ALF Posted June 1, 2022 Posted June 1, 2022 $4.60 down from $4.80 here in Lockport. That's with 1M barrels a day from reserve and temp sales tax cut.
SoCal Deek Posted June 2, 2022 Posted June 2, 2022 18 minutes ago, B-Man said: Celebrating a 2 cent drop............lol And now we know the rest of the story. All of this is intentional to bring on the Great Transition. Well done, Amtrak Joe! 1 1
ALF Posted June 2, 2022 Posted June 2, 2022 The Oil Industry’s Downstream Nightmare Is Here To Stay Jun 01, 2022 There appears to be no end in sight for the current fuel supply crisis, with summer demand set to spike while refineries run at an unsustainable rate. While refineries have the ability to bring more capacity online, investors are unwilling to get involved in long-term oil and gas projects. U.S. fuel exports have hit record highs and the banning of Russian oil imports by the European Union will only add to demand. "It's hard to see that refinery utilization can increase much," Gary Simmons, chief commercial officer of Valero, told Reuters. "We've been at this 93% utilization; generally, you can't sustain it for long periods of time." Interestingly enough, despite the imbalance in supply and demand, which has pushed the crack spreads to the highest in years, refiners do not seem to be planning new capacity additions. The reasons: time and investor sentiment. "Investors do not want to see companies pouring money into organic oil and gas growth," Jason Gabelman, director at Cowen, told Marketplace last month. In addition to this, building a new refinery is a lengthy and expensive endeavor that few refiners appear to believe is justified despite the record crack spreads. Also, investors have become more impatient and don't want to wait for returns from projects such as new refineries. https://oilprice.com/Energy/Energy-General/The-Oil-Industrys-Downstream-Nightmare-Is-Here-To-Stay.html
TSOL Posted June 2, 2022 Posted June 2, 2022 China's buying up all that cheap Russian crude. $80 bucks a barrel https://markets.businessinsider.com/news/commodities/china-refiners-buy-russian-oil-cheap-ukraine-conflict-sanctions-ft-2022-5?op=1
ALF Posted June 3, 2022 Posted June 3, 2022 (edited) Oil Jumps After EIA Confirms Large Crude Inventory Draw Jun 02, 2022 “The crude oil price is $120 per barrel but the product price — what you and I pay for petrol and diesel — is much, much higher. The overarching theme is the lack of investment,” Amrita Sen from Energy Aspects told the FT this week. “We are in this for the long haul: potentially a decade,” the analyst added. https://oilprice.com/Energy/Crude-Oil/Oil-Jumps-After-EIA-Confirms-Large-Crude-Inventory-Draw.html I think we are going to need a bigger Keystone Pipeline , what does the squad think Edited June 3, 2022 by ALF
sherpa Posted June 3, 2022 Posted June 3, 2022 50 minutes ago, ALF said: I think we are going to need a bigger Keystone Pipeline , what does the squad think I think it is insanity and horrific leadership that stifles responsible, available energy, domestically produced. Promoting renewables while avoiding economic shock from fossils geopolitical nonsense is possible. Not even hard. We simply need to believe corporate America more than political America. Always been that way, with very few exceptions.
