Posted on 10/21/2005 9:48:26 AM PDT by Semper Paratus
VIENNA, Austria (AP) - Crude-oil futures traded below $60 a barrel Friday, as supply concerns eased on signs of adequate fuel stocks in the United States, the world's largest consumer.
Prices for related products -- gasoline, heating oil and natural gas -- also fell, further indicating that worries about short-term shortfalls were easing.
Related newsDow Closes Down 133 on Economic Concerns High Prices Bolster Energy Cos. Profits Market Report -- In Play (DVN, VLO, XTO, BP, SLB, SU, SUN, PPP, KWK, XOM, APC, TLM, RIG, OXY, MRO, GRP) N.Y. Crude Oil Prices Fall to 3-Month Low Key Economic Indicator Declines Sharply Light, sweet crude for December delivery fell 45 cents to $59.57 a barrel by afternoon in Europe in electronic trading on the New York Mercantile Exchange.
The November contract settled $1.38 lower Thursday to expire at $61.03 a barrel -- the lowest closing price for a front-month contract since Aug. 3.
December Brent crude futures on London's International Petroleum Exchange fell 61 cents to $57.30 a barrel.
(Excerpt) Read more at news.moneycentral.msn.com ...
i guess gouging might not be the right word... lets just say it can be made understandable to the general public as to why he would raise it to $1.35 as his profit is the same but not be as understanding if he just arbitrarily hiked it another dime. i was merely explaining why gas goes up so fast and down slow, not about how of much a hike an owner thinks he can get away with.
Some time back, I predicted that we'd get to $34 (or somewhere around there) before we got to $100. I was sweating that prediction after the two hurricaines, but I may turn out to be right.
I have read that here, and it might be true in some cases, but it isn't true in all cases. In some cases the supplier retains ownership of the gas, and the station owner has it on consignment.
I'm peachy. And thou?
How is charging what people will pay not "honest"? The only dishonesty that would come into play would be if all gas station owners in an area were in collusion to keep prices artificially high. Is that what you are suggesting?
The supply side from Russia will continue to grow. At some point, the US may throw out the Republican majority and elect conservatives, at which time the supply from the US will grow as well.
I wouldn’t put it past our oligarchy for life. If it happens I pray and hope it sparks the dissolution of this failed kingdom.
You said it. The only vote I should get on whether the price of someone else's private property is "reasonable" is my own choice to either buy it, or not. Anything else is just a thinly disguised socialism, a al Kelo vs. New London.
Fair enough. My observation here in Canada is that gas prices go up in stages. In fact I have seen gas stay the same as oil moved from 50 to 60, then a month later gas jumped 20 cents in price. Lately gas prices have fallen while oil stabilized in the low 60 range. Gas at the pump is related to gas futures, not oil prices.
(Though of course oil prices are the largest factor that moves gas futures, but not the only factor)
Gas has fallen lately as the seasonal summer demand is over. Heating oil is another story, and it appears North America will get a cold winter. Gas prices rise every summer I believe – I just think consumers forget that that’s the case.
in fayetteville I would have to say yes.
Then you have a perfect opportunity. Open (or buy) a gas station in Fayetteville, and charge $2.65. You'll be making $0.15 per gallon beyond the profit they're making in Raleigh, but you'll still be $0.15 below everybody else in Fayetteville. You'll make a KILLING.
Unless, of course, you'd rather continue to bitch about imaginary price-fixing instead of putting your money where your mouth is.
and i am sure you never bitch about anything.
We are observing the political parade these days instead of martching in it. Retired and not missing the "action." In fact, we are just about ready to leave the nation's capital (area) for a more peaceful clime.
Some would disagree with you on Russia's supply side. It depends what you think of Putin. Is he a typical Russian tyrant seeking to nationalize the entire industry and boot out foreigners? Or is he deep thinking Christian believer who is trying to clean up corruption in his country? There are so many opinions on him I really don't know what to believer anymore.
LOL on your second point. We need to have the entire environmentalist movement discredited. Oil exploration is seen as evil and that attitude needs to change.
Totally concur. A truly free society is all about the freedom to buy or not buy the product of a fellow free countryman's product. Anything else is socialism or interventionism.
Congrats on leaving the D.C.esspool. :)
Still $2.70 in TN.
true... i was talking about the run of the mill independant operators out there and AFAIK most of them pay up front.
". . . chocolate bar or bottled water in the station’s store – where they hope to make the real money."
Slurpees. Pure liquid gold.
"How come gas sells for 2.80 a gallon in Fayetteville and 2.50 in Raleigh. Econ 101 does not explain that."
1. Real Estate price is a factor. The price of gas in Zip 90210 is higher than in 90211. The price of gas on the interstate is higher than in town. The price of gas on a easy-to-get-to corner is higher than a U-turn location.
2. Local distribution costs. Different local blends cost different amounts. (Sulfer reduction being the biggest cost factor, followed by ethanol requirements).
3. Local taxes
4. Speed of local's consumption. A busy local's gas will rise and fall faster than a slower locals.
etc. There are many variables.
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