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Stocks Plunge As Gas Prices Jump Again: Up 17 Cents Overnight in N.J.
abc news ^ | 3-3-11 | SUSANNA KIM

Posted on 03/04/2011 9:42:39 AM PST by Mozilla

Oil prices around the world continued to soar today, buffeted by uncertainty in the Middle East. Crude oil futures hovered above $103 a barrel in New York this morning. In London trading, oil headed for its sixth weekly gain, according to Bloomberg News.

An oil facility in Libya was reportedly damaged and on fire, the Al Jazeera news channel reported today. Meanwhile, demonstrators continued to protest in Saudi Arabia, demanding the release of Shiite prisoners, according to CNN.

In the United States, how much pain at the pump drivers feel may depend on three factors: location, location, and location. In Orlando, Fla., two gas stations that are the closest to the airport, and across the street from each other, are selling regular at $5.29 and $5.19 a gallon.

Overnight the price gasoline went up 17 cents along the New Jersey Turnpike. This morning drivers saw the price jump from $3.08 yesterday to $3.25 today.

After the biggest one-week rise in oil prices in two years, weekly gas prices increased 6 percent this week, according to the Department of Energy. The national average is $3.38 per gallon, an increase of 19 cents over the previous week and 68 cents from the previous year. The average price in California, one of the most expensive states, is $3.72 per gallon. The least expensive gas is in the Rocky Mountain region: $3.18 a gallon.

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Business/Economy; Front Page News
KEYWORDS: energy; gasprices; libya; oil
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To: Mozilla

It is around $5 a gallon in Canada now. Currently $1.23 a litre at the corner gas place near me. Government taxes of course are the difference. Much higher up here.


51 posted on 03/04/2011 10:10:30 AM PST by xp38
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To: Mozilla

Just check your local GasBuddy.com site. There is even a nice Android app for it. Saves time and money.


52 posted on 03/04/2011 10:13:30 AM PST by Bobby_Taxpayer (Don't tread on us...or you'll pay the price in the next election.)
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To: rarestia
I’ve got a call in to the FL DOT. I’ll let you all know what I hear back. There’s no way that’s right or legal.

This station is around the corner from my office. I was looking forward to it opening at the time as there was no station nearby. But since day one its prices were outrageous. In all this time, I've purchased gas there ONCE and that was only because I was past empty. I bought ONE DOLLAR of gas and charged it :-)

53 posted on 03/04/2011 10:18:26 AM PST by VeniVidiVici (Why are public employee unions attacking taxpayers?)
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To: Mygirlsmom

I kid you not, last time gas was $4/gal, I once heard Marvin Gaye’s “Let’s Get It On” over the speaker while pumping.

It was rather surreal.


54 posted on 03/04/2011 10:18:37 AM PST by RockinRight (if the choice is between Crazy and Commie, I choose Crazy.)
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To: sionnsar

Great. I have interviews next week at the Software Giant.
At least I can ride a bicycle to work there.


55 posted on 03/04/2011 10:19:52 AM PST by rahbert
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To: surfer

Yeah, but not the kind of party where you spend the next day talking about how great it was.

This is the kind of party where you wake up handcuffed to a bedpost, soaked in your own urine and vomit, in a strange apartment on the wrong side of town, next to a horrifyingly ugly one-night stand.

And your wallet is missing.


56 posted on 03/04/2011 10:22:49 AM PST by RockinRight (if the choice is between Crazy and Commie, I choose Crazy.)
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To: Mozilla

Maybe we can have Bernanke do a QE 27 to further destroy the dollar to the value of bank run gravel.


57 posted on 03/04/2011 10:31:35 AM PST by headstamp 2
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To: rahbert
Great. I have interviews next week at the Software Giant. At least I can ride a bicycle to work there.

Good luck! They have "Shuttle Connect" (or something like that) buses, vans and cars that seem to go all over, since campus parking is such a problem.

I wish I could ride my bicycle to work, but it's too dangerous out east of Redmond. When I lived in Woodinville I cycle-commuted.

58 posted on 03/04/2011 10:33:33 AM PST by sionnsar (IranAzadi|5yst3m 0wn3d-it's N0t Y0ur5:SONY|http://pure-gas.org|Must be a day for changing taglines)
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To: Mozilla

My hubby just came home, I told him about this article and I asked if he noticed the price of gas on his way home. He said it was the same here as it was yesterday, $3.44.


