Harry Le Hermit
Member
That could be said for a lot of the world's ills. As that old saying goes... "the road to hell, is paved with good intentions."
U.S. pump prices and projections
- Thread starter Harry Le Hermit
- Start date
horseless carriage
Well-known Member
UK fuel duty is charged at a flat rate of 52.95 pence per litre for both petrol and diesel. In addition to this, 20% Value Added Tax is charged on top of the product price and duty combined, meaning tax (duty + VAT) typically accounts for over 50% of the total price per litre paid at the pump. There's three and three quarter litres in a US gallon.
StarSong
Awkward is my Superpower
- Location
- Sunny Southern California ♥
Yeah, silly us to consider air pollution and climate change as serious health and planetary problems.
Guess we're just a bunch of crazy hippies.
RambleTamble
Senior Member
- Location
- U.S.
Traders placed over $1bn in perfectly timed bets on the Iran war. What is going on?
Sixteen bets made $100,000 accurately predicting the timing of the US airstrikes against Iran on 27 February. Later, a single user would make over $550,000 after betting that Ayatollah Ali Khamenei would topple, just moments before his assassination by Israeli forces. On 7 April, right before Donald Trump announced a temporary ceasefire with Iran, traders bet $950m that oil prices would come down. They did.
These bets and other well-timed wagers accurately predicted the precise timing of major developments in the US-Israel war with Iran, creating huge windfalls and raising concerns among lawmakers and experts over potential insider trading.
Traders placed over $1bn in perfectly timed bets on the Iran war. What is going on?
How much do you want to bet that no one will be prosecuted?
Sixteen bets made $100,000 accurately predicting the timing of the US airstrikes against Iran on 27 February. Later, a single user would make over $550,000 after betting that Ayatollah Ali Khamenei would topple, just moments before his assassination by Israeli forces. On 7 April, right before Donald Trump announced a temporary ceasefire with Iran, traders bet $950m that oil prices would come down. They did.
These bets and other well-timed wagers accurately predicted the precise timing of major developments in the US-Israel war with Iran, creating huge windfalls and raising concerns among lawmakers and experts over potential insider trading.
Traders placed over $1bn in perfectly timed bets on the Iran war. What is going on?
How much do you want to bet that no one will be prosecuted?
Wombat
Member
- Location
- Wollongong
I noticed on my walk this morning that the price of diesel had fallen below $3 for the first time since this idiotic war began.
Harry Le Hermit
Member
The difference a few days can make. There was a potential for <$4 per gallon national average, this week... now a bit of a reversal.
Global consumption appears to be weakening, as the industries in East Asia are already restricting operations to forestall the anticipated shortages. Most of the Persian Gulf crude flows to this region and the tail end of those deliveries from the March 6th closure have arrived. The issue now being the release of reserves, which in large part are in the wrong locations.
Example would the expected 400M barrels of reserves, include 170M barrels from the U.S. SPR. The latter being capable of a max 1 million barrels per day release.
After all the talk of what might happen... we will now find out exactly what happens. While we in the U.S. might focus on the pump price and its relation to a global commodity... there are other aspects of our economy, that are also tied to the global economy. Probably need to focus on what impact it will have on each of us as individuals, imo. IYKYK!
Global consumption appears to be weakening, as the industries in East Asia are already restricting operations to forestall the anticipated shortages. Most of the Persian Gulf crude flows to this region and the tail end of those deliveries from the March 6th closure have arrived. The issue now being the release of reserves, which in large part are in the wrong locations.
Example would the expected 400M barrels of reserves, include 170M barrels from the U.S. SPR. The latter being capable of a max 1 million barrels per day release.
After all the talk of what might happen... we will now find out exactly what happens. While we in the U.S. might focus on the pump price and its relation to a global commodity... there are other aspects of our economy, that are also tied to the global economy. Probably need to focus on what impact it will have on each of us as individuals, imo. IYKYK!
Harry Le Hermit
Member
The national average was $4.02 this morning, continuing a slight downward trend. The spot market indicates that trend is about finished, with an uptick coming shortly.
Gasoline stocks are down slightly, although not anywhere near historic lows, or even near the low of the past 12 months (205MB - November). Consumption continues to edge up. Apparenly we like complaining about prices, more than reducing consumption. Why am I not surprised. /S
Gasoline stocks are down slightly, although not anywhere near historic lows, or even near the low of the past 12 months (205MB - November). Consumption continues to edge up. Apparenly we like complaining about prices, more than reducing consumption. Why am I not surprised. /S
Trade
Well-known Member
I haven't noticed any reduction in traffic around here.
Knight
Well-known Member
The US refinery now processing Venezuelan oil
7 April 2026
Samira Hussain,Business correspondentandNathalie Jimenez,Pascagoula, Mississippi
Venezuelan crude oil is relatively cheap to buy because it is much more difficult to process. It is very heavy, thick, dark and high in sulfur, often called a sour oil. It is used to make diesel, gasoline (petrol), jet fuel and other products.
