we are at those prices in Va. look into your taxes.
They run out and change those price signs as soon as any spike in the price of oil goes up.
Unfortunately, when prices drop, it’ll take a week or more before you probably start to see any decrease at the pump...
$3.67 to $3.80(s)..Sacramento
$3.79 to just under $4 ..greater Los Angeles area
(we are on “summer blend”)
I drove from Florida to Connecticut a few days ago. The best price was in Virginia and South Carolina. 3.29. Paid over 4 dollars in Connecticut.
In NW Ohio we have seen gas drop to the level you mentioned, or even lower, in the past 24-48 hours. Saw $3.31 today for regular unleaded.
Gas has gone down 20 cents per gallon in the past week in TN to $3.29 in about half the gas stations.
its a simple matter of good business that they keep the price high.
When you have a business you need to stay in business. To do so means that when you sell your product, that you have enough money to pay your employees, pay your bills (rent, power, taxes, etc), and to pay to restock your business.
Right now with the market being so crazy their wholesale cost to resupply may spike any day. If they sell the gas for cheap and then dont have enough money to buy new gas when the wholesale cost goes up, they will loose money. They will then have to make up EXTRA gross to catch back up on the net.
Also keep in mind that gas stations dont necessarily buy gas every day, especially in the higher grade fuels.
As someone else said, gasbuddy.com is a really good resource. I’ve saved around 20 cents/gallon just by shopping around a bit.
I saw $3.58/gal in Lebanon, OR a little while ago. Gas has come down more than 10 cents in a couple of days.
I believe most gas station owners buy their supply in advance. It usually takes about two weeks for a drop in price to take effect at the pump because of the lag. A good useful estimate is that every $1 drop in oil translates into a 3-cent drop at the pump.
Gasoline stocks are reportedly low. That impacts the pump prices more immediately than the price of a barrel of oil.
And RBOB prices are before taxes. That's the wholesale price, probably FOB at the source.
Lots of local variations. Here in central Texas we're at an average of $3.35 but we're semi-close to a lot of refineries.
$3.29 in Columbus.
broke under $80 last week and shot back up to mid 80’s. it was 87 yesterday. today was about margin calls to the hedgies. sell what you can when market is dropping.
yesterday the crude inventories were down while gasoline inventories were down.
check out what Bloomberg’s headline was yesterday Oil Climbs in New York as U.S. Fuel Supply Drop Signals Increased Demand http://www.bloomberg.com/news/2011-08-17/oil-erases-gain-in-new-york-as-economic-concern-counters-stockpile-decline.html
what a difference a day makes. shows how much hype is in oil and gasoline
They are jumping from Oil as speculation to Gold. Gold will skyrocket as a result. They feel that Oil isnt as much a hedge against inflation anymore.
Then comes grain..that will be another one to watch.
RBOB is not the same as gasoline that one buys at the pump.
It’s reformulated gasoline blendstock for oxygenate blending. That is, it generally must be blended with 10% ethanol and additives before it becomes a retail product. It must also be taxed at the Federal and state level, transported from the contract delivery point (New York Harbor) to a wholesale terminal, and transported from the wholesale terminal to the retailer.
All of these steps either involve direct costs or margins for the blender, wholesaler, or retailer.
November 6, 2012
“Rockets and feathers”. The price of gas goes up like a rocket and comes down like floating feathers.
They’re entitled to try to make a buck just like the rest of us. We don’t like it, but that’s free enterprise.