$2.97

I'd bet that it's going up for the next two weeks, however.

2.85

Of course it is, there's a holiday coming up. You know what they say, "Gouge when the gouging is good".

Demand for gasoline increases 3% over the holidays, FYI.

So we can expect just a 3% rise in prices, right?

I paid $2.80 last night. Atlanta

Barring any other events, yes. Right around a dime.

Anyone else's rise 14 cents overnight? 2.85 to 2.99 here...

Oil prices rose above $76 a barrel on Friday to the highest level in 11 months amid renewed unrest in Nigeria and production cuts by Opec, the oil cartel.

Low US petrol inventories ahead of an anticipated surge in demand during the summer holiday season provided additional support.

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Analysts warned that further rises were likely as the Nigerian militant group responsible for most of the attacks on the oil industry called off a one-month truce. Attacks had cut about 25 per cent of Nigeria’s oil output.

Costanza Jacazio of Barclays Capital in London said: “The situation in Nigeria is flaring up again.” The kidnap of a three-year-old British girl in the Nigerian oil city of Port Harcourt exacerbated the tension.

Frederic Lasserre, head of commodities at Société Générale in Paris, said: “In the short term, everything points up for prices.”

Shell, Nigeria’s largest foreign oil producer, said that it would not restart production in a key sector of the delta region for the rest of 2007 as insecurity persisted.

ICE August Brent, seen as the best gauge of the oil market, surged to $76.01 a barrel, just $2.5 a barrel below the record high. It later traded up 78 cents to $75.52 a barrel.

The price increase was accentuated by traders closing bets of a fall in prices ahead of the weekend. The fear of new attacks in Nigeria during the weekend forced the traders to take such action. US oil futures were up 74 cents at $72.55 a barrel.

The Organisation of the Petroleum Exporting Countries, which controls 43 per cent of global oil production, has so far resisted western calls to raise production amid high prices.

Leo Drollas, chief economist at the London-based Centre for Global Energy Studies, said: “Opec appears unwilling to contemplate raising output before its September meeting, a policy stance which will push prices higher.”

Since Opec started to cut its supply at the end of 2006, oil prices have surged by more than $15 a barrel. But oil demand, nevertheless, has been robust thanks to strong global economic growth.

The International Energy Agency, the industrialised countries’ energy watchdog, forecast global 2006 oil demand growth at 1.7m barrels a day, up from 0.8m b/d in 2005.

In other news, a couple gas delivery trucks had flat tires yesterday, so I'm sure the price of gas will rise accordingly to cover the replacement costs. :rolleyes:

:deevee:

Although you're being sarcastic, you're actually correct. In that scenario, local prices would go up.

Heh.

Evil Big Cheese? LMAO

That's funny. :)

Demand, Refinery Woes Push Gas Prices Up

Kansas Refinery Expected To Be Closed Most Of Summer

Gasoline prices in the Midwest are driving up the national average, which could hit $3 again by the end of the week, AAA said.

Refinery problems in Oklahoma, Kansas, Indiana and Texas are being blamed for the increase.

Also there is a refinery problem in Carson, Calif., but there has been no affect on prices so far.

Gas prices jumped 8 cents in Omaha overnight, according to AAA Nebraska.

The auto club said the average price for a gallon of gas in Nebraska on Thursday was $3.29, just two-tenths of a cent lower than Michigan, which had the country's highest prices on Thursday.

On Wednesday, Nebraska Gov. Dave Heineman issued an executive order that will allow gasoline truck drivers to alter their hours of service, reported KETV-TV in Omaha, Neb.

Gas supplies in the state have been tight after flooding in Kansas last week. Industry experts said high waters submerged a Coffeyville, Kan., refinery and waters could keep the 108,000-barrel-a-day facility shut down for most of the summer.

The Kansas facility processes fuel for much of the Midwest, including Nebraska.

Truckers lined up on Wednesday at Magellan Petroleum, north of downtown Omaha. Underground pipelines carry gas there from out of state, then tankers take the fuel to gas stations. Deliveries slowed to a trickle.

"Probably (waited here) about an hour, hour and a half," said trucker John Neff of Wynne Transport SVC.

Said David Nelson of Rawhide Chem Oil, "I'm lucky, and I get paid by the hour, so it doesn't bother me to sit here."

Across the state, gas stations in Kearney, North Platte and Doniphan reported being out of gas for a short time Wednesday.

AAA Nebraska said the price of a gallon of gas jumped 8 cents since Tuesday and 31 cents since a month ago.

