Bear Down Wildcats

this is ridiculous.

the oil companies make billions in profits, they can lower the fuckin price and still make billions. fuck you oil companies

U.S. running out of room to store oil. Prices could drop again.

http://www.spokesman.com/stories/2015/m ... apse-next/

“The fact of the matter is we are running out of storage capacity in the U.S.,” Ed Morse, head of commodities research at Citibank, said at a recent symposium at the Council on Foreign Relations in New York.

Morse has suggested oil could fall all the way to $20 a barrel from the current $50. At that rock-bottom price, oil companies, faced with mounting losses, would stop pumping oil until the glut eased. Gasoline prices would fall along with crude, though lower refinery production, because of seasonal factors and unexpected outages, could prevent a sharp decline.

The national average price of gasoline is $2.44 a gallon. That’s $1.02 cheaper than last year at this time, but up 37 cents over the past month.

WTI closed above $60 today.

On the news last week, Tucson has the lowest gas prices in the country. $1.95 at some stations still

I doubt it is that low. I just got gas at Sam's club (which is consistently one of the cheapest places in Tucson) and paid $2.17

Been shorting oil for awhile up until the usual increase to Memorial day and the summer travel. Sounds like I will be doing that agin here soon given the supply side

azcat49 wrote:Been shorting oil for awhile up until the usual increase to Memorial day and the summer travel. Sounds like I will be doing that agin here soon given the supply side

3.9 million barrel decrease in crude oil inventories this week.

http://www.ocregister.com/articles/pric ... allon.html


Orange County motorists blinked Friday and saw gas prices top $4 a gallon at some of their neighborhood gas stations.

At the OC Gas station on Grand Avenue in Santa Ana, prices shot up to $4.35 from $3.27 on Wednesday.

Frank Zamarripa of Santa Ana was shocked when he saw the prices. The 78-year-old’s daily drive involves shuttling his great-grandchildren around town.

“The price went up real bad. Whose fault is it? Let’s blame somebody,” he joked. “What can we do?”

Mercedes Owen decided to shop elsewhere. She turned her car toward Orange and the 76 station near the 22, where the price was $4.09 a gallon.

The Santa Ana resident has to commute to Anaheim three to four times a week for medical reasons. “Getting to the doctor is getting to be a problem,” she said.

Low inventory across the West Coast, a lack of imported gas for California and rising wholesale prices all have contributed to sporadic price hikes around the county.

“We are in a high-driving, high-consumption time of the year,” said Tupper Hull, the vice president of strategic communications for the Western States Petroleum Association. “I don’t know what occurred this week to change the wholesale prices. I don’t have an answer for that.”

GasBuddy, a website that collects gas price reports from its app users, saw wild price changes all day Friday across Orange County. A Dana Point Chevron took the top spot at $4.61 for a gallon of regular, followed by $4.59 a gallon at a 76 station in Seal Beach. Both stations had reported prices closer to $3.45 in recent days.

But not every gas station has been quick to hike prices. Many outlets, especially bigger chains, are sticking to low prices. Big-box retailers Costco and Sam’s Club had some of the county’s lowest prices, which hovered around $3.20 a gallon Friday.

GasBuddy analyst Allison Mac said refineries sometimes will cut supplies to independent or unbranded gas stations when inventory runs low, forcing operators to push up prices as they scramble for alternative suppliers.

Prices are expected to rise into next week as suppliers wait out imported gas.

“When there are shortages, we have to bring in additional gasoline supplies on ships; that takes more time to get here and the market reacts with higher prices until additional supplies can be brought in to stabilize the market,” Tupper said.

Orange County’s average price of gas notched its largest daily increase since Feb. 27, rising 12.8 cents to $3.625, according to figures from the AAA and Oil Price Information Service.

The Orange County average price had dropped 50 of the previous 54 days. It is 13.5 cents higher than one week ago but 1.4 cents lower than a month ago and 52.2 cents lower than one year ago.

Motorists, for now, are gritting their teeth and filling up.

Tustin resident Alfredo Sanchez, 60, is a regular at Grand Gas in Santa Ana. He finds the independently owned station is usually about 10 cents cheaper than the big chains nearby.

“This is the first time I’ve seen prices go up like this,” he said.

Jesse Salazar, 32, of Orange was unfazed by the higher prices.

“It comes with the territory of having a car,” he said. “It’s a necessity nowadays – to get from point A to point B.”

GasBuddy on Thursday petitioned Gov. Jerry Brown to temporarily waive California’s fuel requirements because of the shortage. A reprieve would mean the state could import gas from other states with different blends to hold off even higher price hikes.

California’s blend of gasoline is different than the rest of the country because of strict environmental standards.

Still like $2.50 in Tucson

$2.35 at Ghetto Frys - 1st and Roger.

$1.68/gallon for regular this morning. Feels like I'm back in college.

There's no money in Star Trek.

