CNN: Gas prices soar

SkyHog

SkyHog

Touchdown! Greaser!
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Everything Offends Me
According to CNN, some gas stations in Atlanta have started to charge $4.99 or more per gallon, and setting $10 limits per person.

Gas stations are backing up.
 
Heard a quick news story on MSNBC that there are folks selling gas on the Interstates not too far from all the storm damage at close to 7 per gallon.:hairraise: They are doing this where there is no power. Lots of gas stations in that area have no power and the ones that do may not have gas. So these folks are selling 5 gallons worth out of 5 gallon Jerry Cans at 35 per can. This is what the reporter paid trying to get to Baton Rouge.

John
 
Ridiculous and offensive. There is no sustainable reason for these run-ups, at either the futures, wholesale, or retail levels.
 
Re: CNN: Gas prices soar No kidding!

In Atlanta:
This morning gas at Quik trip, a large independent $2.699
At 1300 $2.799
At 1800 (With ~~ 100 cars in line) $2.899
All other independents i saw had NO gas.
Shell stations (all) $3.599
A Quik Trip near a friends house $ over 5.099

Now, THAT's inflation!
 
SCCutler said:
Ridiculous and offensive. There is no sustainable reason for these run-ups, at either the futures, wholesale, or retail levels.
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How much do you know about futures and the spot mkt? What you or I consider rhyme and reason just doesn't cut it.
 
gibbons said:
Well, it's not killing everybody.
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The way I read that graph is gross revenue is shown at the top and net profit is shown across the bottom. The bottom looks to be nearly level while the top is almost exponential. That can be expressed as net profit is an ever decreasing percentage of gross revenue. Show that I'm wrong.
 
Anyone selling at $4-5/gal is gouging. This in an area hard hit by a recent natural disaster. It was after hurricane Andrew (I think) that Congress or some other legislative body passed a law to prohibit hotels from raising room rates following such a disaster. Whatever is happening in ATL is not indicative of the rest of the country--they're opportunistic greed mongers.


I filled up today in Santa Barbara. Price/gal was $2.69, no change in last 3 weeks.
 
Richard said:
The way I read that graph is gross revenue is shown at the top and net profit is shown across the bottom. The bottom looks to be nearly level while the top is almost exponential. That can be expressed as net profit is an ever decreasing percentage of gross revenue. Show that I'm wrong.
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The bottom part of the graph is showing trading volume not net profit. Their revenue has been increasing a lot in the past few years but I don't have the numbers.
 
Richard said:
Anyone selling at $4-5/gal is gouging. This in an area hard hit by a recent natural disaster. It was after hurricane Andrew (I think) that Congress or some other legislative body passed a law to prohibit hotels from raising room rates following such a disaster. Whatever is happening in ATL is not indicative of the rest of the country--they're opportunistic greed mongers.
Click to expand...

Kick'em while they're down and hurting then ram it to everyone else in the country for good measure.

Despicable behavior. Sigh...
 
Richard said:
The way I read that graph is gross revenue is shown at the top and net profit is shown across the bottom. The bottom looks to be nearly level while the top is almost exponential. That can be expressed as net profit is an ever decreasing percentage of gross revenue. Show that I'm wrong.
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Nope. It's simply the stock price. Along the bottom is volume. "The rich keep getting richer and the rest of us just keep getting old." - Stephen Stills
 
fgcason said:
Kick'em while they're down and hurting then ram it to everyone else in the country for good measure.

Despicable behavior. Sigh...
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Quite so, it is dispicable behavior. More than that, it is illegal. Such gouging is not capitalism, rather it is sheer greed. They will be judged.
 
Richard said:
How much do you know about futures and the spot mkt? What you or I consider rhyme and reason just doesn't cut it.
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I know a great deal about both.

"Sustainable," is the key word in my prior post.

I would be the last person to suggest that commodity markets (or equity markets of any kind, for that matter) are ruled by common sense.

