Post Hurricane Gas Prices

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Originally Posted By: MNgopher
Try again Grampi...

The Energy Information Administration posts weekly refinery utilization. Refineries have been running over 90% utilized since the first week of April. Over 95% in August till Harvey...

So where is all this excess capacity that supposedly exists? And is it connected easily to the markets that are now short?

Pesky facts...


If that were true gas would be over $5 already...
 
Well I posted earlier that we were at $2.799. Six hours later we're at $2.899.

Ten cents jump from breakfast to lunch.
 
Originally Posted By: MNgopher
Its easy to keep making stuff up... So say it isn't true as you seem to believe. Have a source? Facts to back it up? And what is the price of crude (the raw input) to support the idea gas should be $5 a gallon...

Read up... https://www.eia.gov/todayinenergy/detail.php?id=32752


It isn't the price of crude that's currently driving up the price, it's the lack of refined gas, and if refineries are running at or near max capacity already, then the loss of any refined product would drive prices sky high, so either we haven't lost as much refined product as what's being claimed, or refineries are not running anywhere near capacity, so which is it?
 
Originally Posted By: demarpaint
I thought it was going to be worse.........So far only a dime a gallon more, not quite the hosing I was expecting.


I spoke too soon. It jumped another quarter a gallon this morning.........LOL I guess it will be getting worse, I was right unfortunately.
 
Gas has gone up quite a bit in the last few days. I saw it go from $2.09 to $2.29 to $2.47 and now $2.59 this morning.

I hate how it always goes up in big chucks of 20, 18 or 12 cents/gal and only goes down in little amounts less than 5 cents.
 
Originally Posted By: LotI
Do other states have minimum markup laws like WI?

Another law here is the station is only allowed one price increase per day.


I remember that when I lived in Milwaukee for a few years. Wish that law was here in NC. On several occasions I've seen the same gas station change price three times in one day!
 
So is gas only dependent on raw material prices? Only dependent on declining supplies?

Hint: Its dependent on both (and a whole bunch of other stuff...)

You've stated if gas is short, it should be $5 a gallon. Based on what - an opinion?

Last time US gasoline averaged over $4 a gallon, the price of crude was what? Well over $100 a barrel. When gas was close to $4 a gallon 2010, 2011ish, the price of crude was, shocker... around $100 a barrel...

Guess what the current crude price is... $50 a barrel...

Thus (if you actually read the EIA report it points it out) gas remains cheaper due to lower raw input costs... but more expensive than it has been due to supply issues...
 
Originally Posted By: MNgopher
So is gas only dependent on raw material prices? Only dependent on declining supplies?

Hint: Its dependent on both (and a whole bunch of other stuff...)

You've stated if gas is short, it should be $5 a gallon. Based on what - an opinion?

Last time US gasoline averaged over $4 a gallon, the price of crude was what? Well over $100 a barrel. When gas was close to $4 a gallon 2010, 2011ish, the price of crude was, shocker... around $100 a barrel...


Thus (if you actually read the EIA report it points it out) gas remains cheaper due to lower raw input costs... but more expensive than it has been due to supply issues...


^ Hi, I'm from the government, and I'm here to help you.
whistle.gif
 
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Originally Posted By: Olas

Oil Companies set retail prices at stations they OWN, but not at stations they don't own.


I ran a Shell station in the 1980s and the price of both branded and unbranded was rigidly controlled by corporate.
If some renegade didn't conform they were cut off from Shell
If you got a call from the district manager (1980s) you had 1 hr to comply with the new price or pay consequences.
The station next to my house today is digitally changed by corporate district.
 
The price is being driven by lack of refining capacity. There is a cushion of refined product available that prevents the prices from going to insane levels. If the refineries don't come back online, then we will reach a very uncomfortable point where our consumption can only take what is produced and spot shortages will be more prevalent. In the places where there are spot shortages, anti gouging laws force the companies to control their rates.

If gasoline can be found in Houston, it is for similarly more expensive prices as other parts of the country that are unaffected. In other words, we are seeing the same 25-50 cent jump as everyone.

Ironically, oil price is dropping right now as there aren't as many buyers.



Originally Posted By: grampi
Originally Posted By: MNgopher
Its easy to keep making stuff up... So say it isn't true as you seem to believe. Have a source? Facts to back it up? And what is the price of crude (the raw input) to support the idea gas should be $5 a gallon...

Read up... https://www.eia.gov/todayinenergy/detail.php?id=32752


It isn't the price of crude that's currently driving up the price, it's the lack of refined gas, and if refineries are running at or near max capacity already, then the loss of any refined product would drive prices sky high, so either we haven't lost as much refined product as what's being claimed, or refineries are not running anywhere near capacity, so which is it?
 
If gasoline can be found in Houston, it is for similarly more expensive prices as other parts of the country that are unaffected. In other words, we are seeing the same 25-50 cent jump as everyone.

^ This....is just one more reason to have no empathy for big oil. If anyone in the U.S. needs a little help, it's the people in and around Houston.
 
Originally Posted By: Coprolite
I haven't heard anyone complain about the prices. There are generally more important things to worry about.


It would certainly help though...
 
Well there were no stations with gas on my drive home from Austin Airport to Round Rock.

Not one.

Governor says there is no shortage of gas, its just people panicking. However Texas has reversed the flow of crude on the pipelines to Oklahoma, it is staying here, and Trump has tapped the reserve.

My wife works in a rural area, she was lucky to get gas this morning at a middle of nowhere station.

I'm just glad we don't have to work until Tuesday. My car has about an 1/8th of a tank left in it.

I probably passed 10 gas stations on my drive home.
 
We needed gas for both DDs Tuesday and caught some for $2.099, venturing after we both got home from work.
The newer Forester took 14.1 gals while the newer Accord took 18.3. We had a bit less than a thousand miles between the two cars. We thus saved maybe ten bucks over current prices, which is nice but not life changing.
Driving home today, the cheaper stations were at $2.399 while the more expensive ones were at $2.599.
There are a few factors in play here.
First, this is the last holiday weekend of the summer and gas prices throughout the country normally spike around holiday weekends.
Second, taking a bunch of refinery capacity offline has to affect the price of refined products.
Finally, many people have fears about shortages in the coming days and weeks so filled their tanks and maybe even some gas cans when they normally wouldn't have, which combined with the holiday weekend brought an increase in demand which was reflected in an increase in price.
From what I can see, for most of the country the current higher fuel prices would have happened merely because of the Labor Day weekend and have little to do with the serious weather event Houston and much of the rest of southeast Texas is now recovering from.
 
Similar experience here. Local stations on the IL side of the river are running from $2.46-$2.79 for RUG according to gasbuddy.

I had trip to Decatur and found RUG at $2.29 in Litchfield, IL. Filled up the MGM on the way up and then topped her off on the way home.

On Wednesday, I had to take oilBabe to the hospital for a procedure and found RUG at a Sam's Club in MO for $2.03/gallon. But prices in MO have gone up as well since then.

Give it a couple of weeks and prices will be back down to where they were before the storm.
 
I just paid over $5 for a small loaf of bread and over $6 for a pound of butter - at Walmart ...
 
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