Dang Gas Prices

[Digital2k2]

Originally Posted By: smithph

Today the cost of a barrel of crude is about $98, down $13 from a few weeks ago, The price of gas in my area has gone up 5 cents a gal while the crude prices have dripped $13.

Still struggling with the math on this.

2008, crude $140, national avg gas $4
April 2011, crude $111, national avg gas $4
May 2011, crude $98, national avg gas $4



I don't get it either... RBOB Gasoline has dropped from the mid $3.30 range when at $111 per barrel to currently $3.05. We should see a 30 cent drop in pump prices. At $98 a barrel I'm thinking RBOB Gasoline would normally be around $2.40 at the most?

 

[HTSS_TR]

Simplified the cost of fuel: $98/42(gallon per barrel) = $2.33 a gallon of crude oil. Cost of refine crude oil to gasoline is about $0.40 a gallon, average Federal and State taxes is about $0.40 a gallon. So far the cost is no less than $3.13 a gallon, add on producer/refiner profit, transportation, marketing and retail profit, the average $3.98 a gallon of regular is not out of whack.

 

[Digital2k2]

Back in 2008, when oil prices went crazy, I used this gas calc along with watching energy futures . Pump prices here in VA were always cheaper than what that calculator estimated. Now this year it's way above what it estimates.

 

[Jimmy9190]

I paid $3.83 for 87 regular today at Marathon. Oil prices are going lower at least for now, sure is funny how it takes no time at all for "world events" to increase the price at the pump but it takes forever for the pump price to decrease when oil prices drop.

 

[CROWNVIC4LIFE]

$3.79 for 87 at Mobil today.

 

[daves87rs]

Originally Posted By: CROWNVIC4LIFE
$3.79 for 87 at Mobil today.



Same here, now I'm worried.....

 

[Barkleymut]

Have any of you DRASTICALLY changed your driving styles to get significantly better mileage? I drafted behind a semi during my 70 mile drive today at 55-58 mph in a posted 70MPH zone. I am hoping to get at least 5 MPG better. On a car that gets 32mpg already that would be 15%. So take 15% off of a $4.00 gallon of gas and you have $3.40.

 

[HTSS_TR]

No, I will not try to save few bucks per week in fuel cost by drafting behind a semi on highway, it is just too dangerous and no way I can stand driving that slow on interstate highway. I tried to combine several errands into 1 trip, and drive it easy all around to cut down fuel consumption, but not risking my life.

 

[wander2039]

3.64 at the Sam's in Grandview. 36mpg in the Festiva last tank. The reason I was driving and stayed in the 55-60 range on the highway.

 

[HTSS_TR]

The gas price is going down on average about 10-12 cents in my area the last 8-10 days. 87 octane was $4.25 last week and now is down to $4.13.

 

[paulo57509]

Regular is below $4.00/gal in my area. At my prefered filling station, the price dropped from $4.16 - $3.99 in a 8-10 day span.

 

[rslifkin]

93 is down to $4.43 (was about $4.50 a week ago) at home in Stamford. Was still about $4.15 in Rochester when I left yesterday.

 

[SteveSRT8]

3.94 here for 93 today!

At least it's headed down.

 

[Whimsey]

$3.97 for 89 octane here in NW NJ. And we're one of the lowest states for gasoline tax

!

Whimsey

 

[123Saab]

$3.73 here today.

 

[CROWNVIC4LIFE]

In South Miami regular is going for 3.59..But in most other places it is around 3.79 for regular.

 

[HTSS_TR]

No complain about dropping gas price ?

How did speculators/oil companies do to lower gas price the last 3-4 weeks while the crude oil is still around $100 a barrel ?

 

[Jimmy9190]

Because the traders and speculators are taking profit and selling off their contracts now. They make money when they buy and they make money when they sell too. They are selling off their oil contracts now because of reports about the economy and jobs market not doing as well as expected, OPEC failing to reach any agreement about oil production increases, diminished demand for gasoline, and depending on the day and the state of the oil market the dollar is up and down against other world currencies. Today oil is down because of the news that some OPEC countries are increasing production even without the approval of the rest of the OPEC cartel.

The oil industry and those people associated with it are no dummies. They make money no matter what the current price of oil and gas might be at any given moment of any given day. Things would be very different at the pump if the speculators had to actually take physical delivery of the oil they buy and sell every day.

I am very grateful to see prices dropping. Let's all hope they keep dropping and stay low for a long time, but I am not holding my breath.

 

[CROWNVIC4LIFE]

This morning paid 3.63 for Mobil regular in North Broward near the Turnpike.

Just heard on HLN this morning Saudi Arabia is increasing production big time [more then they have in 30 years] so hopefully will see a much bigger drop in prices in the near future.

 

[rslifkin]

Paid $4.21 for 93 on Thursday. It's dropping slowly around here, but a friend near Boston said it's been dropping much faster there.