2040huck said:

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Honestly, this is where we need to be if you are from Texas

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Love it! Exxon stockholder here. XOM at $154 and change!

BenFiasco14 said:

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About to be a bunch of new lifted up Raptors in the valet line at Lake Charles

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I just hope they come to my casino. I could use some more bonus with a good year!

So Iran has no Navy now but prices still spike over what exactly? Has Hormuz been shut down?

Why do posters keep saying that?

They have a navy. They don't rely on blue water equipment. They rely on asymmetric warfare. They can deploy mines if they choose. They still have that capability.

Many insurers are refusing to insure vessels that go through there, so it's effectively been reduced if not shutdown.

Spoiler alert - nobody from the Middle East is ever getting liberated as long as Islam is the dominant religion.

AxelFoley85 said:

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Spoiler alert - nobody from the Middle East is ever getting liberated as long as Islam is the dominant religion.

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It's all relative to them, I'm sure.

No Spin Ag said:

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Gas went up sixty cents overnight.

Does anyone know if this is the only jump or if we should expect more to come?

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The panic price up here at the DEW line is diesel jumped from 3.09 to 3.59 overnight.

The Collective said:

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BenFiasco14 said:

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About to be a bunch of new lifted up Raptors in the valet line at Lake Charles

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I need a used Polaris Ranger in about 12-18 months.

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Just take over mah payments please

2040huck said:

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nortex97 said:

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2040huck said:

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Honestly, this is where we need to be if you are from Texas

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And Obama is surely pleased, right?

For those who still don't believe this is Obama's third term, remember when he said, "Under my plan...electricity rates will necessarily skyrocket." Thanks, Joe! pic.twitter.com/XVUJj5fnjG

— Paul Manicone (@JustRightPD) April 12, 2024

I assume democrats are celebrating this news.

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Not sure what you are trying to say. I assume most people, Dem or GOP dont want higher gas prices. Don't know, and dont care how it affects the politics. I just know that from my personal interests, higher oil prices are a good thing, up to a point. I think $70-75 is the sweet point for Texas interests

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$70 - $75 is about right.

AxelFoley85 said:

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Spoiler alert - nobody from the Middle East is ever getting liberated as long as Islam is the dominant religion.

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They had Islam in Iran before the current regime.

HoustonAggie11 said:

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So Iran has no Navy now but prices still spike over what exactly? Has Hormuz been shut down?

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Lords of London nor anyone else for that matter will insure the shipping vessels. The companies themselves don't want to take the risk of having a tanker on fire or sunk. You don't need a navy to hit a tanker with a rocket or drone strike.

No Spin Ag said:

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Gas went up sixty cents overnight.

Does anyone know if this is the only jump or if we should expect more to come?

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im always fascinated by the how immediate the pass through is - no way the gas at the pump was refined at $70/ bbl. Is there a state law tied to current crude price that sets the prices that can be charged? Serious question because all of the competing gas stations can't all change essentially the same amount without there being an index tied to to it.

I should have filled up last night...diesel + $0.50 and I was on empty.

Frustrating since it always spikes, but rarely falls as quickly.

Flip side...Texas could be back in a boom if this lasts awhile.

Logos Stick said:

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Why do posters keep saying that?

They have a navy. They don't rely on blue water equipment. They rely on asymmetric warfare. They can deploy mines if they choose. They still have that capability.

Many insurers are refusing to insure vessels that go through there, so it's effectively been reduced if not shutdown.

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They don't anymore.

Gas went up 30 cents in one day. Not going to be a good look for mid terms if this drags on and gas is $3.50 in places like Texas. Higher gas prices certainly don't help the economy. Didn't Trump take out Maduro so the US would have access to Venezuela's oil?

Good for my pay. Sucks for everyone else.

I warned you all for years about long-time NYC Dem. and transactional grifter DJT. He's a macroeconomic buffoon and strategic geopolitical and military toddler.

HoustonAggie11 said:

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So Iran has no Navy now but prices still spike over what exactly? Has Hormuz been shut down?

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yes its basically shut down right now. The majority of that oil goes to Asia (China). It's shut down because London insurance brokers have told their shippers they can't move through there. No insurance no shipping.

Buccees in Hillsboro diesel prices up $.70 a gallon from this morning at 5 am till now

Oil spiked just 8% after Iran’s attack, not $80-$100 as predicted, because the U.S. is producing record-breaking 13.6M barrels/day.

