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just back from some mid atlantic states (de/md/pa) gas ranged pretty much from 2.21x - 2.29x x=9.
I know I am. I guess this will be the time I declare that gas is under $2.00 on a general basis around our area.
I think I'll go out and gun it twice tomorrow morning just to celebrate.
Price rise is probably coming.
2014 Malibu 2LT, 2015 Cruze 2LT,
93 is $2.35, and diesel is still $2.69.
A co-worker was in Valparaiso, IN over the weekend. Fuel was $2.059 for 87-octane.
I've noticed that my fuel mileage has went down slightly. Wondering if it's due to the switch over of fuel or my right foot's gotten a little heavier due to the wallet not being as empty as usual (most likely the latter).
Rocky
If you click on link title you'll notice many stations in the bottom high prices area, ALL AT $2.199. Of course reporting isn't real time, since it relies on people to note prices who then have to enter them in the computer.
2014 Malibu 2LT, 2015 Cruze 2LT,
As for the Krispy Kremes, the deal was you had to win both parts of the bet!
I heard that oil closed yesterday at $61 and change per barrel.
Rocky
BP -- that's the company whose recent pipeline rupture took 8% of domestic oil production offline and who just suffered a massive spill of refining product at Long Beach Harbor, right?
Very odd that real, actual hits to supply -- not phantasms like Iran, Nigeria, possible hurricanes, etc -- wouldn't interrupt the free-fall of retail prices.
I really didn't pay attenton in Amarillo, on my way to my union meeting. I guess my mind was on more important things at the time.
I'll report what my fav. shell station is charging on Thursday
Rocky
P.S. I'm still jealous of your real "Ultra" alternative lemko :P
Perhaps that's because real, actual hits to supply can be countered by releasing stockpiles from the Strategic Pertroleum Reserve (which was done after the pipeline issue).
Whereas phantasms concerning what MIGHT happen (and trumpeted in a doom/gloom press) are a bit harder to respond to.
According to Gasbuddy, in Southern Maryland, some areas are as low as $2.03 now.
Can you please provide a link that verifies oil was drawn down from the Strategic Petroleum Reserves after the BP pipeline rupture in August?
The SPR's own website inventory shows that 0.0 barrels came in or went out during the months of July, August, and September.
http://www2.spr.doe.gov/DIR/SilverStream/Pages/pgDailyInventoryReportViewDOE_new- .html
I remembered reading (from several sources) that the Energy Department was prepared to release oil from the SPR in response to the pipeline shutdown and I had ASSUMED (erroneously) that this had occurred.
From the NY Times (8/7/06):
http://www.nytimes.com/2006/08/07/business/07cnd-oil.html?ex=1312603200&en=5856e- - c4d7550a4cf&ei=5090&partner=rssuserland&emc=rss
Which reads, in part: "Craig Stevens, a spokesman for the Energy Department, said this morning that oil could be released from the reserve if refiners request it, but that none had done so yet. According to Mr. Stevens, Samuel W. Bodman, the Secretary of Energy, has instructed his staff to reach out to BP and to be prepared if the company or any other refiners ask the department to tap the reserves. If such a request is approved, stored oil can be flowing within 24 to 48 hours, Mr. Stevens said.
From the Washington Post (8/8/06):
http://www.washingtonpost.com/wp-dyn/content/article/2006/08/07/AR2006080700131.- - html
"Energy Secretary Samuel W. Bodman said yesterday that the Bush administration would consider releasing supplies from the Strategic Petroleum Reserve, though getting that oil from the salt caverns along the Gulf of Mexico to the West Coast would take some time or involve some swaps."
I glad that you took the time to check my statements; helps to keep me honest. However, that doesn't change the gist of my earlier assertion: by being PREPARED to release oil from the SPR, the Energy Department was able to calm fears that the BP pipeline problem would cause an oil shortage. In the case of the BP pipeline, the Energy Department was dealing with a KNOWN issue, with a fair idea of the REAL timeframes involved with the problem (and the solution).
This is opposed to all the hysteria/hype that was driving up prices in reaction to UNKNOWN problems (potential hurricanes, potential interruption to supplies from overseas, etc.).
edit:
Check that first quote again - "...instructed his staff to reach out to BP and to be prepared if the company or any other refiners ask the department to tap the reserves."
Apparently (though I don't KNOW this) BP didn't ask to have any of the reserves released. Apparently the 'shortage' WASN'T REALLY THAT SEVERE. Perhaps the refiners had an ample supply of oil from other sources or in their own reserves. Could this be an(other) example of the MSM blowing a problem way out of proportion?
Looks like we are almost at the bottom. USA Average won't go below $2.25 as long as crude is $60 or more.