ALF Posted June 4, 2022 Posted June 4, 2022 (edited) Chevron CEO says there may never be another oil refinery built in the U.S. Mike Wirth points to the federal government's policies on energy "There hasn’t been a refinery built in this country since the 1970s," Wirth said at Bernstein's Strategic Decisions Conference this week, when asked about the prospect of new capacity being added in the Gulf of Mexico. "I personally don’t believe there will be a new petroleum refinery ever built in this country again." "Capacity is added by de-bottlenecking existing units by investing in existing refineries," he explained. "But what we’ve seen over the last two years are shutdowns. We’ve seen refineries closed. We’ve seen units come down. We’ve seen refineries being repurposed to become bio refineries. And we live in a world where the policy, the stated policy of the U.S. government is to reduce demand for the products that refiners produce." "At every level of the system, the policy of our government is to reduce demand, and so it’s very hard in a business where investments have a payout period of a decade or more," Wirth said. "And the stated policy of the government for a long time has been to reduce demand for your products." https://www.foxbusiness.com/markets/chevron-ceo-oil-refinery-built-u-s Being a retired Delphi worker I'm looking for one last vehicle to replace my reliable 2008 Chevy Cobalt. Had my eye on a new Chevy Trailblazer . With the price of gas predicted to stay high reluctantly started looking at electric vehicles. Might have to look at a non GM electric car whose tax credit ran out. I hate climate change, wonder if my old garage can be wired , old house is already at limit forget doing away with natural gas. Edited June 6, 2022 by ALF
Precision Posted June 4, 2022 Posted June 4, 2022 Was just at the Mobile in Manchester, NH. Needed to fill up a U-Haul for moving my daughter. Regular is $5.00, Super is $5.55 Highest I've seen yet!
dhg Posted June 5, 2022 Posted June 5, 2022 Not gas or groceries, but had to buy chlorine for pool today. $200 for a bucket of 3" tabs. $50 more than a year ago. $100 more than 2 years ago.
SoCal Deek Posted June 5, 2022 Posted June 5, 2022 11 hours ago, Precision said: Was just at the Mobile in Manchester, NH. Needed to fill up a U-Haul for moving my daughter. Regular is $5.00, Super is $5.55 Highest I've seen yet! Well don’t move her to California. It’s almost $7.00 per gallon out here. 😉 1
SoCal Deek Posted June 6, 2022 Posted June 6, 2022 2 hours ago, Big Blitz said: 4.95 in Northern VA today!! LGB!! I’ll be right there! Hold my place in line. Of course it’ll cost me $52,587 in gas to to get there and back….but I love a bargain. 1 1
Big Blitz Posted June 7, 2022 Author Posted June 7, 2022 44 minutes ago, DRsGhost said: No one look at the economic disaster we're in and surely getting worse - you'd hear about it 24/7 if Trump were in office. Instead, you're deliberately being led to think that gun violence and "mass shootings" are what's happening 24/7.
PetermansRedemption Posted June 7, 2022 Posted June 7, 2022 17 minutes ago, B-Man said: Oh Debbie. Elitism at its finest. 1
VaMilBill Posted June 8, 2022 Posted June 8, 2022 This is very frustrating how expensive everything is. My grocery bill is now at $150 per trip instead of $100, which is for my family. I don’t want to drive at all either because gas is so expensive. So I literally minimize how much I drive a day. I used to do road-trips with the family but now we’ve turned that off. Gas is going to hit $5 on the national average soon. the worst part of it is there is no relief in sight. It’s only going to go up. And the democrats want to talk about going green then provide an available, affordable option. I don’t want to eat into my savings at all either. I just don’t see how Biden won’t take action and open up drilling at home. He’s hurting everyone’s wallets. And I don’t see how democrats could vote for him or democrat policies after this. It’s absurd. 1
Tiberius Posted June 8, 2022 Posted June 8, 2022 10 minutes ago, VaMilBill said: This is very frustrating how expensive everything is. My grocery bill is now at $150 per trip instead of $100, which is for my family. I don’t want to drive at all either because gas is so expensive. So I literally minimize how much I drive a day. I used to do road-trips with the family but now we’ve turned that off. Gas is going to hit $5 on the national average soon. the worst part of it is there is no relief in sight. It’s only going to go up. And the democrats want to talk about going green then provide an available, affordable option. I don’t want to eat into my savings at all either. I just don’t see how Biden won’t take action and open up drilling at home. He’s hurting everyone’s wallets. And I don’t see how democrats could vote for him or democrat policies after this. It’s absurd. No blaming Putin? Seriously, just blame our president who has nothing to do with it?
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