So Oil Prices...........

[Larry]

As low as 1.82 in spots towards the city. Still right around $2 by me.

[Fish2006]

2.20s in the Chicago Burbs. I hear below 2 in NW Indiana.

[Rothko]

$1.87 in Ringgold, Ga LOL

[homedawg]

Oil @ $56.73

[Billy Barooooooo]

1.99 I guess the kid was right! lol Out of the 28 stations by my house his is number 1 at 1.99 for the week!!!! To bad we can't bet on that!!!


BB

[Billy Barooooooo]

Originally Posted by Billy Barooooooo

The Kid at the station said it will be down to 1.99 in the south subs of chicago by the end of the month! He said "Thats what the people who come out here told me"! LOL

BB

BB

[beermantm]

Originally Posted by Billy Barooooooo

1.99 I guess the kid was right! lol Out of the 28 stations by my house his is number 1 at 1.99 for the week!!!! To bad we can't bet on that!!!


BB

What happened to the oil crisis we were facing?? You know the one that said we were running out of oil and that is why the Gas was 4.30 a gallon?

I have one word for you........ Speculators!!!

They did their part in wrecking the economy!!

[Billy Barooooooo]

Originally Posted by beermantm

What happened to the oil crisis we were facing?? You know the one that said we were running out of oil and that is why the Gas was 4.30 a gallon?

I have one word for you........ Speculators!!!

They did their part in wrecking the economy!!

Hey now... watch what you say around here we don't want to piss off Homedawg

[Fish2006]

Remember all that Chinese demand? Chinese stock market is down like 70% this year. Before everyone was extrapolating 12% GDP growth for years on end. Now that it is more like 8%, different deal.

Also - people are not fooled this time - after the past 3 years, I think people are expecting things to go back up. Thus, many are not trading in the small cars for bigger ones now that oil is relatively cheap.

That said, the cheaper oil is working like a shadow stimulus plan on the economy, one we desperately need. If a typical family burns through 50 gallons of gas per week, it is around $100 per month per family of stimulus... basically over a year the equivalent of doing one of those tax rebate checks for $1000.

I hope the push towards putting in Wind and moving towards CNG (Compressed Natural Gas) operated cars does not stop. IF we are going to spend $700B recapitalizing banks, I see no reason why we could not spend $700B split between investing in new tech startups, and investing in companies that have promising patents in solar and wind tech so that those ideas get developed and give us cheap alternatives to oil. I would love nothing more than to simply make Iran, Venezuela, and Saudi Arabia functionally irrelevant not just now, but going forward.

[homedawg]

Originally Posted by beermantm

What happened to the oil crisis we were facing?? You know the one that said we were running out of oil and that is why the Gas was 4.30 a gallon?

I have one word for you........ Speculators!!!

They did their part in wrecking the economy!!

We all took it up the A** too! Since the record high in July $145.00, sales have declined 4 months in a row, including the largest decline, (last month) since '92. Oil is not done falling, soon to be under $50.00 and under $40.00 could very well happen too!

I just don't understand why there is still price gouging at the pumps?

The US oil refineries made some good dough this year, now they need to lower the prices at the pumps accordingly!

[dananderson32]

Originally Posted by homedawg

We all took it up the A** too! Since the record high in July $145.00, sales have declined 4 months in a row, including the largest decline, (last month) since '92. Oil is not done falling, soon to be under $50.00 and under $40.00 could very well happen too!

I just don't understand why there is still price gouging at the pumps?

The US oil refineries made some good dough this year, now they need to lower the prices at the pumps accordingly!

from the people i talked to in the area who own gas stations the reason the prices haven't dropped as much as you expect is because when they were so high in the summer the gas station owners themselves weren't making any money or profit on the high price of gas and therefore with the decline in oil prices they need to keep the price of gas at the pump higher then you would expect in order to recoup lost profits from the summer months

[homedawg]

Originally Posted by dananderson32

from the people i talked to in the area who own gas stations the reason the prices haven't dropped as much as you expect is because when they were so high in the summer the gas station owners themselves weren't making any money or profit on the high price of gas and therefore with the decline in oil prices they need to keep the price of gas at the pump higher then you would expect in order to recoup lost profits from the summer months

That's what they tell you so you feel better I guess? Look at the prices in your area, low end is $2.02 up to $3.45, wtf is that all about?

Buffalo Gas Prices - Find Cheap Gas Prices in New York

I know they raised the prices according to the market, it doesn't mean that it cost them that much more to supply you with the gas, but they charged you plenty more to buy the gas! Now that the cost to supply is down huge, and the demand is down, they still want to charge you for lost income? Are they making up for lost car repair income? Lost sales on coffee? etc....

I go to a gas station that sells beer at state minimum and fuel among the state low prices! $1.69 at a local today for gas, and yet there are stations local selling for $2.50+.

[Fish2006]

Originally Posted by homedawg

That's what they tell you so you feel better I guess? Look at the prices in your area, low end is $2.02 up to $3.45, wtf is that all about?

Buffalo Gas Prices - Find Cheap Gas Prices in New York

I know they raised the prices according to the market, it doesn't mean that it cost them that much more to supply you with the gas, but they charged you plenty more to buy the gas! Now that the cost to supply is down huge, and the demand is down, they still want to charge you for lost income? Are they making up for lost car repair income? Lost sales on coffee? etc....

I go to a gas station that sells beer at state minimum and fuel among the state low prices! $1.69 at a local today for gas, and yet there are stations local selling for $2.50+.

The term I have actually heard used is "up like a rocket, down like a feather". Gas stations actually make most of the money on the way down, not up.

For shits and giggles, I look at this page to get the market price: Commodities - Latest Trading Prices and Data from CNNMoney.com

Then, from there keep track of the spread (retail - commodity price on the open market), which includes retail taxes, shipping costs, gas station operating costs, and profit. At the peak, the spread where I live between that price and the pump price was about .70. Now it is closer to .95 where I live.

It sucks... it would be interesting to try to buy a gas station and see if you could compete. I would expect to see a lot of low level collusion between stations in various areas (wink, wink, lets all agree to not drop prices more than .02 at a time) - but stuff that is too small to get the anti-trust forces at the Federal Level involved.

Near where I live, there are 4 stations on one strip of highway (route 53 in the SW burbs) - where the price almost never varies by more than a penny. On a different strip not too much farther, prices are routinely .10 to .15 lower, with exceptions every few weeks when the 53 strip stations all decide to move at once. I am pretty sure something is going on, but since there is probably a quid-pro-quo arrangement that nobody can really prove, you really could not viably enforce anti-price fixing laws. Even if you tried, it is so low level (in the teens of cents per gallon) - that prosecutors tend to look the other way.

Interesting to watch...

[homedawg]

Here is a day by day, back to '97

NYMEX Light Sweet Crude Oil Futures Prices

Ever since the dems took over in washington oil went nuts!

5 years ago oil was @ around $30.00 and the avg gal of gas in ohio was $1.14. According to my calculations, gas is fair priced at $1.60-1.70 here, right now. The cost to supply may have increased in the last 5yrs, so has the amount of additives they put in the gas.
My point was, why is there such a huge variance in pricing? I understand state to state variance in taxes & overhead costs etc.., but I could drive 20miles from my home and find gas from $1.69 to $2.49. If a station is able to make a profit at $1.69 right now, then other stations should be able to. IMO, there should be some regulation, Fair market +25 cents max!

[Larry]

as low as $1.64 in spots