==

Of course, I would also be the last person to jump right up and toss a grenade at another POA member, but perhaps the peremptory tone was unintended. Nerves are raw, no doubt.

*Edit*- Upon further reflection, no peremptory tone presumed. Justa long day, and a lot of worry about friends.
 
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My wife made a good point tonight; we're buying LOCKING gas caps. With prices like this, I bet we see a spike in siphon thefts at night....

Or, I could clean out the garage so we can park inside.
 
SCCutler said:
I know a great deal about both.

"Sustainable," is the key word in my prior post.

I would be the last person to suggest that commodity markets (or equity markets of any kind, for that matter) are ruled by common sense.

==

Of course, I would also be the last person to jump right up and toss a grenade at another POA member, but perhaps the peremptory tone was unintended. Nerves are raw, no doubt.

*Edit*- Upon further reflection, no peremptory tone presumed. Justa long day, and a lot of worry about friends.
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Be at ease, I did not read a 'tone' in that.

WRT, your knowledge about the mkts in question, I will defer to your knowledge, ie, I take it you know what you are talking about.

My question to you now is for you to further explain what you meant by 'sustainable'. I have a few things to say about that but will wait for your reply.

edit: I pray for the safety of those in the areas hit.
 
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I live on the east side of Atlanta. Yep, my little corner Shell station was $2.69 this morning driving to work and $3.99 tonight when returning. I'm sure both prices are for fuel from the same bulk fill. I think I'm getting tired of hearing about how these stations barely break even on the gas sales.
 
Its now cheaper to fly than to drive. 100LL is still under $3.00 and unleaded reg is over $3.00. I am heading to the local Motorcycle dealer tomorrow to see about finding something thats a little easier on the wallet. The crew cab P/U likes gas to much. Thank goodness I did'nt buy the H2 I wanted, 10 MPG would really s**k right now.
 
SCCutler said:
I know a great deal about both.

"Sustainable," is the key word in my prior post.

I would be the last person to suggest that commodity markets (or equity markets of any kind, for that matter) are ruled by common sense.
Click to expand...

The one killer about the current commodities market is the sheer fact that someone (I don't know who, probably an analyst at a hedge) said "Wait, I'm willing to bet $X that consumption doesn't change if the price of a jug of oil moves $10" They made the bet, and saw it work - has consumption really curtailed? If it hasn't, then the "price isn't right" - the point at which consumption begins to tail or drop is when you've found the near sweet spot for price.

The downside of this (single-minded) thinking is, prices start going up for everything. Supply chains that rely on just-in-time stocking and sparing; food and general supply deliveries; and even the cost to transport the fuel.

I drove the long way to the bike shop tonight (needed a new set of pedals for jessie's bike) to drive by all the gas stations. The traditionally most expensive (but also most price stable) place in town is $2.99. The bargain basement fuel place is $3.29. A new place in town (which has had trouble getting business, crappy location) now has a LINE (14 cars, I counted) of people waiting to get fuel - $2.95.

Heck, I saw one place that Sunday was $2.67 and is now $3.499.

People suck.

Cheers,

-Andrew
 
On the way to school today, fuel was about 2.50 everywhere I looked (and the last time I filled up was about the same). On the way to work tonight, I saw 2.99, 3.15, 3.10 and 3.54.

I also drove by an abandoned gas station that closed early last year. $1.33. I miss the good ol' days.
 
NickDBrennan said:
On the way to school today, fuel was about 2.50 everywhere I looked (and the last time I filled up was about the same). On the way to work tonight, I saw 2.99, 3.15, 3.10 and 3.54.

I also drove by an abandoned gas station that closed early last year. $1.33. I miss the good ol' days.
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Just paid $3.39 for fuel on the way home. At least it was there.
 
