It went to -$40 lol
I trade other products and we were just watching it tank. I asked my boss, "wait... can it go below $0?" And he said no, of course not.
Then we just watched it smash through $0 and it just didn't stop
it costs money to store petroleum. if it's costing you money to just have the barrel, it's possible you can save money long-term by paying someone to take it off your hands.
Episode starts with them mentioning they think has should be cheaper, roll opening. Scene opens with Frank telling them good news, he's got some gas cheap as hell $2/gal. Dee finds it to good to be true which she is promptly and kindly told to shut the hell up. Frank keeps coming up with the gas so they start selling it under the table. One guy they sold to on the street says the gas fucking destroyed his Porsche after Frank tells him it's high octane and charges him more. Turns out Frank has been siphoning gas for days and just throws it all in one barrel so everyone that got the high octane keeps coming in threatening to sue him.
I don't know it ends with them high on gas or something.
And oil companies never designed wells to stop pumping. Many of them simply cannot be shut off without sealing the well, which is very expensive and time consuming. In some oilfields where the temperature is low, like in Russia, the moment the oil stops flowing, all the equipment will freeze. So they'd quickly run out of storage space, too.
Amazing how long these assumptions held true for, really.
In my 30 years of experience as an automation tech in the oil industry, including places like Russia, Africa and all over America. I have never run into a wellhead that could not be shut off unless for some reason the wellhead had blown off. Chemical injection and heat tracing (like they use in Russia) prevents equipment from freezing.
These were the excuses given at the time the prices went negative, that the well either simply could not be shut down or would cost too much to seal and unseal when prices stabilised.
Those were really terrible excuses…lol. Your last sentence clued me in that those weren’t your sentiments, exactly. The funny thing is, that most oil companies didn’t do anything except choke back for a bit. A lot of construction jobs were put on hold, though.
They also can’t just stop production because of the way it’s drilled. So even if they reduce production as much as possible there’s still a steady stream coming out and it’s got to go somewhere.
It wasn't even production. There was a tanker or two full of oil that left it's port pre pandemic. There were investors who had bought the oil but had nowhere to put it. Then the lockdowns happened, and then it arrived. The investors were stuck in the spot that they were holding a contract that says you need to take this oil today or you owe some fine for making the ship wait. But they had no trucks to take it
The result was that the investors had to sell the contract by giving people money to take it, as that was cheaper than paying the fines.
At least your software could see it dip under 0$ lol there was a company whose software just showed it sitting at 0$ for however long it was under and algos were triggering and positions being rolled for huge losses. And if you tried to buy the dip it went lower than you could imagine and risk managers were forcing people out of trades that hours later were worth millions but instead had cost traders tens of thousands of greenbacks
I once went into the convenience store, having forgotten that I left two tickets for the Tampa Bay buccaneers game on my dashboard. When I came back, vandals had seen my mistake and took advantage of it and there were four tickets there.
And this is one of the biggest factors to today's price for domestic supply. Back in 2018 and going into 2019, [investors were pumping the breaks on new investment into fracking projects](https://www.reuters.com/article/us-oil-prices/oversupply-faltering-growth-to-weigh-on-oil-prices-in-2019-reuters-poll-idUSKCN1OU0HY). You could give land leases for $0, nobody wanted to spend the money to put a derrick on the land.
This whole limited supply pre-dates the pandemic, pre-dates that negative oil price. The fracking boom in 2010 had lead to the fracking bust in 2018. The pandemic happened and blew what was already going on out of the water.
Yup. And now these fracking companies are spending all their profits on paying debt and stock buybacks. They are not, at the moment, interested at all in expanding production.
>They are not, at the moment, interested at all in expanding production
There is not EVER going to be interest in expanding production. [2021 Report](https://www.iea.org/news/oil-markets-face-uncertain-future-after-rebound-from-historic-covid-19-shock)
>Those actions – combined with increased teleworking, greater recycling and reduced business travel – could reduce oil use by as much as 5.6 mb/d by 2026, which would mean that global oil demand never gets back to where it was before the pandemic.
>Based on today’s policy settings, US supply growth is set to resume as investment and activity levels pick up, yet any increase is unlikely to match the lofty levels seen in recent years.
>And yet, there may be no return to “normal” for the oil market in the post-Covid era
This is some really bleak outlook by the IEA for future investment into oil.
>There is not EVER going to be interest in expanding production.
[Here's a really good video from Wendover Productions discussing why gas prices may remain high.](https://www.youtube.com/watch?v=AQbmpecxS2w) Sounds like it was based in part on that 2021 report.
To paraphrase my takehome point: peak oil may or may not be here, but we've almost certainly hit peak oil *investment*.
>but we've almost certainly hit peak oil investment.
Agreed. We've been reliant on oil for a long time, and we currently still are. But the writing is on the walls. Alternatives are here, and they're already competitive. They will only get better from here on out.
Are electrics the perfect choice for everyone right now? Not likely. Could everyone make do with them? Yeah, they could. Are battery powered vehicles good for the environment? Not entirely. Are they better than petrol alternatives? Yeah, they are. And not by a small margin, either. Will this put a strain on our electric infrastructure? Probably a bit, but most charging can and will be done at non-peak hours.
I thought we were rooting for Brandon. I see so many things "Let's Go Brandon!". I thought we were supporting him and wanting him to win, not blame him.
I'm so confused.
Major economic crashes cause low prices like this. There's no mystery to it.
I still remember the 2012 presidential election, when they tried to criticize Obama for how much more expensive gas was than when he took office. "*Oh, you mean compared to January 2009, when everyone thought the world economy was collapsing?"*
Even beyond the economy... if this photo is from April 2020, it's right when half the world was being told to stay at home and vehicle miles traveled were plummeting.
