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Posted By: Alex Price of Oil Below $8.00 - Mon Apr 20 2020 04:49 PM
I don't want this to become political....just did some quick math on the price of gas and inflation. When I got out of college in 79 gas was about $1.00 a gallon. That same dollar today has the buying power of about $3.56, or about twice what a gallon of gas is around here now. That means that gas at $1.80 is about the equivalent of $.50 cents in 79....or about $.42 in 77. In 77 I was paying about .50 a gallon. So we are paying "less" for gas than in 77. So, for all us gas guys who have said, "I wish the price of gas is the same as I have found displayed on old pumps"....we are about there. My son is a petroleum engineer in the Baaken in North Dakota. Lots of wells have been "shut-in. Storage is maxed out, people aren't driving as much and the oil wars in the Middle East...lots of lost jobs in the US and Canada.....

Attached picture Texaco Pricer Sign 3 Oldgas.jpg
Posted By: Stephenwarren30 Re: Price of Oil Below $8.00 - Mon Apr 20 2020 05:20 PM
I remember “gas lines” in the late 70s. We lived in Argentina for a few years and saw gas lines there. This is of courses is the opposite effect. There was an article on Fox News where the author spoke of the possible demise of one or more gas companies in this mess we are in. These are, without a doubt, unusual times we are living in.
Posted By: Alex Re: Price of Oil Below $8.00 - Mon Apr 20 2020 05:45 PM
Just hit $2.50.....
We didn't have much for lines at the stations in Montana...but, it sure wiped out a bunch of as stations that provided full service and mechanical service.
Posted By: Alex Re: Price of Oil Below $8.00 - Mon Apr 20 2020 05:46 PM
$1.15
Posted By: trifiver Re: Price of Oil Below $8.00 - Mon Apr 20 2020 05:54 PM
I have the same sign , Mine is 34 and 38 Cents , Gas pump is still set on 28 Cents, The oil lubester is 25 Cents per Quart .



Sid

Attached picture Gas pump Woodland.jpg
Posted By: Jack Sim Re: Price of Oil Below $8.00 - Mon Apr 20 2020 06:01 PM
My memory of the good old 70s was I was one of those Shell dealers that was selling gasoline for $.42 a gallon and making $.03 per gallon or $.24 per 8 gallons (because every body bought 8 gallons so they could get the giveaway that I was also paying for). When the independents went to $.29 a gallon and we dropped our price I was making only $.01 per gallon and the customers still expected us to clean their windshield, check the air in the tires and give them that glass.

Not the days I like to be reminded of.

Jack Sim
Posted By: Alex Re: Price of Oil Below $8.00 - Mon Apr 20 2020 06:06 PM
.90.....

Back in the 90s I was working with a medium sized (for Montana) oil and gas distributor and they told me they made more profit from the 32 ounce pop/soda dispenser in the convenience store than they did from a full ank of gas....
Posted By: Alex Re: Price of Oil Below $8.00 - Mon Apr 20 2020 06:08 PM
Sid: I may have to raise my prices.....LOL
Posted By: BrianH Re: Price of Oil Below $8.00 - Mon Apr 20 2020 06:54 PM
It's hard to believe that these same gas companies that were making BILLIONS in profits back in the great recession in 2008-2010 didn't hoard some of that cash to cover times like this. Anyone in that industry knows it's very cyclical....high highs and really low lows.
Posted By: DWSheffer Re: Price of Oil Below $8.00 - Mon Apr 20 2020 07:17 PM
Gas has been around $1.19 in the Hillsdale, MI area lately.....almost down to the .95 cents a gallon I paid in high school in the early 90's. I think occasionally it was in the higher .80 cents per gallon back then too...I just know my $20 weekly allowance bought a tank of gas in my Olds Cutlass Supreme and some food at McD's.
Darin
Posted By: Alex Re: Price of Oil Below $8.00 - Mon Apr 20 2020 07:23 PM
Negative $35.....We should all remember this day...and in 20 years we can say, "Remember when...?" And I will say, "Remember what?"....I sent a negative oi headline to my petroleum engineer son and suggested he print ig and frame it for his office so when he is my age he can tell the new engineers about "back in the day." Hang in there everyone....
Posted By: Man-Cave-Shoppe Dave Re: Price of Oil Below $8.00 - Tue Apr 21 2020 08:41 PM
Down to $13 a barrel, internationally, today! Hopefully we see sub-$1 per gallon around here, even with the $.54 cents per gallon Washington tax...
Posted By: Craig Osbeck Re: Price of Oil Below $8.00 - Tue Apr 21 2020 08:43 PM
News has it that all the tankers are full, the oil farms, the national reserve. Now where do they put it.
Posted By: Speedracer Re: Price of Oil Below $8.00 - Tue Apr 21 2020 10:47 PM
Originally Posted by Craig Osbeck
News has it that all the tankers are full, the oil farms, the national reserve. Now where do they put it.
I heard that too. Gas refineries want to buy buy buy (cheap) for their future reserves, but no where to put it.

I just paid $1.79 for gas, but I think it was $1.54 a few days ago.
Posted By: garyh Re: Price of Oil Below $8.00 - Sat May 02 2020 03:54 AM
Gas is 1.33 In Nashville,Tn. today
Posted By: mtrotnic Re: Price of Oil Below $8.00 - Sat May 02 2020 04:41 AM
Sam's in Tulsa $.95
Posted By: Alex Re: Price of Oil Below $8.00 - Sat May 02 2020 05:59 PM
.95? Do you guys have no gas taxes?? LOL
Posted By: mtrotnic Re: Price of Oil Below $8.00 - Mon May 04 2020 11:46 PM
I was curious of your question about Oklahoma taxes so searched the internet for a few answers.....

