Got Gas? U.S. Economy to Worsen as Gas Prices Skyrocket

[Doppel]

Up a dime here today, now at $4.41 for regular, was sitting at $4.31 for the month of July.

Looks like the Labor Day push for $5 or higher is getting into gear.

I don't even have to check chicago gas prices to know you're lying.

 

[Londo_Jowo]

I don't even have to check chicago gas prices to know you're lying.

The last link he posted exposed his lies.

http://www.suntimes.com/news/metro/6703522-418/survey-gas-prices-here-highest-in-nation.html

AAA’s daily fuel report shows the price for a gallon of regular gas in Bridgeport, Conn., was $4.13 on Sunday, 12 cents higher than Chicago.

 

[dmcowen674]

Gas went up a nickle a day over the weekend, now at $4.44

Looks like Tropical system Emily heading towards the Gulf, look for huge jumps in gas with new excuse.

Just a matter of how fast will it be over $5 here in Chicago.

 

[Engineer]

Relevant to thread/title (Gas - Economy)

Consumers cut spending for first time in 20 months.

High gas prices and unemployment have squeezed household budgets this spring. Many Americans are cutting back on purchases of cars, furniture, appliances and electronics. Consumer spending is closely watched because it accounts for 70 percent of economic activity.

Employers have responded by reducing hiring. The economy added just 18,000 net jobs in June, the fewest in nine months. The unemployment rate rose to 9.2 percent, the highest level this year.

Double dip....here we come but make sure that the speculators and big oil gets theirs.....the economy be damned.

 

[mizzou]

Gas still around $3.54-3.59 near me, no reduction in price since oil fell from $98 to $94
......i think the gas retail dept. is waiting for the coming hurricane to keep from having to drop prices too soon.

I remember a year or so ago if you saw oil go up, you could get a fill up before the price increase the following morning. Now the price change will happen immediately based on data before the market closes. I.e., oil shoots up $2 bbl in the morning, gas stations already have their price increased.

But of course it takes weeks to reduce a price when there is a decrease in $bbl.

At least be consistent lol.

Ahhhhh, nothing we can do I guess. Just reduce consumption and deal with it.

 

[Doppel]

Gas will start creeping again nationally soon with oil down to low 90's.

 

[Engineer]

Gas will start creeping again nationally soon with oil down to low 90's.

Oil below $92 today...but gas at about half the stations between the house and work went from $3.54 to $3.78 today. What a crock!

 

[mizzou]

Oil below $92 today...but gas at about half the stations between the house and work went from $3.54 to $3.78 today. What a crock!

.10-.15 jump in prices this morning here as well

I would say thats fine lets keep it high and drag oil back down in tye 80s but the second we show an increase in consumption BOOM we will have a speculation we are back on track, oil market may get tight, and oil is back close to 100 overnight

Investors should hopefully figure out that the US cant grow with $3.00 or more for a gallon of fuel so i dont know how that translates into $ per bbl for oil but thats probably not the $90 range

As far as i can see, oil has been a shitty investment when piggy backed on the high end.

We will never see $100+ oil on a consistent basis because inflation hasnt caught up that far yet. Heck, most of us still get paid what we did years ago

 

[Engineer]

Heck, most of us still get paid what we did years ago

Just got my first raise since Jan. 2008.

(Well, I did get a raise by moving jobs but that was a have to case. This is the first raise I've gotten while working at one place since Jan 2008 - and I was cut 5% right after I got that one so most of 2008 was negative).

 

[dmcowen674]

Just got my first raise since Jan. 2008.

Congrats :thumbsup:

 

[Engineer]

Well, oil may have fallen like a SOB today but I feel that it was a huge part of why the economy is crashing and burning. Now, with no way to stimulate it, debt crisis out the rear, business not hiring (even with trillions of cash) and people not spending (regardless if gas comes down or not), we are in for a tornado of bad economic growth.

Thread title says it all....and was, IMO, 100% correct.

When you let a needed commodity be speculated on like it was (is), this is what you get. Yay for the free markets and capitalism on this one? Sure thing....

 

[TheSlamma]

$3.37 today.. SUV's all over the place still.. pissed

 

[Doppel]

Well, oil may have fallen like a SOB today but I feel that it was a huge part of why the economy is crashing and burning. Now, with no way to stimulate it, debt crisis out the rear, business not hiring (even with trillions of cash) and people not spending (regardless if gas comes down or not), we are in for a tornado of bad economic growth.

Thread title says it all....and was, IMO, 100% correct.

When you let a needed commodity be speculated on like it was (is), this is what you get. Yay for the free markets and capitalism on this one? Sure thing....

Yep, an already incredibly weak economy is not a fan of ~$4 gas. If we crash again hard enough I will not make the mistake of failing to buy in on oil ready for the next stupid speculative run up

 

[Engineer]

Per CNBC, oil down below $87 today. Big ass drop.

Now the pumps should drop easily $0.30 or more tomorrow, right? I mean, it always jumps up in price about that much on smaller jumps in oil...so it should drop fast now...