Refinery Problems

In central Iowa, gas prices were up as much as 35 cents a gallon this week.

Analysts said supplies are tight in the Midwest because of a high demand and the refinery flood.

"In order to get supplies to the Midwest, retailers here have to pay more to get them away from the East and West Coast. So retailers are jacking up prices to get it here to this area," said analyst Bryan Crowe with the Iowa Department of Natural Resources.

Experts said gas prices in Iowa are above the national average. They are expected to remain above $3 a gallon through Labor Day, reported KCCI-TV in Des Moine.

In five Iowa counties Wednesday, prices ranged from $3.09 a gallon to $3.23 a gallon.

Many drivers are skeptical about the reasons behind the high prices.

"I think it's just summer, and they're raising prices again because they know people are going to be out traveling and they know they can make more money if they raise them up," said Michelle Holmes, of Madrid, Iowa.

As prices dog drivers, many are doing whatever they can to keep from filling up as often.

"I set the cruise control on 65, and I don't even go over 65 anymore just to try and get the most out of it," said Chris Reeves, of Ogden, Iowa.

One driver was not complaining about gas. Joe Lynch uses an electric truck to deliver his farm-raised vegetables around Ames, Iowa.

"I like to tell folks that this vehicle has all the advantages and none of the disadvantages of a horse and buggy," he said.

In just six weeks, he's already put 950 miles on the truck. He said it costs him about 2 cents a mile to power it.

"It's a great model for a more sustainable transportation system," Lynch said.

Lynch said his electric truck only goes 25 mph, but he said it's perfect for getting around town.

$3.060 national average.

Yeah, I know. I've been meaning to yell at you for this. $3****ing39 down the street from me.

3.09 in Columbia

$3.024 national average.

$3.21 this morning

Lawrence gas I bet is at least 3.25 if not hgiher..its usually 10-15 cents higher than the highest in the metro

I have a question for you, Mr. Donger.

I just returned from a road trip during which I travelled through 4 States. When I left Nashville, the price of regular unleaded gasoline was approximately $2.97. In Kentucky, the price went up a dime, In Indiana, the price went up another dime. In Missouri, the price went up another dime or so. And in Kansas, the price went up even more to $3.27 in some places.

Is this due to the cost of transporting the gas? Is it due to the location of refineries?

FAX

The reason gasoline is quite high in Kansas now is because of the information contained in post #336.

The variation state-by-state is mostly state taxation.

According to the poll in the married thread, wouldn't it be MRS. Donger? :shrug:

Thanks Mr. Donger. You're a fount of information.

I assumed that the flood/refinery problem in KS was a contributing factor. But, we're talking about a difference of almost 50 cents per gallon. I have to believe there is some bullcrap associated with that.

FAX

You mean $0.30? That's not unusual.

I misspoke in my first post. My apologies, Mr. Donger The Precise. I was working on the Long Hauler's School of Art project and got distracted. The price of gas here in Nashville when we filled up was $2.87. The price of gas in KS was, as I said, $3.26/7 in some places. So, let me see ... 3.27 minus 2.87 ... carry the 1 ... okay ... .40 was the difference, you're right.

But, given the refinery issue in KS, that still seems like a lot, don't you think?

FAX

Heh, I read that Tucson has the lowest priced gasoline in the nation at something like $2.83/gallon.

I am on E right now, so the next place I go is the gas station, so we'll see for sure.

We are responsible for the oil prices because we create the demand. Americans will never learn till we have european prices and higher taxes on gas guzzlers.

No, it isn't. That Coffeyville refinery is one of the primary suppliers of gasoline in Kansas, IIRC. I'm actually surprised it isn't higher.

Agreed. Americans have an obession with things that go fast and guzzle gasoline. It will probably never change.....

For the record, gasoline demand in the US remains strong. Right around 9.5 million barrels per day.

So, just to be clear. The reason the gas is more expensive in KS is that the refinery got hosed so they have to bring gas in from other places. But 20 minutes away on the Missouri side, it's 20 cents cheaper?

FAX

For years, California has been paying more at the pump, compared to everywhere else in the US.

Now the midwest is higher than any other state's gas.

Do you think that after Armageddon is over...there will still be cars...with unlimited fossil fuels..

or


Will God make a decree that vehicles are no longer neeeded since everyone will have wings.

No money will be needed.

Everything will be available to everyone since we are equal

Not only that, but, don't they produce heating oil in the summer months and gasoline in winter months?

