$10+ Gas

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IBTL?

Makes sense to me, if that pump programmer was hoping to not touch the the code for a few years. We all know we will see gas price hit that, right? hopefully not for a few years, but eventually

Wasn’t there a similar issue when gas first hit a buck?
 
vwmaniaman said:
Today I heard from a friend that is a reator that he is hearing that diesel is going to over $10/gal and rationing next.. What happened????
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4 refineries, among others, that were shut down during the first year of COVID are still offline. The supply of crude does not justify such a high price.
IMO, we entered the territory of price gauging by the oil industry.
 
The Murphy's (aka walmart) gas station by me doesn't even show the price after it shot past $4/gal for 87. Currently sitting at $4.79-$4.91 for 87oct, $5.60+ for 93, $5.30 for diesel, and $4.79 for E85. The gas prices must not have hit people here in IL that hard I guess - the morning commute traffic to/from the city is worse now than it was before the lockdown. The commuter trains removed 2-3 passenger cars and there's still enough room for folks to have a row of seats to themselves (and train tickets for my train line are 1/2 price, totaling $3 for a 1-way 45-mile trip.)
 

This Week in Petroleum - U.S. Energy Information Administration (EIA)

Gasoline Production, Imports, Stocks, Supply, Prices by Grade and Sales Type, Retail City Average Prices, Data and Analysis from the Energy Information Administration.
www.eia.gov www.eia.gov

We expect prices for gasoline, distillate fuel oil, and jet fuel to begin decreasing after May as refinery maintenance from April comes to an end, increasing production and reducing some of the pressure on prices in the current market.

We estimate U.S. refinery utilization in April was 90% of operable capacity as planned maintenance—which often occurs between February and April—and unplanned refinery outages contributed to relatively lower refinery inputs. In May, we expect refinery utilization to increase to 93% and then to 95% in June, before averaging 94% in the third quarter of 2022

Gasoline crack spreads are 68% higher than the five-year average.....Crack spreads are the difference between the price of crude oil and the wholesale price of a refined petroleum product, and industry participants use them to estimate refining margins.
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Back in the 70's, gas went above $1 a gallon for the first time. The mechanical displays on the gas pumps in use at the time were only capable of prices up to 99.9 cents. The temporary solution was to place signs on the pumps stating that the price on the display was 1/2 of the sale price. A display showing gas for 63 cents under this system was in fact showing a fuel cost of $1.26. It was up to the customer to do the math. Under these conditions, the majority of high school graduates today would be unable to determine the cost of fuel. Hence, the extra digit in preparation for the inevitable.
 
vwmaniaman said:
Today I heard from a friend that is a reator that he is hearing that diesel is going to over $10/gal and rationing next.. What happened????
Click to expand...
It might very well happen on the east coast.


Last week, East coast inventories of diesel plunged to the lowest seasonal level since government records started more than 30 years ago. The shortage caused a crisis in the diesel market, sending wholesale and retail diesel prices to an all-time high.

East coast refining capacity has plunged over the last decade, leaving the region vulnerable to squeezes.In the past 15 years, the number of refineries on the U.S. East coast has halved to just seven. The closures have reduced the region’s oil processing capacity to just 818,000 barrels per day, down from 1.64 million barrels per day in 2009.

With diesel prices at a record high, refineries are trying to produce the most they can. The financial incentive is there: The diesel crack margin – a simplified measure of the profit available for turning a barrel of crude into diesel – on Monday surged to a record $73.5 per barrel. The 2000-to-2020 average diesel crack stood at $15.7 per barrel.
Click to expand...
 
jumped 72 cents a gallon here or 16 cents per litre.
So roughly $9.40 per imperial gallon. F'en sicking.....
And i'm sure on the Canadian Pacific coast its well over $10 per gallon.
 
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