2014 Gasoline Price Forecast

[dmcowen674]

6-26-2014

http://www.stltoday.com/business/local/article_dc273df5-728e-5987-92df-dc9088a982f5.html

Prices at the pump may hit 6-year high on Independence Day



Motorists may pay the most for gasoline in six years over the July 4 Independence Day holiday as the escalating conflict in Iraq pushes oil prices higher during the peak driving season.



Retail gasoline averaged $3.704 a gallon Monday, up 1.8 cents from a week earlier and the highest level for late June since 2008,

Michael Green, a Washington D.C.-based spokesman for the AAA motoring organization, said by phone. "There's a good chance that drivers will pay the most expensive price for July 4 in six years, based on what we're seeing now."

"We thought prices would fall 10 to 15 cents in June, so from that point of view the net effect is significant," Green said.

 

[master_shake_]

gas in canada is over 1.40 a litre...

5.29 a gallon...

 

[dmcowen674]

gas in canada is over 1.40 a litre...

5.29 a gallon...

So? and your point is???

You get Health Care covered up there.

We pay out the ass for shit coverage.

 

[OutHouse]

Indiana gasoline use tax goes into effect July 1, replaces gas sales tax

Read more: http://fox59.com/2014/06/25/indiana...-july-1-replaces-gas-sales-tax/#ixzz35hcMJB00

Gas prices could be changing starting July 1, when a gasoline use tax law kicks in.

It replaces the prepaid sales tax on gas collected by gas stations. The Indiana Department of Revenue will calculate a rolling, monthly statewide average cost of a gallon of gas, and then add seven percent.

Gas stations will include the gasoline use tax in the price at the pump. The tax rate may change monthly based on the average Indiana retail price of gasoline.

The Department of Revenue will calculate the tax for the next month on the 22nd of the previous month. The first gasoline use tax will be determined before June 30, ahead of July 1, when the law takes effect. On that same day, the old gas tax is repealed.

Source: Indiana Department of Revenue

-----------------------------------------------------------------------

INDIANAPOLIS, Ind.– Prices at the pump are once again taking aim at your pocketbook.

The price of regular unleaded gasoline in the Indianapolis area has gone up 30 cents in the past couple of days, bringing the price of gas to $4.25 or more at several Central Indiana gas stations.

A refinery that supplies much of Indiana shut down temporarily, causing prices to increase. According to Indygasprices.com, the average in Central Indiana is $4.23 a gallon.

Some stations are still selling for less than $4 a gallon, but if you find one, consider yourself lucky.

One local Shell gas station at 116th Street and Allisonville Road in Fishers, Ind. is trying to ease the burden on drivers. Circle K is partnering with Cheap Gas Promo and former Indianapolis Colts player Ken Dilger to give out a $10 gas cards at 4 p.m. Thursday, while supplies last.

Read more: http://fox59.com/2013/06/06/refiner...a-gas-prices-to-surpass-4-mark/#ixzz35mQFAda6

 

[master_shake_]

So? and your point is???

You get Health Care covered up there.

We pay out the ass for shit coverage.

don't act like health care is free up here, i pay for it every time i get paid.

 

[SheHateMe]

Gas is 3.41 here at Costco. Everywhere else in my area is 3.53-3.55. Near my work where everyone is wealthier, its 3.85.

 

[dmcowen674]

6-27-2014

http://www.mcclatchydc.com/2014/06/26/231631/youre-paying-more-for-gasoline.html

You’re paying more for gasoline, and here’s why

Prices tend to spike around Memorial Day, when increased demand cuts against a limited supply as refiners convert from winter fuels to summer blends. But by the middle of June, gasoline inventories are up and prices typically retreat.

This year, they haven’t.

The reason why refutes the commonly held view that deteriorating political conditions in Iraq haven’t had much effect on gasoline prices. They have.

​

Despite no apparent hit to Iraqi crude production, and near-record levels of U.S. oil production, fears about the Middle East conflict have allowed financial speculators to bid up oil prices

While reports out of Iraq suggest production and export are, for now, unaffected, big global oil companies won’t discuss their production there.

