CDZ How Did Gas Prices Never Fall Below $2 In most Areas Of The Country After Oil Fell To Negative Prices In 2020?

[skews13]

In 2020, the price of oil fell to negative $37.63 a barrel. The economy shut down, and demand at all time lows.

Oil prices went negative a year ago: Here's what traders have learned since

It’s been a year since the U.S. benchmark West Texas Intermediate crude futures settled at a negative price for the first time, and while prices have...

www.marketwatch.com

But the price of a gallon of gas still hovered in the $2 a gallon range at $1.93 at it's lowest. Even higher in other areas of the country, and stayed over $2 a gallon for the rest of the year.

U.S. All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon)

Refineries refused to refine oil into gasoline to help the American people.

Too Much Oil: How a Barrel Came to Be Worth Less Than Nothing (Published 2020)

One oil price went negative on Monday, signaling that there is no place to store all the crude the world is producing but not using.

www.nytimes.com

Even with an historic glut of oil, that could have been refined, helping the economy, with historic low gas prices, that could have remained low, by simply continuing to produce as demand started to recover.

We're Barreling Toward An Epic Glut Of Oil

The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.

www.npr.org

So why didn't the President, and Congress act on this at the time?

 

[pknopp]

Electronic trades went negative. Oil never actually did. The markets do not align with reality.

 

[Confederate Soldier]

And you know what? Those $1.93 days were my favorite. I could afford to go places. Thank you for reminding me how much I dislike our current president, and making me wish I had the previous president back.

 

[Dekster]

IDK. It dropped at one point briefly into the upper $1.70's locally at Sam's Club. Part of it is taxes. The gas tax is 18 cents higher in the state next door so theirs is always higher even though our gas locally mostly is delivered from that state.

 

[JGalt]

In 2020, the price of oil fell to negative $37.63 a barrel. The economy shut down, and demand at all time lows.

Oil prices went negative a year ago: Here's what traders have learned since

It’s been a year since the U.S. benchmark West Texas Intermediate crude futures settled at a negative price for the first time, and while prices have...

www.marketwatch.com

But the price of a gallon of gas still hovered in the $2 a gallon range at $1.93 at it's lowest. Even higher in other areas of the country, and stayed over $2 a gallon for the rest of the year.

U.S. All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon)

Refineries refused to refine oil into gasoline to help the American people.

Too Much Oil: How a Barrel Came to Be Worth Less Than Nothing (Published 2020)

One oil price went negative on Monday, signaling that there is no place to store all the crude the world is producing but not using.

www.nytimes.com

Even with an historic glut of oil, that could have been refined, helping the economy, with historic low gas prices, that could have remained low, by simply continuing to produce as demand started to recover.

We're Barreling Toward An Epic Glut Of Oil

The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.

www.npr.org

So why didn't the President, and Congress act on this at the time?

If you remember, March 2020 was before the brunt of the coronavirus pandemic. The economy was booming under Trump and everyone had some place to go. $2 per gallon gas should be considered the norm in this day and age.

 

[pknopp]

If you remember, March 2020 was before the brunt of the coronavirus pandemic. The economy was booming under Trump and everyone had some place to go. $2 per gallon gas should be considered the norm in this day and age.

If you have a booming economy you do not plead for negative interest rates.

 

[Hang on Sloopy]

The

In 2020, the price of oil fell to negative $37.63 a barrel. The economy shut down, and demand at all time lows.

Oil prices went negative a year ago: Here's what traders have learned since

It’s been a year since the U.S. benchmark West Texas Intermediate crude futures settled at a negative price for the first time, and while prices have...

www.marketwatch.com

But the price of a gallon of gas still hovered in the $2 a gallon range at $1.93 at it's lowest. Even higher in other areas of the country, and stayed over $2 a gallon for the rest of the year.

U.S. All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon)

Refineries refused to refine oil into gasoline to help the American people.