Thank God for “Drill Baby Drill.” 🛢️ pic.twitter.com/2jc07LDgAU

— Stephen Moore (@StephenMoore) March 3, 2026

DukeMu said:

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Good for my pay. Sucks for everyone else.

I warned you all for years about long-time NYC Dem. and transactional grifter DJT. He's a macroeconomic buffoon and strategic geopolitical and military toddler.

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Yeah...oil hit 120 under biden. And he didn't bomb the middle east.

75-80 while the strait of Hormuz is threatened by shut down?

That's 100% due to the local regulatory hurdles for domestic oil and gas development being removed. Life is good.

sts7049 said:

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if your budget can't stomach a 10 dollar difference filling up your tank every week or two you need to be relooking at your finances

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what an ignorant statement but I'm not surprised, what about the increase not only for average Americans but business.

yikes

So who is gouging....lol retailees or wholesalers.

Kozmozag said:

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So who is gouging....lol retailees or wholesalers.

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Don't know, but gas prices jumped up another thirty cents since Monday, so now gas is over $3 a gallon when it was barely above $2 last week.

Now to see if it'll hit $4 a gallon, or higher, in Lubbock before the war is over.

HoustonAggie11 said:

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sts7049 said:

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if your budget can't stomach a 10 dollar difference filling up your tank every week or two you need to be relooking at your finances

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what an ignorant statement but I'm not surprised, what about the increase not only for average Americans but business.

yikes

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I have 5 f250 or 350s for my business.

Each one fills up on average once per week.

30 gallons per truck on average at 3.00 vs 30 gallons a 4.25 isnt a small increase to our costs per week

Thats roughly 800 per month. Im not going to eat that

Just saw diesel is over $4 a gallon at my local QT mart. Price for freedom I guess. If it goes much higher I'll behaving to insert my credit card twice to fill up unless they raise the $100 cut off.

Diesel has gone up around .70 this past week. It's gone up much faster than the price of oil. I would like to see a chart of pump prices vs barrel prices over the past 20 years. I paid 4.50 at the pump in DC summer 2006 when oil was 125-150 per barrel. Seems like the pump price always goes up faster than the barrel price and doesn't come back as much. Just keeps creeping up

reineraggie09 said:

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Diesel has gone up around .70 this past week. It's gone up much faster than the price of oil. I would like to see a chart of pump prices vs barrel prices over the past 20 years. I paid 4.50 at the pump in DC summer 2006 when oil was 125-150 per barrel. Seems like the pump price always goes up faster than the barrel price and doesn't come back as much. Just keeps creeping up

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You catch some profit on the way up that way.

Most stations in stable times make little off of fuel.

It's why they charge over $2 for a 20oz soda.

The fuel is usually a break even/barely profit commodity.

Everything else is what they profit off of.

So times like these allow them to make good profit while waiting on the barrel to catch up.

Source: my father worked in fuel stations for decades as a GM.

No one ever talks about when they paid high prices for fuel and then the barrel drops. And they have to compete and take a loss. Fuel just isn't a large profit item at the station level, no matter what you think. Dad said if you averaged 2 cents a gallon for the year it was a good year.

How the hell is gas this high, there should be plenty of oil here already that hasn't been used up prior to this. Also, what about the Venezuela oil? All the oil we are drilling for in the usa?

DonHenley said:

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How the hell is gas this high, there should be plenty of oil here already that hasn't been used up prior to this. Also, what about the Venezuela oil? All the oil we are drilling for in the usa?

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Again, they're hedging the barrel swing.

There is plenty of oil. That has nothing to do right now with the price.

All speculation.

To put it better, if you have 50 marbles and I have 50 marbles, and your 50 can't be sold all of a sudden, mine go up in value. Regardless of the fact that the factory can make 100 more.

It will correct itself.

100%

These prices are not based on supply and demand, but on fear.

They will drop when the fear lessens.

Reginald Cousins said:

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To put it better, if you have 50 marbles and I have 50 marbles, and your 50 can't be sold all of a sudden, mine go up in value. Regardless of the fact that the factory can make 100 more.

It will correct itself.

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Due to the high decline nature of unconventional reservoirs, it would take quarters or years to meaningfully grow non-OPEC production from today's levels. If ME oil is not put back online in the relatively near future, it will 100% impact the supply-demand curve.

In you example, if the marbles take a year to manufacture, then the price of the 50 marbles that can be sold will increase until that time.