General Discussion

Strelnikov_

(8,190 posts)

12. Supply equals Demand

Fri May 1, 2026, 05:04 AM

May 1

The world has been drawing down petroleum (and other) reserves.

The ‘market’, in its infinite wisdom, has been ignoring the fact that there is no path forward at this point for opening the gulf.

Once the reserves hit a critical level, prices will have to rise high enough to create demand destruction.

Have seen estimates, by economists, of $350/bbl (worst case elasticity scenario).

20% of the world’s petroleum. Not to mention all the other product from the region (LNG, fertilizer, helium?!). Not to mention that the nations that will be most impacted (most dependent on gulf exports) produce critical components for the world economy (Korea, Indonesia, Taiwan, Thailand . . think IT related components are high now?).

As posted above, you ain’t seen nothin yet.

This period reminds me of the movie (and book) ‘On the Beach’. It’s coming.

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Today was quite the doozy for gas prices. [View all] Ms. Toad May 1 OP

Not you, but I wonder how much gas people waste GenThePerservering May 1 #1

We don't live where we have the option to walk (or bus), unfortunately. Ms. Toad May 1 #3

It's good that you report the prices to GasBuddy nilram May 1 #6

I drove by six different gas stations before and after work today Inkey May 1 #2

B-b-b-baby RockRaven May 1 #4

Probably correct. n/t Ms. Toad May 1 #5

So... BurnDoubt May 1 #7

A few days ago my costco was 4.95 and I thought I should go fill up... nilram May 1 #8

Fortunately our local Costco is nearly always the cheapest. n/t Ms. Toad May 1 #13

I spoke with a Costco employee once who said that was always their goal nilram May 1 #22

$5.65 at Food-4-Less with .10 discount. BidenRocks May 1 #9

Can confirm EuterpeThelo May 1 #11

I also post prices on GasBuddy, joined back in 2010 Rhiannon12866 May 1 #10

Supply equals Demand Strelnikov_ May 1 #12

Same happened in Maryland pimpbot May 1 #14

Yup: I reported .70 jumps between Wednesday afternoon and Thursday morning where I am Prairie Gates May 1 #15

I noticed the price really jumping yesterday Renew Deal May 1 #16

The lowest around here is $4.25 (3 stores) Ms. Toad May 1 #19

It is important to remember that when you pay for a gallon of gas... A HERETIC I AM May 1 #17

That doesn't explain multiple price jumps in a single day Ms. Toad May 1 #18

Jumped $1.00 in West Michigan Johnny2X2X May 1 #20

I still have around 380 miles to go before I need to fill up. I'm still driving with the full tank of gas I got with Raftergirl May 1 #21

Mostly $4.99 in Lansing Michigan since yesterday... Jack Valentino May 1 #23