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While I am glad the price of oil is finally back to where it should be.....

pedro47 said:
How long can you keep gasoline in a container before it's goes bad?
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My dad had a can of gas in his garage. He always labelled when he put the gas in it. He must have forgotten it was there because the last date entered was 9/30/88. I threw it in an empty lawn mower and it fired right up. So, I’m not sure how long gas will last.


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jtp1947 said:
The airlines need to use some of their bailout money to purchase contracts and not put a fuel surcharge on our flights when we are able to travel.
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Sadly, I think the airline industry will add any and all charges possible after this. They love to nickel and dime the fare. It gives the illusion you got off cheap.


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Oil and gas is basically refined, ancient hydrocarbons...literally dead dinosaurs. So, my guess is that most oil and gas will be good for a couple of million years. :)
 
Gas in a sealed airtight container theoretically stores well indefinitely. It gets a bit more complex when gas is stored in a vented compartment (i.e. gas tank of your vehicle) and also there is the variable of how much ethanol is in your gas. I believe ethanol attracts moisture and that is the primary danger of storing fuel for extended periods of time. The moisture sinks to the bottom of the tank and the engine sucks it in when first started.
 
We have a rather unique situation for gas sales. Right around where I live gas is going for $2.14 a gallon. But, take a 20 minute drive to the Seneca Indian Nation Reserve and gas was going for $.88 a gallon. The difference is all taxes. The Seneca Nation doesn't charge NY State or local government taxes.
 
Panina said:
I could never imagine this would happen in my lifetime.

US oil prices turn negative as demand dries up https://www.bbc.co.uk/news/business-52350082
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Neither would I. Soon, you can fill up and see the cashier to get paid for taking it off their hands.

Crazy world. I still can’t wait to watch em fuel up the plane so I can get another wonderful vacation going.


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The cheapest non-Costco I’ve seen on Oahu is $2.89. Costco is about .50 less.
 
Last edited:
That negative price is just temporary for the May futures contract expiring tomorrow. Not much real oil trading there.
The June contract is $20 and July is $26.

Unfortunately this is likely to lead to much higher prices later as oil production is shut down and oil companies fail.
 
Wyominguy said:
For anyone in the US oil industry to stay in business the price needs to be near the $40/barrel amount. This price will assure that the US maintains its independence from OPEC and cannot be held hostage again.

Neil
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Sadly, we are still held hostage by OPEC. The reason why prices collapsed was because of a Russia/Saudi spat. They opened the taps. They can do this anytime resulting in US producers getting squeezed again...and some to the point of collapse. Conversely, OPEC can shut off the taps resulting in shortage and extreme prices too.


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Fredflintstone said:
7a66ed07e66c9c9680dac75f36b60bac.jpg

Huh? I guess next fill you are going in to get PAID to fill up your tank?

I’m speechless.


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May oil futures are bad. No one can store that much oil. I read that May contracts were at 1 cent and expected to go negative. I guess the disconnect between the economy and market looks like the disconnect between the oil futures and the petrol dollar.

Bill
 
We filled up at $2.63. Where are the deals? California is always higher than the rest of the country.
 
Price now it negative numbers. So much being produced there is no where to store it. Time to refill our strategic reserves.
 
Roger830 said:
That negative price is just temporary for the May futures contract expiring tomorrow. Not much real oil trading there.
The June contract is $20 and July is $26.

Unfortunately this is likely to lead to much higher prices later as oil production is shut down and oil companies fail.
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When it hit minus 43 I was wondering how much it would cost to rent a backhoe and dig a pit in my backyard. Spray it with flex seal and I am ready to go.
 
Costco in Baton Rouge is $1.199
 
bbodb1 said:
Those are indeed fair points to remember here - as I live in Arkansas (where the heaviest trucked interstate in America runs through), we definitely have to keep fuel taxes in mind otherwise our roads would be in much worse shape. One issue we in that regard is that trucks can cross Arkansas without refueling so we tend to get a LOT of road ware without a corresponding tax stream (from refueling) in which to maintain the roads. I can't speak to exactly what the state has done to address that, but our interstates have had a considerable amount of attention over the last few years - which is good for all who travel the roads.

I do like where the price of fuel is NOW compared to the days of nearly $4 per gallon gas!

Our state taxes are currently 24.5 cents per gallon on gas while diesel is taxed at 28.5 cents per gallon, so using Pedro's numbers, Arkansas is taxed somewhat below the average but Arkansas is below average on wages as well.
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Fuel taxes - If a trucker passes through Arkansas and does not buy fuel, he/she pays a tax. If he/she fills up, they get a credit. It is based on mileage when they file their fuel tax return.
I recall this from working years ago, but I am not longer practicing, but doubt things have radically changed.

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You Won't Believe What Saudi Arabia's Oil Production Cost Is | The Motley Fool

The Middle Eastern nation is the king of low-cost production...for now.
www.fool.com

There is a chart in this article that very simply defines why the Saudis and Russians can duke it out on oil prices. There was a time (mid 70s) that we begged Saudi Arabia to increase oil production. But now WE are totally "self sufficient." Problem is that our self sufficiency comes at a higher price than what others can supply us at. The majors (XOM, CVX, etc.) can survive this, but the smaller, debt ridden drillers will have a hard time surviving. A lot of this would happen without Covid, but with demand shrinking, it is just a snowball in the making. It is sad for the hard working riggers who will have to adapt to another skill set.
 
We paid $1.70 on Sunday. This is in Colorado, Colorado Springs.
 
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