Like other land owners royalty holders I have seen crude oil go up an down. In the early 80s it bounced about $11/bbl to a whopping $38/bbl. lately we saw $110/bbl drop to $50/bbl. Like before what amazed me was the effect.
I was in Autozone the other day to buy some oil for the garden tractors. I asked myself you have to be kidding! Seems as if motor oil must not be made from crude oil. Thinking to myself hey wait a minute where is the drop in the price of crude for the consumer at?
Commodities from petroleum ought to be taking a price dive as bulk materials and transportation cost are lower. Pay for labor sure hasn't went up to keep the prices as high as we see.
Anyone have a comparable price on say 5 gallons of trans hydraulic fluid, 5 gallons of hydraulic fluid, motor oil, driveway coating or the like to compare last years prices to current?
I've asked the Walmart Greeter on several occasions why the price of a quart of oil was so high.
The price skyrocketed to its current price back in 2008 due to the RECESSION of all things. Gasoline was $4 a gallon, a great excuse for raising the price of everything we need in our daily lives.
Using logic I figured I could buy a 55 gallon drum of 10W40 for 50 bucks while the price is low, but I don't want to go through the dissapointment as well as embarasment of asking how much the barrel of oil will cost.
Today Buck Well 1H was paid 8 cents per gallon for 40,000 gallons of NGLs, while I paid $1.29 per gallon this week for propane. It's the old rule of "If you own it, it's worth nothing". If a big corporation owns it, you can't afford to buy it. And so it goes.