Or donate here. Let's wrap this up.
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 ...
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”.
No, the liberals want everybody riding the public transit, except for the socialist RAT bastard elitists & ruling class. They get to ride around in their gas guzzling, armored, black Cadillac Escalades with state troopers following them around as bodyguards. And all of this lavish lifestyle & body guards are paid for by...the middle class.
I am just getting so damned pissed off at the havoc & destruction that the RAT bastard libers, socialists, homos, lesbians, illegal aliens, muslims, special protected classes of people,etc. We desperately a great, massive Civil War II or Amer Rev II, now more than ever. Our country has never been threatened this way, including WW I or II.
Gasoline is just the beginning. Next we’re going to get spikes in electrical rates. Then heating oil which, of course, the Dems will have a “new program” to add to the hundreds of “new programs” they’ve already implemented to “help seniors pay for heat in the winter in the Northeast”.
I would have thought their global warming would have stopped that by now! /s
And since we’re fracking for natural gas, that has to stop.
Damn Dems - AntiFrackers!!! I thought they were obsessed with genitals.
Albuquerque, NM — 3.35 up from 3.12 10 days ago.
I’ll gladly pay much higher prices if it will get The Great Pretender out of office. Most of the people in line for free 0dumb0 money can’t afford higher gas prices and will resent the hell out of it and maybe (finally) they’ll blame him for something.
I’m extremely hopeful we can get to drilling everywhere and anywhere there’s oil in this country!
The Great Pretender is beating the county into a parade rest and expects it to enjoy it.
Oh, I know that, and I don't ever expect to see $1.79 per gallon again. But the price per gallon has been double (or more) the $1.79 price for nearly the past two years. What's the excuse?
$3.89 in central Wisconsin. I’ll pay that price if it means we get rid of Obama in November. If Romney gets the nod, he claims to immediately open the spigits and get fuel rolling again.
That would be sweet! Actually, rising until Nov. 6th is quite enough, then they can go down.:)
$3.89 per gallon in God’s Country in Northeast MN.
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