Gas at $1.99 in OKC

[carltonplace]

If the price of oil keeps dropping it could be very bad for our state government budget. 

[heironymouspasparagus]

If the price of oil keeps dropping it could be very bad for our state government budget. 

That's ok.... at least the very top bracket got their quarter percent tax cut!  That's what's important, after all....

[rebound]

On Cue in Moore off I-35 was at 1.92 yesterday.

[Conan71]

I saw $1.99 gas in Norman Saturday, that was after I'd filled for $2.09.

[dbacksfan 2.0]

Trying to find the story, there was a blurb on one of Bloomberg TV's crawlers that said the Saudis wont think about changing there production until oil hits $40.00/barrel.

http://www.bloomberg.com/video/oil-will-hit-40-per-barrel-saxena-Jqjp6ZYgT_yI5TcB7XTMaw.html

[Townsend]

Trying to find the story, there was a blurb on one of Bloomberg TV's crawlers that said the Saudis wont think about changing there production until oil hits $40.00/barrel.

Sounds like Oklahoma and a few other states might want to look into diversification.

[dbacksfan 2.0]

I'm wondering if we are seeing a replay of the 80's oil busted starting. When oil was recently at $100/bbl that was the equivalent of $35/bbl in 1980. We are currently at the equivalent of 1986 oil prices of $27/bbl.

I know it's from wiki, but it's interesting that the US started ramping up production after the oil crisis of the 70's only to have OPEC feel threatened so they flooded the market and shut down most oil production in the US. (marginal producers especially)

http://en.wikipedia.org/wiki/1980s_oil_glut

[rebound]

I saw $1.99 gas in Norman Saturday, that was after I'd filled for $2.09.

I filled up in Norman for $1.99, and then saw the $1.92 in Moore later...

[heironymouspasparagus]

I filled up in Norman for $1.99, and then saw the $1.92 in Moore later...

Bought some at $1.97 an hour ago.  Will be in Norman later on a quest for a rumored $1.79 gallon.

[carltonplace]

Trying to find the story, there was a blurb on one of Bloomberg TV's crawlers that said the Saudis wont think about changing there production until oil hits $40.00/barrel.

http://www.bloomberg.com/video/oil-will-hit-40-per-barrel-saxena-Jqjp6ZYgT_yI5TcB7XTMaw.html

That is cheaper than barrel:
SKOLNIK Carbon Steel Open Head Drum, 55 gallons, Bolt Ring, 1.2mm Body Gauge (Pack of 1)

by Skolnik $78.39

[patric]

In Tulsa, prices at QuikTrip, Kum & Go and other stations rose to $2.11 a gallon early Wednesday, according to Gasbuddy.com.
http://www.tulsaworld.com/business/consumer/tulsa-gas-prices-jump-ahead-of-memorial-day-weekend/article_4a315e02-2d52-5f9a-babe-8beb15025f45.html


Well yes and no.  QT raises the prices first (usually by at least a dime but sometimes 15-16 cents like yesterday) but Kum & Go didnt match that until last night.

[cannon_fodder]

Even the Federal Reserve Acknowledges the "Quiktrip Effect." Basically, they are the market force and get to set the price on a whim. So they use their power to spike prices with little regard for wholesale prices, then trickle the price back down. When it gets too close to wholesale prices again, they spike the price.

They tend to shoot up overnight — often by 10 percent or more — then decline slowly, penny by penny, over the following days. The pattern then repeats, even when prices nationally are holding steady. Economists call it an "Edgeworth price cycle," and it shows up in a few American cities, mainly in the Midwest.

http://www.stltoday.com/business/local/fed-economists-confirm-quiktrip-effect-on-gas-prices-in-st/article_515bf2c0-8b18-5f5a-9936-acbc419bb853.html

Makes sense, a pattern of price spikes almost always followed by falling prices isn't normal market behavior.  Buy your gas on Wednesday and you usually will win the game. To the tune of $60 a year for an average driver if you fill up in a QT market.

[heironymouspasparagus]

On Cue in Moore off I-35 was at 1.92 yesterday.

Up to $1.95 about 15 minutes ago - 4th street....slowly creeping up.  Wild ride since 2014....

Yeah, I'm stuck here again today!  Getting out early this afternoon!!

[DTowner]

Even if the "QuikTrip Effect" is real (QT denies it), I don't think a price jump a few days before the first big driving holiday weekend of the year proves much.  A quick search indicates gas prices jumped all over the country, even in cities without QT.  You should always fill up before Wednesday of a summer holiday week.

[Conan71]

Even the Federal Reserve Acknowledges the "Quiktrip Effect." Basically, they are the market force and get to set the price on a whim. So they use their power to spike prices with little regard for wholesale prices, then trickle the price back down. When it gets too close to wholesale prices again, they spike the price.

http://www.stltoday.com/business/local/fed-economists-confirm-quiktrip-effect-on-gas-prices-in-st/article_515bf2c0-8b18-5f5a-9936-acbc419bb853.html

Makes sense, a pattern of price spikes almost always followed by falling prices isn't normal market behavior.  Buy your gas on Wednesday and you usually will win the game. To the tune of $60 a year for an average driver if you fill up in a QT market.

This was a trick we finally learned up around Salida and Leadville, Colorado last summer.  They spike the prices on the weekends to nail the tourist traffic and the locals know to fill up mid-week.