Skip to comments.Stocks Plunge As Gas Prices Jump Again: Up 17 Cents Overnight in N.J.
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.
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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.
Just check your local GasBuddy.com site. There is even a nice Android app for it. Saves time and money.
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 :-)
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.
Great. I have interviews next week at the Software Giant.
At least I can ride a bicycle to work there.
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.
Maybe we can have Bernanke do a QE 27 to further destroy the dollar to the value of bank run gravel.
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.
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.
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.
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.
Actually, when you count summer versus winter and the high/medium/low octane combinations it is nearly 100 blends.
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.
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 ??
Gouging? Nobody is forced to buy it. And it is selling cheaper than the rental car price per gallon.
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?
17 cents in one day? Either taxes went way up or Exxon and friends will have a banner year
Yep. Sure is.
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?
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.
They only update prices once a week.
$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.
$4.14.9 for premium at my Sacramento neighborhood 76 station.
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.
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.
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?
How would nuclear power plants effect oil prices?
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.
Prices are always higher near Interstate highways too.
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.
Worry not. Obama the Magic Negro, has a plan.
Obama’s Solution to High Gas Prices: “Inflate Your Tires”.
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.
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.
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!
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.
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).
I believe on the NJ Turnpike they may only increase the price once a week, so they’re normally lagging (though usually expensive anyway).
3.29 in Xtiansburg, VA (as the libs type it).
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.
Drill, baby, drill.
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.
“Theres NO WAY its over $5 in Orlando. Thats a misprint. Its 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!
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.
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.