$75.00 + $53.88 to fill up the tank!

That was because there was lead in the gas!

Sorry, I was joking!

Though this time around, we can definitely say that administrations push for ESG caused the high fuel prices ... ooops, erase that. Gotta go, those damn black helicopters are back again!!!

they’ll soon have a quickly loan application by the pumps next time you fill up…

and you’ll get this message…

Your loan has been denied,,.

..."Global oil production amounted to 88.4 million barrels per day in 2020. The level of oil production reached an all-time high in 2019, at around 95 million barrels".Jul 14, 2021

https://www.statista.com/statistics/265203/global-oil-production-since-in-barrels-per-day/

The difference between $62 dollar oil and $108 dollar oil per day....

62 * 88,000,000 = $5.5 billion dollars a day

108 * 88,000,000 = $9.5 billion dollars a day

This speculation is costing $95 billion dollars every 10 days...the oil companies are raking it in, it will be record profits this year!!!

...and for you the consumer,,,not so much...

You're awesome! I was going to look for the data, but you found it!

I want to make a change to your math. $62 oil in 2019 x 95M bbl = $5.89B/day in sales vs $9.5B today. There's also a cost savings in the reduction of 7M bbl of oil production and delivery. So the daily profit is higher than $9.5B - $5.89B.

In January, I was going to buy CVX at $117. I didn't!

And don't bring up OXY at $9 in 2020!

But I am sitting on some wonderful T at $23 - down from $27 - our average price.

I'm doing well with ZIM, others not so much....

Whoa, that's a nice chart! Good job!

...and a 20% dividend to boot...

20% dividend? Wow, that's awesome!

I think I'll need to take out a mortgage to pay for fuel!

Well housing prices are still rising, so you can certainly rob Peter to pay Paul....

I was thinking about buying some CVX, XOM, MPC, OXY or VNOM. I'd use it as a hedge against the rising oil prices.

Even though those stocks have run (and run very hard), I think there's still some runway left.

I think those trades have run their course, would be looking for greener pastures at this point in time....but each to his own....you might take a look at QYLD, or 7handl...

I also like DIVO or JEPI. Not a fan of HNDL or QYLD.

Still thinking about oil stocks, but I'm also getting the feeling that they've been played out ... though there may still be some juice left.

Yes they(hndl&qyld), are just a place to park cash...

It seems to me that not so long ago,the United States had more oil than the mid east.

We were exporting crude oil.

So what happened?Why are we crying "Shortage" when there is plenty of oil right here in the states?

And suspiciously, a key refinery burns and no one is injured?I am glad no one was injured,but it is almost like it was planned that way.

Remember when the main antifreeze manufacturing plant burned,back in the 80's ?

The price of anti freeze went through the roof.

I may be paranoid,but nowadays it is justified.People call me crazy,but they are just jealous of the voices I hear in my head..problem is,I just can't get a consensus on the answers.

I'd rather have a bottle in front of me (than a frontal lobotomy)

https://www.youtube.com/watch?v=wr-kn0JG5p4

I'm afraid to answer back and give you a GA. Awwww, what the hll.

Ooops, are those black helicopters above my house???

You bring up a great point. I don't know if we're pumping less oil here in the US vs 2020. When I have a few minutes, I'll have to look it up. No, it doesn't make sense and there are no shortages of gasoline, except the leaded type.

the gas station has nothing to do with the price, or even has a word when to pay for it. The cost is automatically with drawn from the proprietors business account. so, the one thing they need to make sure is that they have enough funds in the account when it is withdrawn.

I'm not sure ... I just saw the gas station on the corner raise prices by $.60 on Wednesday. The station dictates the price they sell the gas.

I agree that they have no control over the cost of the fuel and the payment to the franchisor.

The station owner calls every morning to see what prices should be set at...

Interesting.

The driving forces in the ruling party want gasoline to be $8.00/gallon or more (preferably through wealth redistribution) but they don't want to say it out loud for fears that the proletariat will revolt against them.

Let's do some simple math.

You pay $35K + tax and license for a RAV4 XLE or with $5K down it's $513/mo for 72 months. Using an average driver here in CA (15,000 mi/yr), your monthly fuel cost is $250 at $6/gal and 30 mpg.

Or, you buy a Tesla Model Y - small crossover, so similar comparison. $60,440 + tax and lic, $5K down, payments are $936/mo. 330 miles for 75kWh. I pay $.196/kWh, so for a full charge it's $14.70 or $55/mo.

At $6 gas, it still makes sense to buy a RAV4. Gas would need to get to $11.35/gal for the cost to be equal. And, as gas goes up, so does my electric bill, so probably more like $13/gal.

