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

[WhipperSnapper]

Is the national average price at a record right now, and if so, what does it portend for this Summer? Wasn't it higher at this time a year ago?

 

[dmcowen674]

Is the national average price at a record right now, and if so, what does it portend for this Summer? Wasn't it higher at this time a year ago?

I don't know about the record high for January for the Country but it is for Illinois and Indiana according to local CBS news here.

Breaking News:
Up to one Third of U.S. Refineries may to shut down due to strikes by the Union employees.

1-31-2012

http://www.reuters.com/article/2012/01/29/us-usw-labor-refinery-strike-idUSTRE80S0HS20120129

The United Steelworkers union told U.S. refinery workers to prepare to offer safe and orderly refinery shutdowns prior to a strike that could begin as early as 12:01 a.m. Wednesday

About six percent of U.S. refining capacity was expected to shut down when workers walk off their jobs, sources familiar with refiners' plans have said. Another five percent is expected to shut if a strike lasts up to three months.


The last nationwide strike by refinery workers was in 1980 and lasted three months.

The Steelworkers represent workers at refineries accounting for almost two-thirds of national refining capacity. Because not all contracts between local unions and refiners expire on February 1, only about a third of U.S. capacity would be immediately affected by a strike, if one takes place.


Most refiners plan to continue operating their refineries using salaried employees trained to operate production units.

 

[Doppel]

EDIT: Oops, brain freeze I wasn't reading properly. Anyway, historical gas prices can be seen at any <cityname>gasprices.com, Click chart on left and then you can pick USA average and go back 4 years to include 2008.

 

[dmcowen674]

Did we bomb Iran today?

What caused over 40 cent jump at the pumps today?

Now around $4.50 in Chicago and around $4 in the burbs.

Looks like will be back around $5 very soon in Chicago just in time for the G8 Summit.

 

[dmcowen674]

Looks like around June 16th gas will be ~$5.50 in Chicago

At least 50 cents or more than the rest of the country.

Gasbuddy is predicting Chicago average to be around $4.95 so that is how I am basing some downtown stations will be around 50 cents higher than that.

So pucker up Chicagoans

1-14-2012

http://articles.latimes.com/2012/jan/14/business/la-fi-gas-prices-20120114

$4 gasoline coming this spring, and may near $5 by summer, analysts say



Get ready to pay $4 a gallon or more for gasoline this spring, with possible records close to $5 over the Memorial Day weekend, analysts said.

"Motorists who drive a SUV may want to consider calling their banking institution and obtain a credit-limit increase so they can afford this summer's fuel expenses," quipped Patrick DeHaan, senior petroleum analyst for GasBuddy.com.

Look for a springtime U.S. average of $4.05 for a gallon of self-serve regular gasoline, said Tom Kloza, chief oil analyst for the Oil Price Information Service.

California's average would be higher than the U.S. average, Kloza said, adding that he didn't expect it to hit the state's record of $4.588 a gallon.

GasBuddy.com is predicting record spring prices in several cities, including Los Angeles, San Francisco, Chicago, Dallas, Detroit, Miami, Minneapolis, New York, Philadelphia and Seattle. Los Angeles could see $4.70 a gallon. Chicago could see $4.95 a gallon.

 

[CZroe]

If you think that gas prices have been increasing lately, it's not your imagination. $3/gallon used to be reserved for the summertime, but it's already here in December and it could get even higher before the year is out. Perhaps we'll cross the $4/gallon barrier this summer.

Higher gas prices should worsen an already awful U.S. economy and job market.

Gas Prices on Track for Unseasonable Spike

(Aren't you glad you bought that economy car now and not that big gas guzzling SUV you wanted?)

OP: Why do you call $4 a gallon a "barrier" to be "crossed?" It's already been broken. Where have you been? It's been damn close to $5. Now it's just a high point to reach. A bar/benchmark to be "crossed."

 

[WhipperSnapper]

OP: Why do you call $4 a gallon a "barrier" to be "crossed?" It's already been broken. Where have you been? It's been damn close to $5. Now it's just a high point to reach. A bar/benchmark to be "crossed."

Did you look at the date of the original post?

 

[WhipperSnapper]

In other news, the specter of war with Iran seems to be helping to prop up the prices. The oil companies must be happy.

 

[CZroe]

Did you look at the date of the original post?

Yes. It's barely more than a year ago. Gas prices broke that barrier YEARS earlier.

 

[paperfist]

In other news, the specter of war with Iran seems to be helping to prop up the prices. The oil companies must be happy.

Yupp playing right into their hands!

 

[WhipperSnapper]

According to the national news, the price is now higher than it's ever been or at least close to it for this time of year. It might be driven by unrest in Syria, Iran's threat to close the Strait of Hormuz, and the prospects of Iran's developing nuclear weapons.

