Posted on 09/11/2008 1:18:08 PM PDT by RBurke
I am in the business and can say that we expect wholesale prices to top $4 this evening, which is a rise of nearly a dollar for the day. They may go higher. This is partly due to refineries closing in TX and thus shutting off supply to the SE. This is an extremely short-term spike, the kind that people with cash can make profits on if they can get in fast enough (they’re probably already too late to profit, though).
Fear not.
I got my tank filled yesterday, so paid 3.61/gal. I probably saved about 15 cents a gallon on the spot now and more tomorrow and over the weekend.
$3.31 at Costco here.
I suspected it could be panic due to Ike. Oil rigs have gotten better in their storm preparations and recovery. I see some damage but not as bad a Katrina.
Sounds like you weren’t wrong.
Although I bet there is some gouging going on as well
Shouldn't be a situation that lasts too long. Speaker Pelosi, do you see all this? Are you still against drilling for domestic, and allowing construction of new refineries?
Gasoline Surges
Wholesale gasoline for sale at Gulf Coast terminals rose 44 percent, the biggest daily increase since 1973, as Exxon Mobil Corp., the largest publicly traded oil company, and other refiners shut plants ahead of the hurricane.
Exxon Mobil began closing its Baytown, Texas, plant, the largest U.S. refinery in the U.S. with capacity of 590,500 barrels a day.
Valero Energy Corp., the largest U.S. refiner, said today it's shutting down Houston and Texas City refineries before Ike comes ashore. BP Plc, and Marathon Oil Corp. also said their Texas City refineries are closing.
LyondellBasell Industries, a unit of Access Industries Holdings LLC, began shutting its Houston refinery yesterday.
The Louisiana Offshore Oil Port, which is the biggest U.S. oil-import terminal and handles 13 percent of imports, shut marine operations yesterday because of Ike.
Price Gouging Frequently Asked Questions
1. What is Price Gouging?
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.
2. How do I know if I’m being price gouged?
The law compares the reported price of the commodity or service during the state of emergency to the average price charged over the 30-day period prior to the declared state of emergency. If there is a “gross disparity” between the prior price and the current charge, it is considered price gouging.
3. What is covered under the Price Gouging Statute?
The Price Gouging Statute covers only essential commodities. A “commodity” means any good, service, material, merchandise, supplies, equipment, resources, or other article of commerce, and includes, without limitation, food, water, ice, chemicals, petroleum products, and lumber necessary for consumption or use as a direct result of the emergency. The law also requires those selling goods and services to possess an occupational license. Examples of non-essential items luxury items are alcoholic beverages and cigarettes.
4. What evidence do I need to help enforce the Price Gouging Statute?
If you suspect price gouging, obtain as much information as possible in the form of estimates, invoices, receipts or bills. When comparing products, note as much information as possible, including the product name, size or quantity, manufacturer, item number and unit price. For lumber products, note the grade, thickness and quality. If it is a service such as storage or towing, note the per-mile (or other distance) charge, removal charges, per-day storage charges and other charges such as security, clean up or other “add-ons.” Report this information to the Attorney General’s Price Gouging Hotline at 1-866-966-7226. You may also report violations online at http://myfloridalegal.com or mail documents to the following address:
Office of the Attorney General
The Capitol, PL-01
Tallahassee, FL 32399-1050
Please remember to include your name, the name of the company or individual, and a complaint number, if you received one.
5. How can I avoid becoming a victim of price gouging?
Plan ahead. Prepare for a disaster before it happens. Always have the following items on hand:
Five gallons of drinking water per person in your household
At least two working flashlights
A portable radio
A telephone with a cord – If the electrical power is lost, a cordless telephone will not work
An ample supply of batteries to power these and other items
A full tank of propane and charcoal if you have a barbeque grills
Non-perishable food items
Formula and diapers, if you have young children in the home
Although not essential, board games, books and playing cards might be helpful to entertain young children. Additionally, do not forget to make plans to care for any pets.
If government officials recommend evacuation, it would be wise to heed that advice. Mandatory evacuations mean just that. Gas tanks should be filled in advance in case evacuation is advised.
After the danger has passed, obtain estimates for clean-up and repairs in writing from licensed contractors. Check with county or city contractor’s licensing board for recommendations and demand proof of proper licensing. Don’t allow anyone to bully you or force you into making a quick decision. Never hesitate to call the local law enforcement if necessary.
The Department of Business and Professional Regulation licenses more than 20 types of professions and can be reached via telephone at 850-487-1395 or via the internet at http://www.myflorida.com/dbpr/.
gas barrel prices dropped.....
Is Ike expected to hit the refineries?
You have refineries dotting the Texas coast with a large concentration from Galveston to Port Arthur. Ike is headin’ their way.
$ 3.74 here in Durango, CO
“gas barrel prices dropped.....”
True, but the pump price jumped 40 cents a gallon yesterday here in western MI. Back to $4.00/gal.
Here in NW Indiana we’ve seen a three day pricing $3.76 to $4.09 to today’s $3.99. Sad thing is we are less than 10 minutes from the 2nd largest refinery in the USA.
I hope this thread gets pulled. This is the same kind of bullshit that caused panics all over the country after Katrina. Gas went up over $%.00 in some parts of Atlanta for absolutely no good reason.
Yikes, I’m in the Kansas City area and just filled up my evil SUV. The price has risen from $3.34 at 2:00 pm to $3.49 at 3:45 pm. No wonder every pump space was taken when I went by the gas station earlier this afternoon!
The wholesale price for gas per gallon in NC is now approximately 3.55 for Regular. If you add .25 for federal taxes, .30 for state and .05 for freight, you get 4.15/gallon delivered to the pump. You can figure what that makes spot prices, now that you know the spot costs, yes?
ROFLMAO!!!
We have all been sucked into another dimension but just don't know it yet! :)
Well then just hack into the pipeline like the Africans do. It's free gas and great fun until somebody causes an open flame.
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