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Does 14 percent jump in oil price affect us?

Does 14 percent jump in oil price affect us?

See the title, I’m curious. Thanks.

bjrosen | 16 september 2019

No. The fossil fuel that's most used for electricity is natural gas, the US is an exporter of gas not an importer.

rdavis | 16 september 2019

I don't know... do you buy anything made of plastic ? It's not just GAS that comes from oil, FYI.

rdavis | 16 september 2019

The good news is that if the PE/PP markets are affected by the oil pricing, so to would the recycle market... in a good way. Silver Linings... ;)

Bighorn | 16 september 2019

The price has ranged between around 30 and 130 over the last decade. It's 68 right now. I think we can deal. Trump has already announced a willingness to release emergency reserves, which is a crock.

bjrosen | 16 september 2019

This is a temporary event, they will be back online in a few weeks.

SamO | 16 september 2019

Unless they aren't.

charles.a.braun | 16 september 2019

Maybe Elon had something to do with the attack? We are getting near the end of the quarter and I am sure that he is looking for anything to bump sales up a bit.

charles.a.braun | 16 september 2019

For you tight-a$$es that don't understand that I am joking, well there is no hope for you

rxlawdude | 16 september 2019

@charles, that's a conspiracy theory worthy of a headline on Fox "News." :-)

St☰v☰ | 16 september 2019

I'm always amazed and irked, that the US is number one in world for oil production and yet we are so highly dependent upon oil other countries and even gouged when some sheikh takes a sheit and the price per barrel goes up.

The ten countries that produce the most oil around the world are…

The United States
Saudi Arabia
Russia
Canada
China
Iran
Iraq
The United Arab Emirates
Brazil
Kuwait

hcdavis3 | 16 september 2019

Thanks All for your thoughts.

Magic 8 Ball | 16 september 2019

I figured Trump would announce reserve easement, of course if we end up in a war our reserves will be needed to fuel the war machine. Trump has it all figured out no need to panic.

hcdavis3 | 16 september 2019

Thanks Magic

finman100 | 16 september 2019

oil is a worldly commodity. highest bidder gets the gas. plus the US are large enough users of the stuff that imports may still be needed...

I could be wrong.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTNTUS2&f=M

gballant4570 | 16 september 2019

I don't know what the current price of gas is anyway - although I do still buy a little of it from time to time. I'm going to say if this price increase has an effect on me, I will not recognize it. That is the kind of effect I don't care about.

However, if our goofball criminal in chief starts a war because of the surrounding circumstances, we will all feel some effects. Those effects might be somewhat camouflaged by the overall effect of having a goofball criminal in chief to start with though....

beaver | 16 september 2019

I drive my model 3 anytime I can, lower mileage cost than my Acura even though the Model 3 is worth more. I actually grin when I see higher gas prices now, it only helps accelerate the switch.

PhillyBob | 16 september 2019

Yes to answer your question ..... It does affect the higher resale value of my M3!!!! Higher gas prices are going to drive more gas efficient and electric vehicle sales ..... just my opinion

Resist | 17 september 2019

The reason we are dependent on the other countries for oil, isn't because we don't produce enough of our own oil, we do. But we sell that oil and buy cheaper oil from them, this keeps pump prices low here. Using our own oil would raise pump prices. So when politicians throw out those ads claiming we need to pass a certain bill to ease our dependence on oil from outside of our country, it's a redirection of facts to pass their agenda.

andy | 18 september 2019

From the perspective of somebody living in the UK the US has cheaper petrol when compared to our prices. Difficult to do a direct comparison due to currency and volume differences, but I think, and may well be wrong, we pay the equivalent of around $6.60 per US gallon of petrol.

Charging at home on an overnight rate, where the tariff is fixed until next year and the supplier uses green energy, I can add around 100 miles of range for about $1.75 USD. This makes the economics of a Model 3 for a high mileage driver compelling. Barriers to wider adoption have been the capital costs of EVs, availability, people’s perceptions of convenience. Over half of homes in the UK have off-street parking and can install charge points, but that leaves many, especially in cities, that don’t.

Oil prices might impact electricity prices, but electricity, certainly in the UK, is far cheaper per mile, even at premium rates on trunk routes, than petrol. If anything I would see higher oil prices driving increased demand for EVs.

So, if the question is “will higher oil prices impact us as owners of Model 3s” the answer is possibly increased chance of stalls on charger networks being occupied and continuous demand for increased network capacity.

kaffine | 18 september 2019

I'll have a bigger smile on my face when I pass a gas station as they raise their prices.

As long as I pass it fast enough and don't realize I'm driving a $60k car to save a few bucks on gas I'm fine.