Gasoline Is Selling for 12 Cents a Gallon and Nobody Wants It

Gasoline prices are very low, almost everywhere. This is due mostly to the tension between Saudi Arabia and Russia....both of which have been flooding the market. This Virus is also causing demand to be cut substantially as people are driving far less.

However, enjoy it while it lasts. U.S. producers are running out of places to store their products, and even contemplating shutting down many of their operations if this continues much longer. At some point, life will return to normal, people will be clogging the highways, surpluses will run low, SA and Russia will reach an agreement, U.S. producers will take weeks to catch up with demand.....AND then, we will be cussing $4 a gallon again.
 
MickaC said:
Gas here is down to 74.9 cents a litre, before Civid19, was anywhere from 1.15 to 1.30 per litre.
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for unleaded our nearest supermarket petrol station is selling it at £1.01 per litre... that's the cheapest in the area and has been the cheapest in a very long time .. .. BP garages are selling for 9 pence a litre more...
 
Right now, we have an oil glut in this country. I have read that there are tankers of oil sitting in our harbors and no place to unload it.
 
30+ years in the offshore production business I can tell you salaries and hours are being cut and layoffs and halting of projects is ongoing. On the small bright side if and only if the producer has the money they will continue with contracts already signed and simply store the equipment until good times return but there are warehousing or storage costs to be considered.
 
fmdog44 said:
30+ years in the offshore production business I can tell you salaries and hours are being cut and layoffs and halting of projects is ongoing. On the small bright side if and only if the producer has the money they will continue with contracts already signed and simply store the equipment until good times return but there are warehousing or storage costs to be considered.
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I also understand that there is a storage availability problem right now. No where to put the oil that is being pumped. Isn’t light sweet crude used to produce gasoline? Doesn’t light sweet come from Texas and Oklahoma?
 
Oil is Crashing....down to minus $36 a barrel, as of a few minutes ago....down almost 300% from yesterday's futures. The stock market is taking another hit, as a result. A few months from now, when several of the major suppliers and refineries have shut down, the price of gas will spiral upwards to levels never before seen. Thank you, Russia, Saudi Arabia, and CV-19.
 
I think it's stupid to offer low prices when we're not allowed to go anywhere. I mean honestly, WTH is the point?

Just like at work...they gave us essential workers 50% off at Big Lots. In the middle of a pandemic when we've been advised to curb shop. I mean come on!
 
WhatInThe said:
I'll take the good stuff ie I'm treating my car to premium every fill, even the lawn mower is getting premium
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That's a real good idea, especially for a vehicle that may not see much use during this epidemic. The Ethanol in most fuel absorbs moisture, and if left sitting long enough, it can begin to clog up the injectors, etc. I did the same with our vehicles, and since the car hasn't been used since mid February, I start it up once a week and let the engine run until the temperature gauge reaches Normal....that keeps the battery charged, and the engine lubricated. I would recommend running the engine for a few minutes, every few days, to anyone who may not do much driving in coming weeks
I even run a couple of tanks of Premium in my mowers when the end of mowing season approaches. That way, I don't have to fool with clogged carburetors when Spring comes.
 
You nailed it with the ethanol in gas.

Besides moisture it can leave a residue which I read where some even use premium fuel as a gas line/part cleaner/ tank dryer of sorts in lawn mowers. I've used and improved it's performance and didn't get wet gas/water in tank problems in the mower. We had up and down weather one year and I had just disassembled the mower engine to clean and dry the tank. Less than two months later had same issues so after using up a bottle of gas line dryer because I didn't want to disassemble again I switched to premium gas which did the same.
'
 
I filled my tank before the virus. I got in it last week just to see if it would start. The gage is still reading over the 'full' line. But, my lawn tractor needs fuel... is it worth going out just for that? hmmm... I think I'll wait.
 

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