How much is gas where you are?

[Methanolandbrats]

Money sloshing back into commodities.................it's gotta go someplace.

[Ankf00]

USD ftw

[racermike]

Was filling up tonight, while the owner was adding 12 cents to the price of gas just as I was about to leave.

So let me get this straight

Price of Oil skyrockets to $145, gas goes up overnight to over $4/g
Price of Oil gradually goes back down to $90, gas slightly goes down to about $3.70/g
Price of Oil skyrockets back up to $125, and gas goes up dramatically as soon as news is released.

We just keep taking it up the a$$ with all of this

[Methanolandbrats]

Was filling up tonight, while the owner was adding 12 cents to the price of gas just as I was about to leave.

So let me get this straight

Price of Oil skyrockets to $145, gas goes up overnight to over $4/g
Price of Oil gradually goes back down to $90, gas slightly goes down to about $3.70/g
Price of Oil skyrockets back up to $125, and gas goes up dramatically as soon as news is released.

We just keep taking it up the a$$ with all of this Correct! Unless you're rich, expect inflation and a reduced real income to destroy your standard of living. Won't it be fun to crawl around on the floor of your car seaching for change so you can drive to the market for a $5 loaf of bread.

[Insomniac]

Correct! Unless you're rich, expect inflation and a reduced real income to destroy your standard of living. Won't it be fun to crawl around on the floor of your car seaching for change so you can drive to the market for a $5 loaf of bread.

What? You're crazy. There's barely any inflation. We're all fine, it's all in your head, the numbers don't lie. Recession? What's that.

[ChampcarShark]

We are the richest country in the world, we do not go into recession. :gomer::gomer::gomer:

[Methanolandbrats]

What? You're crazy. There's barely any inflation. We're all fine, it's all in your head, the numbers don't lie. Recession? What's that.
It's just "headline inflation". Once you take out food and energy it's all good because the price of yachts is stable.

[Classic Apex]

$3.99 for premium last night.

[Insomniac]

It's just "headline inflation". Once you take out food and energy it's all good because the price of yachts is stable.

Food and heat are overrated anyway. :)

[dando]

Oh go eat yer soggy pizza. :p

$3.55 in Beantown yesterday, $3.89 her today. Oil up $16 yesterday to $120....glad I was in baseball heaven yesterday. :) Back to reality today. :(

-Kevin

[oddlycalm]

$3.55 for regular here today and oil drops to $105 on demand that is 3.5% lower than a year ago.

oc

[dando]

$3.63 in other areas I saw today. We live in interesting times indeed.

-Kevin

[Insomniac]

On the upside, oil is less than $96/barrel.

[Stu]

On the upside, oil is less than $96/barrel.

yea i saw fuel for 3.39 on my way in this morning.

[dando]

On the upside, oil is less than $96/barrel.

$9 drop in oil to go with that 700+ point drop onthe Dow. :saywhat:

-Kevin

[cameraman]

Yeah well if none of us can afford to buy any gas then there is no need for it right:irked:

[Stu]

Yeah well if none of us can afford to buy any gas then there is no need for it right:irked:

sadly thats the reason.

at least it will be cheaper to go to vegas now.

flights should drop in prices, hotels are practically being given away. :thumbup:

[JLMannin]

$3.39 for 87 octane here in Indy, and dropping faster than the attentants can change the prices on the signs.

[Stu]

$3.39 for 87 octane here in Indy, and dropping faster than the attentants can change the prices on the signs.

i saw 3.35 last night on my way home and the station was packed.

3.29 right down the street from me per www.clevelandgasprices.com

[tllips]

:( Still seeing $3.85 up to $3.99 for 87 around here.

[dando]

$3.32 on the way home tonight. We're headed down to Hilton Head on Sunday, so I'm wondering about the ga$ shortages in the SE. :saywhat:

http://www.alertnet.org/thenews/newsdesk/N29386189.htm

-Kevin

[nissan gtp]

^ I'm wondering the same.. heading for the Petit tomorrow. 550 miles from Va, not gonna get there and back on 1 tank o' gas

[Methanolandbrats]

$3.32 on the way home tonight. We're headed down to Hilton Head on Sunday, so I'm wondering about the ga$ shortages in the SE. :saywhat:

http://www.alertnet.org/thenews/newsdesk/N29386189.htm

-Kevin Better fill your trunk with Jerry Cans :thumbup:

[dando]

^ I'm wondering the same.. heading for the Petit tomorrow. 550 miles from Va, not gonna get there and back on 1 tank o' gas

@lanta is in bad shape per the evening news tonight. :( I'm concerned about the out of the way stations like Wytheville, VA, etc.

