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Survey: Record Gas Prices to Retreat(Good bedtime story! LOL)
CNN MONEY ^ | September 11, 2005 | staff

Posted on 09/12/2005 10:02:32 PM PDT by kellynla

Retail gas prices broke their all-time high, surging more than 38 cents in the wake of Hurricane Katrina to an average of $3.01 per gallon, but are likely to back down a bit in the next few days, a national survey said Sunday.

"That price surge is due to the supply shrinkage caused by Hurricane Katrina," Lundberg said. Her survey was carried out Sept. 9 and August 26 at about 7,000 gas stations.

Lundberg predicted that retail gasoline prices will drop in coming days.

"From about September 2, most wholesale prices charged to stations have been dropping, and we'll see the pass-through on the street very soon."

Wholesale prices have been dropping because demand has fallen -- as it always does in September -- and many of the refineries and pipelines affected by the hurricane have returned to operation, she said.

"More than half of the affected refining capacity that was down in the Gulf (of Mexico) is back and virtually all the affected pipeline capacity is back," she said.

Still, she predicted, prices will not return to pre-hurricane levels any time soon.

Drivers in Jackson, Miss., paid the least, at an average of $2.61 per gallon of self-serve regular; drivers on Long Island the most, at $3.35.

Here are some other prices: Seattle: $2.86; Atlanta: $2.91; Los Angeles: $2.95; Denver: $2.99; Chicago: $3.04; Boston: $3.24; Washington: $3.27

The Organization of Petroleum-Exporting Countries is slated to meet Sept. 19, where it is expected to boost capacity by another 500,000 barrels per day, Lundberg said.

In addition, demand for oil from China and India is expected to drop in response to the higher prices, she said.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; Foreign Affairs
KEYWORDS: gasoline; gasprices; oil
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"So far, Georgia is the sole state in the nation to remove its taxes on gasoline, an effort to ease the pain for drivers.

The world's cheapest gasoline can be found in Venezuela, where a gallon costs 12 cents; the most expensive is in the Netherlands, where a gallon costs $6.48."

Every year after Labor Day weekend like clockwork you can bet the prices will start to fall.

1 posted on 09/12/2005 10:02:34 PM PDT by kellynla
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To: All

Nytol


2 posted on 09/12/2005 10:03:08 PM PDT by kellynla (U.S.M.C. 1st Battalion,5th Marine Regiment, 1st Marine Div. Viet Nam 69&70 Semper Fi)
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To: kellynla

Highest I saw was $3.24 here in southern metro Kansas City. It's @ $2.73 last I checked.


3 posted on 09/12/2005 10:10:24 PM PDT by xrp (Executing assigned posting duties FLAWLESSLY, zero mistakes)
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To: kellynla

"So far, Georgia is the sole state in the nation to remove its taxes on gasoline, an effort to ease the pain for drivers."

I moved out of Georgia too soon.


4 posted on 09/12/2005 10:11:05 PM PDT by pcottraux (It's pronounced "P. Coe-troe.")
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To: kellynla

It's amazing how gas prices surged in California, when all that is ever said is how California is different from the rest of the country because it demands special blends. I guess linkage only occurs on the way up.


5 posted on 09/12/2005 10:15:57 PM PDT by glorgau
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To: kellynla

2.55


6 posted on 09/12/2005 10:29:10 PM PDT by sully777 (The Religion Of Peace apparently kills!)
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To: kellynla

Dallas area gas has gone down from a high of $3.09 per gallon to $2.79 as of today.


7 posted on 09/13/2005 1:24:33 AM PDT by JLAGRAYFOX
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To: kellynla; All
Sticker Shock-$3 a gallon gas? Click the picture:


8 posted on 09/13/2005 1:54:07 AM PDT by backhoe (Just an Undocumented Keyboard Cowboy, ridin' the trackball into the Sunset...)
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To: kellynla

No. Va. $3.29


9 posted on 09/13/2005 3:27:06 AM PDT by .cnI redruM ("No wonder [Bob Denver's] dead. Bush left him on that island." -NRO)
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To: kellynla
Every year after Labor Day weekend like clockwork you can bet the prices will start to fall.

Every year you can hear someone repeat this without it ever being true.

Retail Gasoline Historical Price, Regular

10 posted on 09/13/2005 6:30:17 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

Bump for future ref, nice link


11 posted on 09/13/2005 6:45:13 AM PDT by rb22982
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To: kellynla; thackney

Sorry, I said the lowest in my area is 2.55. That station changed it to 2.45.

In my area you can buy gas for 2.45 and drive down the road and pay 2.75 then drive to the next city 10 miles and pay 2.85 then drive down the street in that city and pay 2.95.

2.39 before Katrina. 3.25 at Katrina. 2.45 a week after Katrina. Must be Labor Day. Or the gas companies gouged and got caught.


12 posted on 09/13/2005 7:07:25 AM PDT by sully777 (The Religion Of Peace apparently kills!)
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To: kellynla
It was supply and demand, right??? High demand, shortage of oil???

Or was it speculators and oil companies making a kaboodle of money???

13 posted on 09/13/2005 7:10:50 AM PDT by cynicom
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To: kellynla

I just topped off at $2.65/gal - in Atlanta, home of the Katrina-induced price spike.


14 posted on 09/13/2005 7:22:28 AM PDT by ctdonath2
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To: cynicom
Or was it speculators and oil companies making a kaboodle of money???

DING! DING! DING! We have a winner!!! There isn't a hedge fund in america that isn't playing with Oil Futures right now.. the damn thing is a bubble beyond belief. Fundamentals don't remotely justify retail gas prices above $1.50ish and reality should be even lower than that.

15 posted on 09/13/2005 7:25:59 AM PDT by HamiltonJay
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To: ctdonath2

http://www.atlantagasprices.com
Lawrenceville is $2.57 this a.m.


16 posted on 09/13/2005 7:28:18 AM PDT by kellynla (U.S.M.C. 1st Battalion,5th Marine Regiment, 1st Marine Div. Viet Nam 69&70 Semper Fi)
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To: cyborg
Drivers in Jackson, Miss., paid the least, at an average of $2.61 per gallon of self-serve regular; drivers on Long Island the most, at $3.35.

Ya see!

17 posted on 09/13/2005 7:29:23 AM PDT by Petronski (Cyborg is the greatest blessing I have ever known.)
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To: ctdonath2
and that's after they knocked off the taxes????
seems awfully high???
18 posted on 09/13/2005 7:31:01 AM PDT by kellynla (U.S.M.C. 1st Battalion,5th Marine Regiment, 1st Marine Div. Viet Nam 69&70 Semper Fi)
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To: Petronski

Yes it's true, esp. on major roads. Around here in the village, the gas sale stations are selling 2.97 and Valero and Sunoco are selling about ten cents cheaper.


19 posted on 09/13/2005 7:32:08 AM PDT by cyborg (I'm having the best day ever.)
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To: kellynla

Doesn't matter. I'm sticking to the motorcycle. I want to reduce my personal demand. Time to get serious about saving gas and making that demand elastic go limp. I encourage others to do so as well, but you won't find me kvetching about people that aren't in a position to do so.


20 posted on 09/13/2005 7:33:21 AM PDT by johnb838 (Pray for Mississippi, Alabama, and for the repose of the soul of New Orleans.)
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