Posted on 10/19/2005 8:05:05 AM PDT by Chuck54
SAN FRANCISCO (MarketWatch) -- U.S. gasoline deliveries, a key measure of demand, fell almost 4% in September to log their biggest year-to-year decline in more than a decade, the American Petroleum Institute reported Wednesday morning.
"Motorists apparently found ways to manage fuel use and travel more efficiently in the face of higher September gasoline prices following Hurricanes Katrina and Rita striking along the U.S. Gulf Cost," the API said in a monthly report.
At the same time, September domestic crude output fell 22% from a year ago to 3.95 million barrels per day -- its lowest level since 1943, the API said.
For the third quarter, crude output averaged 4.8 million barrels per day, "the lowest quarter in more than 50 years," it said.
Refinery capacity utilization reached its lowest level for the month of September in 20 years, the API said. It averaged 82.7% for the month, with one-fifth of the county's refining capacity not in operation by the end of September in the wake of Katrina and Rita.
I've got one of those SUVs (Honda Pilot) and it stays in the garage unless absolutely necessary to drive, (4200 miles since January purchase). I'm retired and drive a very economical Miata when necessary and the wife has an Accord.
In fairness, the Pilot does pretty well on the highway, about 22 mpg.
Duh... what a surprise.
Supply and Demand works, eh ...
Say it ain't so, Junie!
I wonder if they'll ever get around to recognizing the truth of the Laffer curve, too.
A great idea. I have a nephew who drives 40 miles one-way to work. He is getting one of those. I love this gift idea.
Are you kidding. It'll be a hit. Like I said, their not cheap, but everyone will love getting that full tank of gas! Mobil gas certificates and a turkey dinner. That's it for us this year.
we are still getting gouged here in nc. 2.80 gallon. Funny oil has dropped since Katrina and prices are still near Katrina levels. No gouging in NC. None.
I know how that works. They don't supply it when we demand it and then the price goes up.
Nothing unusual at all about the price of VLR shares, nor those of its competitors.
Contrarily, shares of producers and integrateds are due for a hit; Goldman dumped 30+ million shares of XOM yesterday. We'll see more of this action in short order.
I know how that works. They don't supply it when we demand it and then the price goes up.
No, not mucking up the world, just consuming more of a limited resource than perhaps necessary. Thus, driving up demand and prices for everyone else.
My demand for gas is fairly inelastic, so I had to find other places to save. Unfortunately, it is the beer companies that are being hit the hardest by changes in the personal budget.
This should be no surprise to anyone having a basic economics course. In response to higher prices the market will demand less.
Your assignment for tomorrow students..."Read Econ 101" You will be tested on this.
The fundamentals on gas and history show that it should be selling today for well under $2 a gallon.. the only reason its not is hedge funds and others irrational exhuberence in the futures markets.... Same thing is going on with Gold right now too for the same reason.
The bubble will pop, and reality will return soon enough.
The fundamentals on gas and history show that it should be selling today for well under $2 a gallon.. the only reason its not is hedge funds and others irrational exhuberence in the futures markets.... Same thing is going on with Gold right now too for the same reason.
The bubble will pop, and reality will return soon enough.
What a tragedy. Perhaps consider giving up the following:
1) Newspapers, who needs a liberal indoctrination
2) Magazines
3) Movies, why contribute to the Hollyweed trash
4) snacks like candy bars, chips, etc ANYTHING BUT THE BEER
Terrible news for the Saudis (which is good news for us)
They should have opened the valves 3 months ago. Now it's too late.
"just consuming more of a limited resource "
Only limited by the fact that oil companies are not allowed to drill any new wells or build any new refining plants.
It's not limited by the amount of crude in the ground because no one knows how much crude there is.
Most estimates are guesses.
Tell it to Schmucky Schumer
You aren't being gouged. Most likely, North Carolina gets its petroleum and refined gasoline from Louisiana and Texas. Guess what? Still a lot of production and refining is offline here. Gas in Atlanta is $2.99 for 87 octane, same scenario, it comes from the Gulf. In Kansas and Missouri, where production is from Canada and refining is in the Midwest, gas prices have collapsed from Katrina highs of $3.25/gallon to almost $2.25/gallon.
I'm expecting around $1.75-$2.00/gallon by early December as the Gulf refineries and rigs come back online.
Then we'll be back where we were before Katrina, when prices were well above $2 a gallon.
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