Oil plunges 39% to 21-year low, hits below $11/barrel

John Galt

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Oil at sub $2 is all part of Trump's master plan as CRG's notes. Trump is playing chess while everyone is playing checkers.
You're having a difficult time navigating the normal talking points. Oil is high because Republicans are in bed with big Oil, right? But now they aren't?
 

El Amin Fan

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You're having a difficult time navigating the normal talking points. Oil is high because Republicans are in bed with big Oil, right? But now they aren't?

Stay out of this conversation, way above your knowledge level.
 

Veritas

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Do you go the extra mile and throw your trash out the car window whenever possible?

No, if it has no real cost to me to protect the environment we will do so. However, if I have to spend clearly more money to "do the right thing", like buy a hybrid, I will not do that any more because I now know that I will be punished by the very green politicians who asked me to do that. Like Al Gore they want me to do "the right thing", not them. They will tax me whether I do that or not because they need to have my money in order to get re elected by handing that money to their core voters. I be a sucker!! Not any more.
 

Veritas

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You should have to pay some kind of fee to maintain the roads. Are you a freeloader?

Whenever possible especially if told to do something and then I get stabbed in the back. Lesson learned. We were told the cars would cost more but in the long run you could save back most of that money by buying less fuel. The part about "but if you do buy less fuel we will charge you an extra tax" was not told to us. Bait and switch.
 

TruthSeeker

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Whenever possible especially if told to do something and then I get stabbed in the back. Lesson learned.
So you're a freeloader. Good to know.

You're also completely naive that laws don't change. My God. Laws could change next year that would have changed my decisions I make next month or made last year. Let's never change the laws so Falsus can have a completely predictable legal structure for the rest of his life.

Boo hoo.
 

Veritas

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Leaving your grandkids a damaged planet to own the libs.

But once you lied to me that I would net save on fuel if I bought a hybrid I stopped believing anything you say about "saving the planet". That's the problem with running a "bait and switch" people just stop believing anything you say.
 

Veritas

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So you're a freeloader. Good to know.

You're also completely naive that laws don't change. My God. Laws could change next year that would have changed my decisions I make next month or made last year. Let's never change the laws so Falsus can have a completely predictable legal structure for the rest of his life.

Boo hoo.

I'm not weeping about fate of the planet. I know you and everyone I know will continue to do whatever is in their short term interest flying everywhere, buying inefficient cars, etc. Nothing Al Gore, Hillary Clinton, my Democratic rich bitch sister (she flies back and forth from Naples, Florida to Chicago a dozen times a year), ordinary guys and gals are not going to stop flying to wherever, whenever they want. My sister in law and her husband who are as left wing as they can be regularly fly off to Eco Tourism destinations without giving it a moments thought. In net, I don't worry about Global Warming being real or not, I just know that people will not stop doing whatever is in their best interest whether it is real or not. Either improved tech will save the planet or it will not. The Nancy Pelosi's of this world will not stop flying 50 times a year on a private jet regardless. Indeed, I don't know a single person who has really done anything more than change a lightbulb as if that is something relevant.
 

howeda7

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No, if it has no real cost to me to protect the environment we will do so. However, if I have to spend clearly more money to "do the right thing", like buy a hybrid, I will not do that any more because I now know that I will be punished by the very green politicians who asked me to do that. Like Al Gore they want me to do "the right thing", not them. They will tax me whether I do that or not because they need to have my money in order to get re elected by handing that money to their core voters. I be a sucker!! Not any more.
Did anyone force to buy a hybrid? Do you not think you should not have to chip in for maintenance of the roads you drive on?
 

justthefacts

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But once you lied to me that I would net save on fuel if I bought a hybrid I stopped believing anything you say about "saving the planet". That's the problem with running a "bait and switch" people just stop believing anything you say.

I never saw anyone ever say that the TCO for a hybrid was lower. All the articles I ever read said it would take fairly extraordinary gas prices to become cheaper on balance.

