Gas - $4.00/gal - What Day?
- Thread starter B5150
- Start date
Delta Force
PES Rep
thanks for clarifying that... i was getting ready to move south
rcaz01
Member
My guesstimate is the Friday before July 1st, before the holiday...unless the tax holiday for gas is put in place. I am not the biggest fan of this idea becuase it usually means that those of us in the higher tax brackets end up paying for it in the end.
The federal tax on regular gas is 18.4c per gallon and I think it was .24c for diesel. I am in AZ like a few others that posted and here and in CA we have some really great state taxes on gas as well as the addition of ethanol which supposedly costs more. We also have a great govenor that finds great ways to tax things and still drag the state into a budget deficit all in the name of "education and programs for children." ooopps going off on a tangent...
$4 the week of the 4th...
The federal tax on regular gas is 18.4c per gallon and I think it was .24c for diesel. I am in AZ like a few others that posted and here and in CA we have some really great state taxes on gas as well as the addition of ethanol which supposedly costs more. We also have a great govenor that finds great ways to tax things and still drag the state into a budget deficit all in the name of "education and programs for children." ooopps going off on a tangent...
$4 the week of the 4th...
LakeMountD
Doctor Science
I saw 3.93 here for supreme today. I just can't believe it has gone up 1 cent per day for 3 weeks. Apparently the oil fields have disappeared lol.
atjnutrition2
Active member
Paid 3.67 for the cheap stuff in Atlanta today.
maynehood171
Active member
3.89 here where I live...
Distilled Water
Board Sponsor
E-85 $3.00 :woohoo:
Delta Force
PES Rep
In case no one noticed this last week oil made new records every single week day for a total of %8 up swing for the week
these high gas prices are here to stay and should increase more rapidly in new next few weeks
these high gas prices are here to stay and should increase more rapidly in new next few weeks
Dwight Schrute
I am faster than 80% of all snakes
It actually might come down. Reports today indicate that investors are actually bullish of the US dollar....first time since 2005.
rcaz01
Member
At the beginning of the thread someone said it was already costing them $40 to fill up. I found that really funny since it has always cost me more than that.
Here in AZ most of the pumps shut off at $75, so I never "fill up" all the way. If I go to a truck stop where they don't shut off It now takes about $100 for me to fill'er up.
Around $4 a gallon a honda civic starts looking like a free car to me. The only thing that has kept me from getting a small car is that I know as soon as I do the next model year will get like 60-70 miles per gallon.
Here in AZ most of the pumps shut off at $75, so I never "fill up" all the way. If I go to a truck stop where they don't shut off It now takes about $100 for me to fill'er up.
Around $4 a gallon a honda civic starts looking like a free car to me. The only thing that has kept me from getting a small car is that I know as soon as I do the next model year will get like 60-70 miles per gallon.
Delta Force
PES Rep
if past results are any indication of future performance from what i see in this graph we may have hit a peak for a little while oil prices it should tapper off.
We shall see and I hope all those oil speculators get BURNED!
Dwight Schrute
I am faster than 80% of all snakes
I hope you understand that the the the majority of those speculators are investing pension funds of your everyday worker.
Fund managers move the market, not Joe Blow home trader who buys a couple oil contracts.
Fund managers move the market, not Joe Blow home trader who buys a couple oil contracts.
Delta Force
PES Rep
the speculators I'm referring about are those on the trading floor the ones with access to the trades and the hedge fund managers they're the ones buying oil futures w/o expecting to actually take delivery of their oil trades.
milwood
Registered User
I live in Orange County, Ca. (south of LA) and I was in lovely Laguna Beach last night (where I previously lived for 5 years). I decided to stop at the "Thrifty" gas station as I was nearing empty (and that was always a little cheaper than the Shells, Chevrons, Mobils, etc.).
Regular Unleaded was $4.35 a gallon!!! I kept moving, because frankly I'd rather run out than pay that much!!!
I did find a station a short distance away which was a real bargain at $4.11/gal....
Regular Unleaded was $4.35 a gallon!!! I kept moving, because frankly I'd rather run out than pay that much!!!
I did find a station a short distance away which was a real bargain at $4.11/gal....
bLacKjAck.
Lift Heavy
Yeh I filled up today for 4.02. I was nauseous...
Dwight Schrute
I am faster than 80% of all snakes
What do you think the large mutual fund managers are doing?
