Gas prices ⛽️

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Duke Mu said:
I've been shocked about AAA's prediction for an all-time record for Memorial Day weekend travel.
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Passenger numbers thru Charlotte are down 8% from last year.

More people are driving and the AAA travel distance is some minor BS like 50 miles.
 
lawtig02 said:
Damn.


Americans just loathe this economy.

A closely watched measurement of US consumer sentiment fell to a fresh, all-time low in May, according to the latest survey from the University of Michigan.

The May consumer sentiment index dropped for the third consecutive month, falling to 44.2 and landing below the previous record low of 49.8 set in April.

The US-Israeli war in Iran and its subsequent oil supply crunch and price shocks have worsened sentiment that already was soured by years of high inflation and an affordability crisis.

“The cost of living continues to be a first-order concern, with 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% last month,” Joanne Hsu, director of the university’s Surveys of Consumers, wrote in a statement.

The University of Michigan’s sentiment survey dates back to 1952: Americans are feeling worse now than they did during wars, 9/11, the Great Recession, the Covid-19 pandemic and the inflation surge afterward.
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How is it that high?

What does it take for the remaining people to realize this economy sucks?
 
Oil market at 'tank bottoms' in Asia, and Europe isn't far behind, warns market veteran Jeff Currie

www.cnbc.com

Oil market at 'tank bottoms' in Asia, and Europe isn't far behind, warns market veteran Jeff Currie

Oil markets are nearing minimum operating levels in Asia, with Europe likely next and the U.S. potentially facing shortages by July, said Carlyle's Jeff Currie.
www.cnbc.com www.cnbc.com


Oil markets are nearing minimum operating levels in Asia, with Europe likely next and the U.S. potentially facing shortages by July, said veteran market strategist Jeff Currie on Monday, underscoring the global energy shock due to the Iran war.

“All of the inventories that are drawing out of the United States out of the U.S. SPR [Strategic Petroleum Reserve] are being exported into Europe, so the Europeans think they have no problem because they’re getting all of this oil being imported from the United States, but that can’t continue on.”

Make Europe great again? Not America first, but Europe first?
 
BillOfRights said:
Oil market at 'tank bottoms' in Asia, and Europe isn't far behind, warns market veteran Jeff Currie

www.cnbc.com

Oil market at 'tank bottoms' in Asia, and Europe isn't far behind, warns market veteran Jeff Currie

Oil markets are nearing minimum operating levels in Asia, with Europe likely next and the U.S. potentially facing shortages by July, said Carlyle's Jeff Currie.
www.cnbc.com www.cnbc.com


Oil markets are nearing minimum operating levels in Asia, with Europe likely next and the U.S. potentially facing shortages by July, said veteran market strategist Jeff Currie on Monday, underscoring the global energy shock due to the Iran war.

“All of the inventories that are drawing out of the United States out of the U.S. SPR [Strategic Petroleum Reserve] are being exported into Europe, so the Europeans think they have no problem because they’re getting all of this oil being imported from the United States, but that can’t continue on.”

Make Europe great again? Not America first, but Europe first?
Click to expand...
Wait — is this saying the ships “lining up” to buy American oil, as Trump is so fond of saying, are actually buying oil from our already depleted SPR, which is then being shipped primarily to Europe? So we’re emptying what remains of our own reserve not to help Americans, but to keep prices down in Europe? Is this true???

ETA — I totally missed it at the time but this does appear to be true — Europe Emerges As Key Buyer Of U.S. Strategic Petroleum Reserve Oil

This is way too technical for mass consumption, but I’m pretty sure Americans would be LIVID if they knew this was happening.
 
lawtig02 said:
Wait — is this saying the ships “lining up” to buy American oil, as Trump is so fond of saying, are actually buying oil from our already depleted SPR, which is then being shipped primarily to Europe? So we’re emptying what remains of our own reserve not to help Americans, but to keep prices down in Europe? Is this true???

ETA — I totally missed it at the time but this does appear to be true — Europe Emerges As Key Buyer Of U.S. Strategic Petroleum Reserve Oil

This is way too technical for mass consumption, but I’m pretty sure Americans would be LIVID if they knew this was happening.
Click to expand...
Imagine the Trump reaction if Obama or Biden was draining the US SPR to send oil to Europe!
 
BillOfRights said:
Oil market at 'tank bottoms' in Asia, and Europe isn't far behind, warns market veteran Jeff Currie

www.cnbc.com

Oil market at 'tank bottoms' in Asia, and Europe isn't far behind, warns market veteran Jeff Currie

Oil markets are nearing minimum operating levels in Asia, with Europe likely next and the U.S. potentially facing shortages by July, said Carlyle's Jeff Currie.
www.cnbc.com www.cnbc.com


Oil markets are nearing minimum operating levels in Asia, with Europe likely next and the U.S. potentially facing shortages by July, said veteran market strategist Jeff Currie on Monday, underscoring the global energy shock due to the Iran war.