-Kevin

[extramundane]

@lanta is in bad shape per the evening news tonight. :( I'm concerned about the out of the way stations like Wytheville, VA, etc.

-Kevin

Lack of gas should be the least of your worries in Wytheville :D

Western VA's fine on gas. Charlotte to Columbia could be problematic though.

[Methanolandbrats]

My VW diesel goes 750 miles on a tank :p

[dando]

Lack of gas should be the least of your worries in Wytheville :D

Western VA's fine on gas. Charlotte to Columbia could be problematic though.

I just stop for ga$ in Wytheville, yo. :gomer: Hopefully the stops outside of Columbia will be OK. 750 miles == my max run on two tanks in the wife's truck. :(

-Kevin

[Gnam]

Better fill your trunk with Jerry Cans :thumbup:
better...

http://img150.imageshack.us/img150/9381/madmaxinterceptorng8.jpg (http://www.legacydiecast.com/xq/asp/id.AA72745/qx/review.htm)

[Stu]

oil down to 82 bucks.

edit: now 80

edit: now 79

edit: i have to stop posting these difinitive amounts. otherwise ill just keep having to edit.

[Insomniac]

oil down to 82 bucks.

edit: now 80

edit: now 79

edit: i have to stop posting these difinitive amounts. otherwise ill just keep having to edit.

Wait until the market closes. ;) $77.70 (low near $77 during the day)

[Stu]

Wait until the market closes. ;) $77.70 (low near $77 during the day)

for the market, pessimistic people were predicting the bottom could be 8300, and we reached that in 5 days.

i read an article last week where economists were predicting under 80 by the end of the year and around 70 sometime in 2009.

at least we got that going for us too. you know, cuz that 10 dollars in savings at the pump each week sure helps the thousands lost in 401ks.

[nrc]

at least we got that going for us too. you know, cuz that 10 dollars in savings at the pump each week sure helps the thousands lost in 401ks.
You haven't really lost anything from your 401k unless you take money out.

[JLMannin]

You haven't really lost anything from your 401k unless you take money out.

Correct. Now would be a good time to increase what you are putting away in retirement accounts if you are decades from retiring. Buy low, sell high.

People that are cashing out and putting their money in a safe are stupid.

[WickerBill]

$2.67

[Insomniac]

for the market, pessimistic people were predicting the bottom could be 8300, and we reached that in 5 days.

i read an article last week where economists were predicting under 80 by the end of the year and around 70 sometime in 2009.

at least we got that going for us too. you know, cuz that 10 dollars in savings at the pump each week sure helps the thousands lost in 401ks.

Then you have other guys predicting $200/bl by year end 3 or so months ago. You can probably find some "reputable" analyst predicting what you want to believe. No one points out they made the wrong prediction. :)

[Insomniac]

You haven't really lost anything from your 401k unless you take money out.

I disagree. It may technically be on "paper", but there was equity there that is no longer there. There is no guarantee that you'll ever get it back. A lot of people have balances less than their contributions now. That's a definite real loss, not just the wiping out of years of gains.

[nrc]

I disagree. It may technically be on "paper", but there was equity there that is no longer there. There is no guarantee that you'll ever get it back. A lot of people have balances less than their contributions now. That's a definite real loss, not just the wiping out of years of gains.

The gains that have been wiped out were partly illusory. The part that wasn't smoke and mirrors will be recovered more quickly than the current panic suggests.

In fact, I see opportunity. With a big chunk of bogus investments out of the mix, investments with real value should be in greater demand once the shock of this crash wears off.

[Methanolandbrats]

The gains that have been wiped out were partly illusory. The part that wasn't smoke and mirrors will be recovered more quickly than the current panic suggests.

In fact, I see opportunity. With a big chunk of bogus investments out of the mix, investments with real value should be in greater demand once the shock of this crash wears off.
If you sold at the top, it was real money. If you did'nt, it was monopoly money. As far as real value goes, it depends on earnings. This was a 100 year event and nobody knows how long it will take to shake out.

