OIL IMPACT DISCUSSION

The current US cost of Gasoline is $2.61 What will the national average be by next weekend?

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CNN right now: Gas lines, $4.99/gallon, $10 limits in Atlanta. :shock:
 
This morning it was $2.69 in St. Louis and projected to go up another 30-40 cents in the next couple of days. We are already talking here at work about carpooling (either that or we can all ride bikes).


edit: it is now $3 here
 
I think that's just Atlanta... here in Champaign, IL, prices at the gas station up the street has prices ranging from $2.99 to $3.19 a gallon, with no lines. So it hasn't gotten here.
 
are the lines and 4.99 price just in Atlanta or is this nationwide?
Click to expand...

It's not nationwide, YET. Prices in Dallas are averaging $2.79 this afternoon, but the rise seems to be slow and steady and not a massive spike. The only lines I've seen are at the lowest priced stations, I just passed a Shell station two hours ago that was $2.69 and it had a line two cars deep on every pump. Have no idea what tomorrow and the weekend will bring.

Aaron
 
Most everything in the Milwaukee Metro is $3.29 and higher. Up in Sheboygan this morning it was still $2.77, but I saw one station making the signs say $2.99.

$4.00 here we come.
 
Charleston, West Virginia, Wednesday afternoon:

gas831.jpg


I went back home and got my hurricane-chasing fuel reserve containers (3 5-gallon containers) and returned to the station to fill them up in preparation for a possible crisis. I had almost completely filled the third and final container when the pumps ran out of 87 octane gas! All of the stations I saw in town were out of 87.
 
as predicted

gas today is up to 3.07 for regular here...had a call from a neighbor...wanted to know what i was planning to do with my 3 cylinder sprint...haha...told em i was fixin to put it back on the road for me...at 42 mls pr gal...its worth it to do that...i figure by weeks end gas will be closing in on 3.50 - 4 pr gal here...
 
BP Card

I recently got a bp visa and for the first 2 billing cycles you can get 6% back on first 2 billing cycles after that it's 3%. The 6% back will save you 18 cents a gallon at $3.00 prices. Seems alot better than some cards I have seen that only offer 3-5 cents a gallon discount.
 
Quite the opposite over here in Bloomington, IL. $3.19-$3.25 a gallon, but no lines. The gas stations are -empty-. I've been watching one across the street for the last hour. -1- car; and he couldn't have pumped more then a few gallons.
 
In Wichita Ks the price is anywhere from $2.89 to $3.09 this evening, this morning was $2.79, when I tipped off my tank. Not alot of activity just people going with the flow. Monday is was $2.56.
 
"NEW YORK (CNN/Money) - Consumers can expect retail gas prices to rise to $4 a gallon soon, but whether they stay there depends on the long-term damage to oil facilities from Hurricane Katrina, oil and gas analysts said Wednesday.

"There's no question gas will hit $4 a gallon," Ben Brockwell, director of pricing at the Oil Price Information Service, said. "The question is how high will it go and how long will it last?"

HOLY SMOKES!!!
 
"There's no question gas will hit $4 a gallon,"
Click to expand...

That's a $100 fillup for an Escalade... $104 to be exact. Wondering if that will be the first $100+ fillup for an unmodified consumer vehicle.

Tim
 
We've got almost $0.25 discrepencies between station, but $3.09 was the high for the day here in Manhattan. Oddly enough, it is also a BP station. Since that matches some of your other reports from BP stations, I am wondering if that is uniform across similar regions right now for their stations.

Tim
 
I was watching Oreilly Factor earlier today and he said he felt the price of oil was primarily price gouging by the Arabs and Opec.
 
(NOTE: It is not my practice to double-post, and I discourage it. However, I think this story meaningful enough to post in this forum. MP)

I would encourage folks to take note of those prices that seem like the upside outlier. The $2.99 when everyone's at $2.85... etc. Document it. Get a gallon and keep the receipts. If someone jumps 20 cents or more and then a day passes and no one else does, then that's a reason to call your attorney general's office.

