Posted on 09/11/2008 1:18:08 PM PDT by RBurke
We have information that gas is going up to 6$ a gallon and will be limited to 10 gallons per purchase after 5pm tonight. I first heard this in Gainesville Florida but we didnt beleive it. We heard it again around 3:30 pm in Ft White Florida at a school while picking up kids. The owner of a local gas station confirmed it and said he will put his prices up to 6$ per gal at 5pm. There are long gas lines and people are putting gas in any container they can find in Ft White. The reason we heard for it is, the refineries going offline for the hurricane plus opec slowing production. It looks like its true so gas up quickly.
I thought he would have told them to inflate their tires and get their oil changed.
“Funny thing is, the demand spike due to the rumor could temporally raise prices. “
Demand will slow pretty quck at $6/gallon. You will have the station to yourself.
All I know is I just saw gas lines everywhere here. Probably and urban legend, but the panic buying is real. If our media wasn’t so distracted by always slinging leftism then maybe they could track down the source of the rumor. I guess that’s our job.
Right now the going rate is 3.69 per gallon here.
We’re at 3.49 a gallon in the Charleston S.C area.
About .20 higher than central S.C.
PS: Native Americans can be Christians too, same as anyone else. May God bless you and keep you. Eph. 2:8-9.
That’s low. My station is now down to $3.84. Couldn’t believe how happy I was when it went down to $4 a gallon, from $4.39.
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Me? I'm going to stock up on Bean Burritos to circumvent the whole system.
I remember this very date ooooooooh about 7 years ago when there was something that happened in NYC/PA/DC and my friends and family called and told me to fill up on gas. I drove to the gas station... (< a block away) saw the massive lines and said fuhgeddabout it.
Hillarys Gate where are you posting from? Im curious. That makes people in 3 states(?) that have heard the same thing. Anyone got a relative in the business who could track down some information?
Anyone know how I can find out if that Hadron experiment destroyed the world?
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If it did I forgot to ping my list to it. CURSES!!!
NEW YORK (CNNMoney.com) — Retail gasoline prices rose modestly for the second day in a row Thursday as Hurricane Ike entered the Gulf of Mexico, according to a nationwide survey of gas station credit card swipes. But wholesale gas prices in the region soared.
Wholesale jump: As the storm churned toward the Texas coast, wholesale gas prices were up more than $1.50. On Wednesday, a gallon of gas cost $3.25 on the Gulf Coast wholesale market, and by Thursday afternoon, wholesale gas cost more than $4.75 a gallon, according to Tom Kloza, the chief oil analyst for Oil Price Information Service, an independent publisher that follows wholesale and retail fuel prices in North America.
The Gulf Coast wholesale market is the largest bulk market for wholesale gasoline in the world, according to Kloza.
“They are absolutely going ballistic in the Gulf Coast,” said Kloza, and the pricing is based on fear of Ike shuttering refineries.
When wholesale gas prices go up, that pushes up retail prices, because dealers pass on the price jump to consumers. But Kloza said that given the oddity of the current situation, he does not expect prices at the pump to jump nearly as drastically as wholesale prices.
“You may see companies that traditionally pass on these increases only pass on a portion,” said Kloza. “It is very complicated but I don’t think you can use the normal metric,” in this situation.
The spike up in the wholesale market could come back down as quickly as it shot up, said Kloza. “We could be at $5 a gallon for wholesale tomorrow afternoon. We could be at $3.”
The futures contract for October delivery of wholesale gas was still trading around $2.78 a gallon
Meanwhile, crude closes down near $100 and the Dow up nearly 180 points. We’re doomed!
No panic here, I filled my vehicles and Im just watching now. I work a long way from home so it wont be nice if it happens BUT it WOULD be funny to watch the DemoRats explain their position on drilling, etc IF gas lines go the way of 1972.
Well, it looks like Rburke may not be so misinformed after all. It’s confined to the SE region affected by Ike, but it does look like in the short term gas supplies are going to be disrupted. My bad. ;-)
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