[RHR_Fan]

Lowest I saw today was $3.15. I filled up at $3.48 a few days ago.

~Nicole

[Insomniac]

The gains that have been wiped out were partly illusory. The part that wasn't smoke and mirrors will be recovered more quickly than the current panic suggests.

In fact, I see opportunity. With a big chunk of bogus investments out of the mix, investments with real value should be in greater demand once the shock of this crash wears off.

Personally, I try not to move my money in and out in my 401k/IRA accounts. Trying to time it on long term just isn't worth it to me. I'm a long, long way away from needing it, but when your account is hit 30-40% in a year, you wonder how long it'll take to get that back. Especially after we just got back from the last "correction". The last 10 years have really killed the perception that the markets are good for 10%+ return.

[Stu]

I disagree. It may technically be on "paper", but there was equity there that is no longer there. There is no guarantee that you'll ever get it back. A lot of people have balances less than their contributions now. That's a definite real loss, not just the wiping out of years of gains.

to take it a step further. your money is technically only on "paper"

everything has a value. the dollar has a value, money in a bank has a value, money in your 401k has value.

so NRC is right that its a a "paper" loss, but if you light a 100 dollar bill on fire, thats also a paper loss. ;)

[Indy]

The last 10 years have really killed the perception that the markets are good for 10%+ return.

Throw in inflation and the last ten years have been a disaster for the average investor.

Gee, I wonder why we have a negative savings rate?

[Ozarkian]

Just returned from Springfield, Mo., where it was $2.49. Filled up at the same station two weeks ago, and it was $3.09.

[trish]

Gas went down here. The Shell was $3.43 for regular today.

[Methanolandbrats]

Throw in inflation and the last ten years have been a disaster for the average investor.

Gee, I wonder why we have a negative savings rate?Take out food and energy and there is no inflation ------> sit in your dark basement for ten years eating cardboard and you'll be a rich man
:gomer:

[dando]

Just got back from Hilton Head. While I was there ga$ dropped from $3.40ish last Sunday to $3.01 as we left today. Many stations were out when the price dropped to $3.15, and the prices I saw driving through Charlotte were $.40-.50 higher on average. Before I left my boss said that his daughter paid $5+ a few weeks ago and waited two hours to get it. :eek:

-Kevin

[JLMannin]

One station on the west side (Indy) had gas Saturday at 2.80. Most of the other stations on my side of town are around 2.90

[dando]

How to lose $$$ producing oil during an oil boom:


The state oil company, PDVSA, produced 3.2 million barrels per day in 1998, the year before Mr Chavez won the presidency. After a decade of rising corruption and inefficiency, daily output has now fallen to 2.4 million barrels, according to OPEC figures. About half of this oil is now delivered at a discount to Mr Chavez's friends around Latin America. The 18 nations in his "Petrocaribe" club, founded in 2005, pay Venezuela only 30 per cent of the market price within 90 days, with rest in instalments spread over 25 years.

The other half - 1.2 million barrels per day - goes to America, Venezuela's only genuinely paying customer.

http://www.telegraph.co.uk/news/worldnews/southamerica/venezuela/3183417/Venezuelas-oil-output-slumps-under-Hugo-Chavez.html

Chavez is a hypocrite. :thumdown:

-Kevin

[oddlycalm]

We will never know how much of the run up in oil prices was speculation, but we know for sure that it's ugly for those who stayed too long at the party. For those that didn't get off the oil elevator by mid-July the $147 heading for $200 frenzy has conspicuously turned into $81 heading for $50. :gomer:

oc

[Ankf00]

3.35 here, 2.73 amarillo, 2.80-2.90 nortex, 3.20 dallas proper

[stroker]

Just returned from Springfield, Mo., where it was $2.49. Filled up at the same station two weeks ago, and it was $3.09.

He's not lying--I was there, too!

[Stu]

oil below 70

[Wheel-Nut]

From The Houston Chronicle -

NEW YORK — Oil briefly plunged below $69 a barrel today, bringing its price to less than half its July record high after the government reported massive increases in U.S. crude and gasoline supplies.

Investors took the news as more evidence that a global credit crisis and a shaky economy are curbing demand for oil, which at one point today fell to its lowest level in nearly 16 months.

