Posted on 05/08/2007 8:24:39 AM PDT by Sleeping Beauty
DETROIT — Gas prices have spiked to a record nationwide average of $3.07 per gallon, according to the Lundberg Survey of 7,000 stations nationwide.
The nationwide average for midgrade gas was $3.18, and premium was $3.28. Analysts blame the rise on higher consumption coupled with reduced output by American refineries; they also note that there are signs that rising pump prices may be peaking.
There is some discrepancy among the groups that track gas prices. Lundberg, an independent and well-respected market research company, said prices have reached a record. But the AAA Daily Fuel Gauge Report pegged the average U.S. price of gasoline at $3.03 per gallon on Monday morning, 3 cents short of the all-time high reached in September 2005, after Hurricane Katrina.
Meanwhile, crude oil futures are declining. They ended last week at $61.93 per barrel on the New York Mercantile Exchange, about $4.50 lower than their eight-month peak a week earlier. Retail prices generally lag the futures market, so consumers often end up paying more for gas as futures prices drop.
What this means to you: The end is probably not in sight for sticker shock at the pump.
$2.93 at the gas station between the golf course I play at and where I work. 12 mile round trip from home. My plan? Use a Three Iron on the first tee.
A: Buy a bigger truck before the libs outlaw them.
Yep, same with me. When I read the data, I realized that when you live in California -- the numbers are always low. I WISH I could find $3.50 gas.
So, is this going to affect the way you drive? No.
Are you thinking about changing cars? Yes, I want a bigger truck before they are outlawed.
Do you commute far or do you live near your work? 13 miles through Fargo, with nary a bit of traffic.
Will oil companies make record profits again this year? I hope so. I’m a shareholder.
For Bonus Points — Riddle me this:
Why do gasoline prices go up then crude prices drop? And why do gas prices go down when crude prices go up? There is a time lag between spot crude oil prices and their effect at the pump.
So there you go there then now, eh?
I’m going to buy more hay for my horses and also buy a buggy. Those animals are going to start paying for themselves. I look at it this way. I not only save on gas but I get a nice long ride to town looking at the scenery and not listen to the Democrats lieing to everyone. My horses don’t know, or do they care, about socialists and communist.
That’s the cutest car, ever!
Cut back as far as I can, it’s too far to walk to work, and no mass transportation in my neck of the woods. Just have to cut back on other things. Oh well, let it rise, a lot of other things are going fall apart long before I do.
I thought that Bush’s war was for oil. What did I miss here?
We lost a lot more refining capacity during Katrina and the prices were not this high. There is always increased demand in warmer weather but is the demand measurably higher now than this time last year?
When the predictors start pricing the future, they are basically telling us that they fully intend to get that price. And I doubt if market forces dictate price as much as greed.
In late January I bought gasoline in Missouri for $1.73 a gallon. What gives? Oil prices are not significantly higher than during that period.
I know this is going to affect my personal economy and business. This economy is teetering and someone is really trying to suck blood from a turnip.
It’s a Toyota Yaris...introduced into the U.S. last April.
If this means that vehicles with larger engines will fall in price, then I think I will trade in my v6 Jimmy on a v8 Grand Cherokee. . .
“Fact: Environmental regulations are not preventing new refineries from being built in the U.S. From 1975 to 2000, the U.S. Environmental Protection Agency (EPA) received only one permit request for a new refinery. And in March, EPA approved Arizona Clean Fuels’ application for an air permit for a proposed refinery in Arizona. In addition, oil companies are regularly applying for – and receiving – permits to modify and expand their existing refineries.[1]”
http://www.citizen.org/cmep/energy_enviro_nuclear/electricity/Oil_and_Gas/articles.cfm?ID=11829
My local California gas prices.
Luckily I work from home.
As long as illegal aliens can afford to drive, gas prices may be too low.
RBOB gasoline has been about $2.17 for a couple days, which means the recent price hikes as RBOB gasoline went from $1.55 to $2.40 are about over. The idea that gasoline goes up when crude goes down and vice versa is a misperception and myth as is the summer gasoline price increase.
Actually - just lazy and PUT OFF doing this stuff until energy prices motivated me...
or short Brent long WTI; the refinery shutdowns have spawned a huge WTI surplus.
for those contemplating replacement of furnaces/water heaters, it's worthwhile to check the various energystar sites for tax benefits; you may be entitled to claim a significant chunk of that furnace upgrade against your taxable income.
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