Posted on 07/22/2006 3:47:37 PM PDT by Extremely Extreme Extremist
Experts Say That Will Likely Be The Price Before Summer's End (CBS) CHICAGO With the conflict in the Middle East escalating, gas prices are inching toward $4 per gallon.
As CBS 2’s Holly Gregory reports, even though the price of crude oil dropped overnight Tuesday, a break in gas prices is not expected. With violence raging in Israel and Lebanon and higher demand for gas in the summer, $4 per gallon is a very real possibility.
Not too long ago, gas was only 99 cents a gallon, but prices have risen steadily in recent years. It was only a few years ago that prices of less than $2 a gallon were the norm.
Drivers are not the only ones feeling pain at the pump. Some mom-and-pop operators say they are selling gas cheaper than they are buying, and others say they are making as little as 5 cents per gallon.
But that is little relief to drivers who say they can barely afford to fill up their tanks.
“The prices are outrageous,” said consumer Betty Siciliano. “It’s ridiculous the way gas prices have gone up.”
Added consumer Kelly Williams: “(Prices) are sky high. They are too high; people are poor already and gas is so high.”
One gas station owner says he is focusing on his auto repair business because he does not make enough money selling gas.
Presently, the average price of regular gasoline in Cook County is $3.26. At the Shell station at Grand and Ashland, regular hit $3.45 on Tuesday.
Experts in the petroleum industry say prices are certain to hit $4.
"In the very near future … $4, no question about it," TGS Petroleum's Ted Spyropoulos.
One would think gas station owners are making a high profit.
"We aren't making that much money. We make probably about a nickel a gallon on the self-serve, and if we're lucky, about 10 cents a gallon on the full service," said Robert Werniak, owner of Bob's Auto Body and Repair in Blue Island.
Bob stopped selling gas after 40 years. He's now focusing on his auto body and repair business. He said competing with the big name gas companies as an independent just wasn't profitable.
"Half a truckload of gas is probably about $14,000. And we can only buy half a truckload at a time because we just couldn't afford that," Bob said.
Experts say more mom-and-pop gas stations will close in the future.
"A lot of people will be in bankruptcy. A lot of people have foreclosures because they can't even pay their mortgage," said Spyropoulos.
Holly Gregory. CBS 2's Suzanne Le Mignot contributed to this report.
Glad I bought the Vette. Better mileage than the Pathfinder.
Good! Maybe we'll get serious about developing alternative energy sources and opening older wells. In the meantime, buy XOM.
"Half a truckload of gas is probably about $14,000. And we can only buy half a truckload at a time because we just couldn't afford that,"
The theory of charging the customers according to what your paid for the gas in the tank only works if the market price is going down. If it's going up, you will never be able to fill your tank without getting a loan.
Sticker Shock-$3 a gallon gas? Click the picture:
Build refinieries, drill at home. Problem solved.
Has the ring of somebody who lost money in the futures last week?
flat doodle!
Flapdoodle!
I posted the below to the wrong person, it's meant for RadioAstronomer.
What kind of vette did you get? Mine is a 2003 50th anniversary vert. And yes the mileage is better than either of my two other vehicles.
The only upside to higher gas prices, is that anger is building against the greens. If it cracks $4 I am going to start circulating the home addressses of the leadership of the Sierra Club and the other enviro nazis...Notice they all live in Boston or SF....interesting eh??
The Greens ought to be tried and convicted and PUNISHED for what they are trying to do to this country...If you want to opt out of fossil fuels that's your business...but how DARE YOU impose it on us...
GOD gave us the resources we need, and these godless hoardes would have us living like savages...
Mine is a 2003 50th anniversary vert
WOWSER! Beautiful machine.
LOL! You are cracking me up here.
That was me, sorry.
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