Originally Posted by oldandslow

Futures markets went up about 7 cents/gallon yesterday. Based on the persistent falling trend gasoline inventories, my expectation now is that most of the US and Canada will be seeing record retail prices this summer.


Even optimists have now turned pessimistic:


Quote:
Large Draw in Gasoline Stocks
Boosts Crude Futures Higher
By MASOOD FARIVAR
April 25, 2007 4:33 p.m.

ConocoPhillips CEO Jim Mulva said he was concerned about the refining industry's ability to meet summer gasoline demand.

"We really have to run well," Mr. Mulva said during a first-quarter earnings conference call. "If you look at the supply-demand situation -- and hopefully we don't have weather-related issues -- the concern we have is whether we're going to be able to run and provide the supply we need during the summertime period."

Mr. Flynn of Alaron called the statement "a huge admission by a major refiner."

"This is something an analyst can say but when it comes from the CEO of Conoco, it makes you wonder how desperate the situation is becoming," he said.



WSJ

Originally Posted by Donger

Gee, who would have thought that not building any new refineries in the last 30 years while tripling demand would lead to potential crisis?

Originally Posted by Donger

If gasoline reaches $4.00, the government would almost certainly hit the SPR and eliminate the federal tax. States probably would as well.

Originally Posted by DaneMcCloud

My wife and I just returned from Italy last night. Gas is over $7 a gallon there and it's the same much across the rest of Europe. $4 is high but at least it's not $7 (yet).

Originally Posted by Donger

Most of that is taxes, BTW.

Originally Posted by DaneMcCloud

I figured but I didn't stop for gas. Do they provide the breakdown on their pumps like they do here (or at least in CA?). The people we spoke to were jealous of the prices we pay here but they do drive much, much smaller vehicles. The Smart Cars were absolutely everywhere!

Originally Posted by boogblaster

Smoke up your arse...wonder what the military pays for their gas...wonder how much fuel they comsume daily...wonder if its anywhere near all the rest of us put together...hummm..........

Originally Posted by Jayhawkerman2001

It just shows you how free we actually are... If something is happening that we dont like, this country is set up to where we can't do a damned thing about it, so we have to take it up the ass for the government constantly. Personally, I think this country and government is totally ****ed up, and we're headed for some bad times within the next 10-20 years or so.

Originally Posted by Donger

The government? What do you think the government is doing with regards to gasoline prices?

Originally Posted by Jayhawkerman2001

I wasn't blaming them for the gas prices. Just in general our government is ****ed up.

Originally Posted by Donger

National retail average for regular unleaded, not spot pricing.

Originally Posted by chasedude

I pay for the spot pricing, not the national average, that's what I see with my two eyes.

Originally Posted by Donger

I understand that. I do the same of course. I just paid $3.19 for 91 octane, which is the highest octane one can get here.

But, when people talk about $4.00 gasoline, they are referring to the average, not spot pricing.