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Gas Prices Set to Rise for Rest of 2012?
CNBC ^ | August 7,2012 | Sharon Epperson

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 ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events; Politics/Elections; US: California
KEYWORDS: 2012issues; anwr; california; democrats; drillheredrillnow; energy; gasprices; keystonexl; obama; opec
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1 posted on 08/13/2012 4:20:20 PM PDT by Hojczyk
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To: Hojczyk

Southwest Florida...3.56


2 posted on 08/13/2012 4:22:53 PM PDT by Hojczyk
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To: Hojczyk

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.


3 posted on 08/13/2012 4:24:30 PM PDT by USMCWife6869
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To: Hojczyk

Paul Ryan’s fault. He’s wants “the elderly” to run out of gas on the way to the emergency room.


4 posted on 08/13/2012 4:24:30 PM PDT by FlingWingFlyer (The NRA did not create James "The Joker" Holmes. Harvey Weinstein's Hollywood did.)
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To: Hojczyk

Bush’s fault.


5 posted on 08/13/2012 4:26:01 PM PDT by Wildbill22
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To: USMCWife6869
How is gas .32 more a gallon here in NC than it is in CA?

Isn't gasoline free in California?

6 posted on 08/13/2012 4:27:11 PM PDT by EGPWS (Trust in God, question everyone else)
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To: Hojczyk

South of Nashville - $3.59 per gallon.

It’s gone up .40 cents in three weeks.


7 posted on 08/13/2012 4:27:47 PM PDT by Fledermaus (Democrats are dangerous and evil. Republicans are useless and useful idiots.)
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To: Hojczyk
I live in California and the price about 2 weeks ago was $3.98f and then there was a fire at one Refinery here and within day the prices jumed it is now $4.19 at that same gas station. What was funny was the day after the fire the news stations were already saying how the price was going to go up and now they are blaming the high price of gas on the fire and oil imports. They didn't say much about how high the price was 1 day before the fire and they never blame Obama like they did Bush never. As a matter of fact today they said the price will continue to rise because of the fire.
8 posted on 08/13/2012 4:29:04 PM PDT by funfan
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To: Hojczyk

Well, then, I guess its time for the MSM to stop talking about gas prices, isn’t it?


9 posted on 08/13/2012 4:30:39 PM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: funfan
They also don't mention that a refinery shut-down may result in a spike in gasoline prices, but would have no such impact on the price of crude oil.

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.

10 posted on 08/13/2012 4:33:44 PM PDT by Alberta's Child ("If you touch my junk, I'm gonna have you arrested.")
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To: EGPWS

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”


11 posted on 08/13/2012 4:35:10 PM PDT by funfan
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To: Hojczyk
Southwest Florida...3.56

Dang, am gonna have to move to Florida. No offense intended.

12 posted on 08/13/2012 4:36:58 PM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
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To: Hojczyk

This is not good for Barry...


13 posted on 08/13/2012 4:40:03 PM PDT by 103198
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To: Hojczyk

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.


14 posted on 08/13/2012 4:41:38 PM PDT by pallis
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To: funfan
Photobucket
15 posted on 08/13/2012 4:41:54 PM PDT by EGPWS (Trust in God, question everyone else)
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To: USMCWife6869
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.

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.

16 posted on 08/13/2012 4:45:23 PM PDT by CA Conservative (Texan by birth, Californian by circumstance)
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To: pallis
Relief is coming, if the American people are smart enough to vote for it.

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.

17 posted on 08/13/2012 4:47:21 PM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
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To: Hojczyk; Liz; AT7Saluki
Another fire today - Martinez refinery fire put out
(08-13) 16:06 PDT MARTINEZ -- A fire broke out in the light oil processing unit at the Shell refinery in Martinez Monday, the second East Bay refinery fire in a week, authorities said.
18 posted on 08/13/2012 4:49:30 PM PDT by Libloather (The epitome of civility.)
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To: EGPWS

I suspect we would have gasoline subsidies on EBT except liberals really want everybody (including the poor) to ride public transit.


19 posted on 08/13/2012 4:50:37 PM PDT by nascarnation
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To: EGPWS

I suspect we would have gasoline subsidies on EBT except liberals really want everybody (including the poor) to ride public transit.


20 posted on 08/13/2012 4:50:57 PM PDT by nascarnation
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To: Hojczyk

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.


21 posted on 08/13/2012 4:51:47 PM PDT by Cyber Liberty (Obama considers the Third World morally superior to the United States.)
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To: nascarnation

Wonder when liberals will tell us we can eat ethanol?


22 posted on 08/13/2012 4:52:57 PM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
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To: Hojczyk; StarFan; Dutchy; alisasny; BobFromNJ; BUNNY2003; Cacique; Clemenza; Coleus; cyborg; ...
Northern Connecticut - near the Massachusetts border (where gas is a bit cheaper): $3.89 to $3.99 per gallon.

Never forget that regular unleaded gas was $1.79 per gallon when Obama took office on January 20, 2009.

Source:

http://www.politifact.com/truth-o-meter/statements/2011/sep/08/michele-bachmann/michele-bachmann-says-gasoline-cost-179-gallon-whe/

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.

23 posted on 08/13/2012 4:54:12 PM PDT by nutmeg (I'm with Sarah Palin and Ted Cruz: Anybody But Obama 2012)
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To: Hojczyk

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....