Eg, from 7 years ago: https://www.edmunds.com/fuel-economy/the-real-costs-of-owning-a-hybrid.html
 

Deleted_User

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Oil at sub $2 is all part of Trump's master plan as CRG's notes. Trump is playing chess while everyone is playing checkers.

So, what your saying is that he is involved directly in the buying and selling of oil and he controls the price. I love your enthusiasm. Would you like a rainbow unicorn doll for your collection?
 
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When will we see lower prices at the pump? Yesterday and today I’m still seeing $1.79 in the southwest suburbs. Saw a $1.74, but surprised the prices haven’t changed basically after all.
 

Veritas

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I never saw anyone ever say that the TCO for a hybrid was lower. All the articles I ever read said it would take fairly extraordinary gas prices to become cheaper on balance.

Eg, from 7 years ago: https://www.edmunds.com/fuel-economy/the-real-costs-of-owning-a-hybrid.html

I was told I would get 38 mph in both city and open road situations and that was exactly what I got in both. No Toyota Camry with a regular gasoline engine was said to be able to do both those things with an average driver. This was a true claim and rewarded me with buying less gasoline no matter what the price at the pump was. Then, after nine years, came the DFL money grab of saying I would have to pay a tax that less responsible car buyers would not have to pay. Punishment for doing the environmentally responsible thing to do.
 

Veritas

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Did anyone force to buy a hybrid? Do you not think you should not have to chip in for maintenance of the roads you drive on?

I wish you would not bring your stupid comments down on my posts. No one who buys a hybrid is not contributing to the cost of running roads. Even an idiot would know that.
 

GoodasGold

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I was told I would get 38 mph in both city and open road situations and that was exactly what I got in both. No Toyota Camry with a regular gasoline engine was said to be able to do both those things with an average driver. This was a true claim and rewarded me with buying less gasoline no matter what the price at the pump was. Then, after nine years, came the DFL money grab of saying I would have to pay a tax that less responsible car buyers would not have to pay. Punishment for doing the environmentally responsible thing to do.
Sob story.
 

Section2

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When will we see lower prices at the pump? Yesterday and today I’m still seeing $1.79 in the southwest suburbs. Saw a $1.74, but surprised the prices haven’t changed basically after all.
Gas stations can’t sell for less than they paid. I imagine they turnover supply at a MUCH slower rate now. Also, the May delivery oil is a storage problem. June oil is much higher. It’s still an enormous problem. Gas prices are the least of your concern.
 

MplsGopher

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Good point S2, there are laws saying that it's illegal to sell for less than you paid. So it's older gas, still sitting in the storage tanks under the pumps, that simply hasn't sold yet.

Thing is, gas evaporates. I'm sure the underground storage tanks are fairly well sealed? But would also guess there is still a non-zero rate of loss from the gas just sitting there.
 

Veritas

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Gas stations can’t sell for less than they paid. I imagine they turnover supply at a MUCH slower rate now. Also, the May delivery oil is a storage problem. June oil is much higher. It’s still an enormous problem. Gas prices are the least of your concern.

I do not understand the idea of a law saying you can not seel for less than what you paid. Why not. If you mean economically, than I think that would be incorrect.
 

Section2

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I do not understand the idea of a law saying you can not seel for less than what you paid. Why not. If you mean economically, than I think that would be incorrect.
It’s not a law. Presumably, the main thing gas stations sell is gas. If they buy it for $2/gal, and sell it for $1/gal, then they’ve lost a lot of money. They need to sell a hell of a lot of coffee and cigarettes to break even.
 

cncmin

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I was told I would get 38 mph in both city and open road situations and that was exactly what I got in both. No Toyota Camry with a regular gasoline engine was said to be able to do both those things with an average driver. This was a true claim and rewarded me with buying less gasoline no matter what the price at the pump was. Then, after nine years, came the DFL money grab of saying I would have to pay a tax that less responsible car buyers would not have to pay. Punishment for doing the environmentally responsible thing to do.
Hybrids can go a LOT faster than 38 mph. You got hoodwinked!
 