Oil is trading at 2009 levels this week at around $38/barrel. Prices will stay low through 2016. The oil countries are not happy.

Brent dropped below $40 this morning but has rebounded a little and WTI is at $39.97.

OPEC is like

Mr.Zebra wrote:

Chicat wrote:

ASUHATER! wrote:in some areas, yes we do need government control.

People who advocate for extremely limited government should be forced to live in that Libertarian utopia Liberia.

Liberian girl, you came and you changed my world

Solid post

Can somebody explain this?

At 3:30 in the afternoon yesterday, my tank was on empty so I went to get gas, and there was like a mile-long line of cars at the gas station. It looked like a documentary from the 1970s.

So I drove to another station, and you couldn't even pull into it because it was such a cluster of cars, with a line of cars spilling out onto a residential street.

I had groceries that were going to go bad in the heat, so I went home, put everything in the fridge, and texted my wife that our evening plans had changed so that I could go hunker down in a long line of cars and deal with the sudden fuel crisis adventure.

I drove to a third gas station, and there was maybe one other car fueling up. Completely normal, so I filled up my tank. As I continued to drive around town running Christmas errands, all the gas stations were completely normal. On the way home I drove past one of the gas stations that had the long lines, and it was normal, too.

Do I need to see a doctor?

Longhorned wrote:Can somebody explain this?

At 3:30 in the afternoon yesterday, my tank was on empty so I went to get gas, and there was like a mile-long line of cars at the gas station. It looked like a documentary from the 1970s.

So I drove to another station, and you couldn't even pull into it because it was such a cluster of cars, with a line of cars spilling out onto a residential street.

I had groceries that were going to go bad in the heat, so I went home, put everything in the fridge, and texted my wife that our evening plans had changed so that I could go hunker down in a long line of cars and deal with the sudden fuel crisis adventure.

I drove to a third gas station, and there was maybe one other car fueling up. Completely normal, so I filled up my tank. As I continued to drive around town running Christmas errands, all the gas stations were completely normal. On the way home I drove past one of the gas stations that had the long lines, and it was normal, too.

Do I need to see a doctor?

For a number of reasons I can think of.

Do you have an even or odd license plate number?

Merkin wrote:Do you have an even or odd license plate number?

I remember that.

Is there maybe an ap that posts the cheapest gas prices in town at any particular moment, and everybody rushes there and waits in a long line of cars to save 5 cents a gallon?

Longhorned wrote:Is there maybe an ap that posts the cheapest gas prices in town at any particular moment, and everybody rushes there and waits in a long line of cars to save 5 cents a gallon?

GasBuddy is that ap, but it doesn't send alerts to my knowledge.

My guess is that something which attracted a lot of people either just let out or was going to happen later that night. I'd say it was an Illini sporting event, but no one goes to that shit.

I've seen that. Then I realized all the stations were Costcos.

It's like a '70s gas line all the time there.

Oil trading at an 11 year low. Maybe we will hit that $20/barrel price that some analysts predicated.

Yet gas in Cali is almost twice what it is in AZ.

Longhorned wrote:Can somebody explain this?

At 3:30 in the afternoon yesterday, my tank was on empty so I went to get gas, and there was like a mile-long line of cars at the gas station. It looked like a documentary from the 1970s.

So I drove to another station, and you couldn't even pull into it because it was such a cluster of cars, with a line of cars spilling out onto a residential street.

I had groceries that were going to go bad in the heat, so I went home, put everything in the fridge, and texted my wife that our evening plans had changed so that I could go hunker down in a long line of cars and deal with the sudden fuel crisis adventure.

I drove to a third gas station, and there was maybe one other car fueling up. Completely normal, so I filled up my tank. As I continued to drive around town running Christmas errands, all the gas stations were completely normal. On the way home I drove past one of the gas stations that had the long lines, and it was normal, too.

Do I need to see a doctor?

The Shell station by my house had this going on the other morning. I actually stopped and went inside to grab a cup of coffee. It turns out they were giving away free gas from 6AM to 7 AM. I guess the thought is people will get out of their cars and come in to buy food/drink while they are waiting?

84Cat wrote:Oil trading at an 11 year low. Maybe we will hit that $20/barrel price that some analysts predicated.

WTI Crude Oil 33.31 USD
Brent Crude Oil 33.68 USD

I remember people as recently as three or four years ago saying shale wasn't going to change anything.

SCCats wrote:I remember people as recently as three or four years ago saying shale wasn't going to change anything.

OPEC is trying to put shale producers out of business right now. Will be interesting to see if OPEC is actually willing to play the long game and drown them out.

the real dill wrote:

SCCats wrote:I remember people as recently as three or four years ago saying shale wasn't going to change anything.

OPEC is trying to put shale producers out of business right now. Will be interesting to see if OPEC is actually willing to play the long game and drown them out.

