Author Topic: So what's everone paying for gasoline?  (Read 384518 times)

Scout26

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Re: So what's everone paying for gasoline?
« Reply #1150 on: August 22, 2017, 05:58:23 PM »
"produce more of our own"


NO! NO!

We have it on the highest and best authority that we cannot drill our way to lower prices!




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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1151 on: August 25, 2017, 05:17:51 PM »
Prepare for a spike in gas prices.

Gulf coast refineries are shutting down production because of Harvey.

Gasoline futures have been rising most of the week.

This afternoon one station I pass regularly had jumped a dime.

Yesterday my local Citgo was $2.25, this morning around 5:30 when I stopped it was down to $2.21; this afternoon when I passed it on the way home it was up to $2.26.

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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1152 on: August 29, 2017, 08:38:15 AM »
And this morning the Citgo near my house had gone up 13 cents a gallon over yesterday afternoon.

I think the prices are only going to get worse until they get the refineries along the gulf coast back in operation. As long as there's no major damage it shouldn't be too long of a spike, especially with the end of the driving season coming.
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Hawkmoon

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Re: So what's everone paying for gasoline?
« Reply #1153 on: August 29, 2017, 09:08:21 AM »
And this morning the Citgo near my house had gone up 13 cents a gallon over yesterday afternoon.

I think the prices are only going to get worse until they get the refineries along the gulf coast back in operation. As long as there's no major damage it shouldn't be too long of a spike, especially with the end of the driving season coming.

Yep. The lowest-price station along my usual routes jumped 6 cents between 8:30 a.m. and 4:30 p,m. on Monday.
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Scout26

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Re: So what's everone paying for gasoline?
« Reply #1154 on: August 29, 2017, 10:20:41 AM »
Funny thing is, the prices will drop quick once the refineries are back (although that may be awhile).   On the radio this morning is that crude prices are dropping because the refineries are off line.   So there's a bottleneck now in the market.  Producers have no place to sell/send the crude, expect to see more ULCC's and VLCC's swinging at anchor. 
Some days even my lucky rocketship underpants won't help.


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Sweet memories to drive us on,
for the motherland.

K Frame

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Re: So what's everone paying for gasoline?
« Reply #1155 on: August 29, 2017, 10:22:06 AM »
Yep.

Ultimately, that is going to keep gasoline prices in check, because something like 70% of the cost of a gallon of gasoline is the cost of the crude oil.

And, it will be a triple whammy for gasoline prices, really...

Post Labor Day, refineries coming back on line, and the crude overabundance of crude isn't going down nearly as much or as quickly as OPEC had hoped.

And, possibly a fourth whammy in there... It's looking like compliance with OPEC's pumping freeze is at 75% and falling.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1156 on: August 30, 2017, 09:13:42 AM »
Well, gasoline futures are up going on 12 more cents today...

Nearly 30 cents a gallon since last week.

Home heating oil is also rising.

This is going to sting for awhile.

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Hawkmoon

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Re: So what's everone paying for gasoline?
« Reply #1157 on: August 30, 2017, 12:01:09 PM »
I had an 8:30 appointment at the VA hospital today. Went by my second preferred station at 8:00, price was $2.36.

Stopped for gas on my way back, at 10:00 -- price was $2.43.
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K Frame

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Re:
« Reply #1158 on: August 30, 2017, 05:56:31 PM »
Up another 15 cents at my Citgo.

Sent from my SCH-I545 using Tapatalk
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Scout26

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Re: So what's everone paying for gasoline?
« Reply #1159 on: August 30, 2017, 06:35:43 PM »
BP on Roosevelt Rd yesterday morning 8:30ish am.

$2.37...$2.17 with car wash.

At 5:00ish pm yesterday

$2.59... $2.39 with car wash.
« Last Edit: August 30, 2017, 07:41:18 PM by Amy Schumer »
Some days even my lucky rocketship underpants won't help.


