questionsdid gas skyrocket anywhere else tonight?

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My wife read in the newspaper a few days ago that the number one export in the US is fuel oil. We send ours to someone else and then buy from terrorist countries. How brilliant is that!? (confirmed it with the Wall Street Journal)

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Its unfortunately that oil is treated essentially like a stock, where a simple scare can drive people to push the price up, but other commodities are the same way. If you hear your favorite (insert consumable item here) is going to be out of stock or in short supply soon don't you stock up? Same thing essentially happens with oil. Up goes the price, and they gladly pass it on to the consumer. Now why the gas already at the pump goes up in price immediately? That I can't explain. When oil goes down in price the system works a lot slower. Amazing that, eh?

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@waltertangofoxtrot: When something like this is coming, people with lots of money want to buy up all the oil they can so they can sell it for a huge profit when the price rises after the shortage. There's so many people doing this, that the mere mention of a possibility causes real actual sales to happen, driving demand and prices up.

For example - if I had a lot of money, I would buy up as many hard drives as I could as soon as I heard about flooding in Thailand. I would have made a lot of money selling them on eBay.

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First of all we do"t need to rely on foreign oil at all. We have enough oil available in this country if politics wasn't involved. The oil reserves in this country right now would supply us for the next hundred years. Do you know that most of the oil pumped in Alaska is sold to Japan. We have tapped into one of the largest oil fields right now in N.D. and we have a huge field in Texas. I read it is larger than all the oil in the Middle East put together.

As far as cutting back on usage, depending on where you live that is almost impossible . We have one of the worst mass transit systems in the world. If you live anywhere other than a major city you have no choice but to use your car. In Europe you can travel from Russia to Italy by train and in comfort.

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@ganzhimself: Sadly, the government is the reason it's in there in the first place. Helping out the corn farmer (and cutting everyone else's gas mileage simultaniously!)

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@aphroat: Gas is a commodity in a speculative market.

That is exactly why the gas in the station is already going up. Speculation is that future supply may be limited and therefor current supply increases in value as demand does not decrease.

It sucks, but it's the market.

Don't like it? Use less gas.

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Gas has gone up nearly 15 cents a gallon in my area since Monday. I noticed it after I saw a crawler that mentioned an Iranian production reduction threat boosting the per-barrel price on the commodities market.

Nevermind that the oil in processing right now to be gasoline is already paid for, as it were, and that there's no practical reason for the price of gas already in station tanks to go up so much.

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Here in Kansas, it's 3.06. But I bet we will see it going up pretty soon. We're always behind the rest of the nation--in just about everything.

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I have no idea. I buy gas once every 2 weeks. The price doesn't bother me much.

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@caffeine_dude: Now if the government could just mandate the removal of ethanol from gasoline... That would be the day.

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My Grandpa called and said his went up about 20-25 cents in his area of Missouri.
I haven't noticed it here in Houston, as I'm glad I filled up Monday.

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http://www.chicagotribune.com/classified/automotive/traffic/sns-end-of-ethanol-subsidies-could-increase-gas-p-20120104,0,4424050.story did not read story or all comments but check it out (it was on radio yesterday) Running late or I would not be so lazy.

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I saw only a $0.05 increase from yesterday to today but we were already around $3.59 per gallon before this increase

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It's been $3.69 here in Seattle for a while. Can't wait to see what it jumped to. Fortunately we have a decent bus system here and my company provides free bus cards, so I only have to fill up every month or so.

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25 cents in 24 hours in the N.Fla area.

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WE don't explore or drill for oil (for example, Gulf of Mexico - where China, Venesula, Mexico are all drilling offshore), we're "regulating" domestic refining (example, the Canada pipeline 'regulations' referred to in the 'payroll tax cut' leglislation).

Iran is making a statement about how they can control oil transport from the Middle East - since we have no choice, we end up paying more...

I'd expect the news media to serve this up as an election policy issue - we won't have solar cars (and where does electricity for rechargable cars come from ?). Meanwhile OPEC laughs at us, all the way to the bank !

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It went from $2.89 to $3.17 here yesterday.