I definitely understand that our "friends" the Saudis are trying to wage economic war against the shale industry. They might well win the war too. But it's pretty amazing how low they've had to go and, if they want to keep the shale industry down, they're probably going to have to keep prices fairly low (sub 50?) going into the future. If they choose to do that it's obviously pretty tough for the shale industry, but it's pretty amazing for consumers.

Here's one reason why Saudi Arabia is happy to take the pain of low oil prices

http://finance.yahoo.com/news/heres-one ... 41960.html" target="_blank

We have long believed that the Saudis are driving oil prices lower to inflict pain on Iran. Any collateral damage to US shale producers is a secondary or tertiary benefit. Though low oil prices hurt Saudi Arabia, they negatively impact Iran in a much greater way and it crimps Iran's ability to fund sectarian uprisings in Saudi Arabia's backyard. Essentially, they are forcing Iran to choose between higher oil prices and the economic prosperity that comes with it, and the desire to foment Shia uprisings in the Middle East. In essence we believe Saudi Arabia and Iran are fighting a war without tanks and jets but one with oil prices.

I think we should take a serious look at this. If there's interest we can talk about costs/benefits and what the analysis might look like.

Time for an oil-industry bailout?

http://www.cnbc.com/2016/01/06/kilduff- ... ntary.html" target="_blank

The "oil price downturn is now deeper and longer than any of the previous downturns since 1970," according to Morgan Stanley.

Martijn Rats and his team at the investment bank say oil is now in "uncharted territory", in a note sent to clients on Monday.

The bank warned in an August note that the current oil price crisis could eclipse the 1986 slump, but writes in today's note that it looks like it's already worse than that. As a result, there are "no other periods that are useful guides to the future."

http://www.businessinsider.com/morgan-s ... ?r=UK&IR=T" target="_blank

No bail outs!

Oil tumbles more than 5 percent to a new 12-year low

On Tuesday, Brent crude fell as low as $30.43 per barrel before recovering to trade 0.5% higher at $31.75 a barrel.

Meanwhile the US benchmark, West Texas Intermediate, slipped to $30.41 before regaining some ground to $31.06 a barrel.

Oil prices have fallen about 15% since the start of the year to near-12 year lows.

http://www.bbc.com/news/business-35289766" target="_blank

84Cat wrote:No bail outs!

I actually had a hard time coming up with reasons to not support a small in scope and time bail out.

And it's better to think of it as "short term support for a critical national security industry that is being illegally dumped on by foreign actors in an direct effort to destroy our industry and thus to decrease our national security" than a "bail out."

No need for a bailout. Just need to go to war.

Chicat wrote:No need for a bailout. Just need to go to war.

Of course the best thing about it is the $5B bailout I have in mind is "going to war." It's just that it only costs us $5B, we have basically no deaths on our side and we automatically win without firing a shot.

It's almost the perfect "Obama foreign policy" initiative that the President has been kicking ass with for the last seven years. Win the war with a stroke of a pen.

Drop in oil fuels bankruptcy concerns

Crude oil nearly touched $30 per barrel overnight, extending the current decline to 560 days. If prices don't rebound to at least $50 per barrel soon, the Wall Street Journal reports that we could see as many as one-third of all U.S. oil and gas producers teetering on the edge of bankruptcy by mid 2017. Just how bad can it get for oil producers?

BP laying off 4000 people too.

84Cat wrote:BP laying off 4000 people too.

I haven't seen the details, but I'm thinking/hoping those aren't domestic jobs.

If you work in an industry rooted in 19th century technology, you have to know that your job might be in jeopardy at some point. Which is why when old Jebediah encouraged me to join the Ice Deliveryman Union I told him to go shit in his derby.

The price of oil sank below $30 Friday a barrel and is trading at the lowest level since 2003.

WTI at 29.62
Brent at 29.65

$1.55 at ARCO on Tanque Verde. Wow

Somewhere in Texas

Houghton Lake, MI.

I paid $2.69 a couple days ago.

Can't win. Low gas prices, and the 401k leaks.

I took this picture last night at the corner of Fairfax and Olympic.

gumby wrote:Can't win. Low gas prices, and the 401k leaks.

Once investors realize that low oil prices make so many commodities so much cheaper to produce and ship, the stock market panic will end.

Bruins01 wrote:I took this picture last night at the corner of Fairfax and Olympic.

No idea why it's so expensive there. In everywhere else in LA it's $2.50-2.80

Chicat wrote:

gumby wrote:Can't win. Low gas prices, and the 401k leaks.

Once investors realize that low oil prices make so many commodities so much cheaper to produce and ship, the stock market panic will end.

Low oil prices and commodities prices in general however are symptomatic of a weakening global economy, which may cause a US recession.

Alone, low oil prices are historically good/neutral for the US economy overall. It's a total shit show for Texas/Houston though.

Bruins01 wrote:I took this picture last night at the corner of Fairfax and Olympic.

Crazy. Gas was $1.49 at every station I passed/noticed this morning.