Get ready for them $3.00 gas prices!!

[IHaveAMustang]

Saw QT at $2.53 yesterday morning, was $2.79 yesterday afternoon. Luckily Kroger was still at $2.51 this morning so topped off my eco box. Glad I bought my $600 beater, will certainly be paying for itself in gas savings.

https://www.thisisinsider.com/oil-prices-trump-tightens-squeeze-on-iran-2019-4

Oil prices jumped to a six-month high on Tuesday after the US government decided not to renew waivers that have spared countries that buy Iranian crude oil from US sanctions.

The Trump administration issued waivers to countries such as China, India, and Turkey last year to keep oil prices from rising in a tight market, according to The Guardian. Those nations are now set to face sanctions if they continue purchasing oil from the OPEC cartel's fourth-largest producer after May 1.

Iran has begun discussions with regional partners to minimize damage to its oil exports, according to Bloomberg. It has also threatened to close the Strait of Hormuz, a crucial shipping lane in the global oil trade and the only seaborne route out of the Persian Gulf.

RBC Capital Markets anticipates an output loss of 700,000 to 800,000 barrels a day after Trump removed the waivers, but Saudi Arabia has promised to help fill the supply gap.

Brent crude and West Texas Intermediate have surged more than 35% this year as producers have tightened supply and disruptions in Venezuela, Nigeria, and Libya have restricted output, according to Bloomberg.

There's a "very real prospect of an abrupt spike in prices if there is not enough supply to fill the gap," said Neil Wilson, the chief market analyst for Markets.com.

"It is no guarantee that Saudi Arabia can simply open the taps, moreover having made that mistake last year ahead of the sanctions being imposed, the country will seek clear evidence that it needs to raise output before doing so."

Any increase in oil prices, however, might prove to be temporary.

"I do not necessarily think that ending the Iranian oil export is a long term bullish scenario for the oil market," said Naeem Aslam, the chief market analyst at TF Global Markets.

"The fact is that this has further suppressed the odds of OPEC+ countries [keeping] the oil supply curbed in their next meeting."

Here's the market roundup as of 9:46 a.m. in London (4:46 a.m. ET):

The oil news sent Brent crude up 0.4% to about $74.30 and WTI crude up 0.7% to $66.

Asian stocks were mostly down. The Shanghai Composite slid 0.5%, the SZSE Component fell 1%, and Hong Kong's Hang Seng dipped 0.3%.

European markets were mixed, with Germany's DAX and the Euro Stoxx 50 down about 0.2% while Britain's FTSE 100 rose 0.2%.

US markets were set to open flat, as the Dow, the S&P 500 and the Nasdaq all traded within 0.1% of their opening level.

Get the latest Oil WTI price here.

[GeorgeG.]

If I weren't in the middle of this house process, I would have bought a Tesla by now. I'm currently driving 80 miles one way to work and once I move it'll still be about 55 miles. Currently driving a extended cab Sierra is expensive and the gas savings would practically pay for the electric car.

[SS Junk]

For this time of year it's normal for prices to become insanely high.

[cool cat]

It's been a good run, time to pay a little more.

[Ruffdaddy]

Good to hear. I'm not in that industry anymore but I got a few hard working friends that could use 1 or 2 more boom cycles before they jump into early retirement.

[Baron Von Crowder]

Dont by gas on Wednesday!

[BLAKE]

For this time of year it's normal for prices to become insanely high.

Yup. Summer mix is always more expensive.

[lincolnboy]

Good thing my company pays for my gas.!. Dam this 14 mile round trip everyday.

[lowthreeohz]

My commute is down the hall, but i did pay 3.17 for premium yesterday

[BP]

If I weren't in the middle of this house process, I would have bought a Tesla by now. I'm currently driving 80 miles one way to work and once I move it'll still be about 55 miles. Currently driving a extended cab Sierra is expensive and the gas savings would practically pay for the electric car.

Even if you managed to get a base Model 3 and the tax credit it's still going to be a $400+ payment plus whatever insurance costs. So if your truck gets 15 mpg and gas is $3 per it's not saving you much if any to buy one, assuming the truck is paid off of course.

I'd buy a used Prius, TDI VW with a manual or even a Yaris instead of the Tesla with that kind of a commute.

[Strychnine]

Yup. Summer mix is always more expensive.

Thanks a lot EPA.

[4bangen]

2015 GT premium gas 21mpg
2016 GT premium gas 20mpg
1991 B-250 low test gas 11mpg
1983 ranger premium gas 18mpg
1972 Riviera premium gas don't know mpg yet.

I'm fucked no matter what car I drive. Been looking hard as a tesla 3 lately, might go schedule a test drive soon. I'd consider ditching my 16 GT for one but trading in a car I've only had for a little over a year that has also been in a substantial accident sounds like a great way to burn a lot of money. That and I don't even think Tesla does trade ins.

[GrayStangGT]

Been around $3 in midland for a while.

[Juiced4v]

2.70 in The Colony

[IHaveAMustang]

While I know the summer blend is more costly to produce than the winter blend, 2017 at this time was around $2.10/gal

Unfortunately its more than blends increasing the price.