Jump to content
  • Sign Up

Gas Prices


Big_Kahuna

Recommended Posts

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 171stMeeting 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.

Link to comment
Share on other sites

@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.  

Link to comment
Share on other sites

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?  🤔

Link to comment
Share on other sites

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. 

Link to comment
Share on other sites

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.

Link to comment
Share on other sites

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.

 

 

 

 

 

 

 

Link to comment
Share on other sites

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. 😏

  • Like 1
  • Thanks 1
Link to comment
Share on other sites

$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 by richard wysong
  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
  • Forum Statistics

    247.8k
    Total Topics
    2.6m
    Total Posts
  • Member Statistics

    336,694
    Total Members
    8,960
    Most Online
    emmausa0106
    Newest Member
    emmausa0106
    Joined
  • Who's Online   3 Members, 0 Anonymous, 848 Guests (See full list)




×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.