Gas prices shot up almost 30 cents in 2 weeks

[psteng19]

What's going on?

 

[NutBucket]

Tell me about it

 

[DainBramaged]

ZOMG...pesky President is up to his tricks again.

 

[Queasy]

Usual consternation about what is going on in the middle east...causes the oil futures market to shoot up which increases the price of a barrel which increases the price at the pump.

 

[pontifex]

it shot up 10 cents in about 3 days here. its at 2.45 now. ridiculous

 

[jtvang125]

Just pumped yesterday after the gas warning light came on. $45 at $2.95 a gallon for premium. Sadly this is only going to last me a week.

 

[GoingUp]

45 cents here in 3 weeks. and the market price of oil has went down! bastages!

 

[AdamSnow]

Yeah, it's back up to $1.00/litre here in Canada... ugh.

 

[SampSon]

I'm glad the indian reservations sell cheap gas.

 

[psteng19]

Originally posted by: Queasy
Usual consternation about what is going on in the middle east...causes the oil futures market to shoot up which increases the price of a barrel which increases the price at the pump.

I thought the price per barrel dropped a bit.

 

[sonoma1993]

30 cents here in a 3 day period. gas went from $2.39 back on tuesday all the way up to $2.69 as of thursday.

 

[InverseOfNeo]

^ It did

 

[sonoma1993]

Originally posted by: psteng19

Originally posted by: Queasy
Usual consternation about what is going on in the middle east...causes the oil futures market to shoot up which increases the price of a barrel which increases the price at the pump.

I thought the price per barrel dropped a bit.

I thought that what happen to psteng, Barrel drops, and the local area gas stations raise the price.

 

[imported_weadjust]

The oil companies say supply is low due to retooling of the refineries to change from winter to summer gas. Yeah Right.

 

[TGS]

Is oil the only business where futures immediately impact the retail sales price?

 

[giantpinkbunnyhead]

Still sitting at a stable 2.23/gal here in AK.

 

[m2kewl]

i've been siphoning all your oil!

 

[moshquerade]

blame Bush

 

[spacelord]

Originally posted by: TGS
Is oil the only business where futures immediately impact the retail sales price?

Seems like it. Buying gas for my boat this summer is going to really hurt. Its usually at least $0.30/gallon more than street prices.. and I burn about 10 gallons an hour.

 

[j00fek]

thanks g.bush, they were fine till we fvcked ourselfs by invadin muslim countries w/oil. oh well he screwed us for the next 25 yrs. THANKS

 

[Vette73]

Originally posted by: TGS
Is oil the only business where futures immediately impact the retail sales price?

Well not 100%. It only affects the price if it increases. A decrease the oil companes will have to wait and see if it holds. If it does then they may allow it come down down a little. But any increase in the futures gas goes up right away.


That and Exxon / mobil made 10billion PROFIT last year. So they need to top that with at least 11billion profit this year.

 

[imported_LoKe]

March Break? O_O

 

[waggy]

i think is a combination of the fact that Bush is talking about invading Iran and the government has not been pushing into looking into price gouging.

 

[acemcmac]

Originally posted by: spacelord

Originally posted by: TGS
Is oil the only business where futures immediately impact the retail sales price?

Seems like it. Buying gas for my boat this summer is going to really hurt. Its usually at least $0.30/gallon more than street prices.. and I burn about 10 gallons an hour.

I thought it was more like 25-30% more?

I haven't been to a fuel dock in a while, so that's great news. We just put a new outboard on for this season so what you say is great news.

 

[MrBond]

I was watching CNBC last night and they said that there is concern that Iran will do one of three things:

Take a certain number of barrels of oil off the market
Cancle future contracts
Blockade the straights in the gulf doing military exercises to slow the flow of oil out.

They also had an analyst who has "sources in the Iranian government" and he was saying Iran's plan if they don't get their way will be to swarm our carriers in the Gulf with suicide boats like the USS Cole (only with many many boats this time), once they're sunk they'll blockade the gulf with mines and submarines. He said if that happens, $100+/barrel oil isn't all that unlikely.