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Bless with a hard heart those that stand with me.
Bless the women and children who firm our hands.
Put our backs to the north wind.
Hold fast by the river.
Sweet memories to drive us on,
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RoadKingLarry

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Re: So what's everone paying for gasoline?
« Reply #1160 on: August 30, 2017, 06:51:02 PM »
$2.19 last I looked but that was 2 days ago.
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Re: So what's everone paying for gasoline?
« Reply #1161 on: August 30, 2017, 07:35:17 PM »
Price only jumped a few cents here in NoVA, at least where I live.  Not sure how long that will last, but I'll get two work weeks out of my full tank anyways, including at least one trip out of my local area.
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Hawkmoon

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Re: So what's everone paying for gasoline?
« Reply #1162 on: August 30, 2017, 07:54:45 PM »
I had an 8:30 appointment at the VA hospital today. Went by my second preferred station at 8:00, price was $2.36.

Stopped for gas on my way back, at 10:00 -- price was $2.43.

And I went by the same station again at 2:00 p.m. and the price had jumped to $2.46. And I find it difficult to believe that they received a second delivery (at a higher price) within the span of 4 hours.
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RocketMan

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Re: So what's everone paying for gasoline?
« Reply #1163 on: August 30, 2017, 07:55:44 PM »
We've gone up at least 45 cents since two days before Harvey made landfall.  The biggest parts of the increase was just in the last three days.
Several more refineries in Texas announced they were shutting down today due to more flooding, including the two biggest players.
I expect gas will be north of $4 a gallon in this area before it starts heading back down.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1164 on: August 31, 2017, 07:58:19 AM »
Get ready for even more and faster hikes, it looks like.

Futures are already up another 6% this morning, and there's no indication that it's going to be stopping any time soon.

Wholesale prices are up over 40 cents a gallon in about a week and a half. Some are predicting by the time this all shakes out wholesale prices will be in the $2.25 to $2.50 range, and average US pump prices will be topping $3 a gallon.
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MechAg94

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Re: So what's everone paying for gasoline?
« Reply #1165 on: August 31, 2017, 09:44:17 AM »
I still have 3/4 tank of gas.  I think there are stations that have gas now.  Also, our company had a Hurricane prep action of getting a portable gas tank and diesel tank delivered and filled prior to landfall.  Those are available for employees. 

It will be interesting to see how fast everyone gets started up.  If the plants didn't get flooded, they can restart more quickly.  If they got equipment or motors submerged, those will take some time to get back running.  I wonder how many maintenance and motor shops got flooded.  Motiva in Port Arthur is one of the large refineries and they shut down pretty abruptly when Harvey made landfall over there. 
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1166 on: August 31, 2017, 11:46:55 AM »
As of this moment, gasoline futures are up almost 25 cents a gallon.

And they seem to be dragging oil and heating oil with them.
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Hawkmoon

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Re: So what's everone paying for gasoline?
« Reply #1167 on: August 31, 2017, 12:12:26 PM »
I had an 8:30 appointment at the VA hospital today. Went by my second preferred station at 8:00, price was $2.36.

Stopped for gas on my way back, at 10:00 -- price was $2.43.

And at 07:30 this morning it was at $2.46.

At this point the stations are just gouging. The gas in the ground, in the delivery trucks, and in the tank farms waiting to be trucked to the stations has all been there since well before Harvey and before the refineries shut down. It didn't cost 13 cents per gallon more for the gas they're selling this morning than it did for the gas they were selling yesterday morning.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1168 on: August 31, 2017, 12:43:49 PM »
"At this point the stations are just gouging."

You give the stations far too much credit for being able to set their own prices.

Most often they can't, or they only have a penny or two's ability to vary the price based on the price it's charged by the wholesale supplier.

Independent stations have the most flexibility to set their own prices (naturally), while those tied to a large national refiner/distributor network (Shell, Exxon) have the least flexibility and often receive the price they're going to charge at a given time from a regional office.

And, fluctuating prices for a market traded commodity is a hallmark of a capitalist market driven economy.

