Today’s Gas & Diesel Price Updates

This article from Bloomburg. The production of crude will continue to increase:

No matter what OPEC says Friday about its production target, the outcome is sure to be more oil.

Iran, Iraq and Libya said this week they plan to add millions of barrels to the market this year. Saudi Arabia, the biggest member in the group, is already pumping the most in three decades. And executives from the world’s biggest oil companies pledged to keep expanding by cutting costs and focusing on the most promising drilling sites.

The contest for market share is proving more important than price as the Saudis seek to undercut higher-cost producers while costs keep dropping. The competition is intensifying because producers are eager to sell ever more oil even as world demand slows.

“High prices spurred the commercialization of an awful lot of oil that’s now ready to be sold in the market,” Ed Morse, Citigroup Inc.’s New York-based head of global commodities research, said by phone. “The decline in demand is making it very difficult to sell oil when you’ve got not just the shale revolution, but Iran and Iraq and other OPEC countries wanting to produce a lot more.”

Brent crude, the benchmark for more than half the world’s oil, fell 60 percent to a six-year low of $46.59 a barrel in January from $115.06 in June. It’s up 32 percent since then and traded at $61.65 a barrel at 10:06 a.m. London time Friday. The U.S. Energy Information Administration forecasts Brent will average $60.79 in 2015.

Long term, the price of crude and gasoline and diesel should go down. Crude is up by $1.21/barrel to $59.13. Gasoline moved up by 3.95 cents/gallon at the average rack in Selma. Diesel slipped by 0.56 cents/gallon. Prices are:

Screen Shot 2015-06-07 at 11.17.19 PM

Have a great day,

-Larry Hopkins

Today’s Gas & Diesel Price Updates

The price of crude should drop if Iran has its nuclear deal  and starts to put crude back on the world market. Until then it might continue to rise, but there are refineries down for maintenance that will come back on line soon. Planned maintenance can only happen if our governement gives permission. I guess they could fake it though. Though there have been no new refineries built in many years, many of the exiting refineries have been expanded even doubling their production. Crude is up  63 cents  today To $60.92/barrel or $1.45/gallon. Gasoline eased up by 1.09 cents at the average rack in Selma. Diesel fuel is up b y 1.48 cents/gallon. Prices are:

Screen Shot 2015-06-02 at 10.39.19 PM

Have a great day,

-Larry Hopkins

Today’s Gas & Diesel Price Updates

Consumers are spending but not in the retail sector. It is the service sector that is booming, eating out and drinking. That is where the saving in gasoline costs is being expressed by consummers to the surprise of economists, well, some economists. Someone is always right with a herd of econmists.

Crude is little changed, still above the $60 threshold. Gasoline sliped by 1.45 cents/gallon at the average rack in Selma. Diesel is down by 1.36 cents/gallon. Prices are:

Screen Shot 2015-06-01 at 11.14.18 PM

Have a great day,

-Larry Hopkins

Today’s Gas & Diesel Price Updates

No good news tonight. Everything jumped up. I will try to read everything and find a reason. Crude jumped up $2.16/barrel  to $60.30. Gasoline jumped up by 7.25 cents/gallon at the average rack in Selma. Diesel fuel jumped up by 7.26 cents/gallon. Prices are:

Screen Shot 2015-05-31 at 8.33.40 PM

Have a great day,

-Larry Hopkins

Today’s Gas & Diesel Price Updates

I just watched a cat food commercial. It was funny because the cat had prettier blue eyes than the woman owner. Prices boomeranged back up. Crude is up 44 cents to $58.14/barrel. Gasoline jumped up by 4.07 cents/gallon at the average rack in Selma. Diesel fuel moved up by 0.79 cents/gallon. Prices are:

Screen Shot 2015-05-28 at 11.37.25 PM

Have a great day,

-Larry Hopkins

Today’s Gas & Diesel Price Updates

Good news. Prices are down again. Crude is down by 66 cents  to $57.73/barrel. Gasoline is down by 4.29 cents/gallon at the average rack in Selma. Diesel fuel is down by 4.13 cents/gallon. The Dollar Index is back up over 97 cents. Prices are:

Screen Shot 2015-05-27 at 8.31.27 PM

Have a great day,

-Larry Hopkins