Actually, when you count summer versus winter and the high/medium/low octane combinations it is nearly 100 blends.
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 ...
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.
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.
$3.29 here.
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.
A Bargain No More: Gas Prices Leap 17 cents on NJ Turnpike, GSP Parkway
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.
I know.
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.
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