Gas prices are dropping!

Patman · Sep 7, 2005

In Toronto our gas prices are dropping very fast, we were up as high as 134.3 cents per liter at the peak, which is $4.27 US per gallon. But they've come down every morning since that peak, and it's now down to 109.7 cents per liter, or $3.48 US per gallon. It's still got a way to go to reach where it was before Katrina, but it's getting there. Before Katrina the price was around 99 cents per liter, or $3.15 US per gallon. I wish it would get back to where it was in December 2004 though, when crude oil was trading at it's low of the year. We saw gas for as low as 57.5 cents per liter then, or $1.83 US per gallon.

Shannow · Sep 7, 2005

And the hurricane Katrina victims have all gone back to normality, as have the residents of Iraq.

Thank goodness for the petrol prices.

kenw · Sep 7, 2005

Well, sometimes you have to look hard for things to be grateful for, I put 93 octane in this morning for 2.989, 87 was "down" to 2.839 (US$).

And speaking of hurricane victims, the largest shelters in Houston are down to a total of <4,000 from over 20k last week. Most have found more permanent shelters, we expect a lot to stay permanently.

Pablo · Sep 7, 2005

Several (religous) shelters have already placed over 1000 people each in permanent homes and JOBS.
So much for slow response. It will be a long time and sometimes "normality" never returns when you lose a loved one.

As for gas - again what a freakin' racket especially from the point of view where I live. Our prices aren't dropping that fast.....on Monday 87 was still $3.12/gallon - today $3. That is laughable/cryable. There was no reason for these high prices other than commodity traders and greed! I support the free market - and our only recourse is to buy less and speak up!

Matt_S · Sep 7, 2005

The highest price I saw here was $3.39. I just saw $2.89 yesterday. Thank goodness! It would be nice to see $2.50, but that's just a pipe dream.

(prices are for 87 octane)

Pablo · Sep 7, 2005

Matt - that price cycle seems steep and pure "human" - ie not normal

GROUCHO MARX · Sep 7, 2005

I haven't seen a penny drop here as of Wednesday.

kenw · Sep 7, 2005

A lot of the pricing depends on whether the station is a contract buyer or spot buyer. Most often the lowest prices lately have been at the majors: Exxon, Shell, Citgo, Diamond Shamrock/Valero.

The grocery stores pumps have been among the highest but are usually among the lowest when supplies are better. My purchase this morning of 93 at 2.989 was at a Citgo.

The Randall's grocery chain (a spot buyer evidently) had 87 at 3.31 for a few days at a store near my house, but quickly relented and went to 2.99 to match the Kroger across the street. A nearby Exxon went to 3.05 for a couple of days last week but is now back to 2.89, well under some of the nearby grocery stores. My Citgo was 2.83 today and many of the Diamond Shamrock/Valero near the Citgo were 2.84.

The interesting part is last week I saw someone filling up at 3.31 at Randall's, with 2.99 right across the street!!!

Matt_S · Sep 7, 2005

I should clarify that the $3.39 price was right after the hurricane hit. The price has come down that far in about a week.

OMCWankel · Sep 7, 2005

I think we need to brace ourselves. Most credable experts are saying that $3.00 is going to be the floor price sooner than later.

The spike we saw after Katrina is part of a slower but steady trend upwards.

Lots of factors at work here, not all of them are directly related to the petrochem industry. One example would be the dropping dollar on the currancy market.

Matt_S · Sep 8, 2005

quote:

Originally posted by ALS:
It was $3.20 yesterday for 87, today it hit $3.00. Stopped today to top off (see post on locking gas caps) and saw that the 89 and 93 have not dropped a cent. Still $3.30 and $3.40 and in some cases $3.50 for 93. Well while I was waiting to pay there was a customer talking to the cashier about the cost of gas and the cashier was complaining how business has dropped dramatically. She was telling him how their gas sales were way down and the merchandise on the shelves is just sitting there. She said that people were buying gas and nothing else. She said the lottery machine is the only thing saving them.
I'm betting the 2.999 gas is the first sign of panic coming to the retail gasoline market. It was just funny how the 87 dropped 20 cents and the 89 and 93 hasn't dropped a penny.

