Oil Is Getting Crushed!

[roadwarrior]

WTI has dropped below $30 again this morning. Currently trading at $29.96.

http://money.cnn.com/2016/02/01/investing/opec-cant-save-oil-prices-goldman-sachs/index.html?iid=hp-stack-dom

 

[ww2farmer]

Gas at the local pumps here in WNY is under $2/gallon for the first time since I think I was in high school 20+ years ago. I hope it get's  A LOT more expensive before jet ski/wake board season on the lake.

[A-Jay]

$1.59 ~ here

Be nice if these prices hold through the summer . . . .

A-Jay

[fisherrw]

It really sucks it's winter right now and gas is so cheap. I'm not fishing much at all so I don't have to fill the boat up with gas. 

[slonezp]

$1.64 a gal

[iabass8]

1.57 here. 

[XzyluM]

It's around $1.55-65 here. Just heard from my fishing buddy and friend I fish tournaments with that he got laid off. Kind of bummed for him and hope he doesn't end up having to sale his boat.

[Scott F]

1 hour ago, slonezp said:

$1.64 a gal

In the Southwest suburbs, I paid $1.38.9. The range of prices across the Chicago area is something I don't understand.

[slonezp]

8 minutes ago, Scott F said:

In the Southwest suburbs, I paid $1.38.9. The range of prices across the Chicago area is something I don't understand.

It's $2.09 downtown

[BaitMonkey1984]

Boy am I glad I filled up the Ranger with premium before winterizing it, back when gas was "cheap".

[clh121787]

The freakin. Barrel cost more than the oil that's in it....

[tomustang]

It's a shame we had a warm winter, could've burned more heating oil cheaply if it was colder

[smallie.mike]

2 hours ago, Scott F said:

In the Southwest suburbs, I paid $1.38.9. The range of prices across the Chicago area is something I don't understand.

That's strange. I live 60 miles south of Chicago and it's in the 1.60 range here. I'm surprised it's cheaper closer to the city than it is here. 

[F14A-B]

Been paying a buck & 69 here...

I must confess, I'm really becoming spoiled by these prices.

Life is good..

[roadwarrior]

WTI $29.40

 

[roadwarrior]

Wow!

Ya think this market is rigged?

http://www.foxbusiness.com/markets/2016/02/03/oil-jumps-8-as-dollar-tumbles-after-u-s-data.html

 

[Catch 22]

On ‎2‎/‎3‎/‎2016 at 0:09 AM, tomustang said:

It's a shame we had a warm winter, could've burned more heating oil cheaply if it was colder

Ha= leave the windows open

My son used to have a window open all winter when he  was at home, yet slept under two super insulated comforters.He has his own home now and doesn`t  do that. ?

It all figures . I`m driving less than any time in my life and the prices are way low.$1.67 round here

C22

[tomustang]

4 hours ago, Catch 22 said:

Ha= leave the windows open

My son used to have a window open all winter when he  was at home, yet slept under two super insulated comforters.He has his own home now and doesn`t  do that. ?

It all figures . I`m driving less than any time in my life and the prices are way low.$1.67 round here

C22

I did something similar, the cold outdoor air was better breathing for me though and I couldn't control the heat setting 

[stkbassn]

On 12/7/2015 at 2:27 PM, gulfcaptain said:

Being on the front lines of the GOM offshor sector, I can tell you since late last year it has almost brought things to a halt.  A LOT of people down here in Louisiana are hurting, not just offshore workers, but the entire support system and local communities around it that depend on the offshore industry.    

I definitely feel for anyone like yourself that is feeling the greatest impact of this in a negative way. What's the solution to bring oil back to a level that keeps you working and at the same time keeps money in our wallets instead of being robbed at the pump?  Is that solution possible or is it one that big oil would even get on board with? I'd like to see you keep your work, provide for your family, and enjoy the quality of life you're used to and those of us not negatively impacted right now keep more money for supporting our families and lives as well once it goes back up.  If that means I pay a bit more for gas I'm all for it but I'd rather see it sit where it is as long as it can if it's going to just go back to ridiculous prices per gallon. I agree, it's a mess.

[gulfcaptain]

51 minutes ago, stkbassn said:

I definitely feel for anyone like yourself that is feeling the greatest impact of this in a negative way. What's the solution to bring oil back to a level that keeps you working and at the same time keeps money in our wallets instead of being robbed at the pump?  Is that solution possible or is it one that big oil would even get on board with? I'd like to see you keep your work, provide for your family, and enjoy the quality of life you're used to and those of us not negatively impacted right now keep more money for supporting our families and lives as well once it goes back up.  If that means I pay a bit more for gas I'm all for it but I'd rather see it sit where it is as long as it can if it's going to just go back to ridiculous prices per gallon. I agree, it's a mess.

Does anyone remember when oil was $154 a barrel?  What were we paying, in CA I believe $4.75.  Now when oil was $75 (a good price per barrel) oil and fracking companies liked it because they made a small profit off of the investment they were putting in.  I wouldn't frack if it cost me $60 a barrel to produce and I sold it for this morinings price of $27.  Why put out that investment if I'm not going to get a return.  Anyways back to the above prices.  So if oil dropped 50% in ppb, then I should have been paying $2.37 a gallon on gas @ $75.  But yet we are now paying $2.59 in CA.  Why?  Because we got used to paying higher prices.  So with that math, as consumers we just pay and don't think about the cost,  or state and gov. taxes either went up, or us as consumers didn't feel to ask why the difference in price as the gov. wants "clean" energy which is 2x the cost of what "oil" and related products cost.  Right now, the whole economy is CRAP.  It's sugar coated and everyone wants us to believe its rainbows and lollypops.  Everyone is great.  Why then are people compaining that they have no money?  Why are they asking for higher min. wage?  What drives this?  A really crappy economy that isn't rainbows and lollypops.  I have no problem with oil being $75 a barrel and the cost of fuel being the right percentage of what it should be and a little more if the average went to say $2.75 pg.  But why were we paying so much more if we looked back at the price difference between $154 pb and then $75 pb?  The math doesn't add up because it's either an inflated cost for us or an extra tax that none of us realized.  Now here is that bad part fracking wells does bring extra production online, but if it's not continued the production doesn't continue.  So do you let the well shut down which then reduces the amount of oil we produce or do you go broke and continue producing at a loss?  Easy, you let it dry up which then reduces our production levels here in the US, and causes us to import more oil which then leads to higher gas and energy prices.  So there is a happy medium, but it's not one that is ever going to be easy to find agreements on from ones who want clean energy and the oil companies.  Bet a lot of people don't realize that those electric cars take more "fuel" to run then a standard economy gas burning car does.  We use natural gas and coal to produce electricity which we must use to charge that car so the carbon footprint is a little bigger then that car that gets 30-40mpg.  But you aren't going to hear that issue ever.

[tomustang]

Reports are saying it's rebounding

[Catch 22]

I have to say that when the prices were high, and I had two kids in college and traveled 1000 miles weekly to work, none of the oil workers or companies sent me a sympathy letter or check.