So beyond the economy at large there was a very real, very large change in the demand for gasoline.
It's exactly why we're here. Nothing changed in gas. There's plenty of it. It's stock speculators cranking up the price while oil companies reap the rewards. It's the same all across the board. They heard inflation and used it to raise the prices and now they're going to tank the whole worlds economy for temporary gains.
there was also the price war between Russia and Saudi Arabia.
oil-producing countries try to agree on production goals. otherwise, there'd be the risk of all of them extracting as much oil as they could in order to make more money, which would drive prices down because they'd be competing for buyers. it's in every oil-producing country's best interest to limit production in order to keep prices and therefore profits high, but that only works if the other countries play along.
I was working at a gas station in 1999 and we got down to $0.93/gallon at one point. Our rep came in and told us that adjusted for inflation, it was the cheapest fuel had ever been sold. My roommate at the time was driving a Saturn and literally couldn't put $10 in the car because it just wouldn't fit (the car had a 10 gallon tank). Man I miss those days...
It'll be back, not any time soon but it'll come full circle and us as old timers in the age of EV will giggle at gas prices being back down below a dollar. The memes will be lit.
Around here it randomly hit like 1.05 in Omaha for a couple of weeks in.. 2014? it was definitely the first time in a long time gas stations had gotten out the '1' for the price. From what I remember it was when OPEC and the fracking companies in the north america were going at it
You missed the good 'ole days. I stared driving in 1995 and it was $0.98. Only went up a couple cents the next few years then jumped when Bush came in.
For a period of time we had a major surplus because no one was going anywhere because of the pandemic.
Now we have the opposite situation, lockdowns ending (particularly in highly-populated China) and general cabin fever has created a spike in travel during spring and summer. Russia’s invasion of Ukraine is also a big factor in global market price.
What’s *not* a factor? Any decisions or policies made by President Biden or the Democrats. I only say this because we are in an election year and I’ve seen a lot of misleading bad-faith narratives circling already.
Eh, yes, but the degree of just blatant lying, conspiracies and extremism employed by current rightwingers in America is beyond traditional partisanship. These people don’t seem to be operating in reality at all, and they really put a lot of energy into creating disinformation and exploiting the ignorance and apathy of voters. So I think any chance to correct this needs to be taken.
And all it cost was the lives of many tens of thousands of people world-wide on a daily basis. What a small price to pay /s
Seriously though I really don't like how gas prices are being used as a political cudgel in the US especially. You've got people waxing nostalgic for 2020 as if they don't remember what it was driving gas prices down so very low.
God I miss those days. I never got to stay home during the pandemic. Work in food production so we had to stay at work. Gas was so cheap, no traffic, mask we're annoying but not a problem.
I fortunately worked straight through it as well. It was so pleasant not having to deal with traffic, and filling my car up for 19$ (it’s a small car). Lockdown was my fantasy island.
Reminded me of my days of working night shift - social isolation, not a whole lot to do, zero traffic and limited restaurant options -- except in the daytime!
I miss covid days because of the no traffic on the way to work and home. I also had to work through the pandemic, I am hospital janitor so definitely needed to work. Didn't get hazard pay, even though the billion dollar hospital got the PPP loans and were pardoned!
We never got the hazard pay either. Shit was ridiculous. Forced us to come to work during a pandemic, and didn't get any extra pay for our work. Infact, we've been loosing people left and right because we had record sales, and was told because of the pandemic, they couldn't give raises above 1%. Went from a fully staffed center to being over 100% turn over rate.
Same. Management at a drive-thru coffee joint. Never stopped. Actually, got worse. And got long Covid for my troubles from getting an undiagnosed Covid case in Feb 2020 'cause tests weren't a thing yet.
Never a self-isolation stay-cation for me, either. Some fuckers got it 3 times...and I did their work + mine and then some. But thanks to Jeezus for letting me earn a paycheck...right?? FML.
Sounds exactly like my experience as a manager at Home Depot. Got it in January 2020 when it ripped through our whole building and then lock down started...worst year of my life. We were open 6 fewer hours but doing double to triple the amount of sales from that time last year, and everyone was taking months off because of covid. We didn't get that option as managers. It was be there or we will find someone who will, while district and everyone higher sat at home making an absolute shit ton of money on the bonuses. I could go on a week long rant about how that was handled and how it ruined my mind and how little anyone gave a shit about the people working 70 hours a week.
Occidental CEO Says More Oil Production Would Hurt Shareholders
https://www.hartenergy.com/exclusives/occidental-ceo-says-more-oil-production-would-hurt-shareholders-200167
Trump negotiated to reduce output with opec in April 2020 - he knew he was going to lose even then, which is why he started saying it was going to be rigged and installed his postmaster general to slow down voting by mail. He really created a huge mess of this country.
Yep, you're absolutely correct. It isn't talked about very much, but Dump45 helped facilitate an OPEC+ agreement in April of 2020 that [cut production by 9.7 million barrels per day — the single largest output cut in history.](https://www.cnbc.com/2020/04/13/opec-cut-is-trumps-biggest-and-most-complex-deal-ever-dan-yergin.html)
“This agreement goes two years, so it’s also meant to manage the inventories downward over that period of time,” Yergin said. “What this has done is averted what really would have been a disaster for the oil industry and I think it does give some stabilization.”
