Oil at $22 a barrel, when do we get .97 cent gas?

Sig said:
Helps when you can pull it out of the ground, no one in your country can afford a car to use it in, and sanctions prevent you from selling it to your otherwise natural customers.
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and it kept the people "happyish"
 
Low £1.20 in the UK, no real change yet, should drop to £0.95 allowing the how much is tax but doesn't normally take this long for a price drop / increase to hit the pumps so maybe not.
 
Here4money said:
nah...you should check out Venezuela
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Venezuela subsidizes the gas to its citizens. Production costs are still about $20 per barrel vs $21 to $23 per barrel for the US.

Saudi Arabia is cheapest with production costs at just under $9 per barrel.
 
piezoe said:
it may make sense to buy refiners here. what do the rest of you think?
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While they're not all that sensitive to oil prices they are very sensitive to demand. I'm guessing jet fuel demand fell off a cliff, gasoline and diesel can't be doing much better. People like @bone who know more about it then me can probably give a more informed opinion on this, but it also seems like the difference in mix might also impact them, i.e. they're set up right now to turn X% of each barrel of oil into jet fuel but they'll have to change that into turning X-10% into jet fuel and X+10% into propene as a precursor to making hand sanitizer, to make up a stupid example. Not sure how much that costs them or impacts their efficiency.
 
Sub $2.00 reg unl here in SFLA.

Meanwhile heard yesterday that Saudi cost to produce crude is around $2.80 a barrel. But bear in mind that doesn't factor in how much they need to take in to run their gubmint and pay for all the goodies they pass out to keep the sheeple in line. Then they need upwards of $35/40. Difference.
 
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El OchoCinco said:
Americans always bitch about the price of gas but in my travels I have confirmed that we have the cheapest gas in the world...
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Europeans, for instance, drive probably 1/4 the miles we drive ... so looking at price is only half the equation.

Crap in a typical multi state road trip drive here, in one day, the equivalent over there you'd pass thru 5 or 6 countries.
 
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