Here is a good representation of what we have just gone through and how things are going in terms of gasoline production. The U.S is producing 8.5 million bbls/day of gasoline and it's climbing in a linear fashion. Enjoy.
Not a criticism of you snags, but graphs that don't show the whole picture are my pet peeve. The Y axis starts at 6.0. A more accurate representation would be a 0.0 start point. The production variance would be very evident but more accurate I would love to see a 10 or 20 year production line as well.
Pick any contentious topic, and you'll find cherry picking of data, data start points etc.
An unanticipated drop of 40% (from 10 to 6) is a huge disruption in an industry where everything is planned out and already bought and sold on contract months in advance.
This was the time when refineries stopped taking shipments of crude oil so the price of crude oil went negative, i.e. pay to be rid of it.
This explains the rapid decline in prices that began in March as well as the equally rapid escalation in prices that followed along with the recent easing.
The timeline depicted is appropriate in providing an explanation of the wild swings in price that we've seen over the past four months.
Thanks for the long term graph. Shows a flattening of the curve (where have we heard that one).
What would be really interesting is gasoline consumed by miles driven by gasoline vehicles.
Would remove the noise from diesels or electrics.
And it would show if CAFE standards are working or have we transitioned so much to SUV/CUV/Pickups, that CAFE is just putting lipstick on a you know what?
Saw on the news the Saudi's were contemplating opening the taps. Punishing Russia and other opec/quasi opec members for cheating on production agreements. I don't foresee negative priced futures but I can see a future of $10-$20 bbl crude. Look for a huge dip in price soon as economies retract again for first wave continuation. Look for around $10 a barrel come fall when the driving season ends and even lower if a second wave comes around. Will be interesting to see how wrong I am come next December.