In most cases, price gouging isn't just the $6 gas you see on TV. It's those folks who are tacking on an extra quarter or fifty cents. We had a gas station here that was at $2.99 when everyone else was at the low $2.80s. I walked up (with cameraman) to talk to the folks filling up, just telling them they were at the highest place in town. After 10 minutes, the worker inside came out with a phone, and I thought he was going to tell us to get off the premises. (for those who don't know, if there's not a no trespassing sign or marker, you can go onto public-access property until you are told to leave. If you then don't obey, you're trespassing.) Instead, he handed me the phone. The owner was on the other end.

I only told him my name, and my media affiliation. Without saying anything, he said. "2.99 is a mistake! That's a mistake! The (person inside working) made a mistake! It should be $2.89... $2.89!!!. Again, funny thing, I never asked him a single question, or even mentioned to any employee his prices.

It's always a red flag when someone either denies something, or says something was a mistake, before you have even asked the question. Perhaps he was telling the truth, that it was really a mistake.

(eyes and ears open)
mp
 
(NOTE: It is not my practice to double-post, and I discourage it. However, I think this story meaningful enough to post in this forum. MP)

I would encourage folks to take note of those prices that seem like the upside outlier. The $2.99 when everyone's at $2.85... etc. Document it. Get a gallon and keep the receipts. If someone jumps 20 cents or more and then a day passes and no one else does, then that's a reason to call your attorney general's office.

In most cases, price gouging isn't just the $6 gas you see on TV. It's those folks who are tacking on an extra quarter or fifty cents. We had a gas station here that was at $2.99 when everyone else was at the low $2.80s. I walked up (with cameraman) to talk to the folks filling up, just telling them they were at the highest place in town. After 10 minutes, the worker inside came out with a phone, and I thought he was going to tell us to get off the premises. (for those who don't know, if there's not a no trespassing sign or marker, you can go onto public-access property until you are told to leave. If you then don't obey, you're trespassing.) Instead, he handed me the phone. The owner was on the other end.

I only told him my name, and my media affiliation. Without saying anything, he said. "2.99 is a mistake! That's a mistake! The (person inside working) made a mistake! It should be $2.89... $2.89!!!. Again, funny thing, I never asked him a single question, or even mentioned to any employee his prices.

It's always a red flag when someone either denies something, or says something was a mistake, before you have even asked the question. Perhaps he was telling the truth, that it was really a mistake.

(eyes and ears open)
mp
Click to expand...

if people are willing to pay it why not? thats not price gouging anymore than a car dealer charging MSRP when it really only has to charge 5 dollars over invoice.
 
Gas in SE MI is now above $3 in many places, with the BP down the street from me selling gas at $3.40 a gallon. I only suspect that we will reach $4 by Friday...
 
In reference to above, it was explained to me by a local economist that stations do "hedge" against their next load of fuel. That is, if they know that their next load would require a price of three bucks, then they would jump their prices to that point.

Because when prices fall, they will have other stations at, say, three bucks when the next load is only $2.60.

That's supply and demand. That's hedging, and rightfully so, against the next load.

However, the "jumps" today have not been to nearly three dollars... but $2.90 instead.

When one jumps to above what eventually becomes the price, then there is opportunity taken. Plain and simple.
 
I was watching Oreilly Factor earlier today and he said he felt the price of oil was primarily price gouging by the Arabs and Opec.
Click to expand...

Consider the source! :roll:


Prices finally jumped, from ~2.51 to ~2.89, today in Tucson.
I bought two 5 gal containers Sunday, and am 'stockpiling' :p 10 gallons, about 3 week's commuting gas.
Before too long, I'll be able to sell my 200,000 mile Mazda econobox for a small fortune, and retire! :)

-Greg
 
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