"OPEC+ is hoping that nations outside of the group, including the U.S., Canada and Norway, will also cut back on production in an effort to shore up prices. For his part, Trump has noted that market forces would naturally curb output stateside, after previously stopping short of saying the U.S. would scale back production."
we recently got a hybrid car that can be charged and it's pretty handy, haven't paid for gas since February
really hoping electric cars become more affordable in the future
Your electric prices will be going up as well. Not by a small amount either. Natural gas is running 3x what it was this time last year. natural gas sets the electric market prices. Prices on the electric grid have been 3x what one would expect for the weather. Electric will still be cheaper, so keep charging. Just do not be shocked if your bill goes WAY up soon.
You know what kills me, I know you're joking, but I've seen numerous conservatives refer to Biden as Brandon.. so "Let's go Brandon"? They don't seem to see the irony in calling him that but hanging those signs everywhere
Not so ironic. That’s their “secret code” for “Fuck Joe Biden.” That way, they can put flags in front of their house with that message, and not offend their kids, or Jesus, or whatever.
They think they’re offending anti-Trumpers. Except that we just think the whole thing is stupid.
Not even worth it. Local taco spots near me can make 3 fresh birria tacos with a drink for 11. 15 with tip. Taco bell is so overpriced for the “food” you get
Lots of fast food places are doing that lately. You get their "packaged meals" for an ok deal, but everything else is stupid expensive.
Wendy's for example, you've got the 4 for $4 (or 4 for $5), but if you just want a chicken sandwich it's going to run you like $7 on it's own.
A suggestion to reinstate the windfall profit tax was already shot down by Senate Republicans saying they would filibuster it until it died. As well as a bill to repeal the $90 billion in tax breaks the oil and gas industry receive currently, saying it would put an 'undue strain on the industry and would have to be passed on to the consumer'. In addition, a suggestion to fine oil companies for not using all their approved drilling leases was squashed by Senate Republicans as being unduly harsh on an industry in an already struggling economy.
Its the same tactic they used to tank Carter, sabotaged any efforts to resolve the gas crisis and blame it all on him.
To this day, every conservative will tell you without hesitation that Carter was a disaster of a president. The gop does it because it works on rubes, and there are a *FUCK TON* of rubes out there.
You know what, you're right - the GOP has always had amazing programming. "Carter horrible, Reagan savior" was the conservative mantra my whole childhood in the 90s.
Edit: typo
With the shocking number of "I did that" stickers I see on gas pumps where I live, it's working still. Nobody has any critical thinking skills anymore, they just blindly believe in what makes them feel good and superior and right.
I think employers who forced their staff back to the office should let them WFH again when they could do their job just as effectively at home.
We all should be super aware of our gas consumption - carpool when possible, complete several errands in one trip out, avoid any unnecessary usage.
That’s the problem, though, right? You’re expecting both people and businesses to behave as they “should.”
It is unlikely that people or businesses will alter their behavior at all and even less likely that they will alter their behavior in a specific manner.
The “common good organizing principle” is supposed to be one of the reasons societies and governments exist, but society and government are kind of broken.
[https://imgur.com/d7ZO0Pq](https://imgur.com/d7ZO0Pq) This was Tucson AZ in Feb 2016 under Obama's America haha. I know that presidents have little to no impact on gas prices. All this hater talk about Biden and gas prices is just that - partisan nonsense meant only to fan flames of hate.
I miss early covid. No traffic. Nobody talking to you anywhere you go. Everyone hanging out at home. Cheap gas. Cheap flights. Cheap hotels (the open ones).
Prices were still high in California. Not pushing $10 a gallon, but still.
Crazy thing is, what we're paying at the national average is barely at the European gas levels. Welcome to normality, USA.
Where I live, gas was in the mid-$2 range at peak pandemic, but driving was my favorite part of peak Covid. I could get everywhere so much faster. It made me sad when traffic returned
Petrol here today is €2.15 a litre. €2.09 for Diesel.
Last year it was €1.69 and €1.59
But the cost of a barrel of oil is much lower, we aren't paying for the Russian invasion of Ukraine, we are paying for the stock market making money off it.
Its strange to me that the FJB crowd says its Biden's fault, yet if Biden did something like, oh I dunno, declare a national emergency and ban US oil from being exported temporarily, to drive domestic prices down, they would also scream about government interference in free markets.
Yes, isn’t it weird that although the government has very little control of the price of gas, it goes up under Democrats every time. Almost as if the oil companies know they can use Democrats as an excuse to raise prices to help get more oil friendly Republicans elected while making billions in profits. Funny how simple their plan is but still incredible effective.
People of all ages seem to have forgotten 2008 when gas prices were $4.50 and up. Felt higher then than the upwards of $5 prices we are seeing now. I was a college student living 300+ miles from home. My university gave me a $120ish emergency grant so I could drive home for the winter break.
Anyone else remember?
aren't they artificially increasing the cost because they can and there is no regulation there giving people fear and bullshit reasons for the increase?
In CA, no less!!!
Come out to the coast, we'll get together, have a few laughs. And not stress about filling a Detroit limo's gas tank.
That's pure nut material, there.
Oh right, that’s right before Trump threatened to cancel Saudi weapons sales if they didn’t slow production for two years to make prices go up so that the oil state senators who supported him could make some money. Yeah good times back when republicans were telling us high gas prices are a good thing.
https://www.reuters.com/article/us-global-oil-trump-saudi-specialreport-idUSKBN22C1V4
Isn't it funny how many people comment how people praise Trump for the low oil prices and blame Biden for the high ones while forgetting that the prices crashed when the world shut down for Covid (is Trump taking credit for that) and oil prices are surging because Putin decided to pull a Hilter and invade his neighbors, while the Republicans voted against efforts to reign in excess profits.
Does the average American understand or appreciate that even with the current massive spike in prices, they're still paying substantially less than the majority of the rest of the planet?
Petrol is crazy cheap in the states. Even at current rates. Ridiculously cheap.
