Gas prices shot up 50-60 cents in one day
- Thread starter ZZman
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Wow, average 87 octane is more than $4/gal for most of Michigan. Your price is more than California now.
We've been dropping since last week, down to $3.43 for Regular near my work. Last Friday it was $3.69 (5/27)
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"The reason? According to Patrick DeHaan, Senior Petroleum Analyst for GasBuddy.com, a leak in a major pipeline servicing the Midwest has forced the whole pipeline to be shut down. On Tuesday Trans Canada shut down its Keystone Pipeline running from Alberta when the leak was discovered. There is no estimate on when the pipeline will be repaired."
Soooooo, why can't the price stay the same -- why does it "HAVE" to go up??
Soooooo, why can't the price stay the same -- why does it "HAVE" to go up??
Originally Posted By: tpitcher
"The reason? According to Patrick DeHaan, Senior Petroleum Analyst for GasBuddy.com, a leak in a major pipeline servicing the Midwest has forced the whole pipeline to be shut down. On Tuesday Trans Canada shut down its Keystone Pipeline running from Alberta when the leak was discovered. There is no estimate on when the pipeline will be repaired."
Soooooo, why can't the price stay the same -- why does it "HAVE" to go up??
That's all the news needed to send it to $4.25/gallon. Just in time for the summer vacation season. There is nothing we can do about it except cut back on driving, amd make sure the cars we drive are in top shape. Oh yea and go easy on the gas pedal.
"The reason? According to Patrick DeHaan, Senior Petroleum Analyst for GasBuddy.com, a leak in a major pipeline servicing the Midwest has forced the whole pipeline to be shut down. On Tuesday Trans Canada shut down its Keystone Pipeline running from Alberta when the leak was discovered. There is no estimate on when the pipeline will be repaired."
Soooooo, why can't the price stay the same -- why does it "HAVE" to go up??
That's all the news needed to send it to $4.25/gallon. Just in time for the summer vacation season. There is nothing we can do about it except cut back on driving, amd make sure the cars we drive are in top shape. Oh yea and go easy on the gas pedal.
Originally Posted By: tpitcher
"The reason? According to Patrick DeHaan, Senior Petroleum Analyst for GasBuddy.com, a leak in a major pipeline servicing the Midwest has forced the whole pipeline to be shut down. On Tuesday Trans Canada shut down its Keystone Pipeline running from Alberta when the leak was discovered. There is no estimate on when the pipeline will be repaired."
Soooooo, why can't the price stay the same -- why does it "HAVE" to go up??
Because that's exactly what is supposed to happen when the supply reduces.
"The reason? According to Patrick DeHaan, Senior Petroleum Analyst for GasBuddy.com, a leak in a major pipeline servicing the Midwest has forced the whole pipeline to be shut down. On Tuesday Trans Canada shut down its Keystone Pipeline running from Alberta when the leak was discovered. There is no estimate on when the pipeline will be repaired."
Soooooo, why can't the price stay the same -- why does it "HAVE" to go up??
Because that's exactly what is supposed to happen when the supply reduces.
Been dropping here recently, locally ~$3.59. But, 4-6 weeks back, it dropped ~$0.10 one day, then the it rose $0.20 the next day.
But count your blessings. Goldman Sachs says gas will be at $5 a gallon, oil $135 a barrel this summer. You remember Goldman, they're a the guys that were selling mortgage backed CDO's to investors, while betting heavily against them. So, if anyone can make it happen, Goldman should know.
But count your blessings. Goldman Sachs says gas will be at $5 a gallon, oil $135 a barrel this summer. You remember Goldman, they're a the guys that were selling mortgage backed CDO's to investors, while betting heavily against them. So, if anyone can make it happen, Goldman should know.
Originally Posted By: jdog
i guess we are not screaming loud anuff atour fearless leaders
How do you propose our 'fearless leaders' stop oil speculators from driving up the cost, then?
Originally Posted By: tpitcher
Soooooo, why can't the price stay the same -- why does it "HAVE" to go up?
Two reasons:
1. Basic microeconomics - demand static, supply drops.
2. Replacement cost.
The only way to win the gas price game is not to play at all.
i guess we are not screaming loud anuff atour fearless leaders
How do you propose our 'fearless leaders' stop oil speculators from driving up the cost, then?
Originally Posted By: tpitcher
Soooooo, why can't the price stay the same -- why does it "HAVE" to go up?
