Gas Prices

[customboss]

Do you see US or EU in here?

The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.

These countries were later joined by Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), Angola (2007), Equatorial Guinea (2017) and Congo (2018).

Ecuador suspended its membership in December 1992, rejoined OPEC in October 2007, but decided to withdraw its membership of OPEC effective 1 January 2020. Indonesia suspended its membership in January 2009, reactivated it again in January 2016, but decided to suspend its membership once more at the 171^stMeeting of the OPEC Conference on 30 November 2016. Gabon terminated its membership in January 1995. However, it rejoined the Organization in July 2016. Qatar terminated its membership on 1 January 2019.

This means that, currently, the Organization has a total of 13 Member Countries.

[customboss]

@BlaineBug I guess gasoline prices is something we can watch and grasp here. I paid $2.98/Gallon for Maverik E15 supposed to be 87 octane on my way to VA in Denver and back and it seems to run well.  

[BlaineBug]

2 hours ago, Grumpy Bear said:

 

Greed my good man isn't a political issue. It's a moral one. It has no party and no agenda past itself. 

 

The purpose I suppose is that it is a topic all have some interest in and up till now has been non-divisive. Just a place to hang out and offer a comment on conditions in your area. Human interest, fellowship. 

 

Gee, would it be possible for the intellectual group here at GM-Trucks.com/Forums to brainstorm and discuss why OPEC wasn't "as greedy" just 5-6 years ago? 

[customboss]

17 minutes ago, BlaineBug said:

 

Gee, would it be possible for the intellectual group here at GM-Trucks.com/Forums to brainstorm and discuss why OPEC wasn't "as greedy" just 5-6 years ago? 

Lets hear you argument. 

[customboss]

https://www.forbes.com/sites/rrapier/2021/03/27/which-president-oversaw-the-highest-gasoline-prices/?sh=36cd46b81d28

 

In a nutshell, here are the major factors impacting oil, and subsequently gasoline prices since 2001.

 

• Dot-com bust and 9/11 put a chill on the global economy
• Falling U.S. oil production gives OPEC more pricing power
• Rising oil prices helped spur the 2008-2009 recession, which crashed oil prices
• Economic recovery sent oil prices back to $100/bbl
• U.S. fracking boom breaks OPEC’s hold on oil prices, again crashing prices
• Prices stabilize as OPEC again curtails production
• Covid-19 pandemic sends oil prices crashing

 

We can debate whether certain presidents made some impact on oil prices, but that impact would be modest. The factors above are the primary reasons oil prices rose and fell since 2001, and presidential decisions didn’t have a lot of impact on most of these factors.

[customboss]

https://www.factcheck.org/2021/10/trumps-final-numbers/ 

Oil Production and Imports

The increase in crude oil production that began under Obama continued under Trump, soaring to new record highs before COVID-19 contributed to a decline in 2020.

The 4.1 billion barrels produced last year were still more than in any year other than 2019, when nearly 4.5 billion barrels were produced, according to the Energy Information Administration. Even with the down year, crude oil production was up 27.6% in 2020 compared with 2016.

Increased domestic production under Trump led to fewer annual crude oil imports, which were down 25% in 2020 from four years earlier. The total number of imported crude oil barrels in 2020 — 2.15 billion — was the lowest total since 1991.

However, while the U.S. again became a net exporter of petroleum products last year, it remained a net importer of crude oil, specifically, the EIA said.

 

 

 

 

 

 

 

[7milesout]

I like turtles!

[customboss]

28 minutes ago, 7milesout said:

I like turtles!

I like your honesty.  I like hotrod scooters that sound like a F1 engine.  

 

 

 

[txab]

$2.75 RU this afternoon

[Black02Silverado]

$3.20 here in Indianapolis. Back in NC it’s $3.09. 

[Grumpy Bear]

8 hours ago, BlaineBug said:

 

Gee, would it be possible for the intellectual group here at GM-Trucks.com/Forums to brainstorm and discuss why OPEC wasn't "as greedy" just 5-6 years ago? 

 

How old are you? I ask as an older person's memory would not permit them to ask that question. I'm guessing you never sat in a 70's all day gas line or lived with a national 55 mph speed limit that OPEC 'greed' caused. Paid $6 a gallon for fuel at that time. Paid a 17% FHA home loan. Double digit inflation. How about early 2000's $5++ gas prices? This isn't new or even a fad. It's a cycle that goes decades in the making. Just long enough for the next generation to have no memory and enough of the older to die off so as not to educate them. If by chance you are older, then brother, you have some memory issues that need looking into. 

[richard wysong]

$3.03, Speedway dropped another .05 to $3.45, out on the hiway prices from $3.15 up, diesels anywhere from $370 to $5

Edited May 6, 2023 by richard wysong

[KARNUT]

I paid 2.74 in Louisiana on Wednesday. Next gas stop Georgia.

[diyer2]

Bottom line? You pay the price they want because it isn't negotiable. 

[Grumpy Bear]

$3.35 today. Down a dime overnight.