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September 14th, 2008, 11:40 AM #1Senior Member
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Clay County,
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Crude oil prices vs. Retail gasoline prices
According to an article on CNN money reports, crude oil prices slide below $100 per barrel on the NY Mercantile Exchange, settling out just over $101. The last time crude prices were around that price was Feb/March, and retail gasoline prices were between $3.00 and $3.20 per gallon for regular grade gasoline, according to historical data from the Department of Energy.
I mention this, because while Pres Bush said the authorities will be investigating price gouging on gas, post Ike, gouging is happening. Where I am in Florida, where the Gov has stated there has been no inventory disruptions, gas prices have gone up from 3.59 to 3.99 per gallon.
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September 14th, 2008, 02:38 PM #2
Re: Crude oil prices vs. Retail gasoline prices
yeah. i read something the other day, that while oil is down, gas prices will be up????
it's raising up here as well.
i saw it down around $3.39 some places. but now it's starting back up, some places jumped $0.10 over nite. most places, at this moment, are running around $3.59.
i'm, unhappily, expecting to $4.00++ plus by the end of the week.
what i've seen so far, which is not much, has been that the TX coast was pounded.it's only metal, we can out think it....
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September 14th, 2008, 03:01 PM #3
Re: Crude oil prices vs. Retail gasoline prices
Is there disruption in transportation from refineries to the stations or something along those lines? I have seen weird ancillary disruptions in a supply chain cause what seem to be odd price increase before.
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened."
- Norman Thomas, U.S. Socialist Party presidential candidate 1940, 1944 and 1948
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September 14th, 2008, 03:16 PM #4Grand Member
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Grove City,
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Re: Crude oil prices vs. Retail gasoline prices
In my book it's called price gouging!!!!!!!!!!!!!!!!!!
oracleThe oracle is in. Age and treachery will always overcome youth and skill!!
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September 14th, 2008, 03:27 PM #5Senior Member
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Clay County,
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Re: Crude oil prices vs. Retail gasoline prices
In most books it's called price gouging. I read the news snippet about the crude prices dropping below $100 briefly, then I wanted to see what the retail price was at the same crude price. I have no problem with free trade and supply and demand, BUT when the oil industry says it's out of their hands, the price is driven by stock market speculators. Then the retail price should reflect more closely the retail prices when comparable crude prices. In this case, $3 to $3.20.
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September 14th, 2008, 03:43 PM #6
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September 14th, 2008, 05:12 PM #7Grand Member
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Pennsylvania
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Re: Crude oil prices vs. Retail gasoline prices
Right now Sunday trading oil is down to $99 a barrel. Wholesale Gasoline is up 11 cents to $2.66 per gallon. With shipping, profit, and taxes add about 65 cents to that. 49.5 cents is taxes.
Bloomberg energy prices
Oil is down because for the next two months or more the oil usage in western Texas is going to drop dramatically.
Businesses are damaged some beyond reopening. Others will be closed for up to two months or more due to the almost total destruction of the electrical grid. No electricity at work means in most cases no job. Thus no need to drive to work.Last edited by ALS; September 14th, 2008 at 05:18 PM.
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September 14th, 2008, 05:30 PM #8Senior Member
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Westport,
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Re: Crude oil prices vs. Retail gasoline prices
I saw on Fox News yesterday that since the last time crude oil prices were at this level prices went up 30% but have only gone back down 9%. They had a spokseman from the Dept. of Energy who said that you should go to their web site and report anyone who has raised the price more than 20 cents since the hurricane and they will eventually be fined for price gouging.
If the price has only gone down 1/3 as much as it went up I think we are getting screwed and according to the DOE spokesman the refineries have lowered the price as much as it went up so guess who is screwing you, your friendly local dealer.
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