Hurricane Ike and gas prices / oil infrastructure

[JP Santiago]

Haven't really noticed any significant change in gas prices here in my area (Grapevine Lake, DFW area). I gassed up the Family Truckster Thursday at an Exxon in Grapevine for $3.39/gal and drove by there this morning, same prices, no lines.

 

[B Ozanne]

Judging by the oil/gas markets this morning the world thinks Texas/Gulf infrastructure mostly weathered the storm or the world's economic problems far outweigh Ike.

As of 7:30ish Oil was down 5.5% and wholesale gasoline was down close to 8%.

 

[Van DeWald]

Well, considering that the market dropped just slightly more than 500 points today and oil closed down $5 a barrel, I think B Ozanne is right, there are far more serious economic issues that are affecting us right now.

 

[Marc Austin]

Everybody went crazy here in Florida yesterday. Lines were so long. People were cutting other people off to get there first. Most stations were limiting every vehicle to only 10 gallons so everyone could get some. Some of the pumps at some stations have run dry.

As for prices...normally, in Gainesville, we typically have an average price of about $3.75 per gallon. Today, it was about $3.99 per gallon. In Tallahassee, my brother found one station that was $5.35 per gallon. I think that station is just taking advantage of the situation. We'll see what happens tomorrow.

I filled my tank up just in case. It only holds 11 gallons. Wasn't a problem and I went to a gas station in an area less dense.

The hype here in Tallahassee, FL didn't hit until Friday when you couldn't find a gas station with less than 25-30 cars lined up. All gas stations ran out of gas in Tallahassee, even some who sold gas at over $5 a gallon. As of today(monday), most stations are still out of gas and the few I have seen have averaged around $4.20 a gallon. So while many aren't experiencing price increases, the Gulf coast certainly is. I don't expect it will go down much over the next two weeks, despite the fact that the price of oil has dropped significantly in the last few months. More profit for the local gas stations!

 

[Brett Adair]

When I drove through Louisiana during the storm the fuel prices were around 3.49/gallon at most locations. However, back home in Central Alabama the idiots drove the demand in a mass freaking panic and sent prices to 4.19-4.49/gallon. This is 100% ridiculous....and prices are still very high in my location.

 

[Marc Austin]

When I drove through Louisiana during the storm the fuel prices were around 3.49/gallon at most locations. However, back home in Central Alabama the idiots drove the demand in a mass freaking panic and sent prices to 4.19-4.49/gallon. This is 100% ridiculous....and prices are still very high in my location.

This is the same thing that happened here in Tallahassee. Many stations are still out of gas as of today. I'm sure the price will remain high for a couple of weeks at least, even thought oil prices are still dropping.

 

[Randy Denzer]

Prices went up about 10 cents here in Austin. Those stations selling gas for over $5.00 should be charged with price Gouging. You should report the stations to the state attorney general...

 

[Rob Satkus]

Several stations in Norman dropped .10 -.11 cents today, ranging from $3.52 - $3.72 in the south part of town.

RS

 

[Shane Adams]

Several stations in Norman dropped .10 -.11 cents today, ranging from $3.52 - $3.72 in the south part of town.

RS

A co-worker received a phone call today from a friend who said one of the Homeland stores in Norman was at $2.61. No way to confirm this on my end though.

 

[Andrew Pritchard]

A co-worker received a phone call today from a friend who said one of the Homeland stores in Norman was at $2.61. No way to confirm this on my end though.

That sounds a lot like a gas station that closed down a while ago, but still has prices hanging up. If not, I'm moving to Oklahoma.

Prices were down to $3.55 here until Saturday when they raised them about 10 cents every 3 hours. I got it for $3.75 around noon, and they were $3.99 by nightfall. They still remain a cent below 4 bucks. Was no rush, lines, panic or anything... just a casual hourly raise of their prices. Meanwhile, oil falls again.

I like that they can raise gas prices in anticipation of oil going up, but when oil is actually falling, they don't seem to give a damn.

Has anyone even realized that oil is now selling for almost $90 a barrel? Last time oil was this low we were paying about $2.75/gallon.

 

[Linda Kitchen]

The Arizona Republic reported this morning that there has not been an increase in gas prices here in Phx. I got gas, thinking it would go up, before the Hurricane hit. I'm pleasantly surprised that the prices here have stayed the same.

 

[Scott Weberpal]

Prices were down to $3.55 here until Saturday when they raised them about 10 cents every 3 hours. I got it for $3.75 around noon, and they were $3.99 by nightfall.

That stinks! In Wisconsin it's law that gas stations can't change the price more than once in any 24 hour time period.

 

[Andrew Pritchard]

That stinks! In Wisconsin it's law that gas stations can't change the price more than once in any 24 hour time period.

I'm not aware of any law like that being in place here. If that were the case, they were breaking it all kinds of ways. It's so obviously a crime. I mean, you already PAID for the gas that is in your underground tanks at the gas station, so explain to me how every few hours you realize that "oh, actually, now it cost us THIS much to break even".

I kid you not, on CNN.com Sunday night two headlines right on top of each other read as follows:

Fuel prices surge due to Ike
Oil prices plummet below 99, Supplies Relaxed

What a surprise, Ike wasn't as bad as they feared either. So I'm guessing sometime this week gas prices should plummet now that they figured out the rise wasn't needed, right??

I know there is no point in ranting about it because that's just the way it's going to be right now, but sometimes you just need to let it out, yeah?

I guess that's the one thing that bothers me so much. You don't raise your prices because you're afraid something might happen, and then when it doesn't pan out just forget it ever happened. You raise your prices once your **** is really messed up and I won't complain about paying a little more. I'm so sick of this speculation crap.

 

[B Ozanne]

I kid you not, on CNN.com Sunday night two headlines right on top of each other read as follows:

Fuel prices surge due to Ike
Oil prices plummet below 99, Supplies Relaxed

CNN blew that one, but their theory was correct.

Remember that oil and gas are related but not perfectly. If refineries are expected to be shut down oil will fall because refineries consume oil and gas will rise because they wont be producing gas.

Gas stations tend to raise prices ahead of time because they have to replace what gets sold. I do not envy gas station owners. They sell huge volumes for very small profit margins. And if they guess or bet wrong on future gasoline prices they can get wiped out.

 

[Nick Parker]

I have a good friend who works down in the Gulf doing underwater welding for an oil rig repair company (the name has evaded me for the moment) but he just emailed me last night and said the damaged oil rig count was up to 49 and was probally going to end up around the 75 mark.