How low do you think oil will go?

MarathonMike

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We have a triple whammy going on in crude right now. There was already a glut, then Saudi Arabia decided to flex it's muscle to see if they could crush some of the higher cost producers. And now we have much of the world sheltering in place not driving or flying. This is totally uncharted waters. Are we going to see $10 crude?
 

bluzman61

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We have a triple whammy going on in crude right now. There was already a glut, then Saudi Arabia decided to flex it's muscle to see if they could crush some of the higher cost producers. And now we have much of the world sheltering in place not driving or flying. This is totally uncharted waters. Are we going to see $10 crude?
Hopefully, it WILL go lower. Getting gas for under 2 dollars a gallon is something I didn't think I'd ever see again in my lifetime.
 

Toddsterpatriot

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We have a triple whammy going on in crude right now. There was already a glut, then Saudi Arabia decided to flex it's muscle to see if they could crush some of the higher cost producers. And now we have much of the world sheltering in place not driving or flying. This is totally uncharted waters. Are we going to see $10 crude?
Yes.
 

Likkmee

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That's about as low as it gets. Close to cost. Ecuador provides fuels at near cost and it's been about that for years now. Be super happy at a couple bux a gallon or so.
 

Crepitus

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We have a triple whammy going on in crude right now. There was already a glut, then Saudi Arabia decided to flex it's muscle to see if they could crush some of the higher cost producers. And now we have much of the world sheltering in place not driving or flying. This is totally uncharted waters. Are we going to see $10 crude?
Already saw Canadian oil at $5.
 

Picaro

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Cost of pumping is highest in Venezuela, it's in some heavy swamps; next highest is in some of the off-shore fields; don't think anybody's costs are above $9 a bl. at most.

The Canadian stuff is always going to be cheap at the well head, since it is some very nasty crap with a lot of impurities that are costly to refine out, it's the among the lowest priced crap on the markets.

In any case, executive insiders at Marathon, Exxon, and some others are buying their companies' stocks, according to the WSJ last week.
 

tyroneweaver

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If you're willing to go long term oil might be a good investment.
I imagine the oil war between Arabia and Russia may go on for a while
 

Natural Citizen

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It's currently $3.00 a gallon for 93 octane here. So only a 20 cent decrease. At $60 per fill at the current cost versus the usual $64, that's a whopping $4 less than usual for a typical 20 gallon fill. Big whoop.
 
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Bruce_T_Laney

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We have a triple whammy going on in crude right now. There was already a glut, then Saudi Arabia decided to flex it's muscle to see if they could crush some of the higher cost producers. And now we have much of the world sheltering in place not driving or flying. This is totally uncharted waters. Are we going to see $10 crude?
Hopefully, it WILL go lower. Getting gas for under 2 dollars a gallon is something I didn't think I'd ever see again in my lifetime.
I paid $1.29 a gallon at the Gulf off of Dairy Ashford and Richmond in Houston yesterday and if I remember the taxes on the fuel is between forty to sixty cents per gallon which mean I was paying the Station anywhere between $0.89 to $0.69 per gallon and the rest in taxes...

If it goes lower look for low fuel tax states be a lot lower...
 

eagle1462010

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We have a triple whammy going on in crude right now. There was already a glut, then Saudi Arabia decided to flex it's muscle to see if they could crush some of the higher cost producers. And now we have much of the world sheltering in place not driving or flying. This is totally uncharted waters. Are we going to see $10 crude?
Hopefully, it WILL go lower. Getting gas for under 2 dollars a gallon is something I didn't think I'd ever see again in my lifetime.
I paid $1.29 a gallon at the Gulf off of Dairy Ashford and Richmond in Houston yesterday and if I remember the taxes on the fuel is between forty to sixty cents per gallon which mean I was paying the Station anywhere between $0.89 to $0.69 per gallon and the rest in taxes...

If it goes lower look for low fuel tax states be a lot lower...
1.56 and dropping here.
 

Fed Starving

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We have a triple whammy going on in crude right now. There was already a glut, then Saudi Arabia decided to flex it's muscle to see if they could crush some of the higher cost producers. And now we have much of the world sheltering in place not driving or flying. This is totally uncharted waters. Are we going to see $10 crude?
Hopefully, it WILL go lower. Getting gas for under 2 dollars a gallon is something I didn't think I'd ever see again in my lifetime.
Gas prices adjusted for inflation.
You'll see that the actual real price has stayed the same since 1978, blame inflation if gas seems too expensive, but it really isn't. Gas is actually .4% cheaper than it was in 1978.
 

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