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Scout26

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Re: So what's everone paying for gasoline?
« Reply #1169 on: August 31, 2017, 01:53:44 PM »
True, but gas is becoming scarce.  Which means the price will rise.  Basic economics.  Supply and demand.   So that gas that is in the ground, in the trucks in the tank farms is mostly all there is.  No more is coming to them via pipelines, because there's no more (or a lot less) being produced.   The rising price will encourage them to get back on line faster.

Remember during the Ammo Panic.  You could take ammo that you had paid $X for to a Gun Show (or On-line) an sell it for (many) multiples of $X.  Same with retail stores, as supply remained stagnant, but demand skyrocketed, prices got stupid crazy.

Economics.  
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Bring me my Broadsword and a clear understanding.
Get up to the roundhouse on the cliff-top standing.
Take women and children and bed them down.
Bless with a hard heart those that stand with me.
Bless the women and children who firm our hands.
Put our backs to the north wind.
Hold fast by the river.
Sweet memories to drive us on,
for the motherland.

Hawkmoon

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Re: So what's everone paying for gasoline?
« Reply #1170 on: August 31, 2017, 02:05:44 PM »
"At this point the stations are just gouging."

You give the stations far too much credit for being able to set their own prices.


You're right, I did write "the stations," and I should have left it more open-ended. Someone is gouging when the price of any product that has already been manufactured and is already far down the distribution chain suddenly jumps in price.

On the other hand:

Quote
Most often they can't, or they only have a penny or two's ability to vary the price based on the price it's charged by the wholesale supplier.

I don't think the station I was driving by had one delivery between 08:00 and 10:00 yesterday, another delivery between 10:00 and 2:00, and yet another delivery between 2:00 p.m. yesterday and 07:30 this morning. It's a busy station, but it's not three deliveries within 24 hours busy.
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MillCreek

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Re: So what's everone paying for gasoline?
« Reply #1171 on: August 31, 2017, 02:06:30 PM »
$ 2.59 per gallon this morning at the Marysville Costco 40 miles north of Seattle. Up ten cents since my last fillup two weeks ago.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1172 on: August 31, 2017, 02:42:48 PM »
Gas isn't becoming scarce... yet.

And, there's been a huge surge in the amount of European gasoline being loaded onto tanker ships and sent to the US. That will help cover at least some of the short-term supply issues.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1173 on: August 31, 2017, 02:51:14 PM »
"I don't think the station I was driving by had one delivery between 08:00 and 10:00 yesterday, another delivery between 10:00 and 2:00, and yet another delivery between 2:00 p.m. yesterday and 07:30 this morning. It's a busy station, but it's not three deliveries within 24 hours busy."

Agreed.

But that still says absolutely nothing about the station's management/ownership structure.

Are they part of a regional group, a small independent, a national franchise?

Were the prices going up out of synch with other stations in the area?

For example, during the 9-11 attacks there were verified reports of gas stations around the country suddenly raising prices by as much as 5 DOLLARS a gallon. IIRC, for the most part every one of those instances was an individual manager seeing the news and trying to capitalize, and virtually none of them were part of a distributor plot.

That's gouging.


What you're seeing?

You're seeing an interesting little exercise called (IIRC) Capitalized Replacement Price.

Sure, the gasoline in the ground has been paid for, but with wholesale prices rising by 10 cents a gallon or more a day, and when your profit margin on a gallon of gasoline is often less than 1% per gallon, you need to think about whether you can actually afford to replace the gasoline that's now in the ground.

That's why you're seeing prices rise.


In short, I guess boils down to this...


Everyone things capitalism is wonderful.

Until capitalism actually starts acting like capitalism acts.

Then they all become screaming market interventionist commies.

 :rofl: :rofl: :rofl:
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Sideways_8

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Re: So what's everone paying for gasoline?
« Reply #1174 on: August 31, 2017, 05:18:53 PM »
Gas isn't becoming scarce... yet.

And, there's been a huge surge in the amount of European gasoline being loaded onto tanker ships and sent to the US. That will help cover at least some of the short-term supply issues.

It's becoming scarce in San Antonio for the time being which is a bit troubling. My work truck and my wife's car are both topped off, but depending on my schedule, I could burn through a tank of gas or two in a day easily.