$3.09/gal here in WV. :(
$3.09/gal here in WV. :(
Was $2.89 here at 4:15 PM....probably went up another dime since then....after all, the oil company CEO needs another beach vacation home to add to his collection. He only has 67....can't have an odd number!
$3.09 g** d***, i thought 2.85 was bad.
Experts: $4 a gallon gas coming soon
August 31st, 2005 7:00 pm
By Grace Wong / CNN/Money
NEW YORK - 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?"
OPIS tracks wholesale and retail oil prices and provides pricing information for AAA's daily reports on fuel prices.
Brockwell said with gasoline prices now exceeding $3 a gallon before even reaching the wholesale level, it "doesn't take a genius" to expect retail prices to hit $4 a gallon soon.
"Consumers haven't seen the worst of it yet," Brockwell said.
He expects consumers in the Southeast and Northeast to be pinched first, following the impact of Hurricane Katrina on the Gulf Coast region.
Katrina pressures gas supplies
Katrina forced operators to close more than a tenth of the country's refining capacity and a quarter of its oil production, which sent gasoline prices surging.
Two major pipelines that supply gasoline to key terminals and distribution centers within the eastern U.S. were shut down due to power outages caused by the storm. (Video of Energy Secretary Samuel Bodman discussing U.S. plans to tap strategic oil reserve to help refiners -- 4:16. Click here to watch.)
Colonial Pipeline said it hopes to be back in partial operation soon, while the date of Plantation Pipeline's restart is not clear. Each day the pipelines are closed, supplies get backlogged and distribution centers must rely on reserves.
"With this kind of hiccup in refinery capacity, in stretched markets like California, you could see over $4 a gallon in gas," Evan Smith, an analyst at U.S. Global Investors, told CNN/Money.
While it's still too early to fully assess the damage caused by Katrina, efforts to build up inventories of crude oil, natural gas and other products like gasoline will be set back by the storm, according to Nariman Behravesh, chief economist at Global Insight.
In a research note, Behravesh laid out a worst-case scenario that puts average prices for regular unleaded gasoline at about $3.50 a gallon for the next four to six months.
"The impact on consumer spending in such a scenario would be very dramatic, cutting the growth rate by as much as 3 percent and pushing real GDP growth in the fourth quarter closer to zero," he wrote.
In a best-case scenario, he forecast retail pump prices to peak at $3 a gallon for a couple of months, but then fall back to around $2.50 by year-end.
The nationwide average price for a gallon of regular unleaded hit a fresh high of $2.619 Wednesday, according to AAA, the largest U.S. motorist organization, formerly known as the American Automobile Association.
Average gasoline prices have gained 40 percent in the last year.
Prices for crude oil are also up sharply and are currently hovering near record highs just under $70 a barrel.
$4.38 where I live. Guess that's why we don't see many SUVs in Chile!
We get 70% of our oil from other countries.
this is because the enviromental agencie has enough power of attorney to stop us from pumping our own.What are they thinking?
I think these S.O.Bs.Are getting paid by the Saudis.
If this is the case Its Treason. Either that or their U.N. lackeys.
Anyway I'm paying 3.08 per gallon.
Heres to O.P.E.C. The U.N. and all the Hate America 1st crowd (E.P.A. P.E.T.A.Hollywood etc. etc.).
Is that really true? Because this website seems to claim that the United States is the third biggest oil producer in the world.Quote:
Originally Posted by psycho9985
It would seem the US's biggest problem is how much oil we consume each year. According to that same site, the US consumed nearly 21 million barrels of oil each day in 2004. The second highest consuming country in 2004 was China, but they only consumed six and a half million barrels a day. If those figures are accurate, that's astonishing.
Nick that has to be old or false.Because we do import 70% of our oil from foreign countries.Some overseas stuff could come from American owned Companies but a very low % and we do have to pay rent on those sites,and believe me It aint cheap.
if we are bringing in oil to this Country from foreign countries that totals 70% how on earth are we #3.
$2.89 here in VA today.
I thought I heard that we sell some of our oil to other countries. That could explain how we could be third in production and yet still a big importer of oil.
I guess I had better put good gas mileage high on my list of requirements for the new car.
In the UK we pay $8 a gallon ............ you guys have a ways to go yet
I can't confirm the accuracy of the site, but I assume that a .gov site would know it's information.Quote:
Originally Posted by psycho9985
The numbers the site presents is that the United States produced 8.69 million barrels of oil a day in 2004. It also says the US consumed 20.7 million barrels a day in 2004, and imported slightly over 12 million barrels a day. We consume nearly two and a half times what we produce, and some of what we produce is exported. So it would make sense that a large share of what we consume is imported.
According to the U.S. Bureau of the Census, the estimated current population of the United States is slightly over nearly 295 million. The population of China is around 1.3 billion. The population of Japan is around 127 million. Yet we consume more than triple the oil that China does, and nearly four times as much as Japan.
This only highlights how desperate we should be to come up with alternative renewable fuel sources.
Between 4:15 PM and 9:00 PM, another 20 cent rise last night.
The little boy in the governor's office wants an investigation into price gouging.
The prices have risen 70 cents in a week...how can anyone assume price gouging? (sarcasm intended)
$3.25 HERE IN MASSACHSUETTS
I paid $3.19 for mid-grade unleaded this morning. First time I've ever paid more than $3/gallon.:down:
You want a history lesson in gas pricing? A BP station in The Hollow went from $2.44 to $2.69 to $2.99 to $3.09 to $2.99 in an 11 hour span yesterday - this despite the news being just as bad as it was the previous couple of days.
So excuse me if I get back on my soapbox of discontent. A question was asked about the news reports of gasoline shortages at various stations around the country and whether that doesn't justify the rise in prices in order to curtail demand. Unfortunately, the issue about supply and demand relates to the chicken-and-the-egg question. Which came first?
I submit the initial shortages were artificially created. When Speedway raised its price for regular from $2.52 to $3.09 in the morning did that reduce demand? Economics 101 tells you it should have. But to the contrary it increased demand. Yes that is right. Contrary to the talking heads' PR spin, demand increased. What the rise in price at Speedway precipitated, was a stampede to the adjacent Shell station, which had left it had $2.57. Lines were formed by people who could quickly calculate that a fill-up was going to cost them about $5 -$10 more if they didn't act immediately.
So it point of fact, the immedate supply was constricted by the demand for a higher price. So when someone says supply and demand again, pause for a moment and ask yourself if they are nothing more than two sides of the same coin not controlled by market forces.
I now return you to your regularly scheduled dearth of journalistic investigation.