NickDBrennan said:
On the way to school today, fuel was about 2.50 everywhere I looked (and the last time I filled up was about the same). On the way to work tonight, I saw 2.99, 3.15, 3.10 and 3.54.

I also drove by an abandoned gas station that closed early last year. $1.33. I miss the good ol' days.
Click to expand...

School? Did I miss something? What are you studying?
 
bbchien said:
Just paid $3.39 for fuel on the way home. At least it was there.
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The highest I saw today was $3.09. California is less expensive than IL? That is topsy turvey to historical indexes.
 
astanley said:
The one killer about the current commodities market is the sheer fact that someone (I don't know who, probably an analyst at a hedge) said "Wait, I'm willing to bet $X that consumption doesn't change if the price of a jug of oil moves $10" They made the bet, and saw it work - has consumption really curtailed? If it hasn't, then the "price isn't right" - the point at which consumption begins to tail or drop is when you've found the near sweet spot for price.

The downside of this (single-minded) thinking is, prices start going up for everything. Supply chains that rely on just-in-time stocking and sparing; food and general supply deliveries; and even the cost to transport the fuel.

I drove the long way to the bike shop tonight (needed a new set of pedals for jessie's bike) to drive by all the gas stations. The traditionally most expensive (but also most price stable) place in town is $2.99. The bargain basement fuel place is $3.29. A new place in town (which has had trouble getting business, crappy location) now has a LINE (14 cars, I counted) of people waiting to get fuel - $2.95.

Heck, I saw one place that Sunday was $2.67 and is now $3.499.

People suck.

Cheers,

-Andrew
Click to expand...

Andrew, that's exactly what Enron and others did in California with electricity a few years ago when deregulation came along. Energy is no longer discretionary.
 
Troy Whistman said:
My wife made a good point tonight; we're buying LOCKING gas caps. With prices like this, I bet we see a spike in siphon thefts at night....

Or, I could clean out the garage so we can park inside.
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Start cleaning and park inside. Or drain your tank every night and store the fuel in the garage.

I get siphoned about every other month and absolutely every time the prices do a big jump without fail +- a few days. (Aren't apartments wonderful?) Around here, a new locking gas cap will get the cap busted off and the tank siphoned anyway...and your window busted out to teach you a lesson for making it inconvinent for them. BTDT and decided fuel is cheaper than fuel+cap+window. They'll get the gas anyway so you might as well make it cheap and as convinent as possible for yourself -- Just one victims point of view.

Be smart. Park inside if you have the option.
 
fgcason said:
Start cleaning and park inside. Or drain your tank every night and store the fuel in the garage.

I get siphoned about every other month and absolutely every time the prices do a big jump without fail +- a few days. (Aren't apartments wonderful?) Around here, a new locking gas cap will get the cap busted off and the tank siphoned anyway...and your window busted out to teach you a lesson for making it inconvinent for them. BTDT and decided fuel is cheaper than fuel+cap+window. They'll get the gas anyway so you might as well make it cheap and as convinent as possible for yourself -- Just one victims point of view.

Be smart. Park inside if you have the option.
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Frank, you need to move. Other than that, if you are not properly set up to do so, do not think of storing gasoline. See MSDS for further information.
 
filled up with diesel in Denver suburb this morning: price history - same station
8/31 Weds. a.m. $2.59
8/31 Weds. p.m. $2.79
9/01 Thurs. a.m. $2.86
 
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Frank... you need to rig up a fake fuel filler tube that routes into a 5 gallon jug of sugar water... let 'em siphon that and have fun...
 
Our store in SE Kansas, is at 2.89! I can almost assure you that anyone charging $4 to $5 a gallon is gouging.
Right after 9/11, some local stores around here gouged prices and lost a lot of business doing so. In most cases retailers don't make much, the way i figured when an oppurtunity arises they gouge (which is completely out of line)
The way it works for us is Conoco calls and tells us to raise and then and only then we raise. The only way that a retailer could make substantial profit is to gouge, so right now some of those places are raking it in, but it is unhonest and greedy in my opinion. Especially in the places where people desperately need it.
 