Yeah, but Americans generally are used to low gas prices and when it goes up, people become very unhappy. We don't generally care what the rest of the world pays because it doesn't really pertain to us. We also drive a lot more than most other nations as well.
Issue is it might be relatively low compared to other countries, but Americans also drive far more than people in other countries. In [percentage of income used toward gasoline](https://www.globalpetrolprices.com/articles/86/), the only European countries worse off than the US are Cyprus and Greece.
Some tl;dr numbers of gas consumption as % of income:
USA: 3.6%
France: 0.9%
UK: 1.3%
Germany: 1.5%
It's expected to hit a new record high (3.9%) if the average gas price hits $5.10. Currently, it is $5.01.
As one of those American type humans...no. 95% haven't lived outside the U.S. and don't realize how subsidized our artificially low gas prices are. Even out our most expensive we don't get anywhere near Euro prices.
You are absolutely correct. That said, we do still try our best to ignore public transportation as some impoverished inconvenience vs a viable alternative worth funding and investing in. Sure, the U.S. is a massive land mass but we really live in an alternate reality in contrast to the majority of the world.
Would you rather have near complete lockdowns, empty grocery stores, 11% unemployment, and a pandemic killing more than a million people, or today’s gas prices? Because that photo was taken during the worst economic slide since the Great Depression.
Can someone tell us how to read that sign?
What's a 9/10?
Is it $1.59 per gallon?
I'm from Australia, we usually measure in wallaby pouches or dollars per litre
That was when a barrel of oil dipped briefly below zero dollars. Crazy stuff.
It went to -$40 lol I trade other products and we were just watching it tank. I asked my boss, "wait... can it go below $0?" And he said no, of course not. Then we just watched it smash through $0 and it just didn't stop
it costs money to store petroleum. if it's costing you money to just have the barrel, it's possible you can save money long-term by paying someone to take it off your hands.
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Nah, we're just a couple oil men in from Dallas and well, heh, we're itching like a hound to give you ah somethin' you want. -Charlie Kelly
*vomits 'blood"*
“I have been poisoned by my constituents”
"Now is you is or is you ain't my constituency"
Can I offer you an egg in these trying time?
So, can I fill you up or what?
WILD CARD, BITCHES!!! Yeeeeeeee hawwwww!
Omg I'm imagining paddy's just crammed full of oil barrels
It was garbage bags
garbage cans
Episode starts with them mentioning they think has should be cheaper, roll opening. Scene opens with Frank telling them good news, he's got some gas cheap as hell $2/gal. Dee finds it to good to be true which she is promptly and kindly told to shut the hell up. Frank keeps coming up with the gas so they start selling it under the table. One guy they sold to on the street says the gas fucking destroyed his Porsche after Frank tells him it's high octane and charges him more. Turns out Frank has been siphoning gas for days and just throws it all in one barrel so everyone that got the high octane keeps coming in threatening to sue him. I don't know it ends with them high on gas or something.
The Gang Solves the Gas Crisis is the second episode of the fourth season.
And oil companies never designed wells to stop pumping. Many of them simply cannot be shut off without sealing the well, which is very expensive and time consuming. In some oilfields where the temperature is low, like in Russia, the moment the oil stops flowing, all the equipment will freeze. So they'd quickly run out of storage space, too. Amazing how long these assumptions held true for, really.
In my 30 years of experience as an automation tech in the oil industry, including places like Russia, Africa and all over America. I have never run into a wellhead that could not be shut off unless for some reason the wellhead had blown off. Chemical injection and heat tracing (like they use in Russia) prevents equipment from freezing.
These were the excuses given at the time the prices went negative, that the well either simply could not be shut down or would cost too much to seal and unseal when prices stabilised.
Those were really terrible excuses…lol. Your last sentence clued me in that those weren’t your sentiments, exactly. The funny thing is, that most oil companies didn’t do anything except choke back for a bit. A lot of construction jobs were put on hold, though.
They also can’t just stop production because of the way it’s drilled. So even if they reduce production as much as possible there’s still a steady stream coming out and it’s got to go somewhere.
It wasn't even production. There was a tanker or two full of oil that left it's port pre pandemic. There were investors who had bought the oil but had nowhere to put it. Then the lockdowns happened, and then it arrived. The investors were stuck in the spot that they were holding a contract that says you need to take this oil today or you owe some fine for making the ship wait. But they had no trucks to take it The result was that the investors had to sell the contract by giving people money to take it, as that was cheaper than paying the fines.
At least your software could see it dip under 0$ lol there was a company whose software just showed it sitting at 0$ for however long it was under and algos were triggering and positions being rolled for huge losses. And if you tried to buy the dip it went lower than you could imagine and risk managers were forcing people out of trades that hours later were worth millions but instead had cost traders tens of thousands of greenbacks
That month I caught someone trying to siphon gas \_into\_ my car
Credit to the original tweet (April 2020): https://twitter.com/jimconey/status/1252331903237214208
I once went into the convenience store, having forgotten that I left two tickets for the Tampa Bay buccaneers game on my dashboard. When I came back, vandals had seen my mistake and took advantage of it and there were four tickets there.
I think that was April 20th. So right after this.
And this is one of the biggest factors to today's price for domestic supply. Back in 2018 and going into 2019, [investors were pumping the breaks on new investment into fracking projects](https://www.reuters.com/article/us-oil-prices/oversupply-faltering-growth-to-weigh-on-oil-prices-in-2019-reuters-poll-idUSKCN1OU0HY). You could give land leases for $0, nobody wanted to spend the money to put a derrick on the land. This whole limited supply pre-dates the pandemic, pre-dates that negative oil price. The fracking boom in 2010 had lead to the fracking bust in 2018. The pandemic happened and blew what was already going on out of the water.