Those small time speculator's don't move the price, the big time mutual fund mangers and governmental purchases move the price. The rest follow along.
Even today, reports that large mutual fund mangers have decreased their long positions thereby decreasing the price by over $2 in 3 hours. The rest just follow and are really a pimple compared to the big boys. The same thing happens with stocks but the flight to safety right now is oil...or was....should be a good 10% correction this week.
Dwight Schrute
I am faster than 80% of all snakes
Delta Force
PES Rep
I had to fill up my this morning and stopped by costo which has better prices than other stations they're now charging $4.05 pg.
what used to be just my weekly commuter the 2000 civic i own has become a good investment over time, that thing cost me $15k out the door and gets me on average 36mpg considering my commute is 90 miles its a lot better than my other car which gives me 24mpg (but it doesn't drive as nice)
Distilled Water
Board Sponsor
Gas is 3.99-4.25 where I am at. I have now become that guy on the express way.....you know the one that drives 55mph in the slow lane.
I get a lot of nasty looks as people fly by me but Idk because I'm getting 30+mpg vs. 22-25mpg..........over time that adds up
I get a lot of nasty looks as people fly by me but Idk because I'm getting 30+mpg vs. 22-25mpg..........over time that adds up
T-Bone
Banned
Damn!, I hope you don't live in New England!. People would be running you off the road!.
Distilled Water
Board Sponsor
:ntome:
DougMan
Registered User
Haha they most definitely would. I tried driving 55 in New Jersery once. I was definitely a road hazard.
stl123
Active member
Its like that here in STL.
I just find it very ironic that every single person I know complains about gas prices, yet none of them change their driving habits or even try to save gas. They all just want gas to be cheaper so they can drive like a maniac. I know that driving slower on your commute from to and from places won't completely offset the cost of $4 pg gas prices, but damn anything helps.
machine528
Member
I have seen some analysts report gas prices will make it to 5.50-6.00 a gallon by the end of this summer. For some reason I cannot see it getting any better and it is somewhat depressing. We should have been developing alternative fuel sources for the last 20 years and now that the oil companies have us by the balls it suddenly becomes an issue.
jmh80
Well-known member
Not to pick on you - but I will.
Clearly most Americans have little idea how the oil industry works.
The companies you see on the gas stations are bit players in the crude oil community. The biggest supermajor, XOM, pumps 3% of the daily crude oil.
The national oil companies have 80% of the proven crude oil reserves.
Crude is something like $2.80 a gallon (West TX intermediate). That's your starting point for motor gasoline prices.
No one is gouging anyone in this country.
Demand is being drive up by the developing countries. China subsidizes their gasoline cost to a dime or something.
They have no reason to decrease consumption in China. (Same for the OPEC countries and India.)
Supply of crude isn't increasing because governments (including our own) have taken over allowing production of crude oil.
Mexico is in a tailspin. Yet we bury our heads in the sand over some magic new fuel that hundreds of millions of Americans will have access to in some short period of time.
The only bright spot I see is that Iraq just inked some technical service deals with XOM, BP with Shell and Total on the way. That could add 0.5 million BBL's of crude oil supply a day.
Maybe Nigeria stops with all the violence. Lots of crude shut in there in the Niger delta.
At some point the big field just found off-shore in Brazil will be producing - 5+ years from now.
I've given up on us actually drilling anywhere than the GOM.
Freaking retarded that the Cubans can drill 50 miles from Key West but the governor(s) of FLA want to ban drilling 150 miles.
(Again - retarded.)
I have more thoughts - but enough for tonight.
Alright - I'm going to bed.
Dwight Schrute
I am faster than 80% of all snakes
They do now. They simply can't afford to continue to subsidize at these prices.
ITs amazing that we are the only country that forbids its own oil companies from building new refineries or drilling in new locations.
The price will come down simple because people will stop buying it. It dropped 4% in March..something that hasn't happened since the late 70's. Even though the BRIC countries consume a great deal of oil we still consumer 3x more gas than China so we are still in the driver seat. There is hope but the thought of $2/gallon gas is over.
Yup. Right now its estimated to take at least 10-15 years is litigation to even start building a refinery.
machine528
Member
JMH80, I recently heard about our country not drillling off the Florida keys. I also heard that CUBA is allowing China and Russia to drill there. I forget what news station I heard that on. Have you heard anything about this?
