Some Consumers May See $4 Gas

MarketWatch ^ | 8-31-05 | Myra P. Saefong

[M. Espinola]

"I'll bet that the spike in gas prices causes a recession."

Just made to order for the damn liberals and our Mohammedan enemies.

I have stated numerous occasions on FR if this panic driven bullish trend in the energy complex continues we were heading for a petrol fueled inflationary spiral - I believe were are at the beginnings of this negative grown economic cycle.

[GiveEmDubya]

Dutchess County, it beautiful up there but with these elevated gas prices it's a little tough to take leisurely drives.

It's getting tough for us to take leisurely drives around here! The prices must have gone up about $0.30 or $0.40 cents in one day I would estimate (some places, $0.60).

[M. Espinola]

For the love of Mike! None at all? Which state/district is that?

[jec41]

Price is not a factor here in Gastonia NC. There is no gas and none is expected until Saturday if then.

[M. Espinola]

"It's getting tough for us to take leisurely drives around here! The prices must have gone up about $0.30 or $0.40 cents in one day I would estimate (some places, $0.60)."

This is a repeat of 1973 and 1979 with far higher stakes. I just hope they don't jack up subway & buses fares. Poor cabbies are paying through the nose! Where are we going to be this coming heating oil season? I don't even want to think about it.

[GiveEmDubya]

Are there nearby towns that have gas or are you guys just waiting it out?

[GiveEmDubya]

When I walked in to pay for the gas, all everyone talked about is how the cost will be passed on through other items.

As far as heating in the winter, those of us who can use their fireplaces will (but I realize it's certainly not everyone who can do that--most people in this area can though).

As a general rule, I have always been conservative with my use of resources, be it water, electricity, or fuel. This may be one of those times where everyone has to watch out with their usages, lest they get hammered in the wallet.

[jec41]

As I post this Light Crude Oil for October is quoting @$68.62, down -0.32

Doesn't make any difference what the price is if you don't have any. Gastonia is out for at least a week.

[Walkin Man]

You know the speculators were planning to push up the price of oil until it caused a massive recession.

They have been at it all year, this hurricane is just the latest excuse to gouge the American public in the back with the blessings of the Federal government.

[combat_boots]

Pumps at the BP I passed on the way home here in Ohio are CLOSED. Price now = $3.09.

[NeoCaveman]

Pumps at the BP I passed on the way home here in Ohio are CLOSED

Closed as in closed for the night or closed as in out of gas?

[jec41]

For the love of Mike! None at all? Which state/district is that?

Gastonia NC. Gas comes in by pipeline from NO and the pumps are down. We are not expected to get any gas until Sat. Charlotte NC is almost out. Freight-liner just laid off 200 today because of lost sales. We are expecting many layoffs tomorrow. Gas is for emergency vehicles only by tomorrow. The good thing is we have a Nuke plant and I'm all electric. I work at home on my computer. I had to go to 4 different auto parts stores to get a locking gas cap. They have sold thousands since yesterday. We started running out at about 11 am and by 7pm we were out.

[jec41]

Are there nearby towns that have gas or are you guys just waiting it out?

Most of them are out. I don't know of any available in the surrounding small towns. They ran out first. The tank farm for gas in this area is in Charlotte and they don't have any to ship. We are located near the SC line in lower SW NC. on I-85 about 240 miles north of Atlanta. I talked to some friends there and gas is up to $6 a gal and they are expected to be very short soon.

[combat_boots]

"Closed as in closed for the night or closed as in out of gas?"

Don't know, but they had tape around them, which they don't usually. It was 9:30 pm.

[combat_boots]

"Closed as in closed for the night or closed as in out of gas?"

Don't know, but they had tape around them, which they don't usually. It was 9:30 pm.

[combat_boots]

Please pardon the double post.

Must go to bed.

[TheForceOfOne]

Bingo! I had to read past the panic to find this post, lol

[Dave Olson]

"At the moment, there are no signs of slowing consumption,... an increase of 1.2% compared to the same period one year ago, which itself saw extremely strong demand," he said.

This is what bothers me. According to the Oil Market Report, since a year ago, world oil production has increased by a little over 2%.

When consumption is 1.2% higher and production is 2% higher, the price should be no higher than it was a year ago. Yet, the price is up by more than 60%!

It is obvious to me that panic buying is what's driving the price.

[M. Espinola]

Thanks for that link - very interesting.

A while ago on TV the newsman said one stat is not planing to take any legal action against gas station owners driving up unleaded pump prices to over $4 a gallon since "there is no disaster" in states not directed effected by Katrina's wrath. Which means the crooks out there are driving the panic and shall be legal allowed to makes a bad situation far worse.

[M. Espinola]

"Gastonia NC. Gas comes in by pipeline from NO and the pumps are down. We are not expected to get any gas until Sat. Charlotte NC is almost out. Freight-liner just laid off 200 today because of lost sales. We are expecting many layoffs tomorrow. Gas is for emergency vehicles only by tomorrow. The good thing is we have a Nuke plant and I'm all electric. I work at home on my computer. I had to go to 4 different auto parts stores to get a locking gas cap. They have sold thousands since yesterday. We started running out at about 11 am and by 7pm we were out."

Thanks for the update.

200 people out of work Freight-liner and possibly more trucking firms will be issuing pink slips with these high prices, which I hope retreat once the pipelines are up and operational, hopefully very soon.

The locking gas cap I'll pick up tomorrow.