At the pump, a gallon of regular gasoline shed another 4 cents overnight to a new national average of $3.084, according to auto club AAA, the Oil Price Information Service and Wright Express. At this rate, the national average could fall below $3 by the weekend.

The selloff in crude came despite an announcement by OPEC today that it was moving up by almost a month an emergency meeting to discuss oil's rapid drop in value, including whether or not a production cut is needed. The Organization of the Petroleum Exporting Countries will now meet Oct. 24 at its headquarters in Vienna, Austria, instead of Nov. 18.

Oil market traders ignored the statement, convinced that prices are headed lower.

Light, sweet crude for November delivery dropped as low as $68.57 a barrel on the New York Mercantile Exchange before paring some of its losses to trade down $3.14 at $71.40. It was crude's lowest trading level since June 27, 2007.

Crude has now fallen 52 percent since surging to a record $147.27 on July 11. Some energy analysts have predicted oil could fall as low as $50.

Today's declines accelerated after the U.S. Energy Information Administration said in its weekly report that crude stocks rose by 5.6 million barrels last week, well above the 3.1 million barrel increase expected by analysts surveyed by energy research firm Platts.

The EIA also says gasoline stock rose by 7 million barrels last week, more than double the build analysts had expected.

Demand for gasoline over the four weeks ended Oct. 10 was 5.2 percent lower than a year earlier, averaging nearly 8.8 million barrels a day, the EIA said.

"This report is playing right into the market's deepest fears, that the economy is slowing down and that demand is going to be nonexistent," said Phil Flynn, energy analyst at Alaron Trading Corp. in Chicago.

While U.S. energy supplies have been swelling because of falling demand, they've also grown as U.S. Gulf Coast energy installations continue to increase production after shutdowns caused by Hurricanes Ike and Gustav. That has helped to further drive down prices, especially for gasoline.

But analysts doubt a production cut by OPEC, which investors view as increasingly likely, would do much to suspend oil's free fall. OPEC's decision last month to cut production by 520,000 barrels a day hardly made a dent in oil prices.

"I think the market has already priced in another 500,000 barrel production cut and it doesn't care," Flynn said.

He said OPEC's decision to move up their extraordinary meeting underscores the cartel's anxiety about oil's stunning drop in value. Analysts believe several OPEC members, particularly Venezuela and Iran, budgeted their national spending based on oil at much higher levels, meaning they'll face substantial revenue shortfalls as prices come down.

"They're panicking," Flynn said. "If they come in and cut production and oil falls to $60, they're going to look like they've lost control, which they have."

Also weighing on prices today was the expiration of November oil contract options at the end of the day, a trading cycle that often increases volatility.

In other Nymex trading, heating oil futures fell 7.7 cent to $2.14 a gallon, while gasoline prices sank by 14.5 cents to $1.6372 a gallon. Natural gas for November delivery rose by 14.1 cents to $7.277 per 1,000 cubic feet.

In London, November Brent crude fell $4.21 to $66.59 a barrel on the ICE Futures exchange.

[dando]

I saw $2.63 here today. The local snews reported a low $2.45 the other day.

-Kevin

[Don Quixote]

I have a friend who owns a gas station. He told me that today he pays $2.20 for gas wholesale, and he is selling it at $2.89 right now. When the price was going up he was selling for $0.10 less than what he was paying for it. So now he is playing catchup for the disaster of the previous couple of months. When I asked him why he would sell at a loss he said that if he didn't, a bunch of his regular customers would go elsewhere, and many of them wouldn't come back. So the competition at th retail level caused the price to lag going up and lag coming back down. He also said that when the price stays the same for a long time, the profit margin slowly goes down as stations knock off a penny here and a penny there to steal each others customers. He loves the game, but it would drive me to drink (more than I already do). :)

[Sean Malone]

I have a friend who owns a gas station. He told me that today he pays $2.20 for gas wholesale, and he is selling it at $2.89 right now. When the price was going up he was selling for $0.10 less than what he was paying for it. So now he is playing catchup for the disaster of the previous couple of months. When I asked him why he would sell at a loss he said that if he didn't, a bunch of his regular customers would go elsewhere, and many of them wouldn't come back. So the competition at th retail level caused the price to lag going up and lag coming back down. He also said that when the price stays the same for a long time, the profit margin slowly goes down as stations knock off a penny here and a penny there to steal each others customers. He loves the game, but it would drive me to drink (more than I already do). :)

Don't stations have state or federal mandates on the price margins? There was a station here in Tampa that was selling gas for $2 a gallon last month and the police forced them to raise their prices or be shut down. The article I was reading about this vaguely mentioned laws that do not allow under pricing.