1. Taxes. The factor that is, perhaps, the simplest and easiest to understand is the fact that fuel taxes in Oklahoma are lower than in most states. Combined state and federal excise taxes and fees in Oklahoma are 35.4 cents, 5th lowest in the country. Alaska is lowest at 26.4 cents, while New York is highest at 67.4 cents.

2. Proximity to Pricing Groups. Oklahoma sits at the end of two fuel "pricing groups." The Gulf Coast Group moves gasoline north from refineries on the Gulf of Mexico, while Group 3 moves product south from Illinois, Missouri and Kansas. With Oklahoma situated at the end of the line for both of these groups, distributors here are sometimes able to get a discounted price for gasoline that is 'left over,' since the owners want to get rid of it and clear the line for additional product they have in the pipeline.

3. Boutique Fuels. In the summer months, many cities/states are required to sell special blends of gasoline in order reduce harmful emissions. Oklahoma is virtually surrounded by such cities with these special fuel requirements. The result is that sometimes gasoline producers are left with too much 'conventional' gas, and so they will drop the price to try and sell it in markets without special fuel requirements. Oklahoma City is almost always able to buy that cheaper, non-boutique fuel, and Tulsa frequently can, as well.

4. Central Location. Again, Oklahoma's geographical location -- in the center of the country -- helps us keep fuel costs down. As fuel is moved across the country from refineries to terminals, Oklahoma is often the beneficiary of cheaper fuel, because there is only so much space in the pipelines to ship product. If an owner of fuel doesn't sell as much as they expected, they will have extra fuel in the pipeline and won't be able to ship additional product until they sell what's already in the line. In an attempt to "empty their position" within the pipeline, they will sell the product as quickly as possible at the closest spot available. Oftentimes, Oklahoma is just that spot.

5. Competition. According to AAA Oklahoma, the Sooner state has more gasoline retail locations per capita than any other state in the nation. It's hard for a retailer to sell gasoline at an inflated price when the competitor on the opposite corner sees an opportunity to sell it for less.
Posted By: hawkike Re: Price of Oil Below $8.00 - Tue May 05 2020 01:24 AM
Sam's Citrus Heights Ca. today,regular $2.15

The good part--now getting 6 weeks per gallon!
Posted By: MATT ALVAREZ Re: Price of Oil Below $8.00 - Tue May 05 2020 03:16 AM
Arco $2.03, Shell $2.49, Chevron $2.69 Cameron Park, Ca.
Posted By: Craig Osbeck Re: Price of Oil Below $8.00 - Tue May 05 2020 03:09 PM
Portland still $2.39-2.59
Posted By: garyh Re: Price of Oil Below $8.00 - Tue May 05 2020 04:18 PM
1.29 in Nashville,Tn.
Posted By: henlovestoys Re: Price of Oil Below $8.00 - Tue May 05 2020 05:05 PM
And I see many Tesla"Model 3's" on the road. Wait till their trucks roll out soon!

American Technology at its Best!
Posted By: SandPCollector Re: Price of Oil Below $8.00 - Tue May 05 2020 06:48 PM
$1.28 in Plano TX (DFW area)
Posted By: Alex Re: Price of Oil Below $8.00 - Tue May 05 2020 07:28 PM
1.74 in Butte.....
Posted By: minuteman Re: Price of Oil Below $8.00 - Tue May 05 2020 08:23 PM
I guess some China Technology also.

Attached File
Posted By: henlovestoys Re: Price of Oil Below $8.00 - Wed May 06 2020 09:34 PM
Kim,

I believe it is all TESLA parts. Tesla opened the factory in China to bypass tarrifs.

Not to mention Chinese consumer want the Tesla cars even though, there are several Chinese car manufacturers working on EV cars.

Having said that, Elon would never allow non-Tesla parts in his cars, IMO. A true leader IMO.

My friend (super electrical engineer) has a "model S" & has taken this baby all over CA. Charles tells me Tesla's battery design is state-of-the-art.
It is not about the batteries but how to cool it. That is where others can not copy the idea. Also, their Software is awesome based on what I saw when Charles took me for a drive.
BTW, 0-60 in 6 seconds? Killer when entering freeways!

Anyone else has experience with Tesla cars?
Posted By: Gasman84470 Re: Price of Oil Below $8.00 - Thu May 07 2020 11:35 PM
All my acquintances that have them, rave about them and in some cases are on their second version of a Tesla car. I personally have no experience in owning one.
Posted By: Ohio Oil Re: Price of Oil Below $8.00 - Fri May 08 2020 11:52 AM
I drove a Tesla not long ago ... called the Ludacris? edition.

0-60 in like 3 seconds ... fastest car off the line I've ever driven ... lots of bells and whistles too.

But, just not my taste.

If the price of oil stays low it's gonna slow the impact of electric cars. Lots of politics involved as well.

Back to the price of gas and some of the other comments ... when I had my station inthe 80's we sold self serve and full serve gas ... my average pool profit per gallon was .25 a gallon which was unheard of. I wasn't afraid to inflate my full serve price because we gave genuine full service to every customer.
Posted By: Gasman84470 Re: Price of Oil Below $8.00 - Sat May 09 2020 04:13 AM
Two bits a gallon is unheard of profit? No wonder friends of mine who had a gas bar and C store said the profit was in the candies and cigarettes and that was often eaten and smoked by the hired staff. They quit after a few years couldn't stand the ups and downs of the business. Glad you survived and thrived.
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