Still happy you bought that gas guzzling SUV or big ass pickup truck?

 

[Londo_Jowo]

Still happy you bought that gas guzzling SUV or big ass pickup truck?

Yes, it's nice to have a car (SUV) big enough to carry children and their friends to football, soccer, and baseball games.

 

[desy]

I was looking to buy an Acadia or minivan but as I mentioned over in the car forum I was worried about peak oil , so we bought an Altima instead. The few times a year where we carry more than it will hold we will drive the Versa too

 

[Keeper]

I wonder what the true breaking point of the American public is. I'm pretty close to my own breaking point, here. I've made more money each year for the past five years, and I have almost nothing to show for it. I'm getting kind of sick of it.

Being a numbers kinda guy........ I have detailed spreadsheets of my income and expenses. Starting 4 years ago (I work for a LARGE multinational company). there was NO raise 4 years ago, and then TOKEN 2-3% raises the next two and then a FAT *sarcasm 3.8% raise this year.

I have LESS free income today than I did 4 years ago. I just paid close to $720 for a 200 gallon oil delivery here. $3.59 and I had a coupon. Most of the "Biggies" are in the 4.10 range now. I use "gypsies" now, change my own filter on my oil tank and have it tuned up every other year. (Its a new head, so annual tune-ups are not my priority, maybe next year).
Thats where I make up for it. Little things. I drive a motorcycle and so does my wife. 225 to change and balance a tire. AND THATS ME BRINGING THEM THE TIRE OFF THE BIKE.
50 bucks in Harbor Freight, 2 hours of sweat, some cursing.... I have changed 3 tires to date and the tools were paid for after the first one. Tires go for 140 to 160 for our bikes.

My sons LAUGH at me. 53 years old and I think I have paid for 4 oil changes in my life.
Wait for sales.... Buy the oil and oil filter.. Store till needed.
I average ~14 bucks a change. Local Gas station... 22.
I will take the 8 dollar savings.... Sure, I burn a half hour, but its me, my wrenches, my Ipod in my garage. Its a little therapy too. No doubt.

Vacations... Man those are killas. We drove to Tenn. last summer. Wanted to hit the Dragon.
We stay in Best Westerns.... and we tow the bikes.
The gas bill was ridiculous. My tiny dakota pulling a trailer with 2 bikes....
YOWZA.

I too am sick of it. But not much is going to change. My days of working two jobs, are LONG behind me. Of course I would if it meant benefits or not losing my house.
Hell, my "Triple Play" runs out next month. I cant IMAGINE paying 200 plus for cable, phone and TV. Verison is SUPPOSED to be in my area this month.... I hope every other year I can switch LOL....
These are tough times, and frankly, we have little power. Lots of choices, little power.


I now relinquish the soap-box. (Looks around sheepishly).

 

[The-Noid]

Filled up for $2.79 in Colorado yesterday outside Denver.

 

[blackangst1]

Being a numbers kinda guy........ I have detailed spreadsheets of my income and expenses. Starting 4 years ago (I work for a LARGE multinational company). there was NO raise 4 years ago, and then TOKEN 2-3% raises the next two and then a FAT *sarcasm 3.8% raise this year.

I have LESS free income today than I did 4 years ago. I just paid close to $720 for a 200 gallon oil delivery here. $3.59 and I had a coupon. Most of the "Biggies" are in the 4.10 range now. I use "gypsies" now, change my own filter on my oil tank and have it tuned up every other year. (Its a new head, so annual tune-ups are not my priority, maybe next year).
Thats where I make up for it. Little things. I drive a motorcycle and so does my wife. 225 to change and balance a tire. AND THATS ME BRINGING THEM THE TIRE OFF THE BIKE.
50 bucks in Harbor Freight, 2 hours of sweat, some cursing.... I have changed 3 tires to date and the tools were paid for after the first one. Tires go for 140 to 160 for our bikes.

My sons LAUGH at me. 53 years old and I think I have paid for 4 oil changes in my life.
Wait for sales.... Buy the oil and oil filter.. Store till needed.
I average ~14 bucks a change. Local Gas station... 22.
I will take the 8 dollar savings.... Sure, I burn a half hour, but its me, my wrenches, my Ipod in my garage. Its a little therapy too. No doubt.

Vacations... Man those are killas. We drove to Tenn. last summer. Wanted to hit the Dragon.
We stay in Best Westerns.... and we tow the bikes.
The gas bill was ridiculous. My tiny dakota pulling a trailer with 2 bikes....
YOWZA.