EV's still aren't the best economically.

And this doesn't include the higher price of DMV fees ($60K car vs $35K) and insurance.

After years of being screwed by out gov't, oil producers are looking out for themselves. Follow this logic for a minute.

1. The new administration comes in and denounces oil. Shut down the Keystone XL, before it even opens. Reduce new permits for drilling on public land. Bring those oil co CEO's before congress, to grill them on the effects of GW (coming from their industry).

2. The new administration is clamoring for electrification and reduction of fossil fuels. They're following Europe (look at the shape their in now) down the rabbit hole.

3. CEO's of the oil companies just let the price run. I watched an interview with the CEO of Pioneer not too long ago. The host asked about increasing output. He said they're on target for a 5-10% increase in 2022. The host asked if they could increase more. He said they could, but they're not going to. The host then asked if he would do it if the POTUS asked. He said they wouldn't. I believe the entire oil industry feels this way.

4. I believe it was on Monday, our POTUS gave a press conference on the price of oil. He said that it's wrong for those to gouge us with high oil costs. He said that we need to band together and to focus on the problem, which is Russia invading Ukraine. A great rah-rah speech ... until he threw a jab at oil, the previous administration and Europe again - he said that we wouldn't be in this mess if we would've put more effort on clean energy in the past. Hmmmm.

5. I believe it was scheduled for Wednesday, but someone can chime in. Our congress was going to grill the CEO's of the oil companies - not about the price of oil or how to bring it down, but instead it was about the industry's effects on GW! Yes, at a time when you want to be nice to them! Anyway, it was cancelled and our POTUS did meet with the CEO's.

6. Drilling for oil is very labor and material intensive. Add to this the regulations, environmentalist protests and permits and it takes a long time to get a well drilled. Even if we wanted to start drilling, it would take quite a while.

7. A good question for the CEO's of the oil companies is: why spend a lot of capital to drill new wells, when the administration is trying to reduce demand? Wouldn't it make more sense to keep supplies down = push prices up?

So, we're in a conundrum. Spend a lot of money now to increase supply now, but in the next couple years, demand will be down causing prices to fall dramatically - or, leave everything alone, pump more oil with the current sources and add just a little more capacity.

I don't know the answer, but it'll be interesting to watch.

The answer: Own both a truck and an econobox car.

I do, including a couple of motorcycles as well, but then you also have to figure in the extra insurance, license tag fees (and sometimes property taxes) and for some people it might just be better to own and drive the truck. And for some people, parking extra vehicles can also be a major PITA.

At 80 Years of age, I just stay at home except for medical, food pick up nd exercise classes, so I don't use much gasoline.

Let them eat cake (buy an EV). That's the message from those in the ruling party. I have never seen a bunch so out of touch with reality.

Yes you have, let me direct your to one of them, when you have the myopic view of solving a problem by looking at through through a pin hole

I ran out of GA's today - the site says I can't give one.

Darn, because your comment made me laugh!

Good one!

Good for you...

I have such a edge on my reply's, some don't realize when I joking with them... and that's fine because the point I make is aimed elsewhere.

This is truly a big problem.

It's easy to forget about the people living paycheck to paycheck, but they're the ones who work to keep us living well. We forget who stocks the shelves, who prepares our food, who cleans our offices, etc. We also need to appreciate them for attempting to make a living and not just loafing around on free gov't money - yes, we know who those people are!

I know that there's no way these people can afford a new car, much less an EV. If we believe that the current administration wants higher oil, so they can "push" people into buying an EV (for economic reasons) - they're definitely not considering the lower income people.

I've heard some comment that these people should've planned better and got an education. Sounds good, but most of these people we're brought up to think of going to college. Many of us grew up in households where college was in our plan - our parents wouldn't let us say no. So we don't understand what the others went through.

Your point is well appreciated. Thank you!

Absolutely. Spot on. Thank you.

Thanks Autobroker- I also consider how a tenuous plan to try to attend college, bettering one's self, may be flushed down the drain when mom or dad loses their job or has medical problems and support of self, and perhaps a household, falls on the prospective student. Many of us are lucky.

Unfortunately, I have known too many people who fall into the hardship that you mention. Yes, a very tough and sad situation.

The scary thing is what happens to those who live in an abusive household and choose to emancipate themselves before becoming an adult? I've known a few who have and the amazing thing is that they all have one thing in common - they have street smarts and they won't take no for an answer.

Owning multiple cars creates a new problem out here. They're stealing catalytic converters! If you own a Prius, Accord, Sequoia or Tundra, watch out!

