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the price for a barrel of oil did its highest weekly jump in 3 mths, this past week. Thats why the price increase
The station owner might have been in a position to take advantage of the market and those who think that gasoline prices fluctuate perfectly in line with crude prices. If he's the only station within a mile, he can get away with such things.
Crude prices do not affect gasoline prices over night. Gasoline futures are traded separately from crude oil futures, and there are numerous factors that can influence the retail (i.e. pump) price of gasoline that have NOTHING to do with swings in the crude price.
Funny the gas prices don't drop down to original level when the crude oil goes back to its original level. Like when the crude oil in the world market is at $100 per barrel and the gas price is at $3.20 for example and it goes up to $140 then gas is at $4.20. But then if the crude oil goes back to a $100 the pump price wont go back to $3.20.
Anyone who watches the market knows that after the price of oil hits a new high, it then drops some, but sooner or later it will rise again, to new and higher levels.
This does not make me the least bit happy, but this small drop in cost at the pump is not a sign that all is well.
We need to be spending our time finding how to free ourselves from dependence on foreign oil, not gloating because it went down a quarter to a price that seemed impossible only a year ago.
YMMV.
I think we take a real US centric approach to supply and demand.
The US uses approx 25 million barrels per day. If we managed to cut that by 20% (unlikely unless we go into a depression) we would be at 20 mm bpd.
The US uses 25 barrels per person per year. Europeans use 13-14.
China currently uses 2 and India uses .8. These 2 fast growing economies are home to nearly 1/3 of all the people on the earth. If China went to 5 barrels per year and India to 3 barrels per year it would more than offset any attempts at conservation in US and Europe.
The demand story is real and the only hope is to increase supply.
Strange plays at the pump this week. Thursday when I went to work gas was 3.44/gal. Late Thursday night price was changed to 3.56/gal, Friday eve it was back down to 3.49/gal. Who says retailers aren't gouging. It takes at least 40 days for crude to go from wellhead to pump.
Strange plays at the pump this week. Thursday when I went to work gas was 3.44/gal. Late Thursday night price was changed to 3.56/gal, Friday eve it was back down to 3.49/gal. Who says retailers aren't gouging. It takes at least 40 days for crude to go from wellhead to pump.
How many other stations are within one mile of where this happened?
Strange plays at the pump this week. Thursday when I went to work gas was 3.44/gal. Late Thursday night price was changed to 3.56/gal, Friday eve it was back down to 3.49/gal. Who says retailers aren't gouging. It takes at least 40 days for crude to go from wellhead to pump.
lol..if futures go up..it's reflected at the pump in about 24 hours.
If futures go down..it's somewhat reflected at the pump in 40 days.
I know that's not how it's supposed to work..but we all saw how quick gas was going up at the pump..weekly, sometimes daily increases.
Congress said there was no price gouging. The oil companies said there was no price gouging. So I guess I must have been imagining quicker increases than decreases
I must have been imagining quicker increases than decreases
Yes, it's all in our imagination!
Our devalued bank accounts is all in our heads. We're just imagining higer prices for just about everything. We're just imagining the depreciating value of our homes. We're just imagining the lower value of our 401Ks and IRAs. We're just imagining global weather extremes. We're just imagining the tanking of the US dollar. We're just imagining the complete ineptitude of our government leaders.
In reality, NAFTA is a great treaty that improves our lives in all ways. We've all gotten big salary increases and more job security from NAFTA. Drilling for oil in prisitine places is all for us....the oil companies will get little benefit from it. The corporations are on our side. The government is on our side. It's a govermnet of the people, by the people, and most importantly...FOR THE PEOPLE. They all have our best interests at heart. We can just sit back and relax, eat our mcburgers and fries, live in our mcmansions, drive our gas guzzling vehichles, spend endless hours on our cell phones, vote for John McCain or Barack Obama as directed and let this continue without any resistance.
Last edited by CosmicWizard; 08-24-2008 at 08:56 AM..
Gas fell 19 cents a gallon overnight here. Went to $3.44 today from $3.63 yesterday.
You just made Oildogs head explode.
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