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Pick · 08-31-2005, 12:42 PM

Weird. I installed this "widget" from Konfabulator that displays the current price of crude oil via several selectable sources. At 8AM this morning it was $70. Now, at around 2 PM it has gone DOWN to $68.10. I have also noticed that gas prices have not gone up in our area. Driving by several of the local high priced rip off stations, I have noticed they are still at the same price they were 3 days ago.

Could it be the media or "someone" is trying to cause panic, to drive the price up?

Is everyone over reacting to this natural disaster? Maybe I will retract these words on Friday?

**jcanavera** · 08-31-2005, 12:47 PM

Well they announced today that they were going to release oil from the strategic reserve to make up for the Gulf shortage. That may have tempered the speculation. I'm curious I assume that oil is sold then at market price? Does the government receive the revenue?

We did go up $.30 a gallon yesterday though.

Jack

Peter&Denise · 08-31-2005, 12:49 PM

Quote:

Originally Posted by Pick

Is everyone over reacting to this natural disaster? Maybe I will retract these words on Friday?

If not Friday, Tuesday for sure. Sorry to be the bearer of doom and gloom. P.

smily · 08-31-2005, 12:52 PM

Quote:

Originally Posted by Pick

I have also noticed that gas prices have not gone up in our area. Driving by several of the local high priced rip off stations, I have noticed they are still at the same price they were 3 days ago.

Hmm, maybe you are in the twilight zone.............

It is certainly climbing like a bat out of hell here in our town.

literally average increase in last 48 hours of 20 cents a gallon

Chaplain Kent · 08-31-2005, 12:59 PM

Gas prices have gone up .60 since Monday in the Milwaukee, WI area. The stations did it in two .30 cent increments.
We need to pray for those directly affected by this huricane. We also need to reach out to the poor in our own home towns who will be most affected by this terribly sudden and high increase in the gas price. They need to get to work, shop for food and recieve medical care. Typically they drive the most inefficient cars since it is all they can afford and have been stretched the hardest up now.

Darol Ingalls · 08-31-2005, 01:00 PM

Obviosly, the huge cash payments by the oil companies to the media moguls to encourage hype over storm damage is paying off! I'm staying home over the long weekend. That should show them! Darol

smily · 08-31-2005, 01:04 PM

Quote:

Originally Posted by smily

Hmm, maybe you are in the twilight zone.............

It is certainly climbing like a bat out of hell here in our town.

literally average increase in last 48 hours of 20 cents a gallon

scratch that, new average 38 cents now

Porky Pig · 08-31-2005, 01:07 PM

Great Falls, MT ... diesel jumped 22 cents overnight. $2.86 per gallon now.

Iver · 08-31-2005, 01:12 PM

Payed $3.15 / gal. for Diesel yesterday ... about $.10 / gal above Premium.

Go figure.

Iver
who is thinking of trading his Excursion for a Vespa.

silverhawk · 08-31-2005, 01:21 PM

I filled up at 2.68 at around 2 or 3 oclock on Tuesday. Today Wed. it is at 3.10. I'm glad that I was thinking ahead. This is in Lorain Co. Ohio, the North central part of the state. What did I do with that bicycle?

Pick · 08-31-2005, 02:12 PM

So far, it appears that prices are going up faster in the North and Eastern parts of the country, than they are in the South. We'll see what the drive home shows when I drive past Exit 399 on I75, an area with traditionally high gas and diesel prices. Glad I filled up on Monday!!

uwe · 08-31-2005, 02:16 PM

Quote:

Originally Posted by jcanavera

Well they announced today that they were going to release oil from the strategic reserve to make up for the Gulf shortage. That may have tempered the speculation. I'm curious I assume that oil is sold then at market price? Does the government receive the revenue?

We did go up $.30 a gallon yesterday though.

Jack

The rising prices are more driven by demand than crude prices. There are simply not enough refineries operating, and now there's 8 of them shut down temporarily due to the Hurricane ( what's the b.t..es name again?)
4 of them were gasoline refineries.
The release of crude reserves are somewhat irrelevant to gas prices. No shortage of crude, but definite shortage of refining facilities. I heard on the news this morning that the US has not seen new refineries built since the 70's. Oil/gas companies do like the "artificial" shortage, because they can ask more money for their product, without increasing production costs. The rise in crude oil prices is only a very small factor in the actual price at the pump.
Why don't our state governments lower some of the gas taxes to aid in price relief? They, too benefit from higher gas prices, as the $tax per gallon is automatically higher as well. This makes me crazy.

Sneakinup · 08-31-2005, 02:19 PM

I'm heading out now to fill up the "Burb", 42 gallons. By next week, my truck should have increased in value! I can get one of those siphon pumps and fill up small cars at the higher rate.

T.A.S. · 08-31-2005, 02:22 PM

After reading this artice I went to fill up both vehicles, I had one full, went back with the other and they were changing the prices before I started to pump. $.12 a gallon jump in regular unleaded in 10 minutes. I took all of my gas cans with me and filled those too. I dropped $110.00 in 15 minutes for less than 40 gallons of gas. I havent dropped that much coin on anything so ungratifying since I hit the strip in Vegas.

dmac · 08-31-2005, 02:40 PM

I read that the oil from the Strategic Petroleum Reserve will be "loaned" to the oil companies, who will repay the loan later in barrels of oil.

The degraded refinery capacity is a problem, but also Gulf crude oil production has stopped (supplies 10% of US oil) Some gulf ports that receive oil tankers are shut down.

I understand that supply and demand of oil is a close balance - small changes in either amplify price changes. Now would be a good time to conserve, saves money now and will help bring the prices back in-line.

**jcanavera** · 08-31-2005, 03:06 PM

Quote:

Originally Posted by uwe

Why don't our state governments lower some of the gas taxes to aid in price relief? They, too benefit from higher gas prices, as the $tax per gallon is automatically higher as well. This makes me crazy.

Not in Missouri. We have a fixed tax per gallon. Sales tax does not come into the equation.

Jack

Porky Pig · 08-31-2005, 03:56 PM

Anyone in Atlanta?

At this moment I'm watching Fox News ... gas is priced over $6.00 per gallon at a BP station in Atlanta ... $5.57 at another!

Anon · 08-31-2005, 03:58 PM

I heard on the radio this morning that it takes 30 days for the gas to reach the pumps from the time that the crude is pumped out of the ground.
They also stated that the crude prices being reported via the media and the markets are for crude that is to be delivered 30 days from the date of that price. I am not familiar with crude futures.

gsalmon · 08-31-2005, 04:15 PM

Here in central Illinois gas has increased $.66 since Monday. First jump on Tuesday from $2.53 to $2.78; then today to $3.19. Next week I'll need a loan to fill up the F-350.

**jcanavera** · 08-31-2005, 04:15 PM

Quote:

Originally Posted by Porky Pig

Anyone in Atlanta?

At this moment I'm watching Fox News ... gas is priced over $6.00 per gallon at a BP station in Atlanta ... $5.57 at another!

I remember on 9/11 we had a run up since everyone decided to fill up for fear that the Arabs were going to turn off the oil. A few stations went up to $5.00 a gallon. Our state attorney general was informed and those stations rolled back within hours. I think I remember they talked about some type of anti gouging law and that unless the dealership could provide evidence of his wholesale price going up, he wasn't going to be able to charge that kind of price. I pretty sure those stations had to make refunds to customers who had receipts.

Jack