SPR was never refilled by the previous admin after dropping it to 1980s levels. The SPR isnt in Cushing either, Cushing is a big pipeline and distribution hub

 

Lol there's not gonna be $10 gas.....

 

Before anyone sets their hair on fire....

At the end of February SPR was at 415M. It's now 365M. For context... during 2022 SPR was plundered from 600M to 340M.

U.S. commercial crude inventories ended last week at 441.7 million barrels, about 2% below their five-year average at this time of year.

JPMorgan previously cautioned that Brent could spike above $150 if the supplies through the Strait of Hormuz remained disrupted through mid-May. hmmmm

Meanwhile, Goldman Sachs modeled a severely adverse scenario where crude prices could top $140 a barrel if the Strait of Hormuz doesn't fully recover by the end of July. We shall see.

Of course I nor anyone else here can predict the future but doom not unfolding as predicted then kicking the doom can down the road is a time honored tradition. I am reminded of the IPCC global doom predictions (too much oil burning) recently revised. Gee... only having 12 years left was such a fun argument while it lasted.

Much more here including oil executives dooming: https://finance.yahoo.com/sectors/en...210807071.html

Sam's premium now $3.99.

 

I look forward to less traffic.

 

I wouldn't make that bet at all. I don't think we will see $10 gas either but I wouldn't bet money we won't.

 

Ah I see. They always reference Cushing in these articles I read.

Going off memory you actually work in the oil & gas industry right? Do you work at Exxon?

Yes you're correct that the previous admin drew down the levels to the early 80's.

 

Also 4TehNguyen, do you see the nightmare scenario the Exxon exec is talking about happening in June?

 

Not gonna happen. I'll be happy to wager money over $10 gas.

You already owe me $20 lol remember our wager about EV GM pickups? Not only are there virtually no EV Silverados on the road now in mid 2026, but the whole lineup was canceled and won't be back... or if it is it won't sell hardly. In 2030 GM trucks will be overwhelmingly sold with two fresh V8s. You predicted that there would be many of them around.

I don't really want the $20 but lol I did win the bet.

 

Its not 2030 yet lol. EV Silverado is also not cancelled.

$10 a gallon gas is only a 50% increase from the current prices some places in the country. Not at all impossible. Gas prices have already increased much more than that.

 

Ok well I Think it's safe to say wager-wise it's headed in my direction, not yours. EV pickups failed miserably. I'm happy to wait 3.5 more years until 2030 to officially call it.

The national average of gas ain't going near $10, everyone needs to relax.

Yes it still sucks and is too expensive but yeah.

 

I would agree its headed in your direction lol. The X Factor is what carmakers are forced to create, when I made that bet with you it was under a different set of circumstances politically than we are in now.

Now you're moving the goalposts, the "national average isn't going near $10". This absolutely could happen...there are so many scenarios that could occur that could make it happen. In fact in our own vehicle shopping we have decided not to consider any vehicles that do not plug in specifically because of the price of gas and where it could go, which means we may very well not replace the Pacifica at all.

 

I'm not moving goalposts, I was clarifying. What better to use than the national average? Regular is 3.99 here, slightly below.

 

Thanks to US domestic production and refining capacity, worst-case scenario (not limited to the current situation in Iran) is the Feds restrict exports and cap/set price. The likelihood would seem very remote but infinitely more plausible than $10 gas here in Chattanooga. $10 gas would suggest a horrific global event of epic proportion... not what's going on today.

Of course anything could happen locally. I'm surprised SFO hasn't already saddled themselves with $10 gas in a grand virtue signaling gesture to Gaia.

Sam's gas $3.39. Unchanged from yesterday.

 

Thats a big clarification lol

 

I guess, I mean it's the national average lol.