Gas Prices to Rise in Two Weeks?
- Thread starter Isla
- Start date
Gas Prices to Rise in Two Weeks?
Hell, they've been rising almost daily in the northwest. Up to $2.00 a gallon some places.
Hell, they've been rising almost daily in the northwest. Up to $2.00 a gallon some places.
The caption is on the main page of CNN.com but the link does not work as Isla said.
I imagine that they are saying that gas will make it's yearly Labor Day Holiday jump. They really shouldn't since like everyone has already seen that they have already raised prices through the roof. Adding the Labor Day profit margin will add insult to injury. Nothing like pouring salt onto an open wound.
The CNN story
"....
Helping push gasoline prices up over the last few weeks is a rise in motor fuel demand and a higher crude oil cost that has hovered around $31 a barrel. The price of oil accounts for about 40 percent of the cost of gasoline.
Also, gasoline inventories are below normal. EIA reported on Wednesday that U.S. gasoline stocks stood at 198 million barrels, down 3.7 million barrels from the prior week and the lowest level in almost nine months.
EIA said higher gasoline prices would be needed to encourage refiners to process expensive crude oil into motor fuel, and more gasoline supplies will ultimately lead to lower pump prices.
"
Refineries are starting the switch over to home heating oil for the winter season. Hmmm, cheap gasoline or people freezing this winter, tough choice.
"....
Helping push gasoline prices up over the last few weeks is a rise in motor fuel demand and a higher crude oil cost that has hovered around $31 a barrel. The price of oil accounts for about 40 percent of the cost of gasoline.
Also, gasoline inventories are below normal. EIA reported on Wednesday that U.S. gasoline stocks stood at 198 million barrels, down 3.7 million barrels from the prior week and the lowest level in almost nine months.
EIA said higher gasoline prices would be needed to encourage refiners to process expensive crude oil into motor fuel, and more gasoline supplies will ultimately lead to lower pump prices.
"
Refineries are starting the switch over to home heating oil for the winter season. Hmmm, cheap gasoline or people freezing this winter, tough choice.
Queasy
Moderator<br>Console Gaming
- Aug 24, 2001
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Yep, too many incidents occured at the same time:
- Power outage in NE shuts down refineries which causes a production shortage
- Pipeline to Phoenix is damaged which causes a shortage there and also causes oil intended for California diverted to Arizona
- Labor Day weekend when prices tend to tick up a little anyways
It is hovering around $1.55 on the north side of Atlanta. I was fortunate enough that there is a Ingles Supermarket near my house that has a gas station that does 3 cents off a gallon when you use their gift cards. I was able to fill my tank up at $1.39/per gallon.
- Power outage in NE shuts down refineries which causes a production shortage
- Pipeline to Phoenix is damaged which causes a shortage there and also causes oil intended for California diverted to Arizona
- Labor Day weekend when prices tend to tick up a little anyways
It is hovering around $1.55 on the north side of Atlanta. I was fortunate enough that there is a Ingles Supermarket near my house that has a gas station that does 3 cents off a gallon when you use their gift cards. I was able to fill my tank up at $1.39/per gallon.
From 1.35.9 to 1.84.9 in two weeks here. Yes, 50 cent a gallon increase must mean one helluva nice profit for the distributers now. This is gouging at its finest. ANd all the meathead rightwing wackos can say is "thats thelaw of supply and demand". Well folks, this keeps up and I'll support anarchy to get this crap to cease. Your leaders in Congress and the WhiteHouse are for some reason very quite about this. I wonder why?:|
Gasoline Prices: Still Good News
"...
Typically, when gas prices surge, the government's first reaction is to investigate the oil industry for "price gouging." Since 1973, there has been an average of about one such investigation every two years. None of these studies has found that anti-consumer conspiracies caused prices to rise. Instead, every investigation has concluded that supply and demand fundamentals were at work.
..."
I think that says it all.
CADsortaGUY
Lifer
All the News reporters are wrong then? They're all saying Crude prices keep going up everyday, everyone in here has been saying the price per barrel has not been going up drastically or production dropping off sharply.
Whose finger at what direction is right???
Both are right, that is what has caused such a jump.
US gasoline prices approach record
"...
Dennis Eklof, executive managing director of Global Insight's Energy practice, said refinery profits over the last several years have not been good, so there has been no incentive for refineries to expand their capacity.
"Everything is tightly balanced. There is not a lot of spare capacity out there," Mr Eklof said. "If anything goes wrong in the supply situation, you can see it at the pump."
Supply disruptions
There were two such disruptions in recent weeks. A pipeline that carried about a third of the supplies to the Phoenix area went down in Arizona. And several big refineries went down in Canada and the midwest because of the blackout.
Although the Arizona pipeline is back up and most of the refineries are up and running, not all the units in the area are operating. But the most important factor in keeping prices up is the expectation of heavy demand this coming weekend, when Americans traditionally take to the roads on their last excursion of the summer. Analysts expect gas prices to continue rising through the weekend before returning to normal.
..."
Anything else I can help you with?
US gasoline prices approach record
"...
Dennis Eklof, executive managing director of Global Insight's Energy practice, said refinery profits over the last several years have not been good, so there has been no incentive for refineries to expand their capacity.
"Everything is tightly balanced. There is not a lot of spare capacity out there," Mr Eklof said. "If anything goes wrong in the supply situation, you can see it at the pump."
Supply disruptions
There were two such disruptions in recent weeks. A pipeline that carried about a third of the supplies to the Phoenix area went down in Arizona. And several big refineries went down in Canada and the midwest because of the blackout.
Although the Arizona pipeline is back up and most of the refineries are up and running, not all the units in the area are operating. But the most important factor in keeping prices up is the expectation of heavy demand this coming weekend, when Americans traditionally take to the roads on their last excursion of the summer. Analysts expect gas prices to continue rising through the weekend before returning to normal.
..."
Anything else I can help you with?
Ah, thank you for finally admitting that the price increases are not a region only event as many including you have been saying.
There is no supply problem here in the Southeast and demand has not gone up but yet the prices jump to new records because Phoenix busts a pipe and the Northeast goes dark.
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