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BarnBurner

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It’s not a law. Presumably, the main thing gas stations sell is gas. If they buy it for $2/gal, and sell it for $1/gal, then they’ve lost a lot of money. They need to sell a hell of a lot of coffee and cigarettes to break even.
An old argument. Town of 700 people, and independent owner(relative), and their fuel is a full .20 lower than Caseys two stations. And, a town 25 miles away is selling for nearly half of what Casey in our town is selling. Caseys is making a killing.
 

Veritas

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It’s not a law. Presumably, the main thing gas stations sell is gas. If they buy it for $2/gal, and sell it for $1/gal, then they’ve lost a lot of money. They need to sell a hell of a lot of coffee and cigarettes to break even.

But, if I was an owner of a gas station and had filled up my tanks at $100,000 dollars would it not make sense to move that inventory out by selling at $90,000 so I could fill my tanks at $35,000 now so I could sell that tank at $120,000 in three weeks time? I guess my Economics training just bauked at the notion that it could not make sense to sell a product at a clear loss. Seems companies do that all the time for various good reasons. My store and inventory is full of "Hillary Clinton for President" bobble head dolls which I am now keen to move out at a loss so I can get shelf space for the exciting new Covid 19 test kits.
 

Panthadad2

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An old argument. Town of 700 people, and independent owner(relative), and their fuel is a full .20 lower than Caseys two stations. And, a town 25 miles away is selling for nearly half of what Casey in our town is selling. Caseys is making a killing.

It's typically illegal in MN for a gas station to sell below cost, but they can go below cost to match or exceed a market competitor's price. The cost depends on the day they bought it.

In Casey's vs the independent; Casey's probably has a lot more repeat customer traffic, better location, better store, better trained staff, donuts!, and might not need to reduce price that day to still get good business. Plus, prices are probably set by corporate somewhere instead of onsite, so they're probably slow to move. I know the Casey's in our neighborhood moves prices slower than the Shell station down the road. Our Casey's prices are very competitve in the long run though.

Edit add: my father-in-law recently retired from decades of driving a bulk gasoline truck and a side bulk business. He would fill at the bulk plant in the morning then distribute to gas stations all day. He said the Casey's bulk gas trucks would put only the required minimum additives in gas at the bulk plant. The Top Tier gas stations would use all the additives.
 
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Section2

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But, if I was an owner of a gas station and had filled up my tanks at $100,000 dollars would it not make sense to move that inventory out by selling at $90,000 so I could fill my tanks at $35,000 now so I could sell that tank at $120,000 in three weeks time? I guess my Economics training just bauked at the notion that it could not make sense to sell a product at a clear loss. Seems companies do that all the time for various good reasons. My store and inventory is full of "Hillary Clinton for President" bobble head dolls which I am now keen to move out at a loss so I can get shelf space for the exciting new Covid 19 test kits.
Of course. Let me amend my statement, you can't sell at a loss FOR VERY LONG and stay in business.
 

BarnBurner

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It's typically illegal in MN for a gas station to sell below cost, but they can go below cost to match or exceed a market competitor's price. The cost depends on the day they bought it.

In Casey's vs the independent; Casey's probably has a lot more repeat customer traffic, better location, better store, better trained staff, donuts!, and might not need to reduce price that day to still get good business. Plus, prices are probably set by corporate somewhere instead of onsite, so they're probably slow to move. I know the Casey's in our neighborhood moves prices slower than the Shell station down the road. Our Casey's prices are very competitve in the long run though.

Agree mostly.

In this particular case, Cases is keeping the prices inflated. Demand is waaaaaay down and supplies are waaaaaaay up.

Caseys is hammering the customer.
 

Panthadad2

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Agree mostly.

In this particular case, Cases is keeping the prices inflated. Demand is waaaaaay down and supplies are waaaaaaay up.

Caseys is hammering the customer.

See my edit about Casey's gas too. I'd fill at a Top Tier station that's cheaper. Unless you want donuts of course.
 
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