Hmm, that's not what we're seeing here. All gas has dropped, not just 87. Of course, our attorney general is very aggressive at prosecuting gas station owners for gouging customers. Every time there's some sort of price spike, there's a news story about how the AG has sent a threatening letter to station owners. As a consumer, that's really nice to see.

It's not surprising to hear that the retail shops at the gas stations are suffering, though. Personally, I rarely have ever bought more than gas. Those stores mostly sell junk food and soda that my waistline and my wallet don't really need. Maybe more people are realizing that now.

ALS · Sep 8, 2005

One station (Exxon) has dropped the 89 to 3.10 since 2:00 PM. The rest are now down to $2.999 for 87 and running $3.20 to $3.30 for 89 and between 3.30 and up to $3.50 for 93. This is all within a 2 mile radius. This trend could get ugly over the next week or so.
The extra $10 to $15 to fill your tank up really gives you a reason not to buy anything else in that convenience store.

ALS · Sep 8, 2005

It was $3.20 yesterday for 87, today it hit $3.00. Stopped today to top off (see post on locking gas caps) and saw that the 89 and 93 have not dropped a cent. Still $3.30 and $3.40 and in some cases $3.50 for 93. Well while I was waiting to pay there was a customer talking to the cashier about the cost of gas and the cashier was complaining how business has dropped dramatically. She was telling him how their gas sales were way down and the merchandise on the shelves is just sitting there. She said that people were buying gas and nothing else. She said the lottery machine is the only thing saving them.
I'm betting the 2.999 gas is the first sign of panic coming to the retail gasoline market. It was just funny how the 87 dropped 20 cents and the 89 and 93 hasn't dropped a penny.

theguru · Sep 8, 2005

Not exactly dropping here to fast. Hit $1.40 per litre for unleaded. Shell Optimax 98 was another 12c per litre. Equates to about $5.30 per US gallon for unleaded.Tonight was $1.35

Patman · Sep 8, 2005

Some stations in Toronto were down to 99.5 cents per liter (3.16 per gallon) last night, a big difference from the peak of 134.3! (4.27 per gallon!) I got gas for 103.9 (3.30), a lot better than the 123.9 (3.94) I paid on Monday night.

Patman · Sep 9, 2005

Another drop this morning, it's now 106.8 cents per liter, or $3.40 per gallon. Yesterday morning it was 109.5 (or $3.48) Some stations got down to 98.1 by late last night ($3.12 per gallon)

joee12 · Sep 9, 2005

It dropped in Georgia only because the governor suspended the gas tax for a short time. It is still $2.77 a gallon in Coastal Georgia. What kills me is the fact that is was only $1.90 here six weeks ago, then it went to $2.25, then to $3.20 in two days. It will NEVER go back down to under $2.50 IMO

I spend an extra $30 a week in gas for two cars, which is roughly $120 a month. That $120 a month simply doesn't get spent on other items; going out to eat, shopping, and boating

Shannow · Sep 9, 2005

Fortunately, Oz hasn't had any hurricanes, nor a falling currency.

and fuel prices still seems to be rising.

Something wrong with the picture.

Al · Sep 9, 2005

Low prices are gone forever. Get used to it. Sure it may go back down to $2.50. But the reality of the situation is that life style changes are mandatory for some. I drive only when I absolutely need to. I had to go down to WV. this past week to help my daughter move. I can't avoid these trips. I needed to take the pickup and for those 4 days and 800 miles it was just about 100 bucks.

What worries me more is that the way the gov. is spending money..I think we are headed to financial collapse. Gas prices are the least of our worries.

Al · Sep 9, 2005

quote:

Originally posted by joee12:
It dropped in Georgia only because the governor suspended the gas tax for a short time.

Smart

Result: People will buy more gas. Demand goes up, prices go up to pre tax removal levels, Gov collects no money to repair roada, State takes more money out of general fund, taxes go up, People are strill unhappy... The broken Political system at work.

Thats whyat you have when no politician and JoeSixpac votor have not got a clue of Economics 101

Gas prices are dropping!

Similar threads