So if they were producing heating oil, why is the price of fuel, that has already been refined, now costing us more when it didn't cost them more?

Yes. Kansas gas tax is $0.07 higher than Missouri. Add in the refinery being underwater...

If elected, I'll bring back free-love..nickel-beer..and $1.00 a gallon gas...Your vote will be appreciated....

Welcome to the White House, Mr. President.

whats the catch? there has to be a catch. i'm not giving you a hand job or nothing.........

Lest we forget, the Coffeyville refinery was out of business, dead broke, and helped bring Farmland Industries to financial ruin.

Now it has a bad week and the price of fuel is dependent on the good people of SE Kansas.

Americans will pay anything to have thier cars so I say tax em.

I heard a interesting tidbit a couple months ago from a petroleum engineer...

At todays price for a barrel of oil, you know what the difference is between 2.50 gas and 1.75 gas? A oil company making 20b in profit vs. 30b in profit.

Americans would hit brakes if gas hits $3.50

NEW YORK (Reuters) - Some 40 percent of Americans would curb their driving habits if retail gasoline prices shot up to $3.50 a gallon, according to a Reuters/Zogby poll released on Wednesday.

Surging energy costs have already forced many Americans to consider cutting back on travel, retail, and entertainment spending to ease sticker shock at the pump, according to the poll of 524 people across the country.

Gasoline prices in the United States, the world's largest energy consumer, hit a record average in late May of $3.23 a gallon but have since slipped back to just above $3 a gallon, according to auto and travel association AAA.

"It's so hard to read what consumer behavior is going to be at higher price points -- be that $3.50 per gallon or $4 per gallon -- because we're all in uncharted territory," said Geoff Sundstrom, a spokesperson for AAA.

Price thresholds for cutting time on the road varied, with about 19 percent of participants responding they would cut back at $4 per gallon. Another 9 percent said it would take $4.50, while 7 percent said prices would have to reach $5 a gallon before they would scale back.

Some 19 percent indicated that they could not cut their road travel no matter how high prices climb.

The only time AAA has observed flagging consumer demand for gasoline was after prices soared to $3.07 a gallon after Hurricane Katrina in August 2005, Sundstrom said.

Prices hit a fresh record this year due to a spate of refinery problems that cut fuel production during the spring and as geopolitical tensions raised the cost of crude -- the main feedstock for gasoline.

"With each passing year, we're experiencing new highs," said Sundstrom. But he added, "We've not had a climate where large numbers of Americans are fearing for their economic future."

As energy costs rise, 39 percent of the people in the poll said they would compensate by limiting their energy use, while 22 percent said they would cut entertainment spending and 12 percent said they would cut retail spending.

Economists have been concerned that high energy costs could have a knock-on effect on the U.S. retail sector.

In some parts of the United States, gasoline prices are already near or above $3.50 per gallon. Motorists in Juneau, Alaska, are paying $3.47 while in Wailuku, Hawaii, they are paying $3.59 a gallon, AAA said.

The Reuters/Zogby poll also reflected the increasing popularity of gasoline-electric hybrids, with 45 percent of people polled saying they expected to own a hybrid in 10 years, compared with 20 percent who said they expected to own a gasoline-only car.

Hybrid car sales have grown by more than 50 percent during the last year, according to HybridCars.com, while the overall car market shrank by 3 percent. Sales of the Toyota Prius, the most popular hybrid in the United States, rose 83 percent.

The findings are the result of questions asked between July 12 and 14 of 524 U.S. voters who identified themselves as members of an "investor class." The poll has a margin of error of plus or minus 4.4 percentage points.

The respondents were a subset of a broader survey of 1,012 likely voters who were asked about topics ranging from President George W. Bush's performance to whether they shopped at Wal-Mart Stores Inc.

the system works! we demand a lot of oil based fuel...they produce almost enough....thus supply is just near demand but price is the allocation tool. Ohh yea? you men economics works without some jackleg congressman involved? Hoorayyyyy

Next?

$2.949 national average.

A supplier sells his inventory for whatever the market will bear at that given time, and he/she does so in a totally self serving interest, attempting to make as much as possible without driving away business to a competitor.

Don't they teach econ in High School where you are at?

We Americans deserve the prices and will untill we decide to be a country that doent need a 500 HP Viper engine in half ton pickups and $WD SUVs to get a quart of grape juice at the store.

I've been taming down my short trips. No more driving a couple blocks to get a gallon of milk. I walk it now.

$2.922 national average.

