Good morning and good news,
Gasoline dropped by 5.63 cents/gallon. Diesel fuel dropped by 4.60 cents/gallon. Crude dropped by $2.28/barrel to $45.81. This drop occurred in spite of the fact that the U.S. is exporting over 1 million barrels of crude per day, that’s per day and yet the crude oil inventory is still growing here in our country. This bodes well for all of us and our economy which prospers under cheap fuel prices. This does not bode well for OPEC. The more they cut their production, the more the U.S. drilling companies will take their market share, all the time decreasing their overhead to become more and more competitive. If you are not smiling, then you should be. BOOM! That’s the sound of the U.S. economy taking off, regardless of what Washington does.
More bad news for OPEC. Deep water drilling has reduced some of their sites to make money under $40/barrel. With much of shale oil under $30/barrel. The more OPEC cuts production, the more US producers will take their market share.
Gasoline is down by 2.01 cents/gallon. Diesel fuel is down by 5.24 cents/gallon. Crude is down by $1.06/barrel to $48.74. Prices are:
Pay attention. OPEC has voted to extend their production limits. Crude dropped by $2.64/barrel to $48.92. Celebrate the independent shale producers in this country who are taking up market share and increasing their drilling rig count. Good news for you and me and the average American. No thanks to the majors who are part of OPEC. The independent shale producers have dropped WTI below $50 again right before Memorial Day, the kickoff to the summer gasoline season. The shale drillers are doing what is best for themselves but still, I say, MANY THANKS. Prices are: