What's the price of gas where you live ?

[Old Man Marsh]

[no one]

I know a guy, I get my dilithium crystals on the cheap.

[Bucky Ball]

Um, does this mean they will be paying us to fill up?

https://www.latimes.com/business/story/2...y-contract

Oil price collapses to below zero as demand takes a dive during pandemic

Oil futures collapsed to below zero for the first time ever as the deepening economic turmoil caused by the coronavirus crisis left traders desperate to avoid taking delivery of physical crude.
In an unprecedented day of trading, the price for the May contracts wiped out all value, breaking every low for oil prices since 1946. The exchange where WTI futures trade said the contract would be allowed to price below zero.
The extreme move showed just how oversupplied the U.S. oil market has become with industrial and economic activity grinding to a halt as governments around the globe extend shutdowns due to the swift spread of the coronavirus. An unprecedented output deal by OPEC and allied members a week ago to curb supply is proving to be too little, too late in the face of a one-third collapse in global demand.

Dafuq?

A lot of the oil market is paper transactions. Futures trading. 
But eventually, the jig is up, and the contracts expire .. and someone owns it, and has to pick it up, and cart it away, and put it somewhere. 
There is nowhere to put it, as the storage facilities are full of un-bought oil. This bodes ill, ... very very bad, for the world economy. It's worth less than zero, because the buyer has to pay to store it, and can't sell it.

[Thumpalumpacus]

Um, does this mean they will be paying us to fill up?

https://www.latimes.com/business/story/2...y-contract

Oil price collapses to below zero as demand takes a dive during pandemic

Oil futures collapsed to below zero for the first time ever as the deepening economic turmoil caused by the coronavirus crisis left traders desperate to avoid taking delivery of physical crude.
In an unprecedented day of trading, the price for the May contracts wiped out all value, breaking every low for oil prices since 1946. The exchange where WTI futures trade said the contract would be allowed to price below zero.
The extreme move showed just how oversupplied the U.S. oil market has become with industrial and economic activity grinding to a halt as governments around the globe extend shutdowns due to the swift spread of the coronavirus. An unprecedented output deal by OPEC and allied members a week ago to curb supply is proving to be too little, too late in the face of a one-third collapse in global demand.

Dafuq?

Exactly what one of my customers, who owns a couple of wells up in the Permian, was telling me about ten days ago. The glut on the market means that storage is at a premium, which has driven May futures to a negative price. When he told me about it, futures were at $12/bbl. The deadline for trading them is tomorrow, so folks trying to unload oil are having to pay to do it.

[jerry mcmasters]

Southeast Tx, about two bucks a gallon.

[Paleophyte]

Um, does this mean they will be paying us to fill up?

https://www.latimes.com/business/story/2...y-contract

Oil price collapses to below zero as demand takes a dive during pandemic

Oil futures collapsed to below zero for the first time ever as the deepening economic turmoil caused by the coronavirus crisis left traders desperate to avoid taking delivery of physical crude.
In an unprecedented day of trading, the price for the May contracts wiped out all value, breaking every low for oil prices since 1946. The exchange where WTI futures trade said the contract would be allowed to price below zero.
The extreme move showed just how oversupplied the U.S. oil market has become with industrial and economic activity grinding to a halt as governments around the globe extend shutdowns due to the swift spread of the coronavirus. An unprecedented output deal by OPEC and allied members a week ago to curb supply is proving to be too little, too late in the face of a one-third collapse in global demand.

Dafuq?

A lot of the oil market is paper transactions. Futures trading. 
But eventually, the jig is up, and the contracts expire .. and someone owns it, and has to pick it up, and cart it away, and put it somewhere. 
There is nowhere to put it, as the storage facilities are full of un-bought oil. This bodes ill, ... very very bad, for the world economy. It's worth less than zero, because the buyer has to pay to store it, and can't sell it.

