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What is going on with gas? (2021)

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What is going on with gas? (2021)

Old 03-02-21, 09:29 PM
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What is going on with gas? (2021)

In the span of a week went up .40 cents. Highest been in years. WTH is going on? Iím in Hudson Valley, NY, but Iím sure national problem...
Old 03-02-21, 09:35 PM
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Re: What is going on with gas? (2021)

Gas companies are now switching to the summer blend formula, which is more expensive. Itís supposed to help your car run more efficiently without producing too much smog when the weather gets hot. The summer blend formula has more additives in it.

Here in California where I live, the summer blend formula pushes gas to almost $4 per gallon.
Old 03-02-21, 09:55 PM
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Re: What is going on with gas? (2021)

Biden.





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Old 03-02-21, 10:09 PM
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Re: What is going on with gas? (2021)

Originally Posted by DJariya View Post
Gas companies are now switching to the summer blend formula, which is more expensive. Itís supposed to help your car run more efficiently without producing too much smog when the weather gets hot. The summer blend formula has more additives in it.

Here in California where I live, the summer blend formula pushes gas to almost $4 per gallon.
not just that. People are going back to their lives. Demand is much higher but production has not been. Low supply, high demand
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Old 03-02-21, 10:41 PM
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Re: What is going on with gas? (2021)

Speaking on behalf of the EV owners in this Forum :



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Old 03-03-21, 05:50 AM
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Re: What is going on with gas? (2021)

Already up to $4.09 for 87 octane where I am. Sure glad that my driving is down to about 50 miles a month now, and that I've got a plug-in hybrid that I've only had to fill the tank up about 3 times in aggregate in three years of ownership.

These prices portend very high inflation and very high cost-of-living increases as we get back to the farce of "being normal" again. Another excuse to artificially increase demand, and therefore raise prices across the board. The cost of travel is about to SKYrocket as 5-10x as many people try to travel in 2022, and it'll suddenly cost $1000 to fly from LAX to O'hare or Atlanta or Dallas.
Old 03-03-21, 07:03 AM
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Re: What is going on with gas? (2021)

I doubt I have put three thousand miles on my car in the last year, and 1800 of that was going to my dad's last August and bringing him back to live with me. I only buy ethanol-free fuel so I was already used to paying more.
Old 03-03-21, 08:40 AM
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Re: What is going on with gas? (2021)

The shutdown of refineries in Texas due to the winter storm has reduced supply, which accounts for part of the spike.
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Old 03-03-21, 10:02 AM
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Re: What is going on with gas? (2021)

Politicians always take credit for low gas prices and blame the other side for high gas prices. So I went to the India Times for a neutral source.

Biden really is to blame.

Oil prices rise to highest in a year on U.S. growth optimism, crude supply restraint

Brent crude futures climbed 45 cents, or 0.8 per cent, to $59.28 a barrel, after hitting a high of $59.32, its highest since Feb. 20 last year. Brent is on track to rise 6 per cent this week
  • Reuters
  • February 05, 2021, 08:27 IST
MELBOURNE - Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains this week, boosted by the continued commitment of producers to hold back crude supply and positive signs of economic growth in the United States.

U.S. West Texas Intermediate (WTI) crude futures jumped 51 cents, or 0.9 per cent, to $56.73 a barrel by 0210 GMT, after touching a high of $56.75, the most since Jan. 22 last year. The benchmark contract is on track for a weekly gain of nearly 9 per cent, which would be its biggest weekly gain since October

Brent crude futures climbed 45 cents, or 0.8 per cent, to $59.28 a barrel, after hitting a high of $59.32, its highest since Feb. 20 last year. Brent is on track to rise 6 per cent this week.

Markets were encouraged by stronger-than-expected orders for U.S. goods in December, pointing to strength in manufacturing, and hopes for swift approval by lawmakers of President Joe Biden's proposed $1.9 trillion coronavirus aid plan.

"OPEC+ discipline has been a real positive," said Michael McCarthy, chief market strategist at CMC Markets, referring to the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+. The alliance this week reaffirmed its support for deep supply cuts which have helped to bring down swollen global crude stockpiles.

"And then when we have signs of better economic growth, then it's up and away (for prices)," said McCarthy.

Chinese demand for crude oil is also helping support the market, as shown by industry tracking two tankers of North Sea crude oil heading to China for March 22 and March 24, said Axi global market strategis Stephen Innes.

"When demand drives commodity prices, it has a more bullish impact and leaves a more lasting reflection on price action," Innes said in a note.
https://energy.economictimes.indiati...raint/80699179

Biden having a coronavirus plan created optimism. That optimism drove up the price of oil.

This is a big difference in economic climate from last year, when fully loaded tankers were staying at sea waiting for the price to go up.

Last edited by Nick Danger; 03-03-21 at 10:13 AM.
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Old 03-03-21, 10:05 AM
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Re: What is going on with gas? (2021)

Sales are up as many have begun driving more as of late mixed with winter storm shutdowns of refineries and lowered output from last year's slump in demand. Standard Supply v. Demand crap basically.

Roads have been fucking packed around here lately.

It's currently $2.43 / $2.69 per gallon here at Costco.

Last edited by RichC2; 03-03-21 at 10:10 AM.
Old 03-03-21, 10:08 AM
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Re: What is going on with gas? (2021)

Originally Posted by DJariya View Post
Gas companies are now switching to the summer blend formula, which is more expensive. Itís supposed to help your car run more efficiently without producing too much smog when the weather gets hot. The summer blend formula has more additives in it.