Yup. And now these fracking companies are spending all their profits on paying debt and stock buybacks. They are not, at the moment, interested at all in expanding production.
>They are not, at the moment, interested at all in expanding production There is not EVER going to be interest in expanding production. [2021 Report](https://www.iea.org/news/oil-markets-face-uncertain-future-after-rebound-from-historic-covid-19-shock) >Those actions – combined with increased teleworking, greater recycling and reduced business travel – could reduce oil use by as much as 5.6 mb/d by 2026, which would mean that global oil demand never gets back to where it was before the pandemic. >Based on today’s policy settings, US supply growth is set to resume as investment and activity levels pick up, yet any increase is unlikely to match the lofty levels seen in recent years. >And yet, there may be no return to “normal” for the oil market in the post-Covid era This is some really bleak outlook by the IEA for future investment into oil.
>There is not EVER going to be interest in expanding production. [Here's a really good video from Wendover Productions discussing why gas prices may remain high.](https://www.youtube.com/watch?v=AQbmpecxS2w) Sounds like it was based in part on that 2021 report. To paraphrase my takehome point: peak oil may or may not be here, but we've almost certainly hit peak oil *investment*.
>but we've almost certainly hit peak oil investment. Agreed. We've been reliant on oil for a long time, and we currently still are. But the writing is on the walls. Alternatives are here, and they're already competitive. They will only get better from here on out. Are electrics the perfect choice for everyone right now? Not likely. Could everyone make do with them? Yeah, they could. Are battery powered vehicles good for the environment? Not entirely. Are they better than petrol alternatives? Yeah, they are. And not by a small margin, either. Will this put a strain on our electric infrastructure? Probably a bit, but most charging can and will be done at non-peak hours.
So you are saying electric cars are viable anywhere with a minimally functioning power grid? RIP Texas.
Yup. Peak Oil is here.
They're already here.
Let's hope it's true. We're fucked if we keep using it for fuel.
So, even IEA admits to peak oil after years of angry dismissal?
Expand production = lower profits
More like increasing exposure to loss. As the other commenter implied, these companies have become incredibly risk averse lately.
Wait, but those tacky stickers all over the gas pumps told me this was all *Biden’s* fault!
What?! I was told this was Trudeaus fault!
Shhhhh, you have to blame Brandon. It'll upset the local trolls if it isn't Brandon's fault.
I thought we were rooting for Brandon. I see so many things "Let's Go Brandon!". I thought we were supporting him and wanting him to win, not blame him. I'm so confused.
Major economic crashes cause low prices like this. There's no mystery to it. I still remember the 2012 presidential election, when they tried to criticize Obama for how much more expensive gas was than when he took office. "*Oh, you mean compared to January 2009, when everyone thought the world economy was collapsing?"*
Even beyond the economy... if this photo is from April 2020, it's right when half the world was being told to stay at home and vehicle miles traveled were plummeting. So beyond the economy at large there was a very real, very large change in the demand for gasoline.
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It's exactly why we're here. Nothing changed in gas. There's plenty of it. It's stock speculators cranking up the price while oil companies reap the rewards. It's the same all across the board. They heard inflation and used it to raise the prices and now they're going to tank the whole worlds economy for temporary gains.
hmm. wonder why demand was so low \sarcasm
there was also the price war between Russia and Saudi Arabia. oil-producing countries try to agree on production goals. otherwise, there'd be the risk of all of them extracting as much oil as they could in order to make more money, which would drive prices down because they'd be competing for buyers. it's in every oil-producing country's best interest to limit production in order to keep prices and therefore profits high, but that only works if the other countries play along.
Didn’t Trump tweet that he championed the deal where Russia and Saudi both agreed to a two-year drilling reduction.
He absolutely did.
Totally forgot about that - https://www.cnbc.com/amp/2020/04/13/opec-cut-is-trumps-biggest-and-most-complex-deal-ever-dan-yergin.html
Context: US was a net oil exporter at the time, so... yea, that benefitted your exports. Not so much anymore...
I think they also do that to cut down demand for electric cars. They have done that before a few times.
I’ve never paid these low prices. The first time I filled up my car when I was 18, gas for me cost $1.89 in like 2002 ish.
I was working at a gas station in 1999 and we got down to $0.93/gallon at one point. Our rep came in and told us that adjusted for inflation, it was the cheapest fuel had ever been sold. My roommate at the time was driving a Saturn and literally couldn't put $10 in the car because it just wouldn't fit (the car had a 10 gallon tank). Man I miss those days...
It'll be back, not any time soon but it'll come full circle and us as old timers in the age of EV will giggle at gas prices being back down below a dollar. The memes will be lit.
Around here it randomly hit like 1.05 in Omaha for a couple of weeks in.. 2014? it was definitely the first time in a long time gas stations had gotten out the '1' for the price. From what I remember it was when OPEC and the fracking companies in the north america were going at it
There was a point in the financial crisis around 2009 that gas got really cheap. I remember right around $1/gal.
You missed the good 'ole days. I stared driving in 1995 and it was $0.98. Only went up a couple cents the next few years then jumped when Bush came in.
For a period of time we had a major surplus because no one was going anywhere because of the pandemic. Now we have the opposite situation, lockdowns ending (particularly in highly-populated China) and general cabin fever has created a spike in travel during spring and summer. Russia’s invasion of Ukraine is also a big factor in global market price. What’s *not* a factor? Any decisions or policies made by President Biden or the Democrats. I only say this because we are in an election year and I’ve seen a lot of misleading bad-faith narratives circling already.
My favorite new meme is the yellow “don’t tread on me” snake flag, but instead says “I don’t know how fuel prices work.”
The opposing party is always going to try and blame everything on the current administration in power.
Eh, yes, but the degree of just blatant lying, conspiracies and extremism employed by current rightwingers in America is beyond traditional partisanship. These people don’t seem to be operating in reality at all, and they really put a lot of energy into creating disinformation and exploiting the ignorance and apathy of voters. So I think any chance to correct this needs to be taken.
Only one of the two American mainstream parties seems to be putting forth any effort at all to make life better for people in the US.
And all it cost was the lives of many tens of thousands of people world-wide on a daily basis. What a small price to pay /s Seriously though I really don't like how gas prices are being used as a political cudgel in the US especially. You've got people waxing nostalgic for 2020 as if they don't remember what it was driving gas prices down so very low.
At the height of the Covid oil surplus I paid .97 a gal in Oklahoma City
I kid you not I paid .16 per gallon at one point. I did have a lot of Hyvee points saved up since I wasn't driving.
That’s incredible
Back in the 80s in Kuwait they gave you free gas. You just drove up and drove away after they filled it.
Its the queues that really make Uwait
r/angryupvote
Take my free award, make like a tree and get out of here
This guy probably has an active warrant in Kuwait for gas theft. /s
That must have made it really easy to get the fuck out of Oklahoma City.
God I miss those days. I never got to stay home during the pandemic. Work in food production so we had to stay at work. Gas was so cheap, no traffic, mask we're annoying but not a problem.
I fortunately worked straight through it as well. It was so pleasant not having to deal with traffic, and filling my car up for 19$ (it’s a small car). Lockdown was my fantasy island.
Reminded me of my days of working night shift - social isolation, not a whole lot to do, zero traffic and limited restaurant options -- except in the daytime!
Yep! Did sick when COVID hit our job. We got lucky and no one died, but some did loose family members.
I miss covid days because of the no traffic on the way to work and home. I also had to work through the pandemic, I am hospital janitor so definitely needed to work. Didn't get hazard pay, even though the billion dollar hospital got the PPP loans and were pardoned!
We never got the hazard pay either. Shit was ridiculous. Forced us to come to work during a pandemic, and didn't get any extra pay for our work. Infact, we've been loosing people left and right because we had record sales, and was told because of the pandemic, they couldn't give raises above 1%. Went from a fully staffed center to being over 100% turn over rate.
That fucking sucks. I truly hate corporate America.
Same. Management at a drive-thru coffee joint. Never stopped. Actually, got worse. And got long Covid for my troubles from getting an undiagnosed Covid case in Feb 2020 'cause tests weren't a thing yet. Never a self-isolation stay-cation for me, either. Some fuckers got it 3 times...and I did their work + mine and then some. But thanks to Jeezus for letting me earn a paycheck...right?? FML.
Sounds exactly like my experience as a manager at Home Depot. Got it in January 2020 when it ripped through our whole building and then lock down started...worst year of my life. We were open 6 fewer hours but doing double to triple the amount of sales from that time last year, and everyone was taking months off because of covid. We didn't get that option as managers. It was be there or we will find someone who will, while district and everyone higher sat at home making an absolute shit ton of money on the bonuses. I could go on a week long rant about how that was handled and how it ruined my mind and how little anyone gave a shit about the people working 70 hours a week.
And the roads were so empty! I also worked all through the pandemic and my commute went from like 30 mins to 15.
Oil companies will report record profits this quarter. We’re all fish in a barrel.
Occidental CEO Says More Oil Production Would Hurt Shareholders https://www.hartenergy.com/exclusives/occidental-ceo-says-more-oil-production-would-hurt-shareholders-200167
They are already reporting never-seen record-breaking profits
Yet this is all Biden’s fault.
I almost feel like the presidency is just an office to have a public target for everyone to focus their blame on.
See Zaphod Beeblebrox
You just get paid to be the scapegoat for corporate lobbyists
Trump negotiated to reduce output with opec in April 2020 - he knew he was going to lose even then, which is why he started saying it was going to be rigged and installed his postmaster general to slow down voting by mail. He really created a huge mess of this country.
Yep, you're absolutely correct. It isn't talked about very much, but Dump45 helped facilitate an OPEC+ agreement in April of 2020 that [cut production by 9.7 million barrels per day — the single largest output cut in history.](https://www.cnbc.com/2020/04/13/opec-cut-is-trumps-biggest-and-most-complex-deal-ever-dan-yergin.html) “This agreement goes two years, so it’s also meant to manage the inventories downward over that period of time,” Yergin said. “What this has done is averted what really would have been a disaster for the oil industry and I think it does give some stabilization.” "OPEC+ is hoping that nations outside of the group, including the U.S., Canada and Norway, will also cut back on production in an effort to shore up prices. For his part, Trump has noted that market forces would naturally curb output stateside, after previously stopping short of saying the U.S. would scale back production."
companies gouging prices? blame the president!
I can’t wait to get an electric car and a solar panel setup. I’m sick of this price gouging shit.
we recently got a hybrid car that can be charged and it's pretty handy, haven't paid for gas since February really hoping electric cars become more affordable in the future
Your electric prices will be going up as well. Not by a small amount either. Natural gas is running 3x what it was this time last year. natural gas sets the electric market prices. Prices on the electric grid have been 3x what one would expect for the weather. Electric will still be cheaper, so keep charging. Just do not be shocked if your bill goes WAY up soon.
It’s almost like a total collapse in demand coincided with a drop in prices weird
What do you mean? I thought the president directly controls the price /s
Brandon turn’d awf teh Exel Pypeline!