59 posted on 03/04/2011 10:38:44 AM PST by MsLady (If you died tonight, where would you go? Salvation, don't leave earth without it!)
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To: Tzimisce

Most of the blue states have blending requirements for their gasolines. There are something like 40 different blends sold in this country and they are made at specific refineries. So, a refinery in Benecia CA cannot make the blend that is required in Chicago or San Antonio.
Refineries are all at least 30 years old and are operating way above their designed capacities. Running the ragged edge. Add to the mix, the obama regime shut down all new drilling in the Gulf of Mexico and we have a very precarious situation.

The fix to all this is very simple, but it would require the govt to get out of the oil business.


60 posted on 03/04/2011 10:41:10 AM PST by Texas resident (Hunkered Down)
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To: rarestia
There’s no way that’s right or legal.

Not legal???

Do you want government price controls?

They are just taking advantage of the people who forget to fill up before they return the cars. That price is still cheaper than what the rental car company is going to charge if you bring it back needing gasoline.

61 posted on 03/04/2011 10:42:10 AM PST by thackney (life is fragile, handle with prayer (biblein90days.org))
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To: Texas resident
There are something like 40 different blends sold in this country

Actually, when you count summer versus winter and the high/medium/low octane combinations it is nearly 100 blends.


62 posted on 03/04/2011 10:47:10 AM PST by thackney (life is fragile, handle with prayer (biblein90days.org))
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To: thackney; All

Gouging, man... gouging can’t be legal. Of course I don’t want price controls, are you daft?

Anyway, the DOT took my statement and said they’re going to investigate the pricing. I referenced the article in this thread. I doubt anything will come from it, but I tried.


63 posted on 03/04/2011 10:49:59 AM PST by rarestia (It's time to water the Tree of Liberty.)
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To: Mozilla

$3.29 here.


64 posted on 03/04/2011 10:50:25 AM PST by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: TheBattman

Gas stations close to airports always jack up the price of gas due to car rental returns that people fill up before dropping off.

I wonder if gas is now cheaper at Hertz than Exxon ??


65 posted on 03/04/2011 10:54:53 AM PST by Col Frank Slade
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To: rarestia

Gouging? Nobody is forced to buy it. And it is selling cheaper than the rental car price per gallon.


66 posted on 03/04/2011 10:54:58 AM PST by thackney (life is fragile, handle with prayer (biblein90days.org))
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To: rarestia
1. What is Price Gouging?
http://myfloridalegal.com/pages.nsf/Main/5D2710E379EAD6BC85256F03006AA2C5?OpenDocument

Florida Statute 501.160 states that during a state of emergency, it is unlawful to sell, lease, offer to sell, or offer for lease essential commodities, dwelling units, or self-storage facilities for an amount that grossly exceeds the average price for that commodity during the 30 days before the declaration of the state of emergency, unless the seller can justifying the price by showing increases in its prices or market trends. Examples of necessary commodities are food, ice, gas, and lumber.

What is the state of emergency? Is being too lazy to plan ahead now an emergency?

67 posted on 03/04/2011 11:00:37 AM PST by thackney (life is fragile, handle with prayer (biblein90days.org))
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To: Mozilla

17 cents in one day? Either taxes went way up or Exxon and friends will have a banner year


68 posted on 03/04/2011 11:01:31 AM PST by mewykwistmas ("Now don't say you can't swear off drinking; it's easy. I've done it a thousand times")
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To: thackney

Yep. Sure is.


69 posted on 03/04/2011 11:04:30 AM PST by rarestia (It's time to water the Tree of Liberty.)
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To: wbarmy

My understanding is that gasoline producers make an average profit of 6-9 cents per gallon. The government, which does absolutely nothing to provide us with gasoline, makes approximately 45-50 cents profit per gallon. Who is it who’s greedy?


70 posted on 03/04/2011 11:04:38 AM PST by American Quilter (Fire the striking Wisconsin teachers--and their Democrat congressional traitors.)
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To: mewykwistmas
17 cents in one day? Either taxes went way up or Exxon and friends will have a banner year

Apparently, prices on the Turnpike had been a bargain over the past week, and prices at gas stations on the Turnpike had merely caught up with local stations.

A Bargain No More: Gas Prices Leap 17 cents on NJ Turnpike, GSP Parkway

They only update prices once a week.

71 posted on 03/04/2011 11:18:06 AM PST by Palmetto Patriot (How much better off would we be if these bastards would just leave us alone?)
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To: Thermalseeker

$140/barrel oil was based on speculation. I think many intelligent people saw through the facade. Yes, gas stations jacked prices up above where they are now, but many intelligent people knew it was only temporary.