24 posted on 08/13/2012 5:00:59 PM PDT by Gator113 (***YOU GAVE it to Obama. I would have voted for NEWT.~Just livin' life, my way~)
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To: nutmeg
Would be great if you are correct and people would remember, but I have no doubt ethanol will be the food source offered. It has to come off the cob, be brewed to be consumable in liberals way of thinking. Corn is a mainstay for food production and we are wasting it on ethanol which is undrinkable. Gee, another whiskey revolt maybe is in order. Would lower the price of steak.
25 posted on 08/13/2012 5:00:59 PM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
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To: nutmeg

http://news.consumerreports.org/cars/2009/01/average-gas-pricesjanuary-26-2009.html


26 posted on 08/13/2012 5:04:11 PM PDT by EGPWS (Trust in God, question everyone else)
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To: Hojczyk

I paid 2.79 in Harrisonburg, VA the last week of June. I paid 3.39 today in another town in VA.


27 posted on 08/13/2012 5:11:52 PM PDT by amishman
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To: Hojczyk

$3.68 north central Kentucky


28 posted on 08/13/2012 5:18:28 PM PDT by MachIV
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To: amishman

$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.


29 posted on 08/13/2012 5:29:28 PM PDT by lightman (Settling for the "lesser of two..." is still choosing Evil)
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To: Hojczyk

$3.32 in SF?

That’s ridiculous. We’re up over $4 in the South Bay.


30 posted on 08/13/2012 5:44:09 PM PDT by Politicalmom (Liberalism. Ideas so great they have to be mandatory.-FReeper Osage Orange)
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To: Hojczyk

Central Iowa - 3.59


31 posted on 08/13/2012 5:47:42 PM PDT by Just another Joe (Warning: FReeping can be addictive and helpful to your mental health)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

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!


32 posted on 08/13/2012 5:48:41 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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To: Hojczyk

33 posted on 08/13/2012 5:55:37 PM PDT by StAnDeliver (Gas prices are inextricably linked to Presidential negatives. I'll pay more in gas to oust Bobo...)
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To: Hojczyk

0bama fulfills one campaign promise! $5.00 gas.by the end of his term.


34 posted on 08/13/2012 5:56:22 PM PDT by reg45 (Barack 0bama: Implementing class warfare by having no class!)
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To: USMCWife6869

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.


35 posted on 08/13/2012 6:10:17 PM PDT by sheana
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To: Hojczyk

$3.899 on the Rockies.


36 posted on 08/13/2012 6:15:59 PM PDT by familyop ("Wanna cigarette? You're never too young to start." --Deacon, "Waterworld")
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To: reg45
I will happily pay $5 a gallon until the election if it assures the end of Obie., which it certainly would.

It'll average out nicely with prices near $2 by mid 2013.

37 posted on 08/13/2012 6:28:23 PM PDT by chiller (GO TEA, especially in the Senate and WE will lead.)
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To: nutmeg

Of course gas was cheap on 1/20/2009. The economy crashed at that time.


38 posted on 08/13/2012 6:30:48 PM PDT by MinorityRepublican
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To: chiller

Same here. $3.95 right now in Northern Indiana.


39 posted on 08/13/2012 6:32:12 PM PDT by John W (Viva Cristo Rey!)
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To: nutmeg

Try this link

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=EMM_EPMR_PTE_NUS_DPG&f=W


40 posted on 08/13/2012 6:46:51 PM PDT by funfan
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To: nutmeg

Try this link

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=EMM_EPMR_PTE_NUS_DPG&f=W


41 posted on 08/13/2012 6:47:10 PM PDT by funfan
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Please visit The 300 FReepers with a quick $50 for FR FReepathon Challenge Thread!!
Or donate here. Let's wrap this up.



42 posted on 08/13/2012 6:48:10 PM PDT by RedMDer (https://support.woundedwarriorproject.org/default.aspx?tsid=93destr)
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To: Hojczyk

Rise the rest of the year? I think so.


43 posted on 08/13/2012 6:50:11 PM PDT by CPT Clay (Follow me on Twitter @Clay N TX)
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To: MinorityRepublican

What is the excuse now the economy is worse and gas prices are through the roof.


44 posted on 08/13/2012 6:51:59 PM PDT by funfan
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To: nutmeg

I will spread that link far and wide.


45 posted on 08/13/2012 7:16:41 PM PDT by Wildbill22
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To: Hojczyk

I wonder how much the Saudi’s are contributing to Obama’s re-election campaign?


46 posted on 08/13/2012 7:22:45 PM PDT by Wildbill22
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To: Hojczyk

Aiken County, SC: $3.17 - $3.39 depending where you go.

South Carolina has some of the lowest state gas taxes in the country.


47 posted on 08/13/2012 7:29:06 PM PDT by upchuck ("Definition of 'racist:' someone that is winning an argument with a liberal." ~ Peter Brimelow)
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To: Hojczyk

Who would have thought that low supplies and high demand would lead to rising prices???????????


48 posted on 08/13/2012 7:33:56 PM PDT by Tzimisce (THIS SUCKS)
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To: EGPWS

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.


49 posted on 08/13/2012 7:46:24 PM PDT by rdcbn
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To: Opinionated Blowhard

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”.


50 posted on 08/13/2012 7:52:58 PM PDT by ReformationFan
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