Delta Force
PES Rep
I've heard that also, I hear Cuba is allowing Chinese companies to drill there but have not hear of Russian companies drilling there.
maynehood171
Active member
It's those damn environmentalists in the back-pockets of the legislators...anything to keep their votes coming in...
It's $4.15 here in Northern New York...ended up ditching my Chrysler New Yorker for a Ford Contour :frustrate
milwood
Registered User
I believe it is time to become energy independent in the USA. This will not solve anything immediately, but it will pave the way towards UTILIZING the resources WE ALREADY HAVE! All options should be explored, including nuclear energy and oil drilling here. We should also build new refineries. I know this is a big issue for the environmental crowd, but enough is enough.
I'm 100% on the DRILL HERE,
DRILL NOW bandwagon.
We should begin drilling in Alaska, off the coast of California and in the oil shale resource in North Dakota, among others.
Other countries don't make it illegal to drill for oil, in fact most of them are busy trying to drill! Brazil just announced its plans to tap their newly discovered resource which will make them completely independent. I'm guessing with the price of oil continuing to rise, at some point enough people are gonna get fed up and force politicians to abandon these restrictions.
I'm 100% on the DRILL HERE,
DRILL NOW bandwagon.
We should begin drilling in Alaska, off the coast of California and in the oil shale resource in North Dakota, among others.
Other countries don't make it illegal to drill for oil, in fact most of them are busy trying to drill! Brazil just announced its plans to tap their newly discovered resource which will make them completely independent. I'm guessing with the price of oil continuing to rise, at some point enough people are gonna get fed up and force politicians to abandon these restrictions.
Dwight Schrute
I am faster than 80% of all snakes
That's why you buy Petrobras (PBR).
They are already independent for the most part. 60% of their fuel is ethanol from a domestic product. Their economy is booming and will continue to boom because of their energy independence.
jmh80
Well-known member
I work for an oil company - I don't hear things directly just through the food chain, if you will.
I'm a peon in the world of a supermajor.
I knew 3 years ago that Cuba was leasing blocks in the FLA straights that were WELL within (then) Gov. Jeb Bush's stalwart ban on drilling.
Some blocks went to Statoil (Norway) and some to one of the Chinese (I forget if it was PetroChina or the other one that does exploration).
It's true. I said it above. 50 miles from Key West.
Bush and the current FLA governors have cried whatever dumb-sh*t they want to say about drilling.
I've been to Mobile - you can't see the rigs that are more than 10 miles off-shore.
Make the ban up to 20 miles away from the FLA coastline.
Even Katrina couldn't cause Mobile Bay to be forever polluted (and it wrecked a SH*T-ton of wells and rigs in the GOM).
People are just flat uninformed about the oil industry. And politicians are even worse and are pandering to voters (who as I just mentioned have no idea).
I'd offer the gas tax holiday as proof.
Wanna know where that tax break would go?
Hint - not to us consumers. Back to the gasoline distributors (refineries).
jmh80
Well-known member
That's why you buy Petrobras (PBR).
They are already independent for the most part. 60% of their fuel is ethanol from a domestic product. Their economy is booming and will continue to boom because of their energy independence.
Those Sugar Loaf blocks will be HUGE boon for them. I think we got a grab in one of the blocks that hasn't been explored.
Would be nice to install us as the operator - we deliever on time and at budget (look at Kizomba-C).
(I should say we deliever when not mettled with on tax or operating terms - see Indonesia.)
jmh80
Well-known member
x2.
Well said.
I'm just tired of all the rhetoric, fears, and crap from the 1968 spill in Santa Monica.
Give us some credit for advancing over the years. Look at Katrina - no Valdez sized leak (or anything of the sort) and that storm tore through the heart of the GOM drilling sector.
I'm skeptical if anything will change. The evironmentalists seem to have everyone convinced in whatever.
We are the bad guy - I get it.
And a lot of people seem to think some magic bullet is out there that will transform hundred's of milllions of Americans away from gasoline/diesel.
Nevermind thermodynamic properties or if it's even feasible (see cold fusion).
I suppose you are right - maybe eventually people will realize how dumb we are.
Maybe it takes Mexico becoming a net IMPORTER of crude oil in the next 5 years.
(That will increase reliance on OPEC even more, ladies and gentlemen.)
jmh80
Well-known member
Agree on not having the cash to continue to hold mogas at a dime. Dunno if, say, Indonesia will want a repeat of rioting the last time they tried to raise the price.