​

“We don’t have any comment,” said Richard D. Keil, a spokesman for ExxonMobil in Irving, Texas.

There’s little incentive for Keil to discuss production, since the fear gripping financial markets is tantamount to free money for the oil companies.

ExxonMobil and other large players reap a windfall from higher oil prices

What’s particularly galling for many Americans is that the energy industry and its allies in Congress, when pushing for the rights to expand domestic drilling of oil and natural gas, insisted this new production would amount to energy independence and insulate U.S. consumers from events in the faraway Middle East.

​

 

[dmcowen674]

Which means $6 in places like Chicago, California and New York

and it was me that said this was going to happen in January when all the Oil Thug Supporters said gas was going to be around $3

6-27-2014

http://nypost.com/2014/06/26/5-a-gallon-for-gas-this-summer-is-a-real-possibility/

Get ready for $5 a gallon for gas this summer


Wall Street’s newest doomsday prediction: $5-a-gallon of gas this summer.

The civil war in Iraq could severely threaten oil production in the Middle East this summer, making summer road trips or jaunts to the beach a lot more expensive.

The Islamic State in Iraq and Syria, or ISIS, the radical Sunni Muslim insurgents, could drive up the cost of a barrel of oil another 40 percent, to about $160

That translates into more than $5 dollars a gallon for New York drivers, said Sam Margolin, an energy analyst at Cowen and Co. in New York.

“That’s a very dangerous level, in our view, for the global economy,” Blanch said Wednesday. “We think that that level could create a recessionary scenario.”

 

[dmcowen674]

The Oil Thugs are already adding this as an excuse to raise the already rising gas prices even higher:

6-30-2014

http://www.cnn.com/2014/06/30/us/july-4th-weather-forecast/index.html

Tropical storm could dampen East Coast's holiday



Folks on the East Coast might need their umbrellas July 4 if a low-pressure area in the Atlantic becomes a tropical storm.


The National Hurricane Center says the low-pressure area about 140 miles east of Melbourne, Florida, has a 60% chance of developing into a tropical system in the next two days.


The rains could put a damper on July 4 activities from the Carolinas to the Northeast.

If the weather system does turn into a tropical storm it would be given the name Arthur.

http://www.upi.com/Business_News/En...-create-pain-at-pump-this-year/9381404135436/

Hurricanes could create pain at pump this year



Tropical storms in the Gulf of Mexico could put more pressure on gasoline prices than conflict in the Middle East, a petroleum analyst at GasBuddy.com said.


Motor club AAA said in a mid-June report the Sunni-led insurgency in parts of Iraq was putting pressure on oil prices and creating spikes in retail gasoline prices.



Historically, gas prices start to decline in early summer, though overseas turmoil was keeping the price at the pump elevated.


Tom Kloza, an analyst at GasBuddy.com, told USA Today this summer's hurricane season could cause prices to go even higher.

 

[cabri]

Thought you did not believe in GasBuddy.

Or only when it suits your twisted perceptions :Colbert:

 

[Londo_Jowo]

Don't know where that $0.06/gal increase was seen in Texas, must have been in the North. Gas at the stations close to me have gone up $0.03/gal at the most if at all. I paid $3.32/gal this morning.

Gas came back down the $0.03/gal it rose, I paid $3.29/gal (w/discount) this morning on the way to work.

http://www.texasgasprices.com/Shell_Gas_Stations/Richmond/113096/index.aspx

 

[dmcowen674]

Funny, dip but still above $4

7-2-2014

http://chicago.cbslocal.com/2014/07/01/as-july-4-nears-gasoline-prices-dip-in-chicago/

As July 4 Nears, Gasoline Prices Dip In Chicago


Gasoline prices nationally are expected to be at their highest mark since 2008, but at least in Chicago prices are dropping.

However, a price drip here is a relative term, as the area has historically had some of the more expensive gasoline in the United States.
Currently, the average price for regular gasoline in Chicago is $4.04, down from $4.11 last week

During the past three years, with the exception of a few dips, Chicago gasoline prices have been around $4 a gallon for a majority of that time.