I too am sick of it. But not much is going to change. My days of working two jobs, are LONG behind me. Of course I would if it meant benefits or not losing my house.
Hell, my "Triple Play" runs out next month. I cant IMAGINE paying 200 plus for cable, phone and TV. Verison is SUPPOSED to be in my area this month.... I hope every other year I can switch LOL....
These are tough times, and frankly, we have little power. Lots of choices, little power.


I nnow relinquish the soap-box. (Looks around sheepishly).

/OT on

I envy you for hitting Deal's Gap. Thats in my top 5 rides before I die. One of these days I'll get out there with wifey...

/OT off

 

[dmcowen674]

Filled up for $2.79 in Colorado yesterday outside Denver.

Damn, a dollar more here.

That bites

 

[Keeper]

/OT on

I envy you for hitting Deal's Gap. Thats in my top 5 rides before I die. One of these days I'll get out there with wifey...

/OT off

/OT on

DO IT.... Its amazing. So many twisties. 3 times on the way to it I thought we were on it. The road leading up to it is called Hell Bender 48. Its teh route the "Shiners" ran to lose the police. CRIPES, that road rivaled the dragon.

/OT off.
:sneaky:

 

[dmcowen674]

I envy you for hitting Deal's Gap. Thats in my top 5 rides before I die. One of these days I'll get out there with wifey...

I used to live near there when was in Georgia and rode it all the time.
Great ride starts in North Georgia and crosses into North Carolina.

I didn't know it was such a big deal until after left Georgia.

It's been 9 years since had my motorcycle already

Miss my 83 shadow

 

[dmcowen674]

Oil back well over $100, now over $101

Gas already jumped ~20 cents at pumps here today.

2-13-2012

http://finance.yahoo.com/news/oil-rises-greek-vote-iranian-162020395.html

Oil rises on Greek vote, Iranian supply concerns

Oil prices rises near $101 as Greece OKs spending cuts; tankers steer clear of Iranian crude


Crude prices also got a boost from renewed tensions about Iran's oil supplies after some shipping companies said they will stop loading Iranian crude onto tankers because of pending U.S. and European sanctions against Iran.

Gas Prices are shown at a gas station Monday, Feb.13, 2012, in Portland, Ore. The national average has increased 12.3 cents per gallon during the last month and stands 34.8 cents per gallon higher than this day one year ago.

 

[Born2bwire]

Oil back well over $100, now over $101

Gas already jumped ~20 cents at pumps here today.

2-13-2012

http://finance.yahoo.com/news/oil-rises-greek-vote-iranian-162020395.html

Oil rises on Greek vote, Iranian supply concerns

Oil prices rises near $101 as Greece OKs spending cuts; tankers steer clear of Iranian crude


Crude prices also got a boost from renewed tensions about Iran's oil supplies after some shipping companies said they will stop loading Iranian crude onto tankers because of pending U.S. and European sanctions against Iran.

Gas Prices are shown at a gas station Monday, Feb.13, 2012, in Portland, Ore. The national average has increased 12.3 cents per gallon during the last month and stands 34.8 cents per gallon higher than this day one year ago.

20 cent jump in one day? You don't say...

 

[Londo_Jowo]

20 cent jump in one day? You don't say...

I can see you didn't get the memo, McOwned lives in Elgin over 20 miles away from Chicago.

http://www.illinoisgasprices.com/Elgin/index.aspx

 

[dmcowen674]

2-15-2011

http://news.yahoo.com/oil-prices-climb-iran-stops-europe-exports-175544016.html

Oil prices climb as Iran stops some Europe exports


Oil prices are climbing after Iran said Wednesday it will cut off some crude exports to Europe in retaliation for a planned embargo later this year.

Stopping Iranian shipments means European refineries will have to find new sources of oil sooner than expected. The European Union, which buys about 18 percent of Iran's total crude exports, had planned to embargo Iranian oil this summer to pressure the country to abandon its nuclear program.

The EU embargo, announced last month, was planned to begin after July to give refineries time to switch their supply contracts to other countries. Iran's move could force them to switch those contracts faster, increasing demand in the short term.

Retail gasoline prices rose by less than a penny to a national average of $3.52 per gallon, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular is 13 cents more than it was a month ago and 39 cents higher than at the same time last year.

 

[EagleKeeper]

So Iran cuts off oil to Europe.

They need to export it to survive - therefore some has to pick up the slack or Iran is hurting itself.

So these European countries will then get it from another ME country. And that country's previous customer will get it from Iran.
Big shell game until there are not enough customers for Iranian oil.

 

[Londo_Jowo]

Looks like you can still buy regular gas in Elgin for as low as $3.35/gal

http://www.illinoisgasprices.com/Elgin/index.aspx