Chevron now imports the equivalent of 250,000 barrels of Venezuelan crude oil per day, on average, says Andy Walz, president of downstream, midstream and chemicals at Chevron.
"We think we can take that up another 50% so call it somewhere around 350,000 to 400,000 barrels a day of just the Chevron share of our position in Venezuela."
The US refinery now processing Venezuelan oil
Thought this was interesting.
"It is used to make diesel, gasoline (petrol), jet fuel and other products."
Makes me wonder if having a decent supply already in place was part of a plan?
7 April 2026
Samira Hussain,Business correspondentandNathalie Jimenez,Pascagoula, Mississippi
Venezuelan crude oil is relatively cheap to buy because it is much more difficult to process. It is very heavy, thick, dark and high in sulfur, often called a sour oil. It is used to make diesel, gasoline (petrol), jet fuel and other products.
Chevron now imports the equivalent of 250,000 barrels of Venezuelan crude oil per day, on average, says Andy Walz, president of downstream, midstream and chemicals at Chevron.
"We think we can take that up another 50% so call it somewhere around 350,000 to 400,000 barrels a day of just the Chevron share of our position in Venezuela."
The US refinery now processing Venezuelan oil
Thought this was interesting.
"It is used to make diesel, gasoline (petrol), jet fuel and other products."
Makes me wonder if having a decent supply already in place was part of a plan?
No problem. The US has all the gas it needs and it always will, and we will never have to adjust to living on a finite planet. The only serious problem is that while more and more houses are being destroyed by fires and floods, the forests we need to build new houses are also burning. But for gas, we have all of that we will ever need. 
Oil has nothing to do with the wars God wants us to fight.
PS if we taxed gas to pay for our wars, that might double the cost of oil. Talk about welfare! With us supporting wars, industries that need oil are getting a very good deal.
Oil has nothing to do with the wars God wants us to fight.PS if we taxed gas to pay for our wars, that might double the cost of oil. Talk about welfare! With us supporting wars, industries that need oil are getting a very good deal.
Last edited:
Aunt Bea
SF VIP
- Location
- Near Mount Pilot
No significant change here, still seeing $4.099.
An interesting thought from one of the pundits about Iranian oil production.
He said that prices may remain high due to the fact that the Iranians are running out of storage space and they may have to cease production.
Up until now if the shipping of Iranian oil was allowed to flow they would just be playing catch up but if production stops those days are lost forever with nothing to fill the gap even after production resumes.
An interesting thought from one of the pundits about Iranian oil production.
He said that prices may remain high due to the fact that the Iranians are running out of storage space and they may have to cease production.
Up until now if the shipping of Iranian oil was allowed to flow they would just be playing catch up but if production stops those days are lost forever with nothing to fill the gap even after production resumes.
MACKTEXAS
Well-known Member
Would you mind explaining this? Thanks.
Trade
Well-known Member
I would call that $4.10. I don't play that silly tenth of a cent game.
Harry Le Hermit
Member
It's a drop in the bucket compared to times past. The infrastructure to process the extra heavy sour, went largely unmaintained for years.
U.S. Imports from Venezuela of Crude Oil and Petroleum Products (Thousand Barrels)
Harry Le Hermit
Member
I wouldn't say that, as the type of crude is a major factor, as our refineries operate most efficiently on a blend of crudes that would include a significant mix of heavy sour.
Harry Le Hermit
Member
The national average for a gallon of gasoline, may have well bottomed yesterday. Today's average was slightly above yesterday... and the futures market indicates pump prices blowing past any highs of the past 8 weeks.
California is now receiving refined products for the gulf coast, which is like the first time in decades... or maybe ever.
California is now receiving refined products for the gulf coast, which is like the first time in decades... or maybe ever.
outlander
Member
- Location
- southern Arizona
I can't wait for them to raise the price of bicycles and associated parts like tires, chains, ect. I'm sure they can come up with a good political/economic reason. That could even spread to shoes and socks, they can't afford to miss a good opportunity
AI says...I can't wait for them to raise the price of bicycles and associated parts like tires, chains, ect. I'm sure they can come up with a good political/economic reason. That could even spread to shoes and socks, they can't afford to miss a good opportunity
outlander
Member
- Location
- southern Arizona
I never understood why higher demand raises prices? Increasing the volume of manufacturing/producing goods reduces the price per item.
It's price gouging called something else by capitalism. Just because there may be a waiting period to purchase a product it shouldn't cost more. Plain greed and taking advantage.
It's price gouging called something else by capitalism
. Just because there may be a waiting period to purchase a product it shouldn't cost more. Plain greed and taking advantage.Oh dear, you have me backed into a corner. I already posted my concerns, and it would not be wise for me to do it again because it is political, and that is forbidden. I was not sure if the discussion of religion and oil and oil and war are political so I googled for information. AI says...
So I can not explain my sarcastic comment. However, a geology professor who worked for oil companies in the Middle East gave me a copy of the books he wrote, and for years I have been expressing concern about our dependence on oil, and people who never look for information have assured me that the US has all the oil it needs.