Thread: OIL Output and the Future

gina - 3/14/2019 at 08:46 PM

The IEA expects the US to lead global oil supply growth by 2024, producing 70% of the world's supply. That sounds like good news right? Do you think the oil companies will feel badly for anyone here providing cheaper gas or will we still be hosed at the pumps?

"Saudi Arabia plans to produce well below 10 million barrels a day in April, a similar pace to March, when it cut output by 500,000 barrels a day from February, the same official said, asking not to be named discussing internal deliberations.

The Kingdom will supply overseas customers with less than seven million barrels a day, 635,000 barrels less than refiners asked for."


https://aawsat.com/english/home/article/1630866/iea-expects-us-lead-global- oil-supply-growth-2024


Remarks: For now it seems we will continue to be hosed, paying waaaay to much for gas.


nebish - 3/15/2019 at 04:34 PM

quote:
Remarks: For now it seems we will continue to be hosed, paying waaaay to much for gas.


We aren't going to pay less for gas with so many states already enacting or considering increases to their state gas and diesel taxes. Related to crude price, to a point, I agree that we are paying too much as a ratio of crude / retail per gallon price, but that seems to me a little too much as opposed to your "waaaay" too much. I have local gas prices ranging from $2.15-2.34. It feels like it is maybe maybe 5-10% too high per gallon based off where crude is sub-$60 - my opinion.

I used to spend hours on EIA's website. Haven't been there for a while, but they do have some really great data to pour over.


nebish - 3/15/2019 at 04:38 PM



Old news, but the expansion in US oil production this past decade is pretty amazing.


gina - 3/15/2019 at 08:07 PM

quote:
quote:
Remarks: For now it seems we will continue to be hosed, paying waaaay to much for gas.


We aren't going to pay less for gas with so many states already enacting or considering increases to their state gas and diesel taxes. Related to crude price, to a point, I agree that we are paying too much as a ratio of crude / retail per gallon price, but that seems to me a little too much as opposed to your "waaaay" too much. I have local gas prices ranging from $2.15-2.34. It feels like it is maybe maybe 5-10% too high per gallon based off where crude is sub-$60 - my opinion.

I used to spend hours on EIA's website. Haven't been there for a while, but they do have some really great data to pour over.


The prices here have been $2.49 to $2.59. I remember Prince Talal from Saudi Arabia who said awhile back that the price per gallon should be around $2.00 per gallon. I am also not optimistic about the future of the Straits of Hormuz remaining open due to geo-political problems. The Israelii elections are next month, shortly after that is when The US will announce the peace plan for Israel and Palestine that Jared Kushner worked on. Tempers in the Muslim world will flare as the US is involved in the construction of the third temple there.

Prophetically speaking, Iran is the one who is said to be the one who will nuke Israel, there would of course be US retaliation, and then they will close off the straits of Hormuz, causing US gas prices to rise to $10 gallon completely decimating the US economy, though with Iran having Russia as their ally, the economy may be the least of what we would need to worry about at that time.




nebish - 5/7/2019 at 02:19 PM

I do occasionally get pissed off about gas prices and the past month has been one of those times.

Since I posted last mid March, oil has only gone up maybe 5% from just under $60 to just over $60 a barrel. Yet our gas prices jumped 20 or 25% to the $2.65-2.79 range. And we get the normal blame "seasonal blend switch over". Oil at $60-ish should not mean that our regional gas is this close to $3. Our new 10 cent gas tax hike hasn't hit yet. I remember when $100 oil meant $3 gas. Now apparently $70 oil would mean $3 a gallon gas. Not cool.


BrerRabbit - 5/7/2019 at 05:45 PM

Well at least we dont have to buy it by the liter . . . yet.


nebish - 5/8/2019 at 05:04 AM

quote:
Well at least we dont have to buy it by the liter . . . yet.


Damn metric system.

You can pretend to buy it by the liter if you want. 4 liters = 1 gallon, buy 10 gallons, you just bought almost 40 liters. Or 1/4 of one gallon = 1 liter. So that would be about 62 cents per liter on a $2.50 a gallon rate.

Happy to help


Where are you Rabbit, what is your gas price looking like?


This thread come from : Hittin' The Web with the Allman Brothers Band
http://allmanbrothersband.com/

Url of this website:
http://allmanbrothersband.com//modules.php?op=modload&name=XForum&file=viewthread&fid=127&tid=147932