[Don Quixote]

Don't stations have state or federal mandates on the price margins? There was a station here in Tampa that was selling gas for $2 a gallon last month and the police forced them to raise their prices or be shut down. The article I was reading about this vaguely mentioned laws that do not allow under pricing. Not that I am aware of. I will ask my buddy, but he was never one to be inconvenienced by such things as laws and whatnot.

[dando]

Don't stations have state or federal mandates on the price margins? There was a station here in Tampa that was selling gas for $2 a gallon last month and the police forced them to raise their prices or be shut down. The article I was reading about this vaguely mentioned laws that do not allow under pricing.

Most likely state regs/laws. The Feds only get involved when gouging is involved, or when it's politically convenient. :(

-Kevin

[Methanolandbrats]

Retail guys don't make any money on gas. They use it as loss leader to get people in the store to buy high margin items like chips, soda and crappy beer.

[Insomniac]

Retail guys don't make any money on gas. They use it as loss leader to get people in the store to buy high margin items like chips, soda and crappy beer.

If that's the case, why do they let you pay at the pump? I'd make you come in and pay.

[cameraman]

If that's the case, why do they let you pay at the pump? I'd make you come in and pay.

Because people like me will go some place else if you make me go inside.
Most places are not selling at a loss for very long for that reason although the stations here have been very slow to lower their prices because they were equally slow at raising them.

[Insomniac]

Because people like me will go some place else if you make me go inside.
Most places are not selling at a loss for very long for that reason although the stations here have been very slow to lower their prices because they were equally slow at raising them.

But if their business model is sell gas at no profit, sell everything else for a profit, then the only places that would let you pay at the pump are ones who make a profit selling gas. I'll believe they don't make much on gas, but not that they have to rely on people to come in to their store and buy stuff or they're screwed. If that was the case, they'd want to lure you in. At least at the gas stations I go to, more people fill up and leave than go into the store. And many people I know get gas at the grocery store where they can get a couple cents off after spending money at the grocery store.

[Methanolandbrats]

If that's the case, why do they let you pay at the pump? I'd make you come in and pay.
Convenience. Lots of folks drive off. But lots of people need smokes, donuts, a paper, bad coffee, those scary little sandwiches, hotdogs that have been on the treadmill for days, that sort of stuff.

[JLMannin]

Lots of folks drive off.

That's the reason for pay at the pump, pure and simple.

[dando]

$2.47 this AM @ the local Kroger. :eek:

-Kevin

[Insomniac]

Convenience. Lots of folks drive off. But lots of people need smokes, donuts, a paper, bad coffee, those scary little sandwiches, hotdogs that have been on the treadmill for days, that sort of stuff.

My point is, I doubt they're losing money on gas and making it up in the store. Their margins are higher in store, but they aren't using a "razor blade" model because the store and gas aren't dependent on each other. Buying either does not require buying the other. It would be detrimental to sell either at a loss.

[trish]

$3.19 for regular at a Mobil station.

[Ankf00]

lots of projects being pushed back now, $75 was the baseline cost they were predicated upon.

[Stu]

in some of the cheaper areas of cleveland its in the 2.30s

[dando]

On the way home last night I noticed the local Sunoco was @ $2.79 :saywhat: so I fully expected that other stations were headed north, but this was not the case. :thumbup: This AM I saw $2.37 @ another station and the Sunoco had dropped to $2.45.

Oh, and to rant a bit...while we were in Hilton Head ga$ dropped to $3.15, but one of the stations b/w the north and south ends of the island was still @ $3.69, and peeps were still getting ga$. WTF? :saywhat: :shakehead I mean end to end the whole island is like 10 miles long. :confused:

-Kevin

[TKGAngel]

I paid $3.26 this morning for 87.

Interestingly enough, WNY has the highest average gas prices in NYS, and that's with factoring in the prices on the Native American reservations. There's a 14% gap between prices in WNY and Rochester and a 19% gap between WNY and Albany.