Here in California where I live, the summer blend formula pushes gas to almost $4 per gallon.
I always thought this is a CA specific thing. Do places like Texas really have a summer blend to reduce smog?
Old 03-03-21, 10:18 AM
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Re: What is going on with gas? (2021)

Pretty sure it's a federal law.
Old 03-03-21, 10:21 AM
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Re: What is going on with gas? (2021)

It's Federal but there are quite a few exemptions: https://www.epa.gov/gasoline-standar...vapor-pressure
Old 03-03-21, 11:25 AM
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Re: What is going on with gas? (2021)

$3.23 here currently at Costco in SoCal. Has definitely been going up significantly recently
Old 03-03-21, 11:33 AM
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Re: What is going on with gas? (2021)

Originally Posted by zyzzle View Post
Already up to $4.09 for 87 octane where I am. Sure glad that my driving is down to about 50 miles a month now, and that I've got a plug-in hybrid that I've only had to fill the tank up about 3 times in aggregate in three years of ownership.
Originally Posted by D.Pham4GLTE (>60GB) View Post
$3.23 here currently at Costco in SoCal. Has definitely been going up significantly recently
I realize costco gas is cheaper (and they basically make no money off of it) but 80c per gallon seems like a huge difference for two people who are in approximately the same area.
Old 03-03-21, 11:50 AM
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Re: What is going on with gas? (2021)

Originally Posted by Nick Danger View Post
Politicians always take credit for low gas prices and blame the other side for high gas prices. So I went to the India Times for a neutral source.

Biden really is to blame.

https://energy.economictimes.indiati...raint/80699179

Biden having a coronavirus plan created optimism. That optimism drove up the price of oil.

This is a big difference in economic climate from last year, when fully loaded tankers were staying at sea waiting for the price to go up.
Are you implying things are more nuanced than 'my side good/ your side bad'? You maniac!

Interesting to see that increased manufacturing and economic optimism will drive prices of things up.
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Old 03-03-21, 12:00 PM
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Re: What is going on with gas? (2021)

I was actually kind of shocked when Trump last year said that gas prices were too low and he was looking into that. I thought low gas prices were a clear win from a voter perspective but I guess not if you're in the middle of oil country or something.
Old 03-03-21, 12:06 PM
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Re: What is going on with gas? (2021)

Originally Posted by fujishig View Post
I was actually kind of shocked when Trump last year said that gas prices were too low and he was looking into that. I thought low gas prices were a clear win from a voter perspective but I guess not if you're in the middle of oil country or something.

From what I've heard for years, and just googled, gas prices that are "too low" seem actually hurt the economy.

https://money.com/cheap-oil-global-economy/
Old 03-03-21, 12:07 PM
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Re: What is going on with gas? (2021)

Originally Posted by fujishig View Post
I was actually kind of shocked when Trump last year said that gas prices were too low and he was looking into that. I thought low gas prices were a clear win from a voter perspective but I guess not if you're in the middle of oil country or something.
The collapse in energy prices kicked a huge hole in the New Mexico state budget in 2020. No one was extracting oil and gas. Royalties from oil and gas mining is the largest part of state government income, and the governor had to slash expenditures by something like 20%.
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Old 03-03-21, 12:15 PM
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Re: What is going on with gas? (2021)

Originally Posted by Nick Danger View Post
The collapse in energy prices kicked a huge hole in the New Mexico state budget in 2020. No one was extracting oil and gas. Royalties from oil and gas mining is the largest part of state government income, and the governor had to slash expenditures by something like 20%.
Is that directly because of the low gas prices, though? I'd think that's at least a little because of lack of demand (which I know is what affects pricing) because of lack of travel. I get that it's all tied together, though.
Old 03-03-21, 12:17 PM
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Re: What is going on with gas? (2021)

Originally Posted by fujishig View Post
I realize costco gas is cheaper (and they basically make no money off of it) but 80c per gallon seems like a huge difference for two people who are in approximately the same area.
Arco down the street from Costco is $3.80.
Old 03-03-21, 12:23 PM
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Re: What is going on with gas? (2021)

Originally Posted by D.Pham4GLTE (>60GB) View Post
Arco down the street from Costco is $3.80.
Dang. That costco gas line must be hell.
Old 03-03-21, 12:31 PM
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Re: What is going on with gas? (2021)

Originally Posted by fujishig View Post
Dang. That costco gas line must be hell.
backs up into the street often. I actually prefer to go to Sams which is currently $3.20 and itís usually quicker than Costco. Sams isnít top tier though whereas Costco is.
Old 03-03-21, 03:15 PM
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Re: What is going on with gas? (2021)

Prices here have climbed 50% ... I was getting it for as low as $1.53 at one point this summer, but now it is up to the $2.29 - $2.39 range (I think it is still there; I haven't left the house in days ...)

I don't do much driving down here, so I literally fill my tank about once a month other than my trips back home to Illinois (about a tank and a half each way, and I never buy it in Illinois when I travel).
Old 03-03-21, 06:57 PM
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Re: What is going on with gas? (2021)

Seasonal price adjustments happen almost every year. It just feels worse this year because we're coming off a COVID induced massive consumption lull.

Look at the chart (from here)





Almost every year the price climbs January-April as the summer blend comes online and summer driving ramps up. The odd years? 2016 because of the oil price plunge and 2020 because of COVID-19.

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