$2.893

$6.23

$2.859 national average.

N.Y. Oil Rises to a Record Close on Signs Supply Is Inadequate

By Mark Shenk

July 31 (Bloomberg) -- Crude oil rose to a record close of $78.21 a barrel in New York on speculation demand will outpace supply as refiners increase fuel production.

Bets on rising prices by hedge funds and other speculators rose to a record earlier this month, according to U.S. Commodity Futures Trading Commission data. Global demand will climb 1.7 percent in 2008, showing no sign of slowing because of high prices, a Deutsche Bank AG report showed. A government report tomorrow may show U.S. oil supplies fell for a fourth week.

``There's significant growth in global energy demand and production isn't keeping up,'' said Peter Schiff, an investment adviser and president of Euro Pacific Capital Inc., in Darien, Connecticut. ``Prices have to rise because of this imbalance. I'm sure we are going to pull above $100 a barrel in 2008.''

Crude oil for September delivery rose $1.38, or 1.8 percent, to settle at $78.21 a barrel at 2:57 p.m. on the New York Mercantile Exchange, the highest close since trading began in 1983. Futures touched $78.28, the highest intraday price since reaching a record $78.40 a barrel on July 14, 2006.

Oil in New York rose to a record last year on concern fighting in Lebanon between Israel and Islamic militia Hezbollah would spread through the Middle East.

A U.S. pullout from Iraq may be the event that pushes oil to $100 a barrel this year, according to Boone Pickens, the Dallas hedge fund manager who has joined Forbes Magazine's list of billionaires because of his bullish bets on energy prices.

Brent crude oil for September settlement rose $1.31, or 1.7 percent, to close at $77.05 a barrel on the London-based ICE Futures exchange. Brent oil touched a record $78.64 on Aug. 7, 2006, after BP Plc closed Alaska's Prudhoe Bay oil field.

Lost Premium

Brent, which is produced in the North Sea, lost its premium over West Texas Intermediate blend, the U.S. benchmark, last week. Brent had been higher than New York-traded WTI for most of this year, as crude-oil supplies rose at Cushing, Oklahoma, the delivery point for Nymex futures. The U.S. grade traded at a record $6.54 a barrel discount to Brent on May 24, based on closing futures prices.

``There's a lot of speculative money in the market and it's all weighed toward higher prices,'' said Brad Samples, commodity analyst for Summit Energy Services Inc. in Louisville, Kentucky. ``They are latching on to anything that's bullish, which at the moment is the prospect that crude stocks fell last week.''

Net-long positions in crude-oil futures held by speculators reached a record of 112,287 contracts in the week ended July 10 on the Nymex, according to U.S. Commodity Futures Trading Commission data. Long positions are bets that prices will rise. Net-long positions slipped to 108,782 contracts in the week ended July 24, according to the CFTC.

`Plenty of Oil'

``It's hard to justify $78 oil right now,'' said Eugene X. Hodge, a managing director at John Hancock Financial Services Inc. in Boston, who manages a $4.3 billion oil and gas company bond portfolio. ``You have to look at the speculators. The fundamentals don't support these prices because there's still plenty of oil out there.''

Crude-oil supplies dropped 1.13 million barrels in the week ended July 27, according to the median of responses by 14 analysts surveyed by Bloomberg News before tomorrow's report.

``The path of least resistance is up,'' said Tom Bentz, a broker at BNP Paribas in New York. ``Earlier this year the products led us higher but that's no longer the case. Crude is now taking the lead as the crack has come in sharply.''

The profit margin, or crack spread, for turning crude oil into fuels is up 43 percent this year. It rose to $30.479 on May 17, the highest since at least 1989, based on closing futures prices in New York. The margin tumbled to $10.43 yesterday, the lowest since Feb. 16.

Record profit margins on gasoline and diesel pushed Valero Energy Corp. net income 19 percent higher during the second quarter, the company said. Profit climbed to a record $2.25 billion, San Antonio-based Valero said today in a statement.

Rising Demand

Oil demand in China may increase 5.6 percent in 2008 with the potential for further gains because of additional energy use prompted by the Beijing Olympic Games, Deutsche Bank analyst Adam Sieminski wrote in a report dated July 27. China's daily oil use will grow by 430,000 barrels a day to 8 million barrels next year, Sieminski wrote.

The International Monetary Fund on July 25 raised its forecast for world economic growth to 5.2 percent for this year and next.