[oddlycalm]

Oil down big again. Wholesale gasoline down over 7% in one day. Partly due to the rapidly appreciate US dollar, partly due to decreasing demand. What is striking is the velocity of the change which would indicate it's a trend far from being over. The only other currency rising is the Japanese Yen.

Oil Falls to 16-Month Low, Gasoline Tumbles (http://www.bloomberg.com/apps/news?pid=20601109&sid=auaBB9fRscCQ&refer=home)

oc

[Sean Malone]

We're at $2.75. I wonder what the jump will be on crude once OPEC cuts production.

[High Sided]

sam's club member price at $2.39 here yesterday

[Stu]

We're at $2.75. I wonder what the jump will be on crude once OPEC cuts production.

its still dropping.

[JLMannin]

$2.13 for 87 Octane at a Casey's. Casey's and Speedway are having a price war. Speedway is Casey's +$0.02. Most other stations are 10 to 25 cents higher.

[dando]

$2.26 is the lowest I've seen. The missus said she got it for $2.02 last week. A few stations are still in the ~$2.40 range, tho. :saywhat:

-Kevin

[cameraman]

Utah is still high. $2.91 for Chevron regular on yesterday:saywhat:

[Gnam]

$3.29 for regular in NorCal.

[indyfan31]

Orange County, CA. Just dropped under $3 this past weekend. found it for $2.89.

[opinionated ow]

Well...doing the big drive back to Sydney from MAdelaide...
AU $1.329/L in MAdelaide...using current crap Aussie dollar that is US $3.11/USG

AU $1.429/L in Mildura...using the same crap Aussie dollar that is US $3.35/USG

[JLMannin]

$1.999 for 87 octane this morning. How long until banks start writing loans for SUV's? :)

[dando]

OK, the same Sunoco that was @ $2.79 the same time last week is now the lowest nearby @ $2.18. :saywhat:

-Kevin

[Insomniac]

$1.999 for 87 octane this morning. How long until banks start writing loans for SUV's? :)

Banks and loans? :rofl: :D

[dando]

$1.999 for 87 octane this morning. How long until Unlce Sam starts writing loans for SUV's? :)

Fixerated dat post for ya. :gomer:

-Kevin

[JLMannin]

Down to $1.88 now.

[extramundane]

This morning, it was $2.08 and I had a 60-cent/gallon discount (Grocery store/C-store chain cross-promo deal), so I ended up at $1.48. It was very surreal to fill up for only $25.

[Gnam]

It's dropped 20 cents since Monday to $3.07.

[JLMannin]

$1.82

[Gnam]

2.97. more please.

[High Sided]

$2.24 today

funny thing is this post started when gas got around $2.30

[Ankf00]

Tiguan here I come. :gomer:

[Tony George]

Tiguan here I come. :gomer:

http://www.werbeblogger.de/media/vwgti.jpg

[dando]

Same Sunoco that was @ $2.79 a tad over two weeks ago is @ $1.99 today. First place I've seen under $2 in person, but they've had them on the local news for the past week. Yesterday w/in a 5 mile radius prices ranged from $2.26 to $2.02. :saywhat:

-Kevin

[trish]

- Gold, silver, and Oil will bankrupt many as it drops to the floor, bringing dumb investors to their knees. Oh yea, oil is gonna go to two hundred you say. Hey, it is your money, go ahead and gamble it like a moron. It will start dropping back down on its way to 34 bucks a barrel by year's end (it will eventually get to 34, not at years end, but heading towards it on its way down.) As for gold and silver, if you buy it now you are really stupid.


Great Depression 2008-2009 (http://www.politicalgateway.com/news/read/140497)

[WickerBill]

$1.85 at the Indy airport.

[chop456]

^ Sure, but there's a 4,000 gallon minimum purchase.

[TKGAngel]

I heard on the radio this morning that according to AAA, the Buffalo area today has the highest average gas price in the lower 48 at $2.86 / gallon. Yay us!

At least the high gas price is offset today by the news that Wegmans is cutting prices on staple food items.

[Gnam]

Down to $2.67 in NorCal.

[Don Quixote]

I paid $2.03 this morning at a costco. Shell, conco, phillips etc are at $2.08.