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Official TCL 'what's your gas price in yer neck of the woods?' poll

  • It's below $4 a gallon! Time for me to get a Hellcat!

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Also China's demand is below average right now. Could be they are going to head into recession, or it could be they are wrapping up all their pandemic lockdowns and China's oil consumption will soon come back too. It's hard to make a case for oil/gasoline continuing to get much cheaper unless we really do go into a pronounced recession.

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China is continuing its Zero Covid policy and it continues to hurt their economy.

 

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Let me ask a broader question, what do you all think the "right" price of gas should be in the US?

I tend to think that a $3 average (87) is about "right" for reasonably healthy economic times.
 

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China is continuing its Zero Covid policy and it continues to hurt their economy.

Xi is in a pickle of his own making. If he had simply respected the traditional term limit, he could be heading for a life of retirement as a respected elder statesman and blame whatever happens on his successor. Since he's decided he'd rather be "president for life", he will now owns whatever happens. China is looking at its own financial crisis on real estate, and the demographic boom that powered their economy for the last 25 years is starting to look like a bust. On COVID, they could have just ordered everyone vaccinated and then opened, but decided they'd rather have the control of regular testing and lockdowns. Now that they are committed, they can't backdown.

All that said, China's sluggish demand doesn't change that Western reserves continue to draw. It's just not being reflected in retail pricing because the government is essentially subsidizing oil right now. That's a bit problematic as it interferes with price signals telling the drillers to drill. SPR is down to early 1980s levels. If the government wanted to drain it entirely, they could maintain this another 9months to a year, but I doubt they'd be willing to go there (for national security reasons as much as anything). As is, the SPR releases are set to stop in about 6 weeks.
 

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Let me ask a broader question, what do you all think the "right" price of gas should be in the US?

I tend to think that a $3 average (87) is about "right" for reasonably healthy economic times.
I don't think there's a universal "right" price. It's going to depend on where we are in the oil and gas investment cycle and what else is happening in the world.
 

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87 climbed back up to $4.8x again, sucks to see it going back up to $5+ again.
 

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Gas prices have been on the rise in California, which unfortunately is dragging Arizona with it. What felt like only a week after I was happy to see $3.99 at my local station, it's $4.25 now and apparently it's not just my nearest station. Prices skyrocketed here in the last week in particular.

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We've hit $2.99 (with fuel points $2.89) here and I could drive a bit for actual $2.89. We shall see how that lasts. I did fill up from less than 1/4 tank for $26 so that was kind of amazing.
 

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We dropped to $2.79 but Costco is back to $2.99

Anecdotally, I am hearing more 1st-2nd-3rd gear WOT runs on the six-lane road a block over from our house. When it was $4 there was no street racing, but now a few crackle tunes are coming back.
 

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Gas prices have been on the rise in California, which unfortunately is dragging Arizona with it. What felt like only a week after I was happy to see $3.99 at my local station, it's $4.25 now and apparently it's not just my nearest station. Prices skyrocketed here in the last week in particular.

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Prices are up in 20 cents this week in Queen Creek. Just in time for my work to require me to show my face in the office a couple of times a week. At least it’s only a 20 mile trip each way.
 
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