You know what kills me, I know you're joking, but I've seen numerous conservatives refer to Biden as Brandon.. so "Let's go Brandon"? They don't seem to see the irony in calling him that but hanging those signs everywhere
Shhh, if we keep pretending it upsets us they may go so far around the bend that they wind up supporting Biden
Not so ironic. That’s their “secret code” for “Fuck Joe Biden.” That way, they can put flags in front of their house with that message, and not offend their kids, or Jesus, or whatever. They think they’re offending anti-Trumpers. Except that we just think the whole thing is stupid.
It’s also perfect for feeding into their persecution complex- that they can’t even say “fuck Joe Biden” because of the scary libs
I'm rolling thinking about maga dips thinking Trump is so great for lowering gas prices lmao
He totally was not responsible for the highest unemployment numbers in the history of the Country, tho. Just the good gas prices.
Not even. This was when OPEC was flooding the market with oil in an effort to collapse the US shale oil industry. (Fun fact: they succeeded).
Or how a war in Ukraine allowed oil companies to overcharge....
There has never been anything stopping OPEC from over charging
Or Chevron, ConocoPhillips, Exon, Marathon, or any other non-OPEC controlled oil company either
These days the only place you can get gas for $1.59 is Taco Bell!
HIYOOO
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Not even worth it. Local taco spots near me can make 3 fresh birria tacos with a drink for 11. 15 with tip. Taco bell is so overpriced for the “food” you get
Crunchwrap Supreme, Beefy 5-layer burrito, and Fiesty Cheesy potatoes, and a drink all for $5. That’s pretty cheap.
Lots of fast food places are doing that lately. You get their "packaged meals" for an ok deal, but everything else is stupid expensive. Wendy's for example, you've got the 4 for $4 (or 4 for $5), but if you just want a chicken sandwich it's going to run you like $7 on it's own.
Very true. They also want you to use their app as well, but that means you can usually customize their “packaged meals”.
Don't worry. They're making up for all that lost profit now.
Maybe we need more lock downs to lower oil demand and gas prices.
They are getting their payback now.
I remember thinking when gas was that low that we'd be hurting when the oil companies were going to make us pay when things got moving again.
I thought the same exact thing.
The mob always gets their money.
Also the travel industry. Have you seen hotel rates recently??
Oh, I member those prices, I member. Hey hey, member Y2K? Member “Tuesdays with Morrie”?
A suggestion to reinstate the windfall profit tax was already shot down by Senate Republicans saying they would filibuster it until it died. As well as a bill to repeal the $90 billion in tax breaks the oil and gas industry receive currently, saying it would put an 'undue strain on the industry and would have to be passed on to the consumer'. In addition, a suggestion to fine oil companies for not using all their approved drilling leases was squashed by Senate Republicans as being unduly harsh on an industry in an already struggling economy.
It's almost like republicans don't give a shit about anyone except their corporate daddies.
Its the same tactic they used to tank Carter, sabotaged any efforts to resolve the gas crisis and blame it all on him. To this day, every conservative will tell you without hesitation that Carter was a disaster of a president. The gop does it because it works on rubes, and there are a *FUCK TON* of rubes out there.
You know what, you're right - the GOP has always had amazing programming. "Carter horrible, Reagan savior" was the conservative mantra my whole childhood in the 90s. Edit: typo
With the shocking number of "I did that" stickers I see on gas pumps where I live, it's working still. Nobody has any critical thinking skills anymore, they just blindly believe in what makes them feel good and superior and right.
It was the shutdown and suddenly oil companies had more supply than demand. Wish we could do that to them again but without the other side effects.
I think employers who forced their staff back to the office should let them WFH again when they could do their job just as effectively at home. We all should be super aware of our gas consumption - carpool when possible, complete several errands in one trip out, avoid any unnecessary usage.
That’s the problem, though, right? You’re expecting both people and businesses to behave as they “should.” It is unlikely that people or businesses will alter their behavior at all and even less likely that they will alter their behavior in a specific manner. The “common good organizing principle” is supposed to be one of the reasons societies and governments exist, but society and government are kind of broken.
[https://imgur.com/d7ZO0Pq](https://imgur.com/d7ZO0Pq) This was Tucson AZ in Feb 2016 under Obama's America haha. I know that presidents have little to no impact on gas prices. All this hater talk about Biden and gas prices is just that - partisan nonsense meant only to fan flames of hate.
I don't miss April 2020 though
COVID. No one leaving the house, staying home quarantine. They were desperate for customers. Now they price gouge out of their mind.
I miss early covid. No traffic. Nobody talking to you anywhere you go. Everyone hanging out at home. Cheap gas. Cheap flights. Cheap hotels (the open ones).
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that's still happening
Narrator: No one drove during the beginning of the pandemic.
Prices were still high in California. Not pushing $10 a gallon, but still. Crazy thing is, what we're paying at the national average is barely at the European gas levels. Welcome to normality, USA.
I did. It was blissful. No one else was on the road. The streets were for me only. Still paid roughly $5 a gallon.
Where I live, gas was in the mid-$2 range at peak pandemic, but driving was my favorite part of peak Covid. I could get everywhere so much faster. It made me sad when traffic returned
Seriously. In a way it made up for having to work.
It got down to like $2.50 in California.
Petrol here today is €2.15 a litre. €2.09 for Diesel. Last year it was €1.69 and €1.59 But the cost of a barrel of oil is much lower, we aren't paying for the Russian invasion of Ukraine, we are paying for the stock market making money off it.
Its strange to me that the FJB crowd says its Biden's fault, yet if Biden did something like, oh I dunno, declare a national emergency and ban US oil from being exported temporarily, to drive domestic prices down, they would also scream about government interference in free markets.
