Midwest Gasoline to Spike $0.50-$1.00 Per gallon

[mrmikey]

Would have been CAN $194 here or US$ 144

 

[lman]

Them's some expensive groceries.

 

[WM75Guy]

Not good news for the Midwest. Price already spiked over a dollar today, highest at $93.70. Currently down to $93.20.

Trans Mountain Expansion Set To Raise Crude Prices For Midwest Refiners | OilPrice.com

Refiners in the Midwest are set to pay more for Canadian oil due to the Trans Mountain Expansion project.

oilprice.com

 

[Gale Hawkins]

Keep in mind OPEC is dreaming about $240 crude. Fossil fuels prices are set by the world markets. The Western Nations declaring bands on Russia national resources has strengthen OPEC.

Renewables and EVs are a decade or two away from lowering fossil demand. Hopefully Tesla will have their $25K car on the market in 2025 since other makers are abandoning that market due to not managing their cost structure.

 

[riptides]

Keep in mind OPEC is dreaming about $240 crude. Fossil fuels prices are set by the world markets. The Western Nations declaring bands on Russia national resources has strengthen OPEC.

Renewables and EVs are a decade or two away from lowering fossil demand. Hopefully Tesla will have their $25K car on the market in 2025 since other makers are abandoning that market due to not managing their cost structure.

100 crude is not sustainable. 240 is someone smoking crack.

 

[Gale Hawkins]

100 crude is not sustainable. 240 is someone smoking crack.

That is why China, Europe and most of North America are embracing renewables and EVs at breakneck speeds.

Some are okay with being held hostage by bad acting dictators when it comes to energy but I am not.

In 2019 when I read about EV adoption rates in Norway was eating Mercedes Benz lunch that removed all reasonable doubt the EV evolution was just a passing fad.

Within weeks I had spent $13,500 for a 2016 Nissan Leaf SL with 22K miles and a dying battery that still had about 60 miles of effective range instead of the new range.

Five weeks later it triggered the warranty for a new traction battery. Nissan installed a new 40 kWh battery that still gives 150 miles of range today.

If one can come up with a dependable EV they can be great for people on fixed incomes. Where gas $1 or $10 a gallon driving our cost is still about $0.03 per mile on local TVA.

If one is 72 and has a newer like vehicle that gets 10+ MPG keep driving it could be a good option. A new Tesla is going to cost around $40K today but in 5 years the $25K Tesla should be readily available option.

Personal note.
2018+ Nissan battery chemistry seems finally stable. 40 kWh and 62 kWh batteries are 2018 or newer. Leaf Spy is available ($20??) and downloadable for smart phones that will show battery health down to cell level in graphic format.

If buying new Tesla is the only one I would consider because technology wise currently they about 5 years ahead plus they are the lowest price. I have been driving Nissans for 50 years but they have dropped the ball when it come to EVs even with their newest one in my view. Because I need FSD that limits me to Tesla today. For bopping around town I prefer the Leaf. When I am out of pocket it's a wife's work car.

The 25% tariff on cars from China is limiting EV sales and hurting some people but right now union power is strong.

Used EVs like most used cars today are overpriced.

11 January 2023 my son spent 3 hours trying to get me to order a Model Y. 12 January 2023 Elon Musk cut my cost to get Model Y by $20,500.00 On Friday the 13th I thought the price cut was a sign to order. Since this was going to be my second new car 50 years after I got first new car I didn't want to order it on Friday the 13th.

I ordered it at 2am on the 14th and picked it up at 11 am in Nashville TN six days later on 20 January 2023. 12K miles later all is

Sooner or later most will drive an EV because it makes financial sense. Yes some will still be driving ICE 50 years from now.

Remember what the mind can conceive the hand can achieve.

 

[goeduck]

$5.61/Gallon for road diesel here yesterday.

 

[Snobdds]

I doubt anyone here pays attention to these things but me, but...

we have entered a US debt spiral. We are adding over 5 billion to the debt everyday. There is going to be 7 trillion dollars of debt maturing at the end of this year and will need to be refinanced at much higher rates. Our debt servicing will eclipse over 1 trillion a year. That is over 1/4 of our tax receipts.

Bond prices are falling while yield is increasing due to the high deficit spending. Interest rates continue to raise even without the fed actually raising rates. The fed will have to offshore some inflation via devaluing our currency. They call this a credit event. Credit events keep inflation high.

Then a wild card is SA and RU dropping oil production drastically. This gets into politics, but it's mend to oust a certain someone. Oil is going to be high through 2024.

We have some serious rough waters ahead.

Get liquid.

 

[WM75Guy]

Some of us pay attention. We have both upstream and downstream interests. Just starting to get into the midstream business. WTI prices have been trending down the last 2 days, was briefly at $88.50. May help a little at the pump. In the past for every $10 increase in crude oil price gasoline would go up $0.25. But over the last year or so there were some bigger swings in price.

 

[deezler]

I pay attention, Snobdds. But have to admit it's pretty hard to stay interested and engaged in such a gloomy situation that I have no control over.

So who owns this new debt we keep creating? Who are we paying interest to?