More bad news at the pump

[dryheat]

- Reported optimism that producers may not increase output has lifted oil for the session.-

Optimism for oil. Not for the average guy who has to fill the tank. Gas arouond here hit 3.09. It backed down to 2.99
I expect it will be 3.09 or above in a few days. Hopefully it doesn't continue to climb. Hey Oil! Get it while you can.
Everything on my watch list went down today except for Kroger and Oil. Kroger doesn't do much but Phillips 66 has climbed steadily.

[blackhawknj]

At the Shell station I go it's up to $2.979 for regular, last summer it was $2.279.

[togor]

It's the market, right?

A big deal was made about the US being an energy producer, but if the oil is too cheap then none of the producers are making money.

A bit like cheap milk, popular with the consumer but then the dairy farmers are getting squeezed. That's when people call for the government to somehow make everyone happy, and the government tries.

[dryheat]

OPEC organization of petroleum EXPORTING countries.

The demand for OPEC oil has fallen to a 30-year low in the second quarter of 2020.
Exxon lost money(which is a simple term) for the first time. No air travel, no cruise ships, no one driving to work. I get it a little. The poor babies.

[dogtag]

With most of the world's population locked in their house,
there's not too much driving being done.

[dryheat]

You wouldn't know driving around here at four in the afternoon.

[bdm]

My good friend has a Mobil Gas Station he said the gas will be going up and up thanks to Biden are new leader

[dogtag]

Stuff seldom goes down. When it does, it's not long before it goes up again.

[Johnny P]

In Biden's haste to undo everything that Trump did he is causing energy prices to skyrocket in the U.S. His attack on the oil producers by freezing federal oil and gas leases; he immediately pissed off the Saudis; and has the U.S. going backwards in the energy market. Like it or not, the Saudis can either be friends or enemies of the U.S. as to energy production.