I sure as hell know China isn't raising their price.
I don't know if anyone will change their pricing tactics anytime soon - you are right though, they should. Look at Venezuala.
I heard from a co-worker that went to an off-shore conference in Houston populated with employees of the so-called national oil companies (Pemex, PDVSA, etc).
They were all laughing at us because we have curtailed the vast majority of drilling spots.
We are the only country without it's own national oil company to do this.
Freaking hilariously stupid. We deserve $4 gas.
Period.
Agree that it should come down due to our and Europe's slowdown. I really don't know what is driving the price of crude right now. I know distillate inventories are a worry. (I keep seeing and hearing that - makes me more uneasy about speculation in the crude price. The forward looking prices 5/10 years from now have risen meteorically. Seems flat out strange or maybe bubble like. I dunno though.)
Seems like this fear of the non-OEC countries continuing to climb in crude oil consumption is keeping the price up. And this fear that supply is constrained.
I know gas consumption is down. I know a lot of people that are carpooling, stopping driving of the tank-like vehicles to take little Johnny to baseball practice.
The current price of mogas HAS affected daily life in the US. So - asking at what price it will stop people from driving has already been answered, now.
It's faster and cheaper to expand and existing refinery. Not that it's easy. Look at the fight BP has for it's Whiting, IN debottleneck. The evironmentalists that aren't picketing for ANWAR or the Canadian Oil Sands are picketing for BP to not get their permit to increase the through-put of that refinery. (Which means more gas and diesel.)
We hammer on the oil companies for not building new refineries - yet when we try to do something more simple in making a current one bigger, we get everyone and their brother filing a law suit.
Again - we deserve $4 gas.
Dwight Schrute
I am faster than 80% of all snakes
Bad news this morning...Crude inventories down 8.8million barrels. Price going up.
Dwight Schrute
I am faster than 80% of all snakes
Correction..supply down and the price is DOWN? :blink:
Bubble bursting? Next week could be interesting.
Bubble bursting? Next week could be interesting.
Distilled Water
Board Sponsor
Damn wish I was in econ class right now so I could record my econ teacher flipping out about this :lol:
Dwight Schrute
I am faster than 80% of all snakes
Its just reaffirms that the high price is not solely based on supply and demand.
Distilled Water
Board Sponsor
jmh80
Well-known member
Bobo (or whatever),
Again I say I have no idea what is driving the price of crude.
Though someone did tell me there seemed to be a fairly high number of ships in/around the GOM with crude. (I don't think that would show up in the inventories in the tanks and off-loaded at the LOOP.
Again I say I have no idea what is driving the price of crude.
Though someone did tell me there seemed to be a fairly high number of ships in/around the GOM with crude. (I don't think that would show up in the inventories in the tanks and off-loaded at the LOOP.
Dwight Schrute
I am faster than 80% of all snakes
There is very high amount of "floating inventory" but the majority of that is sour crude. Supposedly that 8.8m barrels inventory drop is also related to late deliveries as they can't make ships fast enough to carry it.
The price of oil has to do with underlying demand (which sets the trend) then is exasperated by a weak dollar and fund managers speculating. As with most things, its never just one thing....people follow where the money is...they did it with gold, grains, coal, steel, etc....its ALL up dramatically.
What you hope is that the dollar continues to show a bottom and strengthen. That would solve a lot of it and it is due for its 4-5 year cycle up. The fed is basically done cutting rates so the dollar should strengthen, commodity prices should drop and stabilize a bit.
Bottom line..buy stocks. If this is the dollar bottom, then stocks are cheap...the rough part is basically over and you will be looking at another nice bull run.
BodyWizard
Registered User
Just to be persnickety, * TODAY * is Memorial Day - we just switched the celebration - the "day-off-ishness" to the last Monday in May; however, Memorial Day remains May 31
(Sorta like we used to celebrate Washington's birthday & Lincoln's birthday, but now we celebrate "Presidents Day", 'cause we can define that as a three-day weekend - and because most people only think OMFG, LOOONG WEEEKEND!!!11, that turns out to be "good enough"
(So much for "traditional values")
(Sorta like we used to celebrate Washington's birthday & Lincoln's birthday, but now we celebrate "Presidents Day", 'cause we can define that as a three-day weekend - and because most people only think OMFG, LOOONG WEEEKEND!!!11, that turns out to be "good enough"
(So much for "traditional values")