Gas Prices

[Skip Towne]

A Tulsa radio station reported today that the retail price rose by 13 cents yesterday while the wholesale price declined 3 cents. I'd like to hear an explanation of that.

[Fairplay]

Originally Posted by Skip Towne

THIS JUST IN!! Watching the 10 O'clock news, gasoline has gone up another 10 cents to $2.79. Criminal!!

Thats it, im cutting my gardening hose and make real use of it.

[alanm]

Originally Posted by frazod

Fortunately for the big oil companies, they have their handpuppet in the White House. Lucky them.

Everybody else who gouges people under these circumstances gets pounded on. The oil companies just get more record profits.

Hey Tim... You thinking about trading that Big ole Mustang in on a moped yet???

[luv]

Regular Unleaded

Sunday $2.49
Monday $2.59
Tuesday $2.79

[jspchief]

Just thought I'd let Skip know that while wholesale prices may have dropped 3 cents two days ago, they went up 55 cents yesterday.

[Saulbadguy]

$2.99 for the regular stuff at the corner of 21st and Fairlawn.

[KChiefs1]

just drove through Jefferson City, MO...

$2.91/gallon

[Chiefs_Mike_Topeka]

Originally Posted by Saulwhippedguy

$2.99 for the regular stuff at the corner of 21st and Fairlawn.

Saw that last night, I was lucky to find the station at 29th and Gage who still had fuel at $2.69 (can't believe I find that "lucky") and filled up there. Get to save $.30 a gallon for one fill-up at least.

[Coach]

Yesterday, it was $2.77 for regular and $2.79 for premium.

This morning:
$2.93 for regular
$2.95 for premium

Damn.

[TEX]

Originally Posted by frazod

Fortunately for the big oil companies, they have their handpuppet in the White House. Lucky them.

Everybody else who gouges people under these circumstances gets pounded on. The oil companies just get more record profits.

Perhaps the best thing said here all year.

[MOhillbilly]

kill whitey!!!

[sd4chiefs]

Some of the blame should go to all of the 'Soccer Moms' and to everone who has to drive around in a BIG ASS SUV.

[KingPriest2]

Originally Posted by Saulwhippedguy

Whats everyone take on this?

http://www.forbes.com/business/feeds...fx2195813.html

Oil price bubble about to burst, says business guru Forbes
08.30.2005, 05:20 AM

SYDNEY (AFX) - Oil prices are set to crash from this week's record highs as a speculative market bubble bursts with an impact that could make the hi-tech bust of 2000 'look like a picnic', business publisher Steve Forbes has predicted.

Forbes said the high oil prices currently dampening the US economy, which peaked at more than 70 usd a barrel yesterday as Hurricane Katrina headed for the US Gulf Coast, would fall to 30-35 usd a barrel within a year.

'I'll make a bold prediction... in 12 months, you're going to see oil down to 35-40 usd a barrel,' he said, according to Agence France-Presse.

'It's a huge bubble, I don't know what's going to pop it but eventually it will pop -- you cannot go against supply and demand, you cannot go against the fundamentals forever.'

The billionaire magazine publisher's comments came as the price of crude eased following US government comments that it could release some of its Strategic Petroleum Reserve (SPR).

The SPR, a 700-mln-barrel stockpile set aside for emergency use, could be used to counter oil shortages caused by Hurricane Katrina's devastation of the Gulf oil industry, which accounts for about a quarter of US output.

Forbes, who unsuccessfully sought Republican nomination in the 1996 and 2000 US Presidential elections, said the US government's constant topping up of the SPR had helped drive up oil prices.

'The speculators know now that no matter what happens to the price of oil, Uncle Sam is there buying almost every day,' he said.

'Stop the buying and in fact throw some of that oil on the open market, boy that would throw it in turmoil and send the price down.'

He said factors such as inflation and increased demand for oil from China and India only accounted for a small part of the price hike from 25-30 usd a barrel three years ago.

'The rest of it is sheer bubble speculation,' Forbes said.

'I'll be blunt, there's hardly a hedge fund in North America that hasn't speculated on oil futures.'

Forbes said the higher the oil price rose, the harder it would eventually crash, creating more pain for hedge fund managers and their clients.

'I don't think it's going to go to 100 usd but if it does the crash is going to be even more spectacular,' he said. 'It will make the hi-tech bubble look like a picnic -- this thing is not going to last.'

Expert: $4 a gallon gasoline coming soon
Pricing analyst says consumers can expect even higher prices at the pump.
August 31, 2005: 10:40 AM EDT
By Grace Wong, CNN/Money staff writer

Special Report full coverage


Oil retreats under $70

White House to tap reserves

Expert: $4 a gallon gasoline coming soon

Gas crisis looms





QUICK VOTE
Will the release of oil from the nations's strategic reserve affect gasoline prices?
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Video More video


CNN's Allan Chernoff discusses Hurricane Katrina's effect on oil and gas prices. (August 30)
Play video




NEW YORK (CNN/Money) - Consumers can expect retail gas prices to rise to $4 a gallon in the near future, a pricing analyst 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 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.

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.

[KingPriest2]

It is 3.50 up in Grand Haven MIchigan

[TEX]

He expects consumers in the Southeast and Northeast to be pinched first, following the impact of Hurricane Katrina on the Gulf Coast region.

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.

And the excuses continue. I'm sure this caused major problems but it never used to when storms hit before. The deal is once they go up - they won't come down to anywhere near where they are now. We'll all be praying for $2.75 a gallon in the future and looking at it as a good thing.

That's when the puppet in the White House can say to his oil buddies,"Mission Accomplished."

[BigRedChief]

Gas to hit $4.00 a gallon soon:
http://money.cnn.com/2005/08/31/news...ex.htm?cnn=yes

NEW YORK (CNN/Money) - 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?"