Gas prices soaring??

[preslove]

Heh. Last night I had a craving for a n Icee, so I went to the local gas station and there were crazed people there who were pissed because they were out of gas. I didn't understand why until this morning when I saw an article in the paper about Ike heading to Houston.

 

[Kabob]

Originally posted by: dmcowen674

Originally posted by: kabob983
Topic Title: Gas prices soaring??

Topic Summary: Locally, gas up $.70+ in the past 3 hours

Not possible, stop lying

Gas sold out at $4.69 at a station about 10 minutes North of here...

No lies here...

 

[JohnCU]

went from 3.67 to 4.49 in 30 minutes here, one station was out, the one next door has people lined up

i only got 3/4 of a tank left

 

[Blayze]

Its up even more. It was $3.50ish this morning, now its $4.50 a gallon. It was just on the local news, but some stations are $5.35 in my area.

Almost $2 a gallon jump in one day...

 

[GodlessAstronomer]

Originally posted by: Capt Caveman

Originally posted by: GodlessAstronomer
This is really weird. Oil is bumping up against $100 and prices are going up?

Not really if you understood why. Expected lower supply of gasoline in the US due to the refineries being offline.

But if supply has dropped why hasn't the crude price gone up? Or do you mean the refineries are still buying crude at the same price but selling refined oil for higher because some refineries are offline? Sorry if these are stupid questions, I really am curious but I know almost nothing about oil supply / economics.

 

[MiniDoom]

damn, i'm glad i don't drive much.

 

[PepePeru]

boss recommended that we fill up at 1:00pm so i went ahead and did, paid 3.43, curious to see if its gone up in ~3.5 hrs....
no lines at the station I went to, then, but I'm sure after work it will be a bit more brisk.

 

[dmcowen674]

Originally posted by: nakedfrog

Originally posted by: dmcowen674

Originally posted by: kabob983
Topic Title: Gas prices soaring??

Topic Summary: Locally, gas up $.70+ in the past 3 hours

Not possible, stop lying

How much is the oil industry paying you to post that?

:laugh:

 

[HannibalX]

In my town:

Raceway: $3.66

Phillips 66: $3.90

Citgo: $3.90

Exxon-Mobil: $3.90

BP-Ammaco: $4.10

Sunoco: $4.10

Pilot: $4.66

Prices are as of my drive through town about 15 minutes ago. There are lines to get into the stations with gas under $4.00. Police are directing traffic. I bought gas THIS MORNING for $3.50 at the above listed Exxon.

 

[tfinch2]

I'm glad I put $50 in my car yesterday. That should last until the end of next week.

 

[dmcowen674]

Originally posted by: Blayze
Its up even more. It was $3.50ish this morning, now its $4.50 a gallon. It was just on the local news, but some stations are $5.35 in my area.

Almost $2 a gallon jump in one day...

meh

 

[BrunoPuntzJones]

Let me know when it hits $5+ a gallon which I called yesterday. My mom (assistant controller for a gas chain) said she expected $6, but I figured it would be sold out before it reached that.

 

[Capt Caveman]

Originally posted by: GodlessAstronomer

Originally posted by: Capt Caveman

Originally posted by: GodlessAstronomer
This is really weird. Oil is bumping up against $100 and prices are going up?

Not really if you understood why. Expected lower supply of gasoline in the US due to the refineries being offline.

But if supply has dropped why hasn't the crude price gone up? Or do you mean the refineries are still buying crude at the same price but selling refined oil for higher because some refineries are offline? Sorry if these are stupid questions, I really am curious but I know almost nothing about oil supply / economics.

This article may help explain - Gasoline rises on Ike, but crude dips below $100

 

[cherrytwist]

Originally posted by: effowe
I wonder if there's any other threads about this?

Maybe we need more. Threads are still free, right?

 

[nonameo]

Originally posted by: tfinch2
I'm glad I put $50 in my car yesterday. That should last until the end of next week.

LOL! End of next week? I hope you can drag it out for at least a month.

 

[Queasy]

Originally posted by: nakedfrog

Originally posted by: GodlessAstronomer
This is really weird. Oil is bumping up against $100 and prices are going up?

...before the problems could possibly have effected the price of the gas that's already in the tanks they're selling?

That's because refineries along the Texas coast have shut down prior to Ike arriving. That's about a quarter of the US gasoline production right there.

There are two separate wholesale markets for oil and gasoline. While the oil wholesale market can affect the price of the gas wholesale market, there are other factors (like refineries being shut down) that can affect the gas wholesale market.

 

[Q]

Yup, filled up about 4 hours ago and price went up $.40

 

[dullard]

Originally posted by: GodlessAstronomer
This is really weird. Oil is bumping up against $100 and prices are going up?

I can't understand it either, the price of the metal in my CPU is going up yet the price of CPUs are going down! How can that possibly be? Unless, one component of a product doesn't determine the final price. Duh.

 

[ghost recon88]

Gas was over $5 a gallon on my way home from work today, and there were long lines of people waiting to fill up :Q This is in Lansing, Michigan.

 

[child of wonder]

Just filled up for $3.39.

Are these price jumps just happening in the south or nationally? I haven't seen any here in SD yet.

 

[JohnCU]

someone said gas was $7 in georgetown county in south carolina today :shocked:

 

[Modelworks]

There was a local station here in NC that mistakenly put up the price of $3.89 a gallon, when he meant $4.89.
They had to get the police to clear the traffic jam
Now it is $5 +

The governor said that they will be prosecuting stations that price gouge.
Price gouging is defined as any station that raises prices without the price they pay wholesale increasing.

 

[dmcowen674]

Originally posted by: JohnCU
someone said gas was $7 in georgetown county in south carolina today :shocked:

Pics?

 

[JohnCU]

Originally posted by: dmcowen674

Originally posted by: JohnCU
someone said gas was $7 in georgetown county in south carolina today :shocked:

Pics?

nah, i didn't drive down to see it, just heard it from someone filling up next to me.

 

[Blayze]

A lot of places are out now in my area. $5.50 a gallon at some places.