Also, the city I live in does not allow vehicles to be parked on the street after 2:00 am, without a permit. How do you get a permit? You have to prove that you live in a house/condo/apartment, where there is not enough parking for the people living there. It's hard to prove that when you have a two car garage and a driveway that holds nine.

You can have your beautiful weather,I think it would be boring to have the same weather year around.

I prefer the changing seasons.A parallel to life in a sense.

And a Home owner's ass. telling me what to do?

Not my barrel of brew.

To each his own.

Must be the Daniel Boone blood in my DNA.

Daniel Boone was getting ready to move on,and someone asked him why he was moving..he said it was getting too crowded.

He could smell the other guys campfire.

His nearest neighbor was 50 miles away.

I am not antisocial, I like people,in small quantities,but I prefer the company of dogs to people;as a rule,they are better beings.

My grandpa used to say:"There are plenty of humans in the world,but not many human beings."

I live so far back in the sticks you have to ride a pregnant mare to the mail box so you will have something to ride back on.

I like it like that.

We have four seasons here.

Winter = rain (sometimes) and sunshine, but cool-cold at night

Spring = Very little rain and sunshine, but warmer at night

Summer = No rain and sunshine with very warm nights

Fall = see Spring

I love doing things outdoors and I like driving with the top down, so this is perfect weather for me. I grew up outside of Chicago and those long, cold winters and humid summers - I'll pass. Though Chicago is a fun town if you're into drinking with your buddies, getting into fights and picking up girls - yeah, I miss it, BUT the weather!!!

We have (2) seasons in Wisconsin... Winter and road construction/repair.

In Chicago, they'd work on the roads in the winter ... well, maybe not doing actual work, but they'd make sure the lanes were closed!

I with to the Process Expo at the McCormick place last November. I went out with one of my co-workers for dinner, and we were looking for a place to park, and there was a parking garage with a drive through less then 8’ wide… that had a trench dug down 2’ x 6’ with a sheet of 1” plywood over it as a ramp.
I didn’t even recognize that as the entrance. he drove in… and told him, I’d never try that, and how did he know that was an entrance… he said, he saw a car drove through it… still, I’d don’t think I’d would have even attempted it…

In all the dozens of times I went to shows at McCormick Place I never, ever rented a car in that city. Cabs were much safer and saner. Not to mention that they knew all the back roads to O'Hare when the Expressway was clogged, which it usually was on Friday evenings.

I agree. Being from Green Bay, Wisconsin. I normally drive there and parked in their parking garage.

My co-worker, who was younger... Great kid... fellow . he loved getting reimbursed for mileage... ok.

Funny story, my first trip there, it was a day trip to the show... back when I was a kid... ah... fellow, I parked, never took the lot section number down where I parked.

And and the end of the day, I was going home, I was walking back to my car, only then did I realize my mistake... Well I kept walking, and damned right before panic set in, if I didn't come right out to where my truck was parked.

That's when I realized... I rather be lucky than good.

Chicago cab driver are safer and saner? They're terrible drivers! Now New York cabbies! They're the real deal!

If he's from Chicago, trust him! When I lived there, I knew all sorts of short cuts and hidden entrances and exits. At one time, I even contemplated an exit from the express lanes (on the Kennedy), by driving over a small part of the curb - yes, completely illegal, but when you're stuck in those two lanes and the other lanes are moving, you start thinking!

We still have both trucks, but we got rid of the economy car. Vroom offered me too much for it, so off it went. I don't regret it - the price I sold it for can buy a lot of fuel for our trucks!

Back in 2020, I tried to buy 10 contracts of oil at -$20/bbl. It was near the close and I thought it would be a great buy - though I had no idea how to get the oil to the refiner or how to get the refiner to refine it for me. If I would've bought the oil, I would've got smoked with a huge margin call, because it closed at -$40/bbl (or somewhere around there). 1,000 barrels per contract x 10 contracts - $20/bbl = $200,000 loss in a 5 minute trade. Yes, I would've got crushed ... but if I held on overnight, I'd be up huge.

The thing I didn't know is when I purchased the oil, would they put money into my account, since the price is negative? If so, then I'd have $200,000 put in my account, which would've covered the loss, so no margin call. And I could've survived until the next open.

If I was forced to accept the oil, I had a plan. I'd hire truckers to haul my oil from OK (Cushing is the depot) to the refinery in Los Angeles (because gas prices are higher here and demand is strong). Then I'd either sell the oil to the refiner or pay them to refine my oil. I'd hire truckers to haul it to gas stations and sell it for a huge discount. With each truck holding 8,000 gallons of crude and there are 42 gallons in a barrel, so one contract is 42,000 gallons or a little over 5 truck loads. 10 contracts is about 55 truck loads! Roughly 200,000 gallons of gas being sold at $1/gallon + the other products from the distiller.

