Going to continue to rise too. The 140,000 bbl/day Philips66 refinery in NJ is due for a maintenance shut down before the spring/summer driving season begins and crude has pretty much stabilized at $60+ a barrel so refiners are having to pay more for feedstock than they did this time last year. Additionally, refiners have more contractual obligations this year for exporting finished products which lowers the inventory available for domestic sales.
Still a whole lot better than during the Obama regime when he was trying to tie up and shut down anything related to energy production from fossil fuels. Drill baby drill.
Read an article that a drilling rig somewhere in the Dakotas caught fire about ten days ago and sure enough the price of gas has jumped $ .29 since then. I also find it interesting that as the long term overall fuel economy of vehicles increases, the price of gas at the pump also increases to compensate for the oil companies lost revenue.
Read an article that a drilling rig somewhere in the Dakotas caught fire about ten days ago and sure enough the price of gas has jumped $ .29 since then. I also find it interesting that as the long term overall fuel economy of vehicles increases, the price of gas at the pump also increases to compensate for the oil companies lost revenue.
correlation does not = causation.
As far as I know, the last rig fire/blowout in the Dakotas was in 2016.
Well, this seems like a good place to offer up a report that I have had captured in my web browser for several days, but actually have still not yet read all the way through with a careful focus.
"Texas, New Mexico Oil and Gas Reserves are Largest Ever Assessed, Bringing Economic Hope, Environmental Concern" Pam Wright for Weather(.com); December 19, 2018. https://weather.com/science...s-reserve-assessment
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An announcement by the U.S. Geological Survey earlier this month that the potential largest oil and natural gas reserve ever assessed is sitting beneath Texas and New Mexico has government officials rejoicing. Environmentalists are not as thrilled.
The USGS report says a four-year assessment at the the Wolfcamp Shale and overlying Bone Spring Formation in the Delaware Basin portion of Texas and New Mexico’s Permian Basin province revealed underground petroleum reserves that may potentially hold up to 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas and 20 billion barrels of natural gas liquids. This makes it the largest reserves ever assessed in the United States.
The deposit has nearly three times more oil and gas than the agency found in 2013 in North Dakota's Bakken shale and is nearly three times the amount of petroleum products used by the entire United States in a single year, NPR reports.
In spite of Iran trying to **** on the Middle East, gas prices have remained 'stable.'
American energy (near) independence has contributed to world Peace and economic stability. Only this nation could do something like that where 'promising' economies like Venezuela fail.
We will never be a Socialist nation, or we will fail and take the world with us.
P.S. wind energy is not a great solution in it's current form, unless you like ugly, inefficient bird shredders.
Unlikely that the NM/Tx field will be developed very soon. Developing a new play is VERY expensive and the returns right now pretty slim with overall global prices around $55/bbl but current WT/NM intermediate prices are a lot less. That big reserve has been known about for nearly 4 years now..the only thing new is how big it actually is. Questions however..remain:
The USGS qualifies the figures of their massive discovery as consisting of undiscovered, technically recoverable resources, which they define as, "those [resources] that are estimated to exist based on geologic knowledge and already established production, while technically recoverable resources are those that can be produced using currently available technology and industry practices. Whether or not it is profitable to produce these resources has not been evaluated."
New year, New administration. Any guesses where we are headed now?
UP / Keystone pipeline cancelled / up some more / no more fracking / up some more / opening the boarders , amnesty ,additional welfare and social programs requiring tax for income / up a bunch more.
Retail prices will stay relatively low thru the summer would be my guess. Probably take that long to get rid of any glut and enact any increased federal tax schemes on refined fuels.
Here's where the US average retail pric stands just before inauguration day.
$2.56/gal here in WPB for regular. Let's see how long it stays under $3. Meanwhile I've found E30 (94 octane) at a local Sunoco that mixes well with Sam's Club premium (usually twelve cents-ish above everyone else 's regular) that hasn't impacted my MPG's significantly but is ten percent cheaper.
[This message has been edited by USFiero (edited 02-16-2021).]
The race is on to destroy the economy/freedom/American way of life. Electricity may become so difficult to provide and expensive even electric cars will be sidelined.
Been up and down the East Coast as of late, discovered Buc-ee's which has ethanol free gas, but at $3.33/gal for 87 octane... ouch. My ride is tuned for midgrade minimum and Sam's was still hanging in there at $2.88/gallon premium. Shopped at a Kroger with a gas pump and got ten cents off their midgrade which made it $2.64/gallon.
Arrived here about 5 minutes after the colonial pipeline shut down.........Don't expect it to go down especially since Memorial Day is right around the corner. Let's face it, nothing honors our veterans more then raising prices on fuel for no go reason other then to stick it to the public.
The last time this pipeline failed my city was during Hurricane Katrina. Overnight gas prices went to $5 a gallon. When the retail outlets were asked why the price jump they stated their wholesaler told them to do it. Although it annoys me personally, I do see where this would discourage scalpers and hoarders. At this level you only buy what you absolutely need.
On Wednesday, the Biden administration defended in federal court the Willow project, a huge oil drilling operation proposed on Alaska’s North Slope that was approved by the Trump administration and is being fought by environmentalists. Weeks earlier, it backed former President Donald J. Trump’s decision to grant oil and gas leases on federal land in Wyoming. Also this month, it declined to act when it had an opportunity to stop crude oil from continuing to flow through the bitterly contested, 2,700-mile Dakota Access pipeline, which lacks a federal permit. . . .
Kafka-esque?
quote
The multibillion-dollar plan from ConocoPhillips to drill in part of the National Petroleum Reserve would produce more than 100,000 barrels of oil a day until 2050. It is being challenged by environmental groups who said the Trump administration failed to consider the impact that drilling would have on fragile wildlife and that burning the oil would have on global warming.
In a paradox worthy of Kafka, ConocoPhillips plans to install “chillers” into the permafrost — which is thawing fast because of climate change — to keep it solid enough to drill for oil, the burning of which will continue to worsen ice melt.
Over the past 60 years, Alaska has warmed more than twice as fast as the rest of the United States. Arctic ecosystems are in disarray, sea ice is disappearing, sea levels are rising and the ground is thawing. . . .
Amy M. Jaffe remains nonplussed. Or is she actually "plussed"..? It's a tricky word. You could look it up--"nonplussed"--and try to come to your own conclusion.
quote
Amy M. Jaffe, director of the Climate Policy Lab at Tufts University’s Fletcher School of Law and Diplomacy, said she was not concerned that a handful of states are continuing fossil fuel production.
“To use an oil analogy, we’re not changing a steamboat. We’re shifting course of a giant supertanker. It’s not going to happen overnight,” Ms. Jaffe said, adding, “It’s a time-consuming and thoughtful process to move an entire country the size of the United States, with the complexity of the economy we have, to a major energy transition.”
Its almost 3 bucks in MN and its about 3 in Wisconsin. I remember over 4 and hope it doesnt go there or higher any time soon, some people gotta drive to work, some for work.
I wonder with GMs claim to stop making gasoline vehicles in the next 15 years what that will do to gas prices.
Jumped to an average of $2.999 when the pipeline was hacked. Everything is up and running but in a surprise to no one, prices have not retreated to the pre hack level of $2.759. On a good note the gas companies didn't have to go to the trouble of raising prices again for the Memorial day weekend. Expecting $3.25+ by end of June....Just a feeling based on DC politics.
[This message has been edited by steve308 (edited 06-01-2021).]
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