Today, there are real concerns about meeting longer term demand for oil. Obama’s moratorium is real and nobody knows how soon it will be lifted, especially if Obama is re-elected. Middle east unrest is a genuine thread to oil supplies from some nations. This price increase if based on real fundamentals, unlike the 2008 oil bubble from speculation. High oil prices could be here to stay.

About the only thing I can think of that would bring them down is a Republican Senate and president announcing aggressive plans to open US land and shoreline to oil drilling and shale oil/gas extraction, along with plans to build many more oil refineries and nuclear power plants. That would start oil prices tumbling back down.

Absent that, gas prices that bounce between $3.50 and $5.00 seasonally could well be hear to stay for years or decades.

Obviously, persistent $5.00 gas would create a strong financial incentive to change our behavior. Many of the electorate would demand domestic oil exploitation. Some crue oil alternatives and alternate fuels become price competitive. I’m saying, if we stay on the same course and don’t make any changes to our energy policies, we could see $5/gallon for as long as China and India are ramping up toward first world economies. If they keep going the way they are, they will both pass the USA later this century a the world’s largest economies.


72 posted on 03/04/2011 11:48:57 AM PST by Freedom_Is_Not_Free (Don't confuse Obama's evil for incompetence.)
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To: Mozilla

$4.14.9 for premium at my Sacramento neighborhood 76 station.


73 posted on 03/04/2011 11:51:43 AM PST by Mariner (USS Tarawa, VQ3, USS Benjamin Stoddert, NAVCAMS WestPac, 7th Fleet, Navcommsta Puget Sound)
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To: Palmetto Patriot
That's good information there. The service areas on the New Jersey toll roads are operated under a contract that requires them to set prices and keep them for one full week at a time, so they're usually the last ones to "catch up" when prices change either way.

When prices are rising, a lot of drivers will make their way onto the New Jersey Turnpike or Garden State Parkway just to take advantage of the lower prices from the previous week. Conversely, when prices fall quickly there is no reason to buy gas on these roads if you have an alternative.

74 posted on 03/04/2011 12:03:30 PM PST by Alberta's Child ("If you touch my junk, I'm gonna have you arrested.")
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To: Mozilla

The 17 cent overnight increase was on the New Jersey Turnpike, and was caused by government interference. The Sunoco contract with the state limits them to one price change a week, so they can’t respond to cost of supply on a day to day basis like other stations can.


75 posted on 03/04/2011 12:17:11 PM PST by JimRed (Excising a cancer before it kills us waters the Tree of Liberty! TERM LIMITS, NOW AND FOREVER!)
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To: Texas resident

I know.


76 posted on 03/04/2011 12:35:07 PM PST by Tzimisce (Never forget that the American Revolution began when the British tried to disarm the colonists.)
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To: sionnsar

Thanks! I have an offer in hand to contract in Kitchener
Ont., as well. I wonder what kind of ghastly prices the
poor CDNs have to pay?


77 posted on 03/04/2011 12:39:03 PM PST by rahbert
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To: Freedom_Is_Not_Free

How would nuclear power plants effect oil prices?


78 posted on 03/04/2011 12:44:36 PM PST by thackney (life is fragile, handle with prayer (biblein90days.org))
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To: Mozilla

It is 3.49/gal here, and was 3.39 earlier in the week (can’t remember what day). It has doubled since Dec 2008. If it hits 4.00/gal, we will have another BAD leg down in this ongoing Obama Depression. When oil hit 147.00/bbl in 2008, that is what made the floor fall out under the economy, at least the immediate trigger, IMO.


79 posted on 03/04/2011 12:53:37 PM PST by PghBaldy (Like the Ft Hood Killer, James Earl Ray was just stressed when he killed MLK Jr.)
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To: napscoordinator

Prices are always higher near Interstate highways too.


80 posted on 03/04/2011 12:55:14 PM PST by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: Mozilla

I’ll say it again. a presidential candidate that has a plan for cheap energy and can articulate it clearly to the American people, can win on that.


81 posted on 03/04/2011 12:56:06 PM PST by Brett66 (Where government advances, and it advances relentlessly , freedom is imperiled -Janice Rogers Brown)
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To: Mozilla

Worry not. Obama the Magic Negro, has a plan.

Obama’s Solution to High Gas Prices: “Inflate Your Tires”.

http://www.youtube.com/watch?v=FOdysANCQUM


82 posted on 03/04/2011 1:13:26 PM PST by Gator113 (I'll be voting for Sarah Palin, Liberty, our Constitution and American Exceptionalism.)
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To: Mozilla

Not to worry. The Fed was buying heavily by the end of the day. They can print all the money they want. Of course we have already seen what that does to the price of Oil and commodities.