``Given IMF projections and the very slow ramp-up in production, higher prices are inevitable,'' said Stephen Leeb, president of Leeb Capital Management, which oversees $170 million in New York. ``The high price in dollars isn't that great for OPEC because of the strength of the euro.''

The dollar has traded at a discount to the euro this year, making dollar-priced oil imports cheaper for the 13 nations that share the euro. In U.S. dollars, West Texas Intermediate, the New York-traded crude benchmark, is up 5.1 percent in the past 12 months. Oil has dropped 2 percent in euros, 3.6 percent in British pounds and has risen 9.3 percent in yen.

$2.825

I paid $2.67 a gallon last night.

I paid 2.87

$2.50ish around Columbus Ohio

$2.55 on Hampton Blvd in Norfolk.

FINALLY under $3.00 in my area - I assume it won't last long, though. Still well over $3.00 in the city.

For some reason, Chicago has really been singled out this year. fuckers. 4321

By 'fuckers,' I assume you mean local and state politicians?

ROFL

But don't blame the oil companies for singling out Chicago, says Dave Sykuta of the Illinois Petroleum Council. The real culprit is taxes.

* While only nine states and the District of Columbia allow sales taxes on gasoline at all, Illinois not only has a sales tax but it has the biggest one -- 5 percent.

* Illinois is also the only state that allows local taxing bodies to pile on; that means the city of Chicago and the Regional Transportation Authority get an additional 4 percent, bringing the sales tax in Chicago to 9 percent.

* Then Chicago also grabs an additional 5 cents a gallon and Cook County takes an additional 6 cents a gallon.

* Add in the federal and state motor fuel taxes, which are earmarked to fund roads, and you get nearly 80 cents a gallon for taxes.

But it's the sales taxes that bring on the big hurt, according to Sykuta. Because they are a percentage, more taxes get paid as the price of gas goes up.

"We're the biggest tax collector outside of the IRS," Sykuta said of the service station industry.

Heard an interesting thing from my Uncle, said that one of his friends was laughing about the "shortage" stuff saying that their refinery was only running at 30% because all the tanks were full.

I trust my uncle, but of course don't know his friend, but still thought it was funny.

That's possible on a refinery by refinery view, but overall gasoline production was at record levels last week. That's why prices are dropping despite crude rising.

At 9% plus the tax folks are making a hell of a lot more per gallon than the retailer and the wholesaler, talk about windfall gouging, where is the outrage, where is the congressional hearings, oh yea that's right taxes are good, corprate profits are bad.

Indeed, but most people are not aware of how gasoline prices are broken down. Oil company profits are top news, however.

Donger, just out of curiosity, what are the expected margins for jobbers these days?

They make about $0.05/gallon, I think.

I don't think that's right at all. I know that's what they SAY, but my wife runs a station and they do their best to keep that information away from managers even. Station owner fucked up one day though and forgot some of his paperwork when he left. I was surprised to see he was paying 2.13 a gallon for stuff he was selling at 2.69.


Edit: The reason I say "think" is the way that the paperwork was outlined would lead me to believe that was the price paid, but it may not have been. So, it's speculation on my part.

It's down to $2.71 where I live, hopfully it keeps going down more before it sky rockets again.

Well, that wasn't the question. Jobbers are the middlemen, not the retailers.

I'm an idiot. This is widely known here. Thanks for the info though, I can fool people the next time.

You know, you can stuff that "ROFL" up your ass sideways. I know you get off feeling all superior to everyone who doesn't spend his life researching the oil industry, but you could have made your fucking point without mocking me.

Dick.

Paid $2.63 this morning.

I'm gonna go grab some popcorn, don't continue without me

Interesting. Of course, this has nothing to do with the oil industry. It has to do with your local politicians. You seemed to be angry that Chicago was getting screwed by the oil companies.

The facts don't support that conclusion.

Sorry if my smiley angered you, but facts are facts. I wasn't laughing at you.

Nah. I rub frazod wrong for some reason on occasion. I don't know why.

It's awful quiet in here.

It was the NA-NA-NA-NA-NA aspect of your post that got under my skin.

And I'm over it.

Sorry Flopnuts. Donger ain't Skip. :D

LMAO I guess not. It is entertaining once you get started though my friend. I like damn near everyone here, so it doesn't matter who draws your ire, it usually makes for a good show.

It really wasn't intended that way, mind you. I knew that the Chicago area had some interesting local taxes, but I didn't remember the specifics. I actually added the smiley after reading the specifics, since it's such a screw-job.

You didn't know those specifics?