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re: Gas prices have went up .40 in my area in the past week
Posted on 5/6/20 at 3:51 pm to CatsGoneWild
Posted on 5/6/20 at 3:51 pm to CatsGoneWild
Was watching a show from 2011 today and they were at a gas station and it was $3.89 for regular. I did a double take when I saw that 
2
Posted on 5/6/20 at 4:02 pm to LesGeaux45
Went from 1.19 to 1.59 in 4 days in rural WI.
Considering the current surplus that seems odd.
Considering the current surplus that seems odd.
Posted on 5/6/20 at 4:02 pm to LesGeaux45
Probably California or up East.
Posted on 5/6/20 at 4:09 pm to CatsGoneWild
quote:C'mon, man!
Gas prices have went up .40 in my area in the past week
Posted on 5/6/20 at 4:11 pm to Sao
Still $1.80 here. 
Posted on 5/8/20 at 3:26 pm to fishfighter
Add another .10. $1.89 here. I got it for 1.19 on Sunday. Smh
Posted on 5/8/20 at 3:36 pm to CatsGoneWild
Here is what you should really prepare for. The glut and celebration of cheap gas has resulted in an almost total shut down of upstream. With no upstream you have no supply. Once that supply shortage hits you will be paying $3+ dollars a gallon for gas again. Enjoy it while you can.
Posted on 5/8/20 at 3:37 pm to redstick13
The interesting thing is while gas went up 40 cents in 4 days diesel has been on 1.99 for weeks without budging.
Posted on 5/8/20 at 3:42 pm to BuckyCheese
I'm not downstream knowledgeable but I would think that has to do more with the refining costs. What concerns me the most right now is the possibility that oil prices have the potential to spike while the economy is in a full recovery.
Posted on 5/8/20 at 3:48 pm to White Roach
quote:
They're definitely fricking us.
Since I'm officially out of the oilfield for the time being I laugh at all yall
No dog in the fight anymore. Government pays for my fuel
Posted on 5/8/20 at 3:48 pm to Louie T
quote:
It's almost as if gasoline is an independently traded commodity that can trade on its own fundamentals and the R^2 between oil & gasoline isn't 1. Who would have known?
Right, but it does seem outrageous (since, ya know, gasoline is derived from crude oil) that oil price has dropped 60% and gasoline has dropped half that (30%) since Jan 2020 contracts expired.
This post was edited on 5/8/20 at 3:54 pm
Posted on 5/8/20 at 3:50 pm to hubertcumberdale
You will pay. There is nothing you can do but buy a bicycle
Posted on 5/8/20 at 3:51 pm to Nado Jenkins83
quote:
You will pay. There is nothing you can do but buy a bicycle
No clue what this means...I was commenting on WTI and gasoline being totally disconnected wrt % decline since Jan 2020
Posted on 5/8/20 at 3:53 pm to hubertcumberdale
You said it seems outrageous. Why does it even matter when you cant do anything about it but buy a bicylce
Posted on 5/8/20 at 3:54 pm to hubertcumberdale
quote:
Right, but it does seem outrageous that oil prices has dropped 60% and gasoline has dropped half that (30%) since Jan 2020 contracts expired
Gas stations operate independently from oil companies. Oil companies sell an unrefined product and do not dictate what gas stations charge you to fill up your tank with a refined product. Yes at one time gas stations were mostly owned by oil companies but that was 40+ years ago.
This post was edited on 5/8/20 at 3:56 pm
Posted on 5/8/20 at 4:10 pm to Nado Jenkins83
Since 1992, WTI and Gulf Coast PADD 3 gasoline have an R^2 of 0.96, meaning I can predict the price of either 96% of the time if I know one of the other. WTI closed today at $24.62/bbl. Based on the correlation, this implies that gas prices should cost $1.30/gal, when it is currently being sold around $1.50/gal (Gulf Coast PADD 3 EIA). So I suppose it is not as outrageous as I initially thought.
ETA: The outlier in the bottom left just north of $1.50/gal and less than $20/bbl is the April 2020 outlier (1.572/gal; $16.55/bbl).
ETA: The outlier in the bottom left just north of $1.50/gal and less than $20/bbl is the April 2020 outlier (1.572/gal; $16.55/bbl).
This post was edited on 5/8/20 at 4:29 pm
Posted on 5/8/20 at 4:14 pm to hubertcumberdale
Based on that looks like you got a deal when oil was above 120
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