Two reasons:
1. Basic microeconomics - demand static, supply drops.
2. Replacement cost.
The only way to win the gas price game is not to play at all.
Originally Posted By: tpitcher
"The reason? According to Patrick DeHaan, Senior Petroleum Analyst for GasBuddy.com, a leak in a major pipeline servicing the Midwest has forced the whole pipeline to be shut down. On Tuesday Trans Canada shut down its Keystone Pipeline running from Alberta when the leak was discovered. There is no estimate on when the pipeline will be repaired."
Soooooo, why can't the price stay the same -- why does it "HAVE" to go up??
So why? Let us hear of the bidding war that is happening that is forcing the price up so we can get fuel.
Because that's exactly what is supposed to happen when the supply reduces.
"The reason? According to Patrick DeHaan, Senior Petroleum Analyst for GasBuddy.com, a leak in a major pipeline servicing the Midwest has forced the whole pipeline to be shut down. On Tuesday Trans Canada shut down its Keystone Pipeline running from Alberta when the leak was discovered. There is no estimate on when the pipeline will be repaired."
Soooooo, why can't the price stay the same -- why does it "HAVE" to go up??
So why? Let us hear of the bidding war that is happening that is forcing the price up so we can get fuel.
Because that's exactly what is supposed to happen when the supply reduces.
You ARE bidding...the price on the sign goes up, which is contractually an "offer"...you drive in and pick up the pump,put it in your tank and fill, you have accepted the offer, and are in contract to pay.
If you then choose to put only a quarter or half tank in, rather than fill because maybe it will come down mid week, and the money is better in your pocket than an overpriced tank of fuel, you've joined the ranks of speculators.
Choose to walk to the shops for the rest of the week,or buy dinner on the way home from work rather than make a trip out for it, coupled with only buying a part tank, you are participating in sending signals to the petrol station that they should drop their prices to get their volume back.
If you then choose to put only a quarter or half tank in, rather than fill because maybe it will come down mid week, and the money is better in your pocket than an overpriced tank of fuel, you've joined the ranks of speculators.
Choose to walk to the shops for the rest of the week,or buy dinner on the way home from work rather than make a trip out for it, coupled with only buying a part tank, you are participating in sending signals to the petrol station that they should drop their prices to get their volume back.
Originally Posted By: Shannow
you are participating in sending signals to the petrol station that they should drop their prices to get their volume back.
They will drop them when they want and raise them when they want. It is a ridiculous cycle every single week. If you haven't noticed they all work together. When stations prices go up or down they all do within probably an hour.
you are participating in sending signals to the petrol station that they should drop their prices to get their volume back.
They will drop them when they want and raise them when they want. It is a ridiculous cycle every single week. If you haven't noticed they all work together. When stations prices go up or down they all do within probably an hour.
No they don't...in Oz,that would get you jail time.
I worked in a shell service station on a crossroads in the 80s. Very same intersection, there was our Shell, a Caltex, a BP, and an off brand "Total".
Part of my job was to watch the signs, see the changes, and report to management, who would tell me to change the prices, usually to the same as the main brands, and 0.1c/l higher than the Total...if it took an hour, I was in trouble.
I worked in a shell service station on a crossroads in the 80s. Very same intersection, there was our Shell, a Caltex, a BP, and an off brand "Total".
Part of my job was to watch the signs, see the changes, and report to management, who would tell me to change the prices, usually to the same as the main brands, and 0.1c/l higher than the Total...if it took an hour, I was in trouble.
Wow, we've dropped $.44 here in the last few weeks. Down to $3.55.
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This from Gas Buddy:
Quote:
We're uncovering a host of issues that have hit Midwest refineries. At first thought much of the hike we blamed on TransCanada's pipeline outage. As it turns out, Exxon also had ANOTHER problem at their Joliet, IL refinery over the weekend, as did Citgo in Lemont, IL, and Marathon in Robinson, IL was working on restarting. Add a power outage on Enbridge's pipeline and there you have it. Enough already!
Quote:
We're uncovering a host of issues that have hit Midwest refineries. At first thought much of the hike we blamed on TransCanada's pipeline outage. As it turns out, Exxon also had ANOTHER problem at their Joliet, IL refinery over the weekend, as did Citgo in Lemont, IL, and Marathon in Robinson, IL was working on restarting. Add a power outage on Enbridge's pipeline and there you have it. Enough already!
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