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DJT: For you to pay a tiny little bit more for your gasoline, just remember, you're doing it so that a very evil country cannot have ait's really the number one state sponsor of terror in the world. We don't want to have them have a nuclear weapon. So remember that when you have to pay a little bit more. You're at four dollars. It's OK. I mean, it'sI'm not, I'm notI'll never apologize. I did the right thing.

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https://newrepublic.com/article/214395/transcript-trump-tirade-gas-prices-backfires-epic-self-own

TexasAggie73 said:

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Help me understand, North Korea with nuclear weapons that continues this day launching missiles into the sea in non threatening, so call off the war games and the training that provides. Now Iran is a threat and should be treated as such he en though they don't have nuclear weapons with a launching system.

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They have a weapons program (or rather, had one), including a lot of highly enriched uranium and also a delivery system, via their satellite program which has put payloads into orbit repeatedly. HTH.

nortex97 said:

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Gas futures have ticked down to $3.17 this AM. T&P for all of my fellow Americans who cannot afford the extra 17 cents vs. what OP promised them.

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That's RBOB feedstock price, not "gasoline at the pump price."

National average is $4.02 for regular unleaded, $5.42 for diesel.

No Spin Ag said:

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TexasAggie73 said:

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Help me understand, North Korea with nuclear weapons that continues this day launching missiles into the sea in non threatening, so call off the war games and the training that provides. Now Iran is a threat and should be treated as such he en though they don't have nuclear weapons with a launching system.

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You obviously didn't hear about the nice things in the letter Kim Jong Un said about Trump.

Maybe if Iran says nice things in a letter to Trump it'll help him work differently with them, thereby getting gas prices back down sooner rather than the continued later.

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Maybe give him a gold trophy?

nortex97 said:

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Gas futures have ticked down to $3.17 this AM. T&P for all of my fellow Americans who cannot afford the extra 17 cents vs. what OP promised them.

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TexasAggie73 said:

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Help me understand, North Korea with nuclear weapons that continues this day launching missiles into the sea in non threatening, so call off the war games and the training that provides. Now Iran is a threat and should be treated as such he en though they don't have nuclear weapons with a launching system.

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To be fair, religious fanatics are a lot less predictable than nepotism baby dictators who like to flex muscle for their famished people to see on occasion. One side believes killing and dying for their religion is pleasing in the eyes of their god, and earns them an eternity in paradise. While the other just wants to eat filet minon and bang new chicks every night.

techno-ag said:

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nortex97 said:

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Gas futures have ticked down to $3.17 this AM. T&P for all of my fellow Americans who cannot afford the extra 17 cents vs. what OP promised them.

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Trump tariffs and oil prices from his forever war in Iran have made those plastic chairs unaffordable for most.

We may survive, but that chair is precious and should be protected.

techno-ag said:

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nortex97 said:

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Gas futures have ticked down to $3.17 this AM. T&P for all of my fellow Americans who cannot afford the extra 17 cents vs. what OP promised them.

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Obviously that poor chair won't.

T&P chair. T&P

[When you come back from the ban, stick to the topic of the thread. Others users and your theories about their bans are not a relevant topic in any forum on this platform. -Staff]

techno-ag said:

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nortex97 said:

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Gas futures have ticked down to $3.17 this AM. T&P for all of my fellow Americans who cannot afford the extra 17 cents vs. what OP promised them.

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One of my favorite memes.

For those still arguing the price of oil and gasoline is a non factor and Trump has not broken a promise - what would have to happen for you to change your mind? $100 WTI for a month? $150? I'd like to get a sense for how long the leash is among the most fervent supporters of this war/conflict.

Less Evil Hank Scorpio said:

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For those still arguing the price of oil and gasoline is a non factor and Trump has not broken a promise - what would have to happen for you to change your mind? $100 WTI for a month? $150? I'd like to get a sense for how long the leash is among the most fervent supporters of this war/conflict.

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Why would it go that high?

$2.93 in Mansfield.

Equinox said:

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$2.93 in Mansfield.

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it's the oil refineries in Mansfield causing those outliers. Just sayin…

Equinox said:

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$2.93 in Mansfield.

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$3.599 at HEB on SE MIlitary this morning in San Mexico.

Gaaaaaaaaay!

flown-the-coop said:

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Less Evil Hank Scorpio said:

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For those still arguing the price of oil and gasoline is a non factor and Trump has not broken a promise - what would have to happen for you to change your mind? $100 WTI for a month? $150? I'd like to get a sense for how long the leash is among the most fervent supporters of this war/conflict.

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Why would it go that high?

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Supply and demand imbalance same reason why prices always go up or down
The world wide SPR's is offsetting some of the current imbalance but that resource is likely to run out soon

Equinox said:

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$2.93 in Mansfield.

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The lines at Sam's Club must be murder.

