Author Topic: So what's everone paying for gasoline?  (Read 384648 times)

K Frame

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Re: So what's everone paying for gasoline?
« Reply #1000 on: November 28, 2016, 03:36:37 PM »
OARP took a big hit last week, and today it's trying to recover everything it lost.

On the plus side, the price at my local station dropped a dime today, to $1.99 a gallon.
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RocketMan

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Re: So what's everone paying for gasoline?
« Reply #1001 on: November 30, 2016, 10:39:23 AM »
Gas jumped 18 cents this area today.  Granted it's a little early, but I wonder if it is in response to the rise in oil prices and the OPEC production cuts.
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wmenorr67

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Re: So what's everone paying for gasoline?
« Reply #1002 on: November 30, 2016, 01:15:34 PM »
Gas prices in the KC area seem to be running $1.89 - $1.99 a gallon depending on which side of the state line you are on.

Missouri having the cheaper prices due to less taxes.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1003 on: November 30, 2016, 05:09:11 PM »
OPEC reached an agreement today to start cutting production in an effort to bring the glut down.

Oil, gas, and heating oil futures went through the roof.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1004 on: December 01, 2016, 07:49:15 AM »
I like this article!

https://www.yahoo.com/news/oil-price-rally-likely-short-lived-opec-deal-102013182--finance.html?ref=gs

Essentially it says that the price spike is not going to last because the cuts that OPEC enacted, if they are followed to the letter, aren't enough to end the glut AND it's likely that the price rise will, in the short term, lead to reactiviation of US wells that had been shuttered due to low prices.

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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1005 on: December 02, 2016, 07:18:55 AM »
Price jumped 10 cents a gallon at the station near my house, to 2.09.
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charby

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Re: So what's everone paying for gasoline?
« Reply #1006 on: December 02, 2016, 09:55:37 AM »
3 cents up here to 1.879
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MillCreek

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Re: So what's everone paying for gasoline?
« Reply #1007 on: December 02, 2016, 11:01:50 AM »
$ 2.21 this morning at the Marysville Costco 40 miles north of Seattle.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1008 on: December 02, 2016, 11:55:41 AM »
I paid $2.03 a gallon this morning at the Sunoco station in Arlington on my way to Castlekey's to drop Seren off for daycare.
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Hawkmoon

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Re: So what's everone paying for gasoline?
« Reply #1009 on: December 02, 2016, 01:11:58 PM »
Prices had been slowly dropping around here. Wednesday I filled up at one of the two lowest price stations in my area of operation. Today (Friday) at 06:30 a.m. the price at one was up 4 cents since Wednesday evening. I'm sure that's due to the OPEC announcement, but it's obviously an artificial bump because the oil that will really be subject to the higher OPEC prices is still in the ground.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1010 on: December 02, 2016, 04:01:48 PM »
And this evening the Citgo near my house is back down to $2.05.

And tomorrow, it will go back down to $1.99 with the 6 cents off weekends they do.
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Hawkmoon

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Re: So what's everone paying for gasoline?
« Reply #1011 on: December 02, 2016, 07:35:48 PM »
Prices had been slowly dropping around here. Wednesday I filled up at one of the two lowest price stations in my area of operation. Today (Friday) at 06:30 a.m. the price at one was up 4 cents since Wednesday evening. I'm sure that's due to the OPEC announcement, but it's obviously an artificial bump because the oil that will really be subject to the higher OPEC prices is still in the ground.

And at 5:45 Friday evening the price at that same station had jumped another 6 cents. That's 10 cents in 48 hours.
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grampster

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Re: So what's everone paying for gasoline?
« Reply #1012 on: December 02, 2016, 09:50:20 PM »
Left W. Michigan on Monday for Ft. Myers Beach.  Gas was around 2.20.  Went through Indiana, Kentucky, Tennessee, Georgia and Florida on old federal hiways, state roads and county roads.  Arrived yesterday, Thursday.  Gas outside of Michigan went from around 2.19 to 1.99 and averaged around 2.09 most of the time.
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Scout26

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Re: So what's everone paying for gasoline?
« Reply #1013 on: December 02, 2016, 11:25:02 PM »
$2.30's here in the Western Suburbs of Chicago.
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Perd Hapley

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Re: So what's everone paying for gasoline?
« Reply #1014 on: December 02, 2016, 11:50:23 PM »
Prices had been slowly dropping around here. Wednesday I filled up at one of the two lowest price stations in my area of operation. Today (Friday) at 06:30 a.m. the price at one was up 4 cents since Wednesday evening. I'm sure that's due to the OPEC announcement, but it's obviously an artificial bump because the oil that will really be subject to the higher OPEC prices is still in the ground.