83 posted on 03/04/2011 1:26:37 PM PST by Revel
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To: thackney
Gouging? Nobody is forced to buy it. And it is selling cheaper than the rental car price per gallon.

I agree. People can choose to purchase from this conveniently-located gas station or not. The owner has a prime location by the rental car facility, and it would be socialist to infer that the government should regulate his prices.

84 posted on 03/04/2011 1:27:02 PM PST by scan59 (Markets always regulate better than government can.)
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To: JoeProBono

Premium here is $3.95/gal...I just used my shopper loyalty card and got 80 cents off/gal. I’m feeling pretty smug about it.... although it’s still to much to pay!


85 posted on 03/04/2011 1:30:12 PM PST by Daffynition ( DBKP ~ Death By 1000 Papercuts)
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To: redgolum

I noticed almost every station had $3.29 in the area NW of Austin. There is one station that has $3.27 as the regular price. Just a few months ago, it was still under $3.00.


86 posted on 03/04/2011 1:55:43 PM PST by Arrowhead1952 (America has two cancers - democrats and RINOS.)
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To: rarestia

The price for the NJ Turnpike is high as well, because they have a captive audience. We normally have among the lowest gasoline costs in the country (to offset the highest property taxes in the country, I guess). If it is a toll road the high price might be the real deal (though I trust your doubts).


87 posted on 03/04/2011 2:49:42 PM PST by kearnyirish2
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To: MsLady

I believe on the NJ Turnpike they may only increase the price once a week, so they’re normally lagging (though usually expensive anyway).


88 posted on 03/04/2011 2:51:33 PM PST by kearnyirish2
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To: justice14

3.29 in Xtiansburg, VA (as the libs type it).


89 posted on 03/04/2011 4:47:01 PM PST by amishman (0bama=the reincarnation of Jim Jones)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; ColdOne; Convert from ECUSA; Delacon; ...

Thanks Mozilla.


90 posted on 03/04/2011 5:35:53 PM PST by SunkenCiv (The 2nd Amendment follows right behind the 1st because some people are hard of hearing.)
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To: Mozilla

Planning on making a 1100 mile round trip next week. The “cost” of this trip has gone up around $20 in the past two weeks. Every dime per gallon increase costs me about $5. There will come a time when we’ll all stay home. Then the dominoes start falling.


91 posted on 03/04/2011 9:13:19 PM PST by Terry Mross (We need a SECOND party.)
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To: Mozilla

Drill, baby, drill.


92 posted on 03/04/2011 9:47:35 PM PST by metmom (Welfare was never meant to be a career choice.)
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To: Thermalseeker
The weird part is the last time it got to $4/gallon oil was $140/barrel. Something doesn’t pass the smell test here....

Yeah, I agree. IIRC, oil has been over $100 a barrel before and gas was never this much per gallon.

I wonder if anyone else remembers what it was per gallon last time it was this high for oil.

93 posted on 03/04/2011 9:49:17 PM PST by metmom (Welfare was never meant to be a career choice.)
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To: rarestia

“There’s NO WAY it’s over $5 in Orlando. That’s a misprint. It’s only $3.50 here in Tampa.”

Nearby airports, it could be that much higher. The alternative it to let the rent car companies charge you $7.00 a galon to refill the cars you return to them!


94 posted on 03/04/2011 10:18:30 PM PST by 2harddrive
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To: thackney
How would nuclear power plants effect oil prices?

Primarily by making electric powered cars viable. Oil burning electricity generating plants only produce about 2% of our electricity - no savings there. But if we were to add dozens of new nuclear power plants, we would have the excess supply of electricity needed to make millions of new electric vehicles viable to be used in large urban cities. This does not address the electrical delivery infrastructure, but just the announcement of a new era of nuclear power plant building would be enough for OPEC to see the writing on the wall. This is all in my opinion, of course. If you don't think EVs are viable, then my theory is bunk. I think a large excess of electrical generating capacity would directly point the way to viable EVs.

95 posted on 03/06/2011 12:48:17 AM PST by Freedom_Is_Not_Free (Don't confuse Obama's evil for incompetence.)
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To: Freedom_Is_Not_Free

I don’t see EFV as a meaningful impact in our electric usage. Maybe someday but today cost, range and recharging times make them very limited use.

Nor do I thiink OPEC would react at all on us building nuclear power plants. For the reasons above, they don’t replace our oil.


96 posted on 03/06/2011 4:52:34 AM PST by thackney (life is fragile, handle with prayer (biblein90days.org))
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