Oil Tankers Anchored at Sea Storing Crude

You can’t burn crude oil in your car. Refiners have cut way back on production because demand is on life support.

Both May and June Unleaded Gasoline are trading comfortably above the March and April lows.

S2007S said:
Gas prices haven't moved near me. You would think with the glut of oil out there that gas prices would have fallen a solid 25-50% in the last few weeks but nope. Still paying what I have been paying for over a month and half now give or take 15-20 cents!!!!

Amazing how prices at the pump are just sitting idle while oil has plummet to 30 plus year lows!!!!
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Definitely more idle tankers sitting at full draught parked to the east and west. We had a nice rain storm blow through yesterday, but we are generally isolated from tsunamis and storms don't get too terrible.
 
S2007S said:
Indeed I can. I can just imagine how profit margin must have spiked at most gas stations....there is one station near charging prices as if its still 2016 with prices at $3.65!!!!
Cheapest I have seen it was approximately $2.29-2.40!! I paid $2.50 the other day
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Quite often a gas station gets in a tussle with their corporate partner and wanting out of the current contract or to get a better deal elsewhere with another major brand.

So what they do is charge a much higher markup than surrounding stations - so their gas sales collapse. While hopefully convenience store/repairs/etc part of business carries on.

Then it is just a matter of who blinks first, retailer or wholesaler.
 
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