“All of the inventories that are drawing out of the United States out of the U.S. SPR [Strategic Petroleum Reserve] are being exported into Europe, so the Europeans think they have no problem because they’re getting all of this oil being imported from the United States, but that can’t continue on.”

Make Europe great again? Not America first, but Europe first?
Click to expand...
I shudder to think if we have gas shortages this summer - the price will skyrocket even more - but watching Trump, his incompetent buffoon ex-Fox News, ex-podcaster, ex-reality show star minions, and MAGA World try to deal with it and explain it all away (probably by blaming Democrats somehow) would be something to see. But I definitely hope it doesn't happen, as the economic consequences alone for all Americans who aren't wealthy would be ugly.
 
lawtig02 said:
Wait — is this saying the ships “lining up” to buy American oil, as Trump is so fond of saying, are actually buying oil from our already depleted SPR, which is then being shipped primarily to Europe? So we’re emptying what remains of our own reserve not to help Americans, but to keep prices down in Europe? Is this true???

ETA — I totally missed it at the time but this does appear to be true — Europe Emerges As Key Buyer Of U.S. Strategic Petroleum Reserve Oil

This is way too technical for mass consumption, but I’m pretty sure Americans would be LIVID if they knew this was happening.
Click to expand...

Oh Wow!!!!!!! Thanks for pointing this out.
 
lawtig02 said:
Wait — is this saying the ships “lining up” to buy American oil, as Trump is so fond of saying, are actually buying oil from our already depleted SPR, which is then being shipped primarily to Europe? So we’re emptying what remains of our own reserve not to help Americans, but to keep prices down in Europe? Is this true???

ETA — I totally missed it at the time but this does appear to be true — Europe Emerges As Key Buyer Of U.S. Strategic Petroleum Reserve Oil

This is way too technical for mass consumption, but I’m pretty sure Americans would be LIVID if they knew this was happening.
Click to expand...
It’s not unheard of during an international oil crunch. About 10% of the release by Biden in 2022 in response to the Ukraine war went to traders to sell in Europe. The idea is keeping pressure off our domestic markets to avoid even greater costs without having to invoke a prohibition on shipping domestic oil outside the United States (which would freak the markets).

So it depends on the terms (how long to return the reserves and at what premium — better quality oil, more oil, time frame to do so) and what percentage of the reserves this time are being shipped overseas.
 
It seems for the oil system to run, there's a minimum oil inventory that must be on hand or oil pipelines and refineries start shutting down. Somewhere, I saw this point made and a prediction that sometime in June we would start noticing. And by September, the oil system would be shutting down.
 
nycfan said:
It’s not unheard of during an international oil crunch. About 10% of the release by Biden in 2022 in response to the Ukraine war went to traders to sell in Europe. The idea is keeping pressure off our domestic markets to avoid even greater costs without having to invoke a prohibition on shipping domestic oil outside the United States (which would freak the markets).

So it depends on the terms (how long to return the reserves and at what premium — better quality oil, more oil, time frame to do so) and what percentage of the reserves this time are being shipped overseas.
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It’s the last factor — the percentage — that seems remarkable right now. From the Yahoo Finance article from April —

According to Bloomberg, the U.S. has so far released 79.7 million barrels to 12 companies, with nearly 50 million barrels going to UK’s Vortexa Ltd. Global trading houses and Big Oil companies have been the main recipients of the oil, with Trafigura receiving 21.4 million barrels; Shell Plc(NYSE: SHEL) has received 18.1 million while Marathon Oil (NYSE:MRO) and BP Plc (NYSE:BP) have purchased 9.7 million barrels and 6.0 million barrels, respectively.

—————-/

That’s about 80 million of the 172 million barrels we were planning to release, and the percentage likely went higher from there.
 
lawtig02 said:
It’s the last factor — the percentage — that seems remarkable right now. From the Yahoo Finance article from April —

According to Bloomberg, the U.S. has so far released 79.7 million barrels to 12 companies, with nearly 50 million barrels going to UK’s Vortexa Ltd. Global trading houses and Big Oil companies have been the main recipients of the oil, with Trafigura receiving 21.4 million barrels; Shell Plc(NYSE: SHEL) has received 18.1 million while Marathon Oil (NYSE:MRO) and BP Plc (NYSE:BP) have purchased 9.7 million barrels and 6.0 million barrels, respectively.

—————-/

That’s about 80 million of the 172 million barrels we were planning to release, and the percentage likely went higher from there.
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OK, yeah, that is questionable…
 
BlueSmoke said:
It seems for the oil system to run, there's a minimum oil inventory that must be on hand or oil pipelines and refineries start shutting down. Somewhere, I saw this point made and a prediction that sometime in June we would start noticing. And by September, the oil system would be shutting down.
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True and refineries shutting down and starting up isn't just flipping a switch. It takes time to get back to full production.

This is going to really hurt at some point.
 
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