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Thread: Gas prices

  1. #97
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    Re: Gas prices

    Quote Originally Posted by Laxdad24 View Post
    Oil production is up. Yes most if not all commodities prices went up ...most due to oil. With Covid , the Texas “freeze” and Russia and China driving things in the Moddle East ...production was down. Hence the higher price per barrel. Now the US and Canada have increases production, putting pressure on OPEC to follow suit.


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    That is simply not true, the price of commodities went up in almost all areas. The production of oil was down 8 % in 2020.

    When you increase the money supply and produce less goods and services, the price will go up for the goods and services. Basic economics. Nothing to do with business men profiting. The businesses have to out their prices up to stay solvent.





  2. #98
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    Re: Gas prices

    Sorry Lax I misread your post, I thought you said the price of commodities went down for some reason.

    However, oil production was down 8 % in 2020, so overall the production of oil is still lower than it was this time last year





  3. #99
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    Re: Gas prices

    Quote Originally Posted by leachisabeast View Post
    Sorry Lax I misread your post, I thought you said the price of commodities went down for some reason.

    However, oil production was down 8 % in 2020, so overall the production of oil is still lower than it was this time last year
    All good. And you’re right. 2020 was a down year. Mostly due to Covid but also Russia and China trying to strong arm the Middle East.

    Production is on the up now and that’s all we can hope for here.


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  4. #100
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    Re: Gas prices

    Quote Originally Posted by Laxdad24 View Post
    I’d say wait. If WTI is still falling ...pump price will follow. Despite what Will says ..pump prices always drop slower than increase. Big Oil wants all their money now. So once they spike the pump up ...it slowly comes down. It’s basically legal gouging. Just watch WTI.


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    Coming from the guy that said the price fell 12 cents. Just saying. Its only down about 5 bucks a barrel since mid March but you know it moves reeeeeaaaaalllll sloooooowww.





  5. #101
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    Re: Gas prices

    Quote Originally Posted by Laxdad24 View Post
    So when was WTI $68 a barrel?

    Here’s the last 3 months.


    Peaked at $66. Steady decline since. Pump prices peaked ...last week? Decline started today. Slow


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    I was using roundabout numbers but brent crude prices is usually the needle mover not WTI and brent crude in mid march was almost 70 dollars a barrel.





  6. #102
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    Re: Gas prices

    Quote Originally Posted by Willbacker View Post
    Coming from the guy that said the price fell 12 cents. Just saying. Its only down about 5 bucks a barrel since mid March but you know it moves reeeeeaaaaalllll sloooooowww.
    Dude. I posted how the pump prices works.

    Gas stations pay a “today” price for gas. If it’s higher than yesterday they bump the prices up immediately as they make very little per gallon anyway. But when the price drops ..they are slow to lower prices since now they’re making more per gallon without doing anything extra. Most places keep the price up until the competition lowers theirs beyond where they can still sell. I’m not an economist it this makes perfect sense to me. If I can buy lower but still sell at the higher price ...why would t I?

    Barrel prices will fluctuate based on futures. Kinda like how gas always goes up every May heading into the Summer driving season. Then it magically lowers before fall ...usually after Home Heating prices are locked in.


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  7. #103

    Re: Gas prices

    Quote Originally Posted by Laxdad24 View Post
    Dude. I posted how the pump prices works.

    Gas stations pay a “today” price for gas. If it’s higher than yesterday they bump the prices up immediately as they make very little per gallon anyway. But when the price drops ..they are slow to lower prices since now they’re making more per gallon without doing anything extra. Most places keep the price up until the competition lowers theirs beyond where they can still sell. I’m not an economist it this makes perfect sense to me. If I can buy lower but still sell at the higher price ...why would t I?

    Barrel prices will fluctuate based on futures. Kinda like how gas always goes up every May heading into the Summer driving season. Then it magically lowers before fall ...usually after Home Heating prices are locked in.


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    Gas prices increase in the summer for two reasons.

    Increased demand with people traveling for vacations
    Seasonal additives





  8. #104
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    Re: Gas prices

    Quote Originally Posted by Laxdad24 View Post
    Dude. I posted how the pump prices works.

    Gas stations pay a “today” price for gas. If it’s higher than yesterday they bump the prices up immediately as they make very little per gallon anyway. But when the price drops ..they are slow to lower prices since now they’re making more per gallon without doing anything extra. Most places keep the price up until the competition lowers theirs beyond where they can still sell. I’m not an economist it this makes perfect sense to me. If I can buy lower but still sell at the higher price ...why would t I?

    Barrel prices will fluctuate based on futures. Kinda like how gas always goes up every May heading into the Summer driving season. Then it magically lowers before fall ...usually after Home Heating prices are locked in.


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    So gas stations are now big oil. Let the pigeons loose.





  9. #105
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    Re: Gas prices

    Quote Originally Posted by CarrollCoRaven View Post
    I remember the days when people were paying rates of 18% and more on their mortgage. That definitely helped you get there. My first mortgage interest rate was at 13%. I assumed the loan of the previous owner when I bought my first condo. !3 % was an unheard of rate at the time so I jumped on it. My have times changed.
    Very true. I feel lucky to have never had to be in the housing market when rates were above 5%

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  10. #106
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    Re: Gas prices

    Hmmmmm.....wonder how the price of gas is doing? Nationally the avg price is 3.02 a gallon. Never went over 3.00 with Trump just saying....... took only a little over 3 months with Dementia Joe. I wouldn't worry tho we'll have govt operated charging stations and some govt run high speed rail real soon when we get oh I don't know maybeeeee 6 tril. Until then delivery specialists getting stuff to the stores or your home will just have to shoulder the burden a little more. No biggie.





  11. #107
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    Re: Gas prices

    Ransomware attack on Colonial Pipeline is going to have impact on the gas prices.
    Disclaimer: The content posted is of my own opinion.





  12. #108
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    Re: Gas prices

    Quote Originally Posted by wickedsolo View Post
    Ransomware attack on Colonial Pipeline is going to have impact on the gas prices.
    Very possible but thats not the main reason right now. Hell we can't get guys to drive tankers. They'd rather work for Amazon Prime or collect free money.





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