Sounded good on paper, but my friend (who is in the business) told me that the refiners will not touch any oil that doesn't have some sort of manifest. I would assume that the oil purchased would have this form, but I don't know.

If the trade went through, I would've spend 24 hours a day trying to do the logistics and my normal business would've gone down the toilet for a month or so. In hindsight, I'm glad they didn't accept my trade.

I studied the commodities market for a long time many years ago. Paper trading for over a year. First thing I learned is that if you have a $100k or so to throw around is that you better have a million or more in reserve to stay afloat.

The big guys will crush the little investor in a heartbeat if they take notice. And if they don't get you, a little matter such as getting stuck taking delivery inadvertently will smother you.

My dad lost a fortune trading sugar futures in the early 60's.

I've always had great respect for trading on margin ... well, at least since the early 2000's.

Seeing oil priced at a negative number was a trigger for me. I couldn't believe the print! When I tried to make the trade, I wasn't allowed to. I kept shrinking the number of contracts and still no. I was down to one contract and I still couldn't make the trade. Even though my account is approved for commodities, I still couldn't. They said that the margin requirements were increased, because the price was moving so fast. Someone mentioned that you had to have $1M in an account, before they would let you trade oil that evening. I've never seen anything like it since, though the latest Nickel trading was pretty interesting. I'm not sure how they cancelled those last minute trades without getting traders in a whirlwind!

Thanks for the comments! It's appreciated!

I believe you're right. The prices go up, but no new fuel is brought in.

I wish it worked in reverse ...

Yeah, and reduce the profits of the Arabs and Russia - this will not happen! We will se more and more dream super-hyper cars in OAE, Dubay and Kuwait.

But they just brought ARAMCO public, right? So it's really the shareholders who will profit. I wonder who owns the shares???

Net income at Aramco was up only 146% year over year. Funny, revenue was up 77%???

You have a first world problem comrade. Just suck it up, sit down, and shut up.

We have bigger problems to worry about like who was walking across the grass on the Capitol grounds.

Or those semi's driving through DC?

Someone told me that there's a 70 mile convoy that reached DC. I am doubtful it's that large, but you never know.

A little later I will be driving around the D.C. beltway. I'll let you know if I see anything. I probably won't see anything. Of course the lamestream media will hype up what these horrible outlaws are doing.

(Even though they are exercising their 1st Amendment rights.)

I didn't see anything out of the ordinary. I'll be driving back around the beltway late Sunday evening and I'm sure nothing will be noted. The news media seems to want to vilify anyone exercising their 1st Amendment rights unless of course they are burning down cities and looting stores.

I thought the NEW Bill of Rights states that citizens have the right to "Protest", even if they do so without masks, but only if the "Protest" turns into looting, assault, arson and taking over police stations and blocks in a city.

I wish I could give you 10 GA's! Fantastic find!

If you want the straight scoop tune in Maria. Or Charles Payne. They're both the best on the economy.

FYI… As a economist,… I enjoyed listening to Milton Friedman Unfortunately and it goes against some of the D.Q.’s that have been posting here the past 5 years.

I couldn't agree more.

The left D.Q.’s redefined a lot of words and labels,… just because you have a different viewpoint…

I looked up Walter Williams, he definitely wasn’t a liberal in today’s redefinition…

You're definitely right about that. Walter seemed to find find a wider audience to the right and my take was that most of his writings were a sort of libertarian fiscal conservative. Which of course today, he would have been excoriated by those on the left for such reactionary ideas. (There's a term you don't hear anymore.)

I watch Bloomberg most mornings. I find that I can get pretty good news from Bloomberg. I also watch CNBC, but only the Halftime Show.

Some of the staff at CNBC is just horrible. Way too far left - it's suppose to be a financial news channel!!!

There was this gal on Bloomberg a couple years ago - an Irish gal. Very easy on the eyes, but I couldn't understand much of what she was talking about and every chance she could jab at our POTUS, she would. To me, that's not news and I'm glad she's gone. I do see her sometimes during the afternoon shows on Bloomberg, but she's learned to control her mouth, when it has to do with politics.

Anything with NBC embedded within the alphabet soup is suspect.

Much of CNBC isn't watchable, but The Halftime Report is business/stock news driven. It's actually a good show.

The gal on after is also pretty good, but some of her guests are on the left. She does a good job controlling them.

Wait don't we also get our fertilizer from Russia? The economic sanctions are backfiring on us....Look before you leap!!

Increases of 25-30%. That's what I'm feeling. On the wholesale end, my costs have gone up on average 25%. And PPI is up 10% - or so they say!