I just remember gas being 1.99 and thinking how crazy that was.
And they were still bullshitting us at that price. They hit negative numbers. Were paying oil barrel buyers to store it. Negative prices.
Mid to late 90's in Georgia (US) when I heard OPEC would start limiting barrel sales. We were at $0.63/gallon. Knew I'd never see that again. The days of pocket/couch change road trips.
Crude isn't RBOB. Converting crude oil (which went negative) into automobile gas (which didn't) is a process that takes time/work, and not everyone has the infrastructure to do it. Crude also loses the ability to convert to RBOB in time, so if you buy and can't convert or use it otherwise in time, it's wasted money. Crude went negative but RBOB didn't, and auto gas companies were making only their usual profit off of it at the time.
I just remember gas being 1.99 and thinking how crazy that was.
And they were still bullshitting us at that price. They hit negative numbers. Were paying oil barrel buyers to store it. Negative prices.
Mid to late 90's in Georgia (US) when I heard OPEC would start limiting barrel sales. We were at $0.63/gallon. Knew I'd never see that again. The days of pocket/couch change road trips.
Crude isn't RBOB. Converting crude oil (which went negative) into automobile gas (which didn't) is a process that takes time/work, and not everyone has the infrastructure to do it. Crude also loses the ability to convert to RBOB in time, so if you buy and can't convert or use it otherwise in time, it's wasted money. Crude went negative but RBOB didn't, and auto gas companies were making only their usual profit off of it at the time.