Depending on your state, which can vary widely, you're looking at LIKELY sub-$2 per gallon gas here soon.
Expectations for South Carolina - may bottom out around $1.50 retail or a little less for a time starting next month. Nymex spot wholesale prices are roughly 89-90 cents per gallon. Add in all the BS stuff and you're looking at roughly 1.50 here at the moment. Nymex spot prices don't always convert easily, but goes on more of an average price. BUT- even if your car uses premium, you're looking at likely prices to be 75 to 80 cents per gallon less than they've been recently, or thereabouts. Could be more or less depending on your locale, but still, if ANYTHING has a silver lining, it's much lower gas prices. If you're in one of those "green" states, expect the prices to be higher. And this really doesn't have anything to do with Covid-19 as much as it does Russia wanting to increase their market share.
Unfortunately, with the oil demand low and these idiot OPEC and Russian oil policies to keep the pumps on full blast- it's going to drive prices even lower. This is going straight after the highly leveraged fracking and oil sands businesses in North America. So look out on those fronts. If you work in that line of work, I'd be concerned.
What those idiots don't realize, that in the long run, even if oil prices shoot back up, the oil sands and fracking, et al, aren't necessarily going anywhere. They'll just restart and uncap and go when prices become feasible again and put a cap on oil prices again.
Expectations for South Carolina - may bottom out around $1.50 retail or a little less for a time starting next month. Nymex spot wholesale prices are roughly 89-90 cents per gallon. Add in all the BS stuff and you're looking at roughly 1.50 here at the moment. Nymex spot prices don't always convert easily, but goes on more of an average price. BUT- even if your car uses premium, you're looking at likely prices to be 75 to 80 cents per gallon less than they've been recently, or thereabouts. Could be more or less depending on your locale, but still, if ANYTHING has a silver lining, it's much lower gas prices. If you're in one of those "green" states, expect the prices to be higher. And this really doesn't have anything to do with Covid-19 as much as it does Russia wanting to increase their market share.
Unfortunately, with the oil demand low and these idiot OPEC and Russian oil policies to keep the pumps on full blast- it's going to drive prices even lower. This is going straight after the highly leveraged fracking and oil sands businesses in North America. So look out on those fronts. If you work in that line of work, I'd be concerned.
What those idiots don't realize, that in the long run, even if oil prices shoot back up, the oil sands and fracking, et al, aren't necessarily going anywhere. They'll just restart and uncap and go when prices become feasible again and put a cap on oil prices again.
