Gas prices

[tvguy]

Yes. The oil speculators are at it again. I'm expecting to see $4.00 again this year if they don't do something about these speculators soon. I agree with the philosophy that says you shouldn't be allowed to buy a commodity unless you're able to take immediate delivery on it.

Unfortunately, most speculators are folks just like you and I, trying to make a little more money on their investments in their 401k's and IRA's.

Sort of like the outrage in England about the BP cleanup fund, nothing wrong with folks who were harmed getting compensation, but far too many false claims were made, and that took money away from a lot of elderly low income folks who invested in BP.

 

[usnuzuloose]

I used to manage a station for 8 yrs. I hated changing gas prices. All gas stations have to daily surveys and imput them in to the co. When prices were really spiking it required alot of surveys. I used to dread going outside with out a bullet proof vest. I would get yelled at often. I paid 3.15 today.

 

[momof1princess]

gas has gone up over 25 cents here in the past week. i need to fill up today and i dread it. last tuesday, gas was $2.62 per gallon, now it's $2.87 at the no-brand-name stations. shell and exxon are 3-4 cents higher. and that's regular unleaded! i know that's cheap to some of you, but i live in NE alabama, and wages are much lower here, so it's really hurting.

 

[MarkBarbieri]

Speculators net out. At the end of the day, the price is determined by the sellers and buyers. Gas prices are higher because oil prices are higher. Oil prices are higher because demand has increased faster than supply.

Prices in the oil and gas industry tend to be very volatile. A barrel of oil is about $90 today. That's up from $84 at the start of the year.

The problem is that supply is fairly inelastic (not easy to change). When the demand increases, it takes a while to drill new wells and produce more gas.

While oil prices have been going up, natural gas prices have been going down. They are down from $7/mcf to under $5/mcf. For comparison purposes, there is about 6 times as much energy in a barrel of oil compared with an mcf of gas. That means that you can get an oil barrel's worth of energy for only $30 worth of natural gas. Think about driving a natural gas car.

 

[MarkBarbieri]

I thought I'd add one more point for those that think this is the beginning of permanently skyrocketing oil prices. You can buy contracts for oil to be delivered in December of 2017 for only $90/barrel. That's about the same price as today. So if you think oil prices are going to go a lot higher, buy some future oil now and sell it later for big bucks. Yep, you can be a speculator too.

 

[J3nn78]

Not enough in the greedy oil companies pockets I guess

Check out this sickening link. I will not be buying from ExxonMobil. Just sick how these companies can get away with not only ripping off the consumers, but also not paying their taxes.

http://wonkroom.thinkprogress.org/2010/04/06/exxon-zero-taxes/

 

[pls5286]

We found 2.63 today, but most here are 2.79. We filled up.

 

[MarkBarbieri]

Exxon pays their taxes. The IRS makes sure of that.

The problem that the US has in taxing multinationals is that US corporate tax rates are amongst the highest in the world. Because of that, US multinationals keep as much of their profits outside of the US as possible. When a company like Exxon earns a dollar of profit outside of the US, it is careful not to bring that profit back here because they'll immediately lose a third of the money. As a consequence, they re-invest that money outside of the US.

 

[usnuzuloose]

I used to cringe looking at my paycheck and then hearing a ceo make a 350 thousand dollar bounus

 

[iNTeNSeBLue98]

$3.05 on my way home this afternoon. It was 2.99 this morning and was 2.93 four days ago.

 

[klacey1]

I would LOVE almost $3.00! We're at $3.20 in the suburbs of NYC.

 

[manning]

It is $3.41 here this morning for regular unleaded!! It goes up almost every other day lately.

My god, what state are you in, beside panic.

 

[cm8]

I was shocked to see gas was almost 3.00 today

We paid $3 a gallon on International drive 2 days ago, I dislike when the prices rise with holidays.

 

[aprilgail2]

$3.27 this morning on Long Island and that is for unleaded regular!I can't remember when it was under $3.

There are places here on long island that I have seen gas at 3.79 already!!! Of course I drive past there and look for the stations that are still in the 3.30's!!!!

 

[chicagodisneyfan]

There are places here on long island that I have seen gas at 3.79 already!!! Of course I drive past there and look for the stations that are still in the 3.30's!!!!

I paid $3.39 last week.

 

[hellokitty86]

It's been over $3.00 where I live for a while now. I saw $3.12 last night. You can get as low as $2.90 but it is in a part of town I don't like to stop in.

 

[kerstfan1]

be glad u get it cheap yesterday i paid about a dollar 20 for a liter of benzine

 

[mrodgers]

Just went up to $3.09 around me. Problem is, I can't run regular and have to run 91 octane which I can't get. I have to get 93 octane.

The difference between 89 and 93 octane was 25-26 mpg on 89 and 28-30 mpg on 93 with the turbo. About $1 cheaper to fill up over the course of 300 miles and the car runs far better.

 

[NHdisneylover]

Diesel (which is less than unleaded here) was 1.88 Euro a liter yesterday. If i have done my math right that comes to about $9.40 a gallon.
Expensive is relative.

 

[eliza61]

Diesel (which is less than unleaded here) was 1.88 Euro a liter yesterday. If i have done my math right that comes to about $9.40 a gallon.
Expensive is relative.

LOL, husbands family is Portugese, they are always trying to come up with a scheme to have petro shipped to them from nj.

I really can't comment on the price of gas because dh works for a major oil company so unfortunately high fuel prices helps their bottom line. I empathize with families who are having a rocky road because of it.