Too Much Oil: How a Barrel Came to Be Worth Less Than Nothing (Published 2020)

One oil price went negative on Monday, signaling that there is no place to store all the crude the world is producing but not using.

www.nytimes.com

Even with an historic glut of oil, that could have been refined, helping the economy, with historic low gas prices, that could have remained low, by simply continuing to produce as demand started to recover.

We're Barreling Toward An Epic Glut Of Oil

The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.

www.npr.org

So why didn't the President, and Congress act on this at the time?

President had to drain a lot of his energy because he had just been impeached and still being tormented over the Russian Scam that hurt our country so bad and still does

Congress and Pelosi only had the function of tormenting Trump with nothing but bogus leaking. Congress was too busy overthrowing a duly elected President by 1000 felonies

Then we had a fake election which further took our eye of the ball

Then a loosely planned fake insurrection and another bogus impeachment further took our eye off the ball
Thank you Skews for letting the truth be spoken

Then we politicized Covid with such massive damage it is only beginning to show now

 

[Hang on Sloopy]

If you remember, March 2020 was before the brunt of the coronavirus pandemic. The economy was booming under Trump and everyone had some place to go. $2 per gallon gas should be considered the norm in this day and age.

We were at a buck 79 on election day. It only went up to 350 since

 

[JGalt]

If you have a booming economy you do not plead for negative interest rates.

So what is the point of the OP? That things are better now under Biden, than they were under Trump?

Nothing you could say could convinced me of that.

 

[Hang on Sloopy]

If you remember, March 2020 was before the brunt of the coronavirus pandemic. The economy was booming under Trump and everyone had some place to go. $2 per gallon gas should be considered the norm in this day and age.

Good move to buy all that oil for nothing eh?

Now we pee pee it all away in the wind

Aren't you glad Skews started this thread

I want this thing up to 25 pages. will you help me please?

 

[skews13]

If you remember, March 2020 was before the brunt of the coronavirus pandemic. The economy was booming under Trump and everyone had some place to go. $2 per gallon gas should be considered the norm in this day and age.

$2 considered the norm with oil at -$37.63? The glut lasted into the new year, and OPEC ramped production, with the intent of bankrupting domestic drillers, which they did.

North America hit record bankruptcy debt across oil and gas sectors in 2020

Low crude prices prompted more than 100 North American oil and gas firms to file for bankruptcy in 2020, with their combined debt more than $100bn.

www.nsenergybusiness.com

This happened under the previous administration, so what you say makes no sense.

 

[JGalt]

$2 considered the norm with oil at -$37.63? The glut lasted into the new year, and OPEC ramped production, with the intent of bankrupting domestic drillers, which they did.

North America hit record bankruptcy debt across oil and gas sectors in 2020

Low crude prices prompted more than 100 North American oil and gas firms to file for bankruptcy in 2020, with their combined debt more than $100bn.

www.nsenergybusiness.com

This happened under the previous administration, so what you say makes no sense.

No biggie. But everything was better under Trump, than it is now. Only a total retard would try to deny that.

 

[Fort Fun Indiana]

In 2020, the price of oil fell to negative $37.63 a barrel. The economy shut down, and demand at all time lows.

Oil prices went negative a year ago: Here's what traders have learned since

It’s been a year since the U.S. benchmark West Texas Intermediate crude futures settled at a negative price for the first time, and while prices have...

www.marketwatch.com

But the price of a gallon of gas still hovered in the $2 a gallon range at $1.93 at it's lowest. Even higher in other areas of the country, and stayed over $2 a gallon for the rest of the year.

U.S. All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon)

Refineries refused to refine oil into gasoline to help the American people.

Too Much Oil: How a Barrel Came to Be Worth Less Than Nothing (Published 2020)

One oil price went negative on Monday, signaling that there is no place to store all the crude the world is producing but not using.

www.nytimes.com

Even with an historic glut of oil, that could have been refined, helping the economy, with historic low gas prices, that could have remained low, by simply continuing to produce as demand started to recover.

We're Barreling Toward An Epic Glut Of Oil

The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.

www.npr.org

So why didn't the President, and Congress act on this at the time?