Dean said:
Its now cheaper to fly than to drive. 100LL is still under $3.00 and unleaded reg is over $3.00. I am heading to the local Motorcycle dealer tomorrow to see about finding something thats a little easier on the wallet. The crew cab P/U likes gas to much. Thank goodness I did'nt buy the H2 I wanted, 10 MPG would really s**k right now.
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Dean,

If you don't have to do 70mph on the highway, try looking at a Honda Rebel 250cc. My last fillup at $2.71 was just over $7.00. I average about 80-85 mpg on it. Pete doesn't have a lead hand like I do and his Rebel gets closer to 95 mpg. If you want something bigger, my Shadow Aero 750 gets 60ish mpg, Pete Triumph America 800cc gets about 55ish and the Moto-Guzzi 1100 he just bought gets about 55ish.

I just have to laugh when I go to the gas station, all these folks who whine about the price of fuel, yet they drive all by their lonesomes in a gas pig of a vehicle. If you haul all kinds of stuff around all the time (kids, lumber, work tools, etc) fine, but like I told one of the gals that I work with who drives a Suburban, I don't feel sorry for you! It's just her and her 6 year old, and she NEVER hauls stuff in it. And she refuses to drive anything smaller. But she complains every time she fills up the tank. I saw $3.00+ a gallon coming a year ago. I've already changed my driving habits and am not suffering like some are.
 
Dean said:
I am heading to the local Motorcycle dealer tomorrow to see about finding something thats a little easier on the wallet.
Click to expand...

Dean, if you've never ridden before, get thee to an MSF course. Much to think about riding bikes. (been riding 20 years, over 250,000mi, 4 accidents, one hurt)
 
astanley said:
Heck, I saw one place that Sunday was $2.67 and is now $3.499.

People suck.
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Atlanta supposedly ran out of gas last night, only a handful of stations had gas. Long lines of people waiting to pay...

...are you ready for this...


















$5.87/gal, and they were limiting to 5gal per vehicle.
 
How much of our refining capacity have we lost with this storm?
 
On my way to work today, 75% of the gas stations I passed were sold out. The ones that still had gas ranged from 2.99 to 3.19 and that's only because our Governor stepped in with a anti price gouging executive order.
 
Lance F said:
I live on the east side of Atlanta. Yep, my little corner Shell station was $2.69 this morning driving to work and $3.99 tonight when returning. I'm sure both prices are for fuel from the same bulk fill. I think I'm getting tired of hearing about how these stations barely break even on the gas sales.
Click to expand...

Western SC. I paid $2.49 for 89 octane on Tuesday. Yesterday the sign said $3.09.
 
Greebo said:
How much of our refining capacity have we lost with this storm?
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Unknown, but CNN states 8 major refineries and 2 major gasoline pipelines are offline. And, they quote we have a 21 day supply of gasoline in the US.
 
Dave the Philadelphia news showed a BP station in Atlanta charging $5.87 per gallon for Regular. Please tell me that was gouging and not the rule down there! Here in the Philly Suburbs it went from $2.65 to $2.99 in one day by this morning It was $3.29 Thankfully my "No Name" Station is only $ 2.80 HA HA "ONLY $2.80" Boy thats a sad comment.
 
Bill Jennings said:
Unknown, but CNN states 8 major refineries and 2 major gasoline pipelines are offline. And, they quote we have a 21 day supply of gasoline in the US.
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I've seen quotes as wild as 22% offline, as low as 9% offline. The biggest pain is the loss of deepwater ports, deliveries delayed, and the fact that it can take weeks to get a refinery back up to full operating pressure (note to readers: I did not stay in a Holiday Inn express last night, nor have I ever, and most of this comes from half paying attention to the morning news. YMMV, etc)

Cheers,

-Andrew
 
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