 

[Londo_Jowo]

During the past three years, with the exception of a few dips, Chicago gasoline prices have been around $4 a gallon for a majority of that time.

Mostly due to high gasoline taxes in Illinois and Chicago.

I know this was posted in the other thread but needs to be repeated.

http://articles.chicagotribune.com/...9_1_prices-rocket-gas-prices-crude-oil-prices

A taxing story
In Illinois, and especially Chicago, a mind-boggling array of tax levies gets tacked on to gasoline's retail price, which has baked into it the price of oil, refining oil into gasoline, distributing and marketing the gas, and selling it at the service station.
The federal excise tax on gasoline is 18.4 cents per gallon. But that's applied to gas prices all over the country, so that doesn't explain why Chicago prices are higher.
Add to that the Illinois excise tax of 19 cents, which further boosts the price of every gallon of gas Chicagoans buy. But that's actually not so bad as far as state excise taxes go. In fact, it's below the national average of 20.6 cents, according to a recent report by the American Petroleum Institute. Some 30 states have higher state excise taxes than Illinois.
And everybody in Illinois pays 0.3 cents per gallon for an underground storage tank fund, which helps tank owners and operators pay for cleaning up leaks from petroleum tanks. Add to that 0.8 cents as an environmental impact fee. But together, that's only a penny per gallon more.

The killer is sales tax.
Illinois is one of only seven states to charge sales tax on gasoline. Gas taxes in most states are assessed as a fixed number of cents per gallon. No matter how wildly oil prices swing, drivers in those states pay the same built-in taxes. But Illinois sales tax changes, calculated as a percentage of the sale.
So as gas prices rise for all of America, Illinois prices rise faster.
The Illinois state sales tax, normally 6.25 percent, is added to every gallon. However, if the gas is mixed with ethanol, which nearly all of it is, it's taxed at a lower rate, or 5 percent. So, back when gas cost $1.25, as it did for so many years, applying a 5 percent sales tax would have added about 6 cents to the cost. But tack on 5 percent to $4 gasoline, and you're talking an additional 20 cents per gallon.
But that's just state sales tax.
Illinois is unusual for allowing counties and municipalities to tax gasoline.
Consider total sales taxes in Chicago: City, county and Regional Transportation Authority sales taxes add another 3.5 percent, but because of the ethanol factor, it's 2.8 percent.
In sales taxes alone, a $4 gallon of gas goes to about $4.31, according to calculations based on figures provided by the Illinois Department of Revenue.
But there's more.
When you buy gas in Chicago, you pay a couple more flat taxes. The city of Chicago and Cook County not only levy sales taxes but also flat taxes of 5 cents and 6 cents, respectively. Illinois is the only state to allow all these different taxes to be levied in concert, Sykuta said.
Worsening the problem is that some sales taxes are applied on top of flat taxes, charging motorists tax on tax, which only accelerates the total cost.
"One reason for higher prices is because of the multiple layers of taxes in Chicago," said John Felmy, chief economist at the American Petroleum Institute.

 

[TheSlamma]

So? and your point is???

You get Health Care covered up there.

We pay out the ass for shit coverage.

Their system is a joke too, don't try to paint this place as the worst.

 

[Engineer]

http://finance.yahoo.com/news/u-seen-biggest-oil-producer-130621251.html

US now worlds biggest oil producer. Also, largest natural gas producer.

 

[Wreckem]

http://finance.yahoo.com/news/u-seen-biggest-oil-producer-130621251.html

US now worlds biggest oil producer. Also, largest natural gas producer.

The article says we will likely be the top producer for quite awhile for oil. The article doesn't say it but the US will be the #1 producer of natural gas for the remainder of our lifetime.