I don't think so. If countries outside of OPEC see an opportunity to increase production and revenue they will do it. When the price goes down many countries will raise production to keep the cash at an even flow. They get used to the big bucks rolling in and are not so inclined to try and control the market. If we can help Mexico increase production it would be a win win for us and them. Logistically & politically they are our best choice for getting crude via pipe to the refineries along the gulf.
If oil stays above $60 a barrel, the lowest gas can go is $2.25 for the USA average. Historically so.
The powers that be in world oil market have not changed in the least. OPEC is still the 800 pound gorilla in the room.
Rocky
A couple of points:
First, the key word is "IF". Many analysts are predicting prices to fall to $50/bbl or lower.
Second, "Historically so"? How much history are you examining where oil was over $60/bbl?
http://money.cnn.com/2006/09/27/markets/oil_eia/index.htm?postversion=2006092713-
Now that the dust has settled, it looks like speculators -- transactioneers, I like to call them -- were responsible for the madness this summer.
Crude right now is 59% of the cost of a gallon of gas. Taxes and refining and delivery are the other costs.
As long as crude is $60, gas will not go below $2.25 for a USA average. There will be places where it can be had for $1.85 or so, but the USA AVERAGE will stay above $2.25 at $60 crude.
See this page for more info:
How Gas Prices Work
In Sunoco, 87 $2.19, 91 $2.39, 93 Ultra?? $2.49
You are missing several elements here. First the basket price of OPEC crude is $55 per barrel. That price you see is for TX light sweet crude at 60 bucks a barrel. Second, we are getting 3 times as much oil from Iraq as we were 12 months ago. More than half of what we get from Saudi. Third, Canada and Mexico supply us with as much as the 3 top OPEC countries. Gas may not go down with oil at $60 per barrel. I am saying that oil prices can come down. It has happened before and will happen again. I'm not a doom and gloom person. I look at the bright side.
Oil Imports
OPEC oil price
Higher gas prices drive people to conserve and combine trips and buy smaller cars and waste less with the ultimate goal on CONSUMING less as a country.
I know, I know, you are just going to say that "recent higher prices did not lead to less consumption overall" and that might be true.
But given TIME, it WILL lead to lower consumption, because people will adapt to the higher prices and realize that the 17 MPG SUV can be replaced with something that does 28 MPG.
That verifies your agenda. You are wanting to push the overly complex hybrid systems off on the unsuspecting American car buyer. I just hope they are smarter than that. We have enough junk to recycle from China. We don't need a bunch more in the form of cars that do not last for 10-15 years.
Oil may have gone up a bit. Did you see natural gas. It hit a 4 year low. We all need to rush out and buy a CNG car and install PHILL in our garages.
WASHINGTON — Oil prices jumped almost $2 (U.S.) Wednesday after briefly dropping to nearly $60-a-barrel, while natural gas futures plunged to their lowest level since December 2002.
The 7-per-cent decline in natural gas futures reflects that “storage is at a record, and there's no demand,” said Fimat USA broker Mike Fitzpatrick.
Domestic inventories of natural gas are high due to last year's mild winter, and prices are under additional pressure because of receding fears about possible hurricane-related supply disruptions in the Gulf of Mexico.
gas prices
I have never hidden the fact that I am a "hybrid advocate" and I will always be, until something better comes along.
Phoenix Lowest Gas Price 9-27-2006:
$2.16
Down to $2.23 late this afternoon
Can't complain about $2.07, e.g.
Edit: Murphy is below at $1.989 nearby (Walmart).
2014 Malibu 2LT, 2015 Cruze 2LT,
After all, there's always a fire going on in a refinery somewhere. Or a turbulence in South America. Or a large jet ran off a runway in Paris.
All good reasons to freak out, panic and keep the final product price high. It's not about doom and gloom, it's about an in-your-face new world order "fair and adjustable" price to market. That price is flickering and dickering as unstable as that new receiver on the Cowboys who just has the hardest time staying..ummm...on track towards a Super Bowl.
$2.59/gal for 87 no-lead here in hot, sunny SE Arizona.
2021 Kia Soul LX 6-speed stick
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Don't forget also, if one of the OPEC members gets a bout of flatulence, the price goes up! After all it is "gas" isn't it?
Prices here in Western NY are still over 42 cents over the national average, even higher in the New York City area.
$2.16
this AM.
Up two cents from earlier in the week.
As a side note they are selling E85 for $2.29. Still somewhat high for the mileage difference to me.
Rocky
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It's funny that two gas stations within a half-mile of each other could vary by that much. Back when gas prices were climbing though, sometimes the Citgo would shoot up higher than the Shell, although the Shell would ultimately top it.