Sq 17 said:

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flown-the-coop said:

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Less Evil Hank Scorpio said:

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For those still arguing the price of oil and gasoline is a non factor and Trump has not broken a promise - what would have to happen for you to change your mind? $100 WTI for a month? $150? I'd like to get a sense for how long the leash is among the most fervent supporters of this war/conflict.

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Why would it go that high?

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Supply and demand imbalance same reason why prices always go up or down
The world wide SPR's is offsetting some of the current imbalance but that resource is likely to run out soon

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Interesting.

When are the SPRs predicted to run out?

At current draw rates 45 days is a number that is being thrown about

China is also rumored to be buying buying less because they filled there reserves with discounted sanctioned oil

Sq 17 said:

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At current draw rates 45 days is a number that is being thrown about

China is also rumored to be buying buying less because they filled there reserves with discounted sanctioned oil

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Any way we can get discounted sanctioned oil?

Asking for a friend, of course.

BigRobSA said:

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Equinox said:

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$2.93 in Mansfield.

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$3.599 at HEB on SE MIlitary this morning in San Mexico.

Gaaaaaaaaay!

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Don't you mean, "WiiiiiiiNING!!!"

Pretty sure a couple guys in New Mexico earlier this were indicted for buying and reselling oil from questionable sources

Sq 17 said:

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At current draw rates 45 days is a number that is being thrown about

China is also rumored to be buying buying less because they filled there reserves with discounted sanctioned oil

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So 45 days until $100 to $150 WTI?

And where is China getting all their sanctioned oil? Probably won't make for a happy visit when Xi Lil Ping come to town.

Russia and Iran but both of those countries now have export issues on top of being sanctioned

I am guessing you have heard of Russia's shadow fleet of tankers

$3.15 in Prosper at Murphy and Walmart

flown-the-coop said:

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Sq 17 said:

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flown-the-coop said:

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Less Evil Hank Scorpio said:

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For those still arguing the price of oil and gasoline is a non factor and Trump has not broken a promise - what would have to happen for you to change your mind? $100 WTI for a month? $150? I'd like to get a sense for how long the leash is among the most fervent supporters of this war/conflict.

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Why would it go that high?

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Supply and demand imbalance same reason why prices always go up or down
The world wide SPR's is offsetting some of the current imbalance but that resource is likely to run out soon

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Interesting.

When are the SPRs predicted to run out?

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That is a loaded question without a precise answer. A lot depends on how much risk are you willing to take regarding long term damage to the caverns. We are currently at a little under 300mm and drawing down almost 1mm/day.

"Nonpartisan estimates of the SPR's minimum level range from 150 million to 300 million barrels. A recent study by the nonpartisan Rapidan Energy Group estimates that, due to the SPR's deteriorating infrastructure, approximately 103 million barrels of oil can no longer be accessed from the SPR. That means that if we use the Department of Energy's minimum estimate of 70 million barrels, the true minimum would be closer to 173 million barrels. In contrast, another nonpartisan estimate by Texas A&M University puts the SPR's minimum level at 300 million barrels."

As we get lower and lower, the daily withdraw rate will go down. My personal view is we can go lower than most experts say but no where near the 70mm level that DOE officially claims. My personal guess is we will keep drawing near 1mm per day until early November, if necessary, and then the rate will drop substantially.
https://ca.news.yahoo.com/us-oil-reserves-low-amid-203733046.html

Trump draw down was estimated to max at 172 million. We are at just under 300 million in the SPR and have drawn 120 million of the 172 million.

We drew just over 5 million last week. Simple math says we can continue the pace for 10 more weeks, or just up to November, but a low water… err oil mark of 240 million which seems well above the sensible minimal availability of the SPR.

In other words, there is no imminent disaster here. It's going…. As planned.

"As Planned"
Not sure if serious

flown-the-coop said:

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Trump draw down was estimated to max at 172 million. We are at just under 300 million in the SPR and have drawn 120 million of the 172 million.

We drew just over 5 million last week. Simple math says we can continue the pace for 10 more weeks, or just up to November, but a low water… err oil mark of 240 million which seems well above the sensible minimal availability of the SPR.

In other words, there is no imminent disaster here. It's going…. As planned.

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The problem is we then have no more buffer. I don't know how much the Europeans have left but I doubt it is much. That then leaves us with the Chinese. The views I have heard was their imports before we attacked Iran were around 1mm bbls a day more than they needed because they were building inventories. Initially they dropped imports by around 5mm bbls per day but in July they increased imports by 1.2-1.35mm bbls per day so they are likely starting to get close to min strategic reserve oil levels as well.

If the strategic reserves of the major importing countries all hit bottom late this year, next year could set up for an interesting one in the oil market. Over time, pipelines will greatly reduce oil exports through Hormuz but most of those won't be completed by the end of the year.

PS. For what consumers care about, gasoline and diesel prices, the bigger issue is all of the lost global refining capacity in Russia and the Middle East. Crack spreads are at near record levels with no end in site even if the Strait opened fully tomorrow.