The May futures contracts for oil are coming due tomorrow so the traders are playing hot potato with them. Nobody wants to be caught holding them because that poor sucker has to take possession of the oil that there isn't room to store. The May contracts are set to finalize on Tuesday and as a consequence, the price for May WTI delivery dropped below negative $37/barrel today. Tomorrow should be interesting. As Bucky says, this bodes poorly.

[julep]

Some places around here, south shore Massachusetts, it’s around $1.60/gallon, although in most places it’s just below $2.   That’s according to info gathered by my husband on his bicycle rides.  

I last filled up about a month ago and still have three quarters of a tank left, but I’m glad that the people who have to drive to work (or for work) are getting a break on this expense.

[Unsapien]

Um, does this mean they will be paying us to fill up?

https://www.latimes.com/business/story/2...y-contract

Oil price collapses to below zero as demand takes a dive during pandemic

Oil futures collapsed to below zero for the first time ever as the deepening economic turmoil caused by the coronavirus crisis left traders desperate to avoid taking delivery of physical crude.
In an unprecedented day of trading, the price for the May contracts wiped out all value, breaking every low for oil prices since 1946. The exchange where WTI futures trade said the contract would be allowed to price below zero.
The extreme move showed just how oversupplied the U.S. oil market has become with industrial and economic activity grinding to a halt as governments around the globe extend shutdowns due to the swift spread of the coronavirus. An unprecedented output deal by OPEC and allied members a week ago to curb supply is proving to be too little, too late in the face of a one-third collapse in global demand.

Dafuq?

A lot of the oil market is paper transactions. Futures trading. 
But eventually, the jig is up, and the contracts expire .. and someone owns it, and has to pick it up, and cart it away, and put it somewhere. 
There is nowhere to put it, as the storage facilities are full of un-bought oil. This bodes ill, ... very very bad, for the world economy. It's worth less than zero, because the buyer has to pay to store it, and can't sell it.

So why are gas prices going back up where I live?

Did the prices fall over the last month because the value of the oil was dropping but now are going up because even though the oil is currently basically worthless the cost of keeping the oil around is going up?

[Thumpalumpacus]

Um, does this mean they will be paying us to fill up?

https://www.latimes.com/business/story/2...y-contract


Dafuq?

A lot of the oil market is paper transactions. Futures trading. 
But eventually, the jig is up, and the contracts expire .. and someone owns it, and has to pick it up, and cart it away, and put it somewhere. 
There is nowhere to put it, as the storage facilities are full of un-bought oil. This bodes ill, ... very very bad, for the world economy. It's worth less than zero, because the buyer has to pay to store it, and can't sell it.

So why are gas prices going back up where I live?

Did the prices fall over the last month because the value of the oil was dropping but now are going up because even though the oil is currently basically worthless the cost of keeping the oil around is going up?

You see it last in retail. Futures don't hit the market for a while. The general rules of thumb is that price cuts see the brakes applied, while increases get exaggerated, in the month between purchase and delivery, at the pump.

[Bucky Ball]

Um, does this mean they will be paying us to fill up?

https://www.latimes.com/business/story/2...y-contract


Dafuq?

A lot of the oil market is paper transactions. Futures trading. 
But eventually, the jig is up, and the contracts expire .. and someone owns it, and has to pick it up, and cart it away, and put it somewhere. 
There is nowhere to put it, as the storage facilities are full of un-bought oil. This bodes ill, ... very very bad, for the world economy. It's worth less than zero, because the buyer has to pay to store it, and can't sell it.

So why are gas prices going back up where I live?

Did the prices fall over the last month because the value of the oil was dropping but now are going up because even though the oil is currently basically worthless the cost of keeping the oil around is going up?

It's likely temporary and local. Probably some held out hope the discussions with Mexico and OPEC would be fruitful. They did agree, but the world situation overwhelmed everyone today. The over-night futures in Europe and the Far East caught the bug .. they are down.

[SYZ]

AU$1.25/litre for PULP 98 at my location today.

[Phaedrus]

$1.73, Clearwater, FL

[Gawdzilla Sama]

$1.61/gal, Bridgeton, Missouri.

