Indio

iTrader: (1)

You guys haven't seen anything yet, CBS Nightly News just showed gas in Atlanta at 6.07 for premium.

rominl

iTrader: (4)

6.07??!?!?!! how come? what's the reason behind it? i mean, that's way more than the growth in other cities?

chicagoblknazn

I just passed the same gas sation on the way home and 87 is not $3.48 a gallon.

np20412

naw...some stations are putting their prices WAY up so that nobody even bothers to go into their station, because they are OUT OF GAS. It would be a pain to keep the normal prices, and have people constantly pulling into your station wanting gas when you have none. You can't put a sign that says OUT OF GAS, because people are stupid and either won't see it, or won't believe it. Then they will still pull in and ask for gas when you have none.

cal_alum98

From what I understand, California requires a different formulation of gas compared to the rest of the country, and that the supply of that gas doesn't come from the Gulf area. That may be why we're not seeing dramatic spikes... yet.

rominl

iTrader: (4)

damn, if anything i guess for one time i am glad we are using different kind of gas formulation

so this spike of gas price run is from the gulf area oil reduction?

and is that also the reason why some areas in GA they are out of gas?

np20412

Well they are out of gas because the demand for gasoline JUMPED as the price did. I mean what kind of commodity do you have when the DEMAND INCREASES with a dramatic PRICE INCREASE? Generally, an increase in demand will warrant an increase in price, here, an increase in price has warranted the increase of demand. Gasoline is clearly something that people are AFRAID to live without. People went ahead and bought up, stockpiled, filled all their cars with gasoline as soon as they could (expecting the price to increase further, they are all getting it NOW as cheap as possible; hence the increased immediate demand). So because of this insane increased demand, there are lots of stations that are just simply depleted because they aren't prepared for this influx of people wanting gasoline (a shortage now, if you will).

e-man

I guess I understand the reasoning, but aren't these people simply putting off the inevitable? I mean, I go through a tank of gas each and every week. Maybe that's higher than average, but I would think that most people need to fill up at least every 2 weeks. That being said, for all of these people that are speculating that gas prices are going to increase dramatically in the next week or so, how much ahead of the game are they simply because they filled up their tanks earlier than they otherwise would have? Let's say that gas jumps up a full $1.00 per gallon to the $4.00 mark. If the average fill up is 15 gallons, then they saved $15 (this time), but they're going to have to pay the piper next week assuming their speculation becomes reality. Maybe I'm just missing something here.

bitkahuna

iTrader: (20)

You're not missing anything on the economics, people go nuts over saving a few $ on gas, BUT there's a bigger and more real fear - LACK OF SUPPLY. People want full tanks because they're concerned there won't be ANY gas at ANY price on occasion.

jrock65

Remember that labor day weekend is coming in a couple days, and that's one of the biggest traveling weekends of the year (if not the biggest). People who have all these vacation plans and reservations don't want to run the risk of being stuck because of no gas.

Most of it IS psychological, but it is what it is.

rominl

iTrader: (4)

yeah i think the "panic" mode from people is what driving this supply problem lately. with the long weekend coming up and such i think it's going to get worse for the next two weeks.

i really think it's going to be disaster..... sigh....

cal_alum98

Yeah, but I'm sure the overall tight supply will affect us soon.

I recall reading somewhere that Louisiana is one of the largest, if not the largest, ports for oil importation; over 50% of foreign oil and 95% of the Gulf of Mexico's production comes into Louisiana . Since the pipelines are down due to a lack of electricity to power the pumps, the flow of oil to other parts of the South and the Northeast has stopped. Greater demand + cut off supplies = majorly inflated prices.

The price of oil per barrel went down today, coinciding with the release of oil from the Strategic Petroleum Reserve, so I blame the hiked up prices in CA, on the oil companies and market speculators.

rominl

iTrader: (4)

good analysis. the problem in GA area is definitely bad, regardless of the oil per barrel price. prices there are going to rise for sure. the reserve will help but still getting everything back in shape is important.

the prices here in cali i think it's still kinda "normal" in regards to the growth of the oil per barrel these days, in fact i think the growth is probably the one of the least among the country? i have never ever seen prices elsewhere in the US being higher than that in cali before, this is definitely a first

i watched news tonight and it seems like they are ordering the western states to help supply gas / oil to eastern states right now until supply stablizes. now that could be a real problem coz' if that happens, i am sure prices here in the west will rise substantially as well

cal_alum98

Yeah, Bush lifted the air pollution controls for all 50 states, so now high-polluting gas and diesel can be sent to the South. Once the electricity is restored and gas pipelines start pumping again, we'll see prices drop. By how much? Who knows.

In the meantime, I've decided to keep my GS in the garage and use Commuter Checks to ride Caltrain to work. I figure to save at least $200 a month just from parking and gas.

2jzfanatic

We normally have the cheapest gas in the nation here in Tulsa or Oklahoma city. But to my shock it is now $2.99 for reg and $3.15 for premium... Good thing I only live 4 miles from work and my wife only 5 miles from home. Otherwise we'd have to trade in cars for an Insight..