For obvious reasons, we are driving less, but still: What is your take the cost of a barrel of oil going sub-zero? Some places the price of gas is below a dollar a gallon.
The price isn't going sub-zero, as I understand it. It's the price of futures contracts that have gone into negative territory.
Basically a bunch of suits on Wall Street who gamble on the Futures Market. They overpaid for some bets, tried to sell them off and discovered no one wanted to buy them - so they had to pay people to take them off their hands.
But, still, Russia and Syria affected the prices as well.
Yes, prices are dropping. However the stories about sub-zero prices aren't really true. No one is selling petrol in negative territory. It's onlyt the people playing with futures contracts that aren't able to get a price, and that's purely speculation. Serves them right IMO
There is an oil glue because of an oil war going on between syria and russia over some oil disagreement. a number of the middle east countires increased the amount of oil they were producing way up to drive the price down and now there is a big glut of oil. trump got them to settle their differences but there is a big overproduction of oil The only price we are paying now for gas is the taxes. Taxes often make up half the price of gas.
Actually yes, some places are paying shippers a nominal price to remove oil. Stopping production is more expensive than doing so even when the shippers have no buyers to supply. So whoever removes the oil will pay to store it one way or another.
https://www.theguardian.com/world/2020/ … elief-fund
All I know is that heating oil is at the lowest price for 5 years so it's time to fill the tank to the top!
by Holle Abee 9 years ago
http://www.realclearpolitics.com/video/ … _bush.htmlBush gas at $3 a gallon bad! Obama gas at $5 a gallon okay and not his fault. Got it.
by Doug Hughes 10 years ago
When gas prices were going up, Wingnuts were tripping over each other in a rush to blame the president. Even though he had nothing to do with it.President Obama ordered a release of strategic reserves. Prices have dropped over 50 cents per gallon in Florida.What do we hear now?
by Leslie McCowen 9 years ago
Boehner says they have been working waaaaay too hard....time for another vaca.What do you say, $10,000 that they go to Tahiti?
by Moderndayslave 10 years ago
Our friends that are doing "Gods Work" Goldman Sachs or Gold Sacks as some call them are now publicly predicting $5 a gallon gas with a barrel of oil to trade at $135 a barrel.A CEO for a major oil company stated at the recent congressional hearings the the price of oil without the...
by Susan Keeping 9 years ago
Does politics really influence gas prices?It seems many people want to blame their country's politicians for high gas prices, in particular Barak Obama even though gas prices were higher at points in the 80s. Can politicians really do something about prices?
by Suzanne Levac 10 years ago
I just heard that it is very probable that the gas will go up to $5.00 a gallon in the near...future in the United States; do you think it will happen? And why is it going up that much?
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