I thought it was because that is basically "rock bottom", to cover the cost of refining and shipping. I.E., below that, and there wouldn't be any gas at gas stations, so it wouldn't matter if gas was $2 or $200 a gallon.

 

[skews13]

I thought it was because that is basically "rock bottom", to cover the cost of refining and shipping. I.E., below that, and there wouldn't be any gas at gas stations, so it wouldn't matter if gas was $2 or $200 a gallon.

https://qph.fs.quoracdn.net/main-qimg-0c382cb3404886a28f4f5e6086be7426

The cost in Texas is app. $3-4 per barrel. West Texas crude is currently $68 a barrel.

The profit margin even factoring in shipping is obvious without doing every computation in the above chart.

So what was the profit margin at -$37.63?

Price at the pump still doesn't add up. Not then. Not now.

 

[JGalt]

https://qph.fs.quoracdn.net/main-qimg-0c382cb3404886a28f4f5e6086be7426

The cost in Texas is app. $3-4 per barrel. West Texas crude is currently $68 a barrel.

The profit margin even factoring in shipping is obvious without doing every computation in the above chart.

So what was the profit margin at -$37.63?

Price at the pump still doesn't add up. Not then. Not now.

The answer is obvious: Joe Biden is getting galted by those evil gasoline companies. If they can keep the price high enough, nobody will vote for Democrats in 2024.

Do I find a problem with that? Nope.

 

[Fort Fun Indiana]

https://qph.fs.quoracdn.net/main-qimg-0c382cb3404886a28f4f5e6086be7426

The cost in Texas is app. $3-4 per barrel. West Texas crude is currently $68 a barrel.

The profit margin even factoring in shipping is obvious without doing every computation in the above chart.

So what was the profit margin at -$37.63?

Price at the pump still doesn't add up. Not then. Not now.

That's not how it works. When oilprices go negative, what you have is brokers paying each other to take it and hold it where they can store it, so that the ones holding the oil don't reach storage capacity. The people taking the oil have no incentive to flood the market, as they are betting on futures. Dumping the oil brings them little benefit compared to selling it later, per their "bet", after prices go up. And negative prices are not as they appear. The human infrastructure still has to be compensated, all the way down to the guy that empties the trash at the gas station.

 

[RoshawnMarkwees]

At the height of lockdown, they got as low as $.99 in KY. Much of the middle of the country was around $1.29 - $1.39.
The price in MO was $1.79 in February 2021, long after shutdown impacts and just as the Biden cabal was petulantly reversing trump policy and implementing the supply squeeze-down. Prices went up nearly 50% immediately.
Democrats are retarded baboons who are too stupid to be allowed to vote.

 

[skews13]

That's not how it works. When oilprices go negative, what you have is brokers paying each other to take it and hold it where they can store it, so that the ones holding the oil don't reach storage capacity. The people taking the oil have no incentive to flood the market, as they are betting on futures. Dumping the oil brings them little benefit compared to selling it later, per their "bet", after prices go up. And negative prices are not as they appear. The human infrastructure still has to be compensated, all the way down to the guy that empties the trash at the gas station.

"The people taking the oil have no incentive to flood the market, as they are betting on futures".

And there you go. You just made President Bidens case for him to revert to renewable sources as fast as possible.

Thanks

 

[Fort Fun Indiana]

"The people taking the oil have no incentive to flood the market, as they are betting on futures".

And there you go. You just made President Bidens case for him to revert to renewable sources as fast as possible.

Thanks

I can make that case all for myself. We should be heavily investing in renewable sources.

 

[JGalt]

"The people taking the oil have no incentive to flood the market, as they are betting on futures".

And there you go. You just made President Bidens case for him to revert to renewable sources as fast as possible.

Thanks

yEaH bOi YoU gO!!!!

Let's shut down all forms of fossil fuel right now, today, immediately, and switch to cleaner, greener energy!!

We should be able to do that in a couple days if we try real hard.