[mordant]

Um, does this mean they will be paying us to fill up?

https://www.latimes.com/business/story/2...y-contract

Oil price collapses to below zero as demand takes a dive during pandemic

Oil futures collapsed to below zero for the first time ever as the deepening economic turmoil caused by the coronavirus crisis left traders desperate to avoid taking delivery of physical crude.
In an unprecedented day of trading, the price for the May contracts wiped out all value, breaking every low for oil prices since 1946. The exchange where WTI futures trade said the contract would be allowed to price below zero.
The extreme move showed just how oversupplied the U.S. oil market has become with industrial and economic activity grinding to a halt as governments around the globe extend shutdowns due to the swift spread of the coronavirus. An unprecedented output deal by OPEC and allied members a week ago to curb supply is proving to be too little, too late in the face of a one-third collapse in global demand.

Dafuq?

All it means for sure is that oil companies will have to pay someone to take oil off their hands, assuming there are any takers.

From what I've read we'll see pump prices fall quite a bit in the US, but in Europe, where more of the price is taxes and surcharges, it won't be as evident.

I do not imagine that it will go below zero at the pumps but if this is a sustained phenomenon, I bet it could go below $1 a gallon for the first time since my childhood. At the retail level you are still paying for the operation of the gas station and the transporting of the fuel and some profit margin.

We have to keep in mind however that these figures are based on April futures contracts that are expiring. May futures are still (for the moment) in positive territory. How that holds up will be the thing to watch.

[mordant]

About a week or two ago gas was down to about $.60 a litre (CAD), now it's crept up to about $.85/litre, that includes a new hike of $.07 a litre in carbon tax on fuel that came into effect April 1st that nobody seems to have noticed. A month previous when gas was around $1.20 a litre people would have been screaming bloody murder.

At some point in the next few weeks the country will be switching to "summer" gas which will push the price up again maybe another $.05/litre, because apparently it's more expensive to make, I can't remember why we switch to summer gas.

Is summer gas a thing any place else?

It was a thing in Arizona when I lived there IIRC. I think it may be true elsewhere, I'm pretty sure when I've been bored enough to read the fine print on the gas pump I've seen that from time to time, I just don't remember where. Might have been on trips through other states.

[Cavebear]

I don't actually know. I go through a tank of gas in about 4 months. Last time it was $2.19? But I heard it crashed yesterday. Won't matter, I have a full tank. It will all change in a few months.

[Charladele]

Today...99 cents a gallon in lower Wisconsin!

[TheGentlemanBastard]

Actually went out to get a few things from the store that are not offered online and arrived at the local Kroger nearly on fumes. So, after the grocery run that left me feeling contaminated, I hit the pumps on my way out. It's the first time I can remember filling a dead empty tank for less than $20 since the 90s. I paid just $1.449/gal. This time last year they were gearing up for summer and gas was in the neighborhood of $2.70/gal.

[Dānu]

I don't drive anymore, but they were showing one local service station selling gas for less than a buck a gallon a day or two ago.

[Gawdzilla Sama]

https://gasprices.aaa.com/state-gas-price-averages/

[Old Man Marsh]

Two turnips for a hogshead.

[Bucky Ball]

Two turnips for a hogshead.

My mom has a small grove of lemon trees. I'll trade ya some turnips for lemons, later.

[Gawdzilla Sama]

Two turnips for a hogshead.

My mom has a small grove of lemon trees. I'll trade ya some turnips for lemons, later.

♫Lemon tree very pretty,
and the lemon flower is sweet.
But the fuel from the poor lemon
Is just not fucking flammable.♫

[TheGulegon]

I filled the tank earlier today, at the Casey's General Store, in Higginsville MO for...

...Drum Roll...

One dollar, and four cents!!! 

As I recall filling my old S-10 up at a $1.50 per gallon, back in the mid-90's, I can honestly say, I can not remember gasoline ever! being this cheap!!!

[Gawdzilla Sama]

Waves from the other end of I-70.