Gas Prices

[PorkChop]

Driving to Florida next with the family from South Dakota. Booked the Condo in Jan 2021. Was thinking it would be cheap to drive, not so much anymore. 1700 miles one way. Only money though

Did you get hit with all that wind?

 

[jpallen]

Did you get hit with all that wind?

Thankfully no. We are in Pierre, SD area. Extensive wind damage widespread in Eastern SD. Couple tornado thru towns and widespread 80-110mph straight line winds covering hundreds of miles. Portions of Eastern SD are a mess.

 

[PorkChop]

Thankfully no. We are in Pierre, SD area. Extensive wind damage widespread in Eastern SD. Couple tornado thru towns and widespread 80-110mph straight line winds covering hundreds of miles. Portions of Eastern SD are a mess.

Well good to hear you were not affected. A buddy of mine told me about it

 

[BigSkyDuk]

Yes? Are you talking about fracking? Pipelines? Just general environmental protections?

I want to know why those are causing this increase in gas prices.

There are a couple thousand unused permits/leases out there that I'm sure will be drilled soon. But the truth of the matter is, oil companies are making a killing right now and they have NO reason to over produce and decrease prices.

Huh, that's an interesting change in business behavior. Last time oil prices were this high energy companies were tripping over each other to drill new wells and get oil out of the ground while there was money to be made. Are you saying they have all found religion overnight and decided to turn into a mini-OPEC, conspiring to keep prices high by not developing more production?

Or could it be a climate of severe uncertainty due to well expressed government disdain for their activities?

One thing is for certain: America runs on petroleum, and we are all taking it in the shorts right now. People have shown up at politicians' doorsteps with pitchforks and buckets of tar for far, far less (figuratively speaking, of course).

 

[Ruination]

Huh, that's an interesting change in business behavior. Last time oil prices were this high energy companies were tripping over each other to drill new wells and get oil out of the ground while there was money to be made. Are you saying they have all found religion overnight and decided to turn into a mini-OPEC, conspiring to keep prices high by not developing more production?

Or could it be a climate of severe uncertainty due to well expressed government disdain for their activities?

One thing is for certain: America runs on petroleum, and we are all taking it in the shorts right now. People have shown up at politicians' doorsteps with pitchforks and buckets of tar for far, far less (figuratively speaking, of course).

Yea. But last time we couldn't sell our oil over seas.

 

[cormier1]

We are at 1.98$ per litre here in NB Canada. That comes to 7.48$ a gallon!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! The Trudeau liberals are winning we are all SCREWED up here!!! My house has doubled its value in 2 years. Some say its great. But for me that in it to keep it NO. Property tax bill is up 30%. A 2x4x8 is over 10$. Building new house is crazy expensive. Only got a our normal 2% raise this year, with inflation in my area at over 7% times are getting hard.

 

[BigSkyDuk]

Yea. But last time we couldn't sell our oil over seas.

If anything more markets should kick the greed instinct into high gear… oil was a globally priced commodity long before the export ban was lifted.

We have a government that actively discouraged oil and gas production. The government has signaled its disfavor of fossil fuel development in numerous ways, not least of which was the very public and ceremonious cancellation of the Keystone pipeline. Who wants to sink millions into developing petroleum leases that might be declared null and void tomorrow?

There are MANY factors at play, not least being Russia’s misadventure in Ukraine. But nothing our federal government has done has helped the situation. It has all be neutral to bad.

 

[Ruination]

If anything more markets should kick the greed instinct into high gear… oil was a globally priced commodity long before the export ban was lifted.

We have a government that actively discouraged oil and gas production. The government has signaled its disfavor of fossil fuel development in numerous ways, not least of which was the very public and ceremonious cancellation of the Keystone pipeline. Who wants to sink millions into developing petroleum leases that might be declared null and void tomorrow?

There are MANY factors at play, not least being Russia’s misadventure in Ukraine. But nothing our federal government has done has helped the situation. It has all be neutral to bad.

Oil giants reap record profits as war rages in Ukraine, energy prices soar: Here's how much they made

Profits for Exxon Mobil, Shell, Chevron and more rose by billions in the first quarter – despite costs from war in Ukraine and soaring energy prices.

www.usatoday.com

Doesn't get much more greedy than record profits.

It's not like they are selling more.

 

[BigSkyDuk]

Oil giants reap record profits as war rages in Ukraine, energy prices soar: Here's how much they made

Profits for Exxon Mobil, Shell, Chevron and more rose by billions in the first quarter – despite costs from war in Ukraine and soaring energy prices.

www.usatoday.com

Doesn't get much more greedy than record profits.

It's not like they are selling more.

If they could sell 1.2x barrels for what they’re selling 1x barrels, imagine what the net would be.

Actually, who’s losing are the small players who wildcat the unproven fields and find the new discoveries. XOM et al can afford to sit on their proven deposits. As usual, it’s the little(er) guy whose taking the hard end on this one. Plus the rest of us who use fuel.

 

[Il. MudDuk]

Gas is rolling up here now....4.29 for unleaded, 5.15 for diesel. Thanks Brandon!

But it's only $4.19 at the MotoMart, in north St. Louis off of Riverview Drive.
Not only do I risk getting shot at, but even the gas station is stickin it to us.

Last Monday my 15 year old son wanted to go to SLU to participate in something. I almost didn't get gas earlier in the day thinking I could get it near the campus later on....thank God I did get it earlier as I had forgotten just how "nice" the other side of the Stan Musial/Veterans bridge is. I told my son to not look at anybody and that I was rollin thru every stop sign.