:hmm:

Edit: CNBC just reported oil in the $85.xx range. Still falling. Hope the fucking speculators, who have killed the world economy, lose their asses. :twisted:

 

[dmcowen674]

Still going up in New York and here in Chicago. Still over $4 in NY.
Went up a another nickel here in Chicago to $4.54, was $4.49

8-4-2011

http://www.newsday.com/classifieds/cars/gas-prices-expected-to-drop-soon-1.3073315

Gasoline inched up by about a penny on Long Island in the past week, but recent declines in crude oil prices suggest relief is on the way, experts said Wednesday.

Regular averaged $4.064 Wednesday in Nassau and Suffolk, according to the AAA. Crude oil prices have dropped by about $8 a barrel in the past two weeks, settling at $91.93 a barrel Wednesday, mostly on bad news about the U.S. and European economies.


Andy Lipow, president of Houston consulting company Lipow Oil Associates Llc, says that should lead to lower pump prices, provided that supplies are not interrupted by unforeseen events such as hurricanes.

 

[Doppel]

Gas will start dropping significantly unless for some highly unlikely reason oil rebounds another $10 in the next couple of days. It's basically crashing now.

The economy has never been healthy with high oil prices and its weakness will help pull them down as has always happened and is happening now.

 

[OBLAMA2009]

i paid almost $5 a gallon for diesel in san francisco yesterday. regular gasoline is already over $4 here in the bay area

 

[Londo_Jowo]

Still going up in New York and here in Chicago. Still over $4 in NY.
Went up a another nickel here in Chicago to $4.54, was $4.49

8-4-2011

http://www.newsday.com/classifieds/cars/gas-prices-expected-to-drop-soon-1.3073315

Gasoline inched up by about a penny on Long Island in the past week, but recent declines in crude oil prices suggest relief is on the way, experts said Wednesday.

Regular averaged $4.064 Wednesday in Nassau and Suffolk, according to the AAA. Crude oil prices have dropped by about $8 a barrel in the past two weeks, settling at $91.93 a barrel Wednesday, mostly on bad news about the U.S. and European economies.


Andy Lipow, president of Houston consulting company Lipow Oil Associates Llc, says that should lead to lower pump prices, provided that supplies are not interrupted by unforeseen events such as hurricanes.

Gas has dropped $0.10/gal in the past few days. Now at $3.39/gal and with my Kroger discount $3.29/gal

http://www.houstongasprices.com/Shell_Gas_Stations/Sugar_Land/113096/index.aspx

 

[BarneyFife]

I paid 4.09 for premium in Michigan this morning. Gas is barely moving. This country is a crock of shit

 

[Engineer]

Can anyone explain why gas hasn't dropped $0.30 to $0.40 the last few days? With oil down near the $84-$85 range and having dropped over $10 this week?

When oil went up by similar amounts, gasoline was instantly raised by $0.30+ within a day. Let's see how long it will take to "trickle down" on price.

The several stations that went from $3.56 to $3.78 (couple days ago) reversed course and went back to $3.56. A few stations dropped from $3.56 to $3.54.

 

[AznAnarchy99]

Can anyone explain why gas hasn't dropped $0.30 to $0.40 the last few days? With oil down near the $84-$85 range and having dropped over $10 this week?

When oil went up by similar amounts, gasoline was instantly raised by $0.30+ within a day. Let's see how long it will take to "trickle down" on price.

The several stations that went from $3.56 to $3.78 (couple days ago) reversed course and went back to $3.56. A few stations dropped from $3.56 to $3.54.

Cause they want to milk it for as long as they can rather than drop right away.

 

[Imp]

Can anyone explain why gas hasn't dropped $0.30 to $0.40 the last few days? With oil down near the $84-$85 range and having dropped over $10 this week?

When oil went up by similar amounts, gasoline was instantly raised by $0.30+ within a day. Let's see how long it will take to "trickle down" on price.

The several stations that went from $3.56 to $3.78 (couple days ago) reversed course and went back to $3.56. A few stations dropped from $3.56 to $3.54.

Because gas is bought months in advance through futures, and it takes time for the savings to trickle down!!!

Hopefully in a month or two the masses forget what the price of oil was, then we can rinse and repeat.

 

[Engineer]

Because gas is bought months in advance through futures, and it takes time for the savings to trickle down!!!

Hopefully in a month or two the masses forget what the price of oil was, then we can rinse and repeat.

Ah, but what about raising the price immediately? Shouldn't the price "trickle up" then instead of jumping through the roof immediately?

Oh, and there is a hint of sarcasm in my post as I know fully well why the system works the way it does....to make as much money as possible on the situation, the US economy be damned.

 

[dmcowen674]

When oil went up by similar amounts, gasoline was instantly raised by $0.30+ within a day. Let's see how long it will take to "trickle down" on price.

The several stations that went from $3.56 to $3.78 (couple days ago) reversed course and went back to $3.56. A few stations dropped from $3.56 to $3.54.

They call it Rockets and Parachutes.

Stations around here that raised prices Friday a nickel have dropped that nickel now.

 

[WhipperSnapper]

We need some sort of a large government effort to wean us off of inefficient vehicles and to make hybrids affordable and more common, and perhaps we need a Manhattan Project-like effort to develop electric cars. (Not happening with the Republican-tards in office.)