 

[Londo_Jowo]

I was surprised to see a price drop on the 4th but it dropped $0.04/gal. I paid $3.25/gal (w/discount) yesterday.

http://www.texasgasprices.com/Shell_Gas_Stations/Richmond/113096/index.aspx

 

[dmcowen674]

7-5-2014

http://seekingalpha.com/news/183059...oducer-but-july-4-gas-prices-at-six-year-high

U.S. becomes world's top oil producer, but July 4 gas prices at six-year high


The U.S. became the world’s largest natural gas producer four years ago, and now it is the world's top producer of crude oil, surpassing all other countries with output exceeding 11M bbl/day in Q1, according to a new report issued today by Bank of America.

Drivers on the road for the Fourth of July weekend are facing the highest gasoline prices since 2008, despite the fact that U.S. oil production is its highest since 1986 and gasoline is well supplied across the country.

 

[desy]

Because if the price of oil drops all that spare capacity will come offline. They cap the wells because they are UNPROFITABLE. We only produce this much cause the price is right. Globally there is no spare capacity Libya, Iraq Nigeria offline forcing to sell BELOW the world price is a problem.
Also you realize imports are still 8 mbpd right? Not energy self sufficient yet

 

[Engineer]

Also you realize imports are still 8 mbpd right? Not energy self sufficient yet

That may be true but is 100% of that to support the US population or is a certain percentage used to refine and export back to the world? (ie - we export over 1,000,000 barrels of refined gasoline per day so take that away and how much import is reduced?).

 

[desy]

Why would want to take that away? that's a profitable business.
Don't ever be deluded that you should be paying less than what the global market set price is. importing 8-1=7mbpd X$115 per is still a 800 million dollars a day leaking from the economy

 

[Engineer]

Why would want to take that away? that's a profitable business.
Don't ever be deluded that you should be paying less than what the global market set price is. importing 8-1=7mbpd X$115 per is still a 800 million dollars a day leaking from the economy

I didn't say that I wanted to take it away as in getting rid of it and not import it, I stated that the full 8 million barrels per day are not required for US support because we are refining it and sending it back out. And to add to that, it takes more than 1 million barrels of oil to make 1 million barrels of gas.

 

[desy]

Well it doesn't ever say a million barrels of gas just valued added distillate
"In fact, America is now the largest exporter of products like gasoline, low-sulfur heating oil, and diesel fuel in the world"
It changes the numbers around a bit, I was keeping the numbers simple but the point still stands its still a huge trade imbalance and having exports improves that

"The rise in exports reflected record sales of U.S.-made autos and auto parts and an 11.3 percent jump in exports of U.S. petroleum products. The rise in U.S. production has helped lower the need for imported oil, which dropped by 5 percent in May to $28.3 billion, the lowest monthly import total since November 2010."
http://abcnews.go.com/US/wireStory/us-trade-deficit-drops-444-billion-24410387

As I pointed out 28.3 Billion dollars is money not moving around in the US economy. The economy consumes 19mbpd and exports 1 mbpd, that's 5 % and mostly product in lower demand or product that can't be finished here because we have the wrong refinery infrastructure for the feedstock that comes to them.

Bottom line is tinkering with the price at the pump would only create problems.

 

[Engineer]

Why US gas prices 'may' never go down again...

http://finance.yahoo.com/news/why-gas-prices-may-never-go-down-135604140.html

(just posting this since it seems relevant...haven't watched it yet...later).

 

[allisolm]

I'm sure Dave was just about to post this, but I wanted to get there first.

http://www.usatoday.com/story/news/2014/07/08/2014-gasoline-prices-may-have-finally-peaked/12350099/

"2014 gasoline prices may have finally peaked

'I think we'll drift a bit lower — with the occasional small bounce — from now until Labor Day,' says Tom Kloza, senior energy analyst for Gasbuddy.com.' After Labor Day, we should see a return of sub-$3 a gallon prices" in areas of the South, Rocky Mountains and Midwest.

Of course, a flare-up of political unrest in the Mideast or a supply-disrupting storm system in the Gulf of Mexico could cause refinery outages and prices to spike again.

'You could have one more breakout to the upside this year — $110 a barrel is key,' says energy trader Paul Kokuzian of Chicago-based Lakefront Futures & Options. 'But barring some really concrete news, crude oil could go back to the $95 level after Labor Day.'"