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Gas under $3/ gallon? What's that like? Both my vehicles require Premium, so I don't even look at how much gas costs, I just close my eyes and take it. I barely remember when I paid less than $3.00 / gal for Premium, but that didn't last too long. Right now I'd be thankful for Premium coming in at sub $3.50 / gal. I think it was actually $3.45 a week or two ago. Go figure.

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@pinchecat: It's not about shaving profit margins to benefit the customers.

1) Are the oil companies involved in insider trading to make the market fluctuate to jack up prices? That is not only unethical, it's illegal.
2)The prices for the crude itself hasn't changed.
3) Record profits ensue because the margin isn't static, it's because prices have risen while costs have stayed static.

BTW, Shell here was $4.23. I predict that when it gets to $3.89 (up from $3.69, last week) all the sheeple will acclaim that at least it's not $4 anymore.

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@waltertangofoxtrot: so, if oil companies raise prices, are you asking them to shave profit margins simply to deliver cheaper gas to joe consumer? you're neglecting to consider the fact that record profits are achieved because:

1) upstream prices go up do to speculation, trading, exports, etc.;
2) higher prices at the pump (downstream) due to larger cost;
3) static margin on higher prices here leads to higher profit...even if they're disproportionately priced higher do you expect them to accept a shrinking margin simply to look out for customers' bottom line...especially in a mostly inelastic demand scenario?

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Less than $3 gas until today? I'm jealous. It has been $3.59 here for the last 3 days (jumped from $3.29). I can't tell you if it spiked or not today though because I have been sitting in the hospital all day/night.

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@pinchecat: I realize gasoline is a finite resource, what I don't understand is why the THREAT of the POSSIBILITY that SOMETHING SOMEWHERE might SOMEHOW go bad, causing the oil companies to spike prices in fuel... Then, they turn around and post record profits quarter after quarter... (as in profits from this quarter broke the previous record of the last quarter, which broke the record of the previous quarter etc.)

As for the fact Gasoline is "relatively cheap in the US as compared to the rest of the world" so? I don't live in the rest of the world, I live in the US, where we don't have a mass transit system worth a ----, or any other alternative to clocking 45,000 to 70,000 miles a year in driving time. When I bought my first truck in 1998, gasoline prices dropped to 68 cents a gallon in AZ, because the oil companies were trying to prove to the state that they could manufacture gasoline cheaper if they didn't have to move to reformulated fuel blends.

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newsflash: gas is cheap in the united states. get used to rising prices...it'll compound dramatically in the next decade.

[not trying to be a dick, it's the cold situational reality of global energy]

@waltertangofoxtrot: thats the same "unlimited gasoline faucet" attitude that'll lead us to the inevitable more sooner than later.

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Of course gas went up tonight! As long as there are concerns about the oil-rich countries, the prices will go up, and the news will report on it, so that we race out during the weekend (when we're out and about already) and buy it at its most expensive all week. Then it'll drop a bit when the weekend is over (unless we're in a REAL crisis, whatever that means!). It's a poopy cycle that we're hostages to.

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I am more t han a little tired of gasoline prices shooting through the roof because of the THREAT that there MIGHT be a POSSIBLE issue SOMEWHERE in the world that Oil comes from. I mean seriously, if all these oil companies want me to believe they're "in it for the good of humanity, and expanding their energy resources to cleaner safer cheaper alternatives" then why do they bend us over and ---- us every chance they get?

as an old wise man once said "Don't piss down my back and tell me it's raining."

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While no expert I'm pretty sure it might have something to do with Iran's threat to close the Strait of Hormuz, which is currently a waterway in which 1/3 of the world's shipped crude oil passes daily. I found a brief article at

http://www.businessweek.com/news/2012-01-04/iran-closing-hormuz-strait-would-hurt-tankers-arctic-says.html

with some more information on the subject.

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@silo11 Ouch, that sucks. I haven't noticed gas prices today, but a week ago it went up from 2.96 to 3.16 overnight here in Georgia. What state are you in?

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Imagine that, gas prices spiking on a weekend after a major holiday.