Price of gas?

I've been using my  car very rarely so I haven't bought gas in well over a month. But, I've heard that gas prices have plummeted. I read that in Wisconsin, for example, gas is selling for about $1.24 a gallon. What are prices near you?


I'm seeing the lowest in our area is $2.03 at Wawa.

https://www.autoblog.com/07040-gas-prices/


In Myrtle Beach, SC, we're paying $1.40-1.50


Dennis_Seelbach said:

In Myrtle Beach, SC, we're paying $1.40-1.50

 Wow.


1.79 at Costco according to GasBuddy.com


Costco Flemington premium is $2.17 a gallon 


Went past the Citgo at Springfield Ave/Hillside Ave in Springfield today, it was $1.93 for regular.  I forget what the station just the other side of Rt.22 from the Citgo was (used to be Sunoco, I think it's a Delta now?)


It’s weird not to need to get gas every week. I saw it for $1.95 on Springfield Avenue last week, and was bummed I didn’t need any. 


At the 76 in Somerville:  $1.81


I think I last filled up two weeks ago. Maybe longer. And I still have a half tank.


Heynj said:

It’s weird not to need to get gas every week. I saw it for $1.95 on Springfield Avenue last week, and was bummed I didn’t need any. 

 I know exactly how you feel. 


South Florida: $1.89.  (And I miss full-service.)


GasBuddy says $1.62 in Milwaukee, but i haven't been out since last week, when it was $1.90 something.  Amazing.  A few years back wasn't it hitting $4 plus?


https://www.nytimes.com/article/negative-oil-prices-facts-history.html

What Negative Oil Prices Mean and How the Impact Could Last

The strange thing that happened in oil markets does not mean you can make money storing oil, or that gasoline will cost nothing.

The price of crude oil accounts for only about a third of the cost of gasoline and diesel at the pump. Refining, distribution costs and taxes account for much of the price, and why negative oil prices won’t mean free gasoline.

A main benchmark for the price of oil fell negative for the first time ever this week. The decline — more than 300 percent in daily trading — raised fresh questions about the damage the coronavirus is having on the global economy.

What does it mean for oil prices to be negative?

A benchmark price for a barrel of oil to be delivered next month fell to -$37.63 on Monday, which means that sellers would have to pay someone that much to take it off their hands.

But that historic plunge was exacerbated by a quirk in how the oil markets work.
The negative price concerned only contracts for delivery of barrels in May that are traded on so-called futures markets. At the same time trading happens for May deliveries, people trade on contracts ending in June, in July and so on.

Demand for oil has collapsed in recent weeks as the coronavirus pandemic has devastated practically all corners of the economy, eliminating much of the need for fuel to ship goods, ride on airplanes or commute to work. Without a use for it, the world’s biggest producers — the United States is high on that list — are running out of places to store all the oil that companies have continued to pump out of the ground.

As a result, traders this week were willing to pay to get rid of oil rather than figure out how to keep storing it. The May contracts that fell so much ended on Tuesday. (The price of the June contract is still in positive territory, though it has fallen a lot in recent weeks, too.)

OK, then, why am I still paying for gas at the pump?

The price of gas has been precipitously falling around the United States in the last few weeks as the oil industry has been jolted. The national average price of gas was $1.81 as of Monday, a $1.03 drop from a year ago.


Family in Ohio reports it at about $1.40/gallon. 


Costco in Myrtle Beach SC just dropped to $1.35.


Dennis_Seelbach said:

Costco in Myrtle Beach SC just dropped to $1.35.

 maybe I should drive down there and fill up?


Filled up today in (well, near) Milwaukee at $1.29.  Three-quarters of a tank for under $20.  It's been a while.


mjc said:

Filled up today in (well, near) Milwaukee at $1.29.  Three-quarters of a tank for under $20.  It's been a while.

 People like to talk about how cheap gas was before the Oil Embargo. In 1970, the average price of gas was $.36. Adjusted for inflation, that would be $2.39 in 2020 dollars. We are definitely looking at the cheapest gas of my lifetime.


I came back from Jersey City today via rte 7 through Belleville ave, gas is $1.69 on Belleville ave. I filled up my Jeep with $20


I remember explicitly when I was in college in Massachusetts in 1973, driving though Northampton and I saw that gas hit 50¢; man, I was outraged.


Hopefully the fracking companies will go under.


FilmCarp said:

Hopefully the fracking companies will go under.

 Environment NJ has a email campaign to our Congressional reps/Senators to oppose a fracking industry bailout in the latest COVID-19 economic stimulus package.


Delta at corner of Valley and Oakland. $1.97 for regular for cash.


Gas prices are down but they should be a lot lower.




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