Oil related prices; gas, diesel, etc. that they said we'd never see again because of the peak oil issue, etc. are upon us. Now it's biofuel against petro war for market share, too.
Shelf stock that was priced before remains very high. I bought fluids for Cad, and was shocked of cost since I hadn't purchased for years. 12 qts of trans fluid ~$90, only to leak out.
Lesson: Never say never. Crude is under $20 today again and been falling.
I saw only two airplanes go overhead the other day, and near international airport, typically one every minute.
Quote from: fishnjim on April 20, 2020, 09:36:32 AM
Oil related prices; gas, diesel, etc. that they said we'd never see again because of the peak oil issue, etc. are upon us. Now it's biofuel against petro war for market share, too.
Shelf stock that was priced before remains very high. I bought fluids for Cad, and was shocked of cost since I hadn't purchased for years. 12 qts of trans fluid ~$90, only to leak out.
Lesson: Never say never. Crude is under $20 today again and been falling.
I saw only two airplanes go overhead the other day, and near international airport, typically one every minute.
Crude is under $12 now as of this posting time. I will be able to fill up my Eldorado up cheaper now than it cost when it was new.
I think its pretty common for fluids to lag well behind oil prices. Maybe if you are a bulk buyer like running an international cargo fleet it is more dynamic but for general consumers it doesn't seem to vary that much.
One thing I am curious about is what the balance is. Normally the refineries and supply chain is set up to keep a reasonable balance between all the products you get from the crude. Has the demand dropped evenly? It will be interesting to see when the numbers come out.
My 1965 Senior High School Album has a photo of my 1951 Chevy sitting at the local Gulf Oil gas station. A large sign advertises regular gas at 32.9 cents per gallon. Corrected for inflation that is $2.78 today. Gas has been near or below that price in our area for much of the past two or there years. Locally it has been selling for less that $1.50 the past two weeks. Dirt cheap.
Of course the Saudi and Russians were busy trying to run the American producers out of business before this crisis. Even they are hurting now. All that makes driving my LaSalle a bargain. But fuel for my single engine airplane has't dropped at all. Still $4.75 per gallon.
Bob
Quote from: TJ Hopland on April 20, 2020, 10:57:20 AM
I think its pretty common for fluids to lag well behind oil prices. Maybe if you are a bulk buyer like running an international cargo fleet it is more dynamic but for general consumers it doesn't seem to vary that much.
One thing I am curious about is what the balance is. Normally the refineries and supply chain is set up to keep a reasonable balance between all the products you get from the crude. Has the demand dropped evenly? It will be interesting to see when the numbers come out.
NO, we're getting ripped off but good either by the refiners, franchisees or motor oil and fluid vendors along with various other fluid items that originate from crude oil, asphalt for driveways, etc. EAM
Quote from: z3skybolt on April 20, 2020, 11:14:53 AM
My 1965 Senior High School Album has a photo of my 1951 Chevy sitting at the local Gulf Oil gas station. A large sign advertises regular gas at 32.9 cents per gallon. Corrected for inflation that is $2.78 today. Gas has been near or below that price in our area for much of the past two or there years. Locally it has been selling for less that $1.50 the past two weeks. Dirt cheap.
Of course the Saudi and Russians were busy trying to run the American producers out of business before this crisis. Even they are hurting now. All that makes driving my LaSalle a bargain. But fuel for my single engine airplane has't dropped at all. Still $4.75 per gallon.
Bob
I just paid $1.29/gallon for auto gas. AvGas near me is $4.18 and Jet A is like $3.78. Jet A is closer to Kerosene/Diesel and is cheaper than AvGas. Then in the auto world, gasoline is cheaper (by about a $1) than diesel. Go figure.
Today for the first time in history the price of oil has dropped below $0 to (negative) $35/bbl.
https://www.usatoday.com/story/money/2020/04/20/dow-stocks-trading-monday-oil-prices/5164359002/
Before everyone starts uncorking the champagne, this is NOT good news.
Quote from: Eric DeVirgilis CLC# 8621 on April 20, 2020, 04:41:53 PM
Today for the first time in history the price of oil has dropped below $0 to (negative) $35/bbl.
https://www.usatoday.com/story/money/2020/04/20/dow-stocks-trading-monday-oil-prices/5164359002/
Before everyone starts uncorking the champagne, this is NOT good news.
Agreed but most Americans are so short term oriented. What would you expect, but simplistic celebration? When this is over and all the producers in America go out of business then the remaining players will jack the price up. Once again we will be slaves to the foreign oil.
This negative WTI trade number is more of a reflection on the May contract expiring and related shorter-term storage issues. June contract is trading at around $21/barrel right now. Still low due to lack of demand but far from $0 or negative. Brent crude is around $26/barrel right now. The $21 and $26 numbers are a better reflection of the current state of the oil market and each month going forward is trading higher and higher but time will tell how it all pans out. Hopefully oil prices will start to stabilize which will also help the financial markets.
Needless to say, things have been crazy in so many ways the past couple of months.
Yeah, it takes Weeks and Month for prices to go down, but only Minutes to go UP.
Around here (FL) it's still over $170 / gal, reg unleaded. Race fuel 110 octane is still around $9 / gal.
Negative $39 / bbl. By the way that's 42 gals to a bbl.
Only to make you all in the US laugh.
Over here in the Netherlands, we have only two kinds of gas now (the 'E' gives the percentage of ethanol):
- 95-E10 for â,¬1,409/l today
- 98-E5 for â,¬1,569/l today
Given $1 = â,¬0,92 and a 1 US gallon = 3,79l we pay $5.80/gallon for 95-E10 and $6,46/gallon for 98-E5.
This is because the ridiculous tax on gas.
Per liter there is a â,¬0,808 ($3,33/gallon) excise duty (I don't know if this is a correct word) and another 21% sales tax (or VAT).
I recall many decades ago, my father and his friends, having lived through the Great Depression and World War II rationing, would enjoy lively discussions about how many miles per gallon they got on their respective automotive journeys. Having owned dozens of used Cadillacs, and being an old geezer now, I think of mpg in two ways-- 1. it's a rounding error in the cost of owning a Cadillac, (whether old/new), 2. If the subject car is using a lot of fuel, I'm concerned that I have a dangerous external leak. Otherwise, I compare the price of gas to what we are paying for bottled water---something that didn't exist when gas was 30 cents a gallon, simply because there was hardly a market for it among folks who lived then. Happy day, and be of good cheer. James
James,
I agree gasoline is a rounding issue when it comes to driving a Cadillac, or it should be. Never enjoy discussions about the price of gasoline on the forum, it is almost as off topic as the price of a spinach. Frankly when gas went up to $4/gal about ten years ago or so, that was good, less traffic on the road without an economy in ruins.
I will be driving my 1970 Cadillac today.
Everyone enjoy their Cadillacs!