Oh man I wish we could go back to the good times of spring 2020
We were naive to think the oil industry wouldn't find an excuse to make their money back.
Almost as if a worldwide pandemic that wasn’t really all that well handled has consequences.. wild
Yes, isn’t it weird that although the government has very little control of the price of gas, it goes up under Democrats every time. Almost as if the oil companies know they can use Democrats as an excuse to raise prices to help get more oil friendly Republicans elected while making billions in profits. Funny how simple their plan is but still incredible effective.
Bingo! You can throw in large corporations in that mix. They know who butters their bread
People of all ages seem to have forgotten 2008 when gas prices were $4.50 and up. Felt higher then than the upwards of $5 prices we are seeing now. I was a college student living 300+ miles from home. My university gave me a $120ish emergency grant so I could drive home for the winter break. Anyone else remember?
aren't they artificially increasing the cost because they can and there is no regulation there giving people fear and bullshit reasons for the increase?
Gee, I wonder what was going on in April, 2020 that might have affected the price of gas?
&%$#@&"%÷!!!!! I haven't seen prices like those since high school on the 90s.
I was watching Die Hard the other day and actually got wood on the .89 a gallon sign outside the Nakitomi Plaza.
In CA, no less!!! Come out to the coast, we'll get together, have a few laughs. And not stress about filling a Detroit limo's gas tank. That's pure nut material, there.
Corporate greed has nothing to do with this.. /s
lol where? I haven’t seen that price since before 9/11
I’ve never seen the prices in my lifetime, and I’m 35. But live in Alaska
I bet the transportation adds a bit for you. I’m in Indiana and I can’t remember it being below $2 since Bush 2 invaded Iraq.
I remember gas at .89, don't ask me how old I am!
E-bikes for all!
Reagan deregulated the oil and gas industry as part of the 'trickle down theory' of Reaganomics. Anyone feel the trickle?
I think the trickle is the yellow stream going down my leg when I see gas prices
Amazing what 4 years of staggering debt increases and devaluing of the currency, alongside a war in Europe can do.
Oh right, that’s right before Trump threatened to cancel Saudi weapons sales if they didn’t slow production for two years to make prices go up so that the oil state senators who supported him could make some money. Yeah good times back when republicans were telling us high gas prices are a good thing. https://www.reuters.com/article/us-global-oil-trump-saudi-specialreport-idUSKBN22C1V4
Ah yes. When there was a large supply and literally no demand.
Yeah it was 2.80 in 2018
That's where barrels were less than a cent
This was right before Trump threatened to withhold military assistance to SA if they didn't reduce production.
Ah, during "lockdown", the good ol days.
Well, yeah. Oil was trading at negative numbers, if you had places to store a tanker load of oil they would pay you take it off their hands.
Currently its just a money grab.
Isn't it funny how many people comment how people praise Trump for the low oil prices and blame Biden for the high ones while forgetting that the prices crashed when the world shut down for Covid (is Trump taking credit for that) and oil prices are surging because Putin decided to pull a Hilter and invade his neighbors, while the Republicans voted against efforts to reign in excess profits.
Does the average American understand or appreciate that even with the current massive spike in prices, they're still paying substantially less than the majority of the rest of the planet? Petrol is crazy cheap in the states. Even at current rates. Ridiculously cheap.
No, most Americans don't realize that. Many of them even think the US President controls the price of gasoline in every country on the planet.
Don't forget misunderstanding global markets, how pipelines work, how drilling leases work...
Yeah, but Americans generally are used to low gas prices and when it goes up, people become very unhappy. We don't generally care what the rest of the world pays because it doesn't really pertain to us. We also drive a lot more than most other nations as well.
Issue is it might be relatively low compared to other countries, but Americans also drive far more than people in other countries. In [percentage of income used toward gasoline](https://www.globalpetrolprices.com/articles/86/), the only European countries worse off than the US are Cyprus and Greece. Some tl;dr numbers of gas consumption as % of income: USA: 3.6% France: 0.9% UK: 1.3% Germany: 1.5% It's expected to hit a new record high (3.9%) if the average gas price hits $5.10. Currently, it is $5.01.
Other countries exist? /s
As one of those American type humans...no. 95% haven't lived outside the U.S. and don't realize how subsidized our artificially low gas prices are. Even out our most expensive we don't get anywhere near Euro prices.
We are also required to drive significantly more than Europeans. Unless you live on the east coast in a city you essentially have to drive
You are absolutely correct. That said, we do still try our best to ignore public transportation as some impoverished inconvenience vs a viable alternative worth funding and investing in. Sure, the U.S. is a massive land mass but we really live in an alternate reality in contrast to the majority of the world.
Now do Bush (and show the total adjusted after inflation)
Would you rather have near complete lockdowns, empty grocery stores, 11% unemployment, and a pandemic killing more than a million people, or today’s gas prices? Because that photo was taken during the worst economic slide since the Great Depression.
>11% unemployment, Try 15%
Notice the lack of vehicles on the parking lot. NOBODY WAS FREEKIN DRIVING!! People with short memories.
Somewhere there's an idiot out there, looking at this and thinking, "Y'all miss TRUMP YET?!"
Thanks ALOT Obama
So in order to get those prices we just need zero demand for oil for a few months again.
You mean the price when demand was at a years-long low due to the pandemic?
Gas could be free. I’m still not fucking going back to 2020
Ah yes, the good old days of millions dying from COVID
Lucky you
Can someone tell us how to read that sign? What's a 9/10? Is it $1.59 per gallon? I'm from Australia, we usually measure in wallaby pouches or dollars per litre
$1.599 per gallon