Posted on 08/13/2012 4:20:13 PM PDT by Hojczyk
Gasoline and oil futures surged Tuesday to the highest prices since May, as traders predicted the damage from a fire at California's third largest refinery could take months to repair.
The lowest retail gasoline prices of the year may already be behind us, some traders say, especially in light of this incident as well as refinery issues around the U.S. and across the Atlantic in the North Sea.
September RBOB gasoline futures briefly topped $3 a gallon Tuesday, and settled just shy of that mark, near a 3-month high. The more than 2 percent gain in gasoline futures sparked big gains in the oil market, where London-based Brent crude prices jumped over $2 to more than $112 a barrel and WTI oil futures topped $94 a barrel in New York, then settled up more than $1 at $93.67 a barrel.
The fire at the 240,000 barrel per day Chevron refinery in the San Francisco Bay area started around 6:15 pm local time Monday and blazed through the night before being extinguished early Tuesday. Chevron's Richmond refinery produces about 15 percent of the gasoline used by California drivers, says energy analyst Andy Lipow.
Operations at the refinery are expected to be hampered for some time. Analysts say it could take months before the crude distillation unit where the fire broke out is back to normal operations.
The local gasoline market in California saw a swift, steep price surge-far greater than at the New York Mercantile Exchange. Spot gasoline prices soared in San Francisco, spiking over 35 cents to $3.32 a gallon, skyrocketing 12 percent. Prices could climb at least 40 cents in the wake of this incident, says OPIS analyst Tom Kloza.
(Excerpt) Read more at finance.yahoo.com ...
Southwest Florida...3.56
How is gas .32 more a gallon here in NC than it is in CA? I paid $3.64 at the cheapest place in town today.
Paul Ryan’s fault. He’s wants “the elderly” to run out of gas on the way to the emergency room.
Bush’s fault.
Isn't gasoline free in California?
South of Nashville - $3.59 per gallon.
It’s gone up .40 cents in three weeks.
Well, then, I guess its time for the MSM to stop talking about gas prices, isn’t it?
Blaming a refinery fire for rising crude oil prices is like suggesting that the price of beef would go up if McDonald's stopped serving hamburgers.
It’s only free in California if you don’t speak english or you get some of that Obama stash if you are like me I am paying $4.19 . I think I will revive an old bumper sticker
Ass, Gas or Grass no one rides for free”
Dang, am gonna have to move to Florida. No offense intended.
This is not good for Barry...
Gas prices can be expected to rise until we get Obama out of the White House, and his people out of all the agencies that hinder energy production. Relief is coming, if the American people are smart enough to vote for it.
That $3.32/gal. is the wholesale price. Here in the Sacramento area, retail prices are from $3.75 to over $4.00/gal. And it was below $3.40/gal just a couple of weeks ago.
As I search and search and search for three reasons to vote FOR Romney/Ryan and not vote FOR the lesser of two evils, I can honestly say I hope you are correct about the relief is coming, in the form of jobs, lower taxes, and lower prices.
I suspect we would have gasoline subsidies on EBT except liberals really want everybody (including the poor) to ride public transit.
I suspect we would have gasoline subsidies on EBT except liberals really want everybody (including the poor) to ride public transit.
Gas prices going up? Good! The faster the better. Save the environment!
Let’s give these rubes a taste of what they’re voting for.
Wonder when liberals will tell us we can eat ethanol?
Never forget that regular unleaded gas was $1.79 per gallon when Obama took office on January 20, 2009.
Source:
If anyone knows of more sources for this FACT, please let me know. I used to have other sources for this $1.79 figure, but "mysteriously" those sources/websites have been shut down or scrubbed.
Libs absolutely refuse to believe that gas was that low on 1/20/09. Most people I know - regardless of political ideology - have forgotten how low it was back then... today's gas prices are really shaking them up. Many of these people are associating the high gas prices with Obama. Hopefully they'll remember this in November.
Of course gas prices have gone up.
I am just about ready to put my boat back on the water, it has a 70 gallon tank and it’s a fire breathing gas hog. So sure, it had to go up... Grrrrr
Hmm......I wonder where I can get one of those Obama electric engines to put in my boat.
Obama and the rest of those corrupt bustards have got to go....
I paid 2.79 in Harrisonburg, VA the last week of June. I paid 3.39 today in another town in VA.
$3.68 north central Kentucky
$3.15 at a newly opened station near the Mason-Dixon line on July 1. Now $3.63
Fifteen percent increase in six weeks. 127% annualized.
Have your wages gone up correspondingly?
Thanks, Øbum-hole.
$3.32 in SF?
That’s ridiculous. We’re up over $4 in the South Bay.
Central Iowa - 3.59
Give or take Iran closing the sealanes, even for a minute, prices are going to continue to climb. I’ll be somewhat surprised if the retail price doesn’t flirt with $4.50 as we head into October. The memory of those high prices will stick with all voters all the way to election day, even if gasoline falls below $4 by that time.
Of course, the Demwit nitwits will, as always, blame it on the greed of someone besides themselves. One of my FB friends actually tried to attribute some recent refinery fire to an attempt by “big oil” to push up the price of gasoline.
She’s an idiot.
Zero’s devaluation of the dollar through the Obamacare Deficit and Obama Recession has made it difficult at best for him to enjoy the kind of crude price decline one would expect from the ongoing rise in oil production. The dollar’s continuously either getting cheaper or staying as cheap as it was, China’s economy is slowing, and the only call Zero and his fellow Demwits have is raisetaxesincreasedeficitceiling.
http://www.freerepublic.com/focus/news/2899315/posts
http://www.freerepublic.com/focus/news/2145621/posts
Thanks Hojczyk.
G’night all!
0bama fulfills one campaign promise! $5.00 gas.by the end of his term.
It’s not. I paid $3.96 today for regular. Last wk I filled up to go out of town and it was $3.54. Over a 40 cent rise in barely over a week.
$3.899 on the Rockies.
It'll average out nicely with prices near $2 by mid 2013.
Of course gas was cheap on 1/20/2009. The economy crashed at that time.
Same here. $3.95 right now in Northern Indiana.
Rise the rest of the year? I think so.
What is the excuse now the economy is worse and gas prices are through the roof.
I will spread that link far and wide.
I wonder how much the Saudi’s are contributing to Obama’s re-election campaign?
Aiken County, SC: $3.17 - $3.39 depending where you go.
South Carolina has some of the lowest state gas taxes in the country.
Who would have thought that low supplies and high demand would lead to rising prices???????????
Isn’t gasoline free in California?
Of course a gallon of gasoline is free in California. The tax they charge you, however, is about 4.50 per gallon.
Indeed. Unless they start spinning “if we don’t re-elect Maobama, they’ll get even higher since it’s all George W. Bush’s fault”.
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