I don't get why people expect the oil/gas already purchased to remain at the lower price. If the commodity is worth more, it's worth more, right? What does it matter if it was worth less before? What's artificial about the price increase?
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zxcvbob

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Re: So what's everone paying for gasoline?
« Reply #1015 on: December 03, 2016, 12:51:59 AM »

I don't get why people expect the oil/gas already purchased to remain at the lower price. If the commodity is worth more, it's worth more, right? What does it matter if it was worth less before? What's artificial about the price increase?

Only that when the price of oil drops, the price of gas already in the pipeline does not fall immediately.  The hysteresis only works in one direction.
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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1016 on: December 03, 2016, 06:56:58 AM »
Only that when the price of oil drops, the price of gas already in the pipeline does not fall immediately.  The hysteresis only works in one direction.

Exactly. It's the old addage of up like a rocket, down like a feather.

The retail gasoline market has very thin margins.

When the price goes up, companies are quick to raise the price because they make more on the gasoline that's on hand.

When the price goes down, they don't want to drop the price quickly because then they'd be upside down on the gas that they have on hand.

It's not uncommon at all to see the price drop right after a tanker finishes filling the in ground tanks.
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Perd Hapley

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Re: So what's everone paying for gasoline?
« Reply #1017 on: December 03, 2016, 09:05:05 AM »
Exactly. It's the old addage of up like a rocket, down like a feather.

The retail gasoline market has very thin margins.

When the price goes up, companies are quick to raise the price because they make more on the gasoline that's on hand.

When the price goes down, they don't want to drop the price quickly because then they'd be upside down on the gas that they have on hand.

It's not uncommon at all to see the price drop right after a tanker finishes filling the in ground tanks.

So it's not an artificial bump. It's just a rational response to the situation?
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grampster

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Re: So what's everone paying for gasoline?
« Reply #1018 on: December 03, 2016, 12:12:43 PM »
Been out of the news loop for 4 days.  I knew OPEC was meeting.  What was the announcement?
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Scout26

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Re: So what's everone paying for gasoline?
« Reply #1019 on: December 03, 2016, 02:16:16 PM »
Been out of the news loop for 4 days.  I knew OPEC was meeting.  What was the announcement?


Cut Production by 1.5 million bbls per day.


Rumour has it that will last about a week before everyone starts cheating...
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charby

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Re: So what's everone paying for gasoline?
« Reply #1020 on: December 03, 2016, 08:13:44 PM »
Rose to 1.95 over night
Iowa- 88% more livable that the rest of the US

Uranus is a gas giant.

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K Frame

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Re: So what's everone paying for gasoline?
« Reply #1021 on: December 04, 2016, 06:40:59 AM »
Cut Production by 1.5 million bbls per day.


Rumour has it that will last about a week before everyone starts cheating...

And about 2 weeks before US shale starts rolling again.
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grampster

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Re: So what's everone paying for gasoline?
« Reply #1022 on: December 04, 2016, 06:43:01 PM »
It wasn't long ago that it was profitable to mine oil shale at about $40.00 a bbl.
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Calumus

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Re: So what's everone paying for gasoline?
« Reply #1023 on: December 05, 2016, 09:05:54 AM »
I paid $2.79 for super in Jersey last night. The biggest spike I've seen was when they bumped the gas tax about a month ago. It was presented as a 23 cent hike everywhere from Christie's mouth, to every media outlet I saw. It was however written as a percentage, so it was only 23 cents when gas was $2. As bad as that bump was, when they switched to winter gas last week I immediately lost 40 miles per tank.

RocketMan

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Re: So what's everone paying for gasoline?
« Reply #1024 on: December 05, 2016, 06:02:53 PM »
It's interesting.  Last week when the OPEC agreement was announced, gas at my favorite station jumped 18 cents overnight.  It dropped back down a dime to $1.99 a few days later.  It jumped 20 cents today to $2.19.
If there really was intelligent life on other planets, we'd be sending them foreign aid.

Conservatives see George Orwell's "1984" as a cautionary tale.  Progressives view it as a "how to" manual.

My wife often says to me, "You are evil and must be destroyed." She may be right.

Liberals believe one should never let reason, logic and facts get in the way of a good emotional argument.