil into the market in a bid to lower prices.“

[Rob3D]

Politics and the price of gas are inclusive.

[Joshinator99]

Filled up the daily driver yesterday (‘21 Expedited Limited 4WD)… wow…

[KingLT1]

Gas dropped to 2.95 around here. First time I have seen it below 3.00 in a while.

[Aragorn]

3.77g average here.

[1JEWLDSSRS]

Still 3.99 Shell prem here.

[0stones0]

$3.68 today. Premo 91. Car is under cover in the garage until spring so, not dealing with the premo price for now.
87 is $2.88.

[Silveradoss573]

All grades at my station except for E85 are roughly 4 cents cheaper since October.

[WhiteMale]

$3.59/gl/93 Leavenworth, KS 7 Dec