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Out for some supplies this morning and unleaded was 99.9/L at Costco , diesel 106.9/L .

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Brilliant! Price of petrol plummets at the same time as I can't get out to make the most of it, typical!

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5 hours ago, MartinC said:

I topped up a couple of weeks ago thinking it prudent in case fuel became in short supply :doh:.

Goldman Sachs says the price of crude could literally go negative.  I think you're safe.

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Super Wammer

I must fill up the CH oil as well as the car.  Shame we cannot drive it!

Ive not seen fuel under £1 for decades!

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Better be quick, just been reading that the Saudi's and the Russians are coming to an agreement on cutting production to put the price up.

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On 31/03/2020 at 21:29, HectorHughMunro said:

Goldman Sachs says the price of crude could literally go negative.  I think you're safe.

As much as the Saudis are trying to re balance their economy (and cause the Russians pain) there is simply no way the biggest economy int he ME would allow that to happen.

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2 hours ago, chris_bates1974 said:

As much as the Saudis are trying to re balance their economy (and cause the Russians pain) there is simply no way the biggest economy int he ME would allow that to happen.

Depends if they hit a shipping and storage crunch. 

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Posted (edited)

At my location in the US, Monday morning price was $0.26 USD per liter (about $1.00 per US gallon). Don't know today's conversion rate.

* * * * * * * * * * *

But nobody's driving farther than the nearest open stores.

Edited by Speedskater
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On 03/04/2020 at 08:45, chris_bates1974 said:

As much as the Saudis are trying to re balance their economy (and cause the Russians pain) there is simply no way the biggest economy int he ME would allow that to happen.

https://www.bbc.co.uk/news/business-52350082
 

Told you so. 

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10 hours ago, HectorHughMunro said:

That's Texas Crude. Apologies for not being clear, the Saudis will care very little about that price. They will not permit their own output to go negative. The big advantage to their type of economy (plenty of cheap/slave labour, and no planning restrictions for govt projects) is that they can increase storage very quickly. Or just unilaterally turn the taps off.

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4 hours ago, chris_bates1974 said:

That's Texas Crude. Apologies for not being clear, the Saudis will care very little about that price. They will not permit their own output to go negative. The big advantage to their type of economy (plenty of cheap/slave labour, and no planning restrictions for govt projects) is that they can increase storage very quickly. Or just unilaterally turn the taps off.

The point is the overall supply crunch and the lack of  any need to fill your car.  Gas is pretty cheap in the UK right now as well!  Prices for energy do go negative from time to time.  Gas has done it a few times in the UK.  Electricity has certainly done it in Europe.

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I filled my car up  on 30th March. Since then I have driven a total of 46 miles. I normally do that in a day! I confess it's nice to use the car so little and save the cash. Shame it was still around £1.20-ish a litre then but at least I know I'll probably not have to fill up again until somewhere around September, at the current rate!

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