Just filled up tonight with ethanol blend at the local BP station....$2.99 a gallon, regular was $3.09 a gallon, and Ultimate ( Premium blend) was $3.39.

OK, where are they actually running out?

Georgia and North Carolina users seem to have reported stations running out of gas, is it just those two states for some reason? Whats the reason, still have refineries closed?

quote Originally posted by 2.5: OK, where are they actually running out? Georgia and North Carolina users seem to have reported stations running out of gas, is it just those two states for some reason? Whats the reason, still have refineries closed?

I think it's taking a while to get supplies built back up, up in the hills.
Gas dropped 10-20 cents per gallon in 24 hours, here. I think everyone in the city has plenty. And oil prices are dropping like a rock.

Hit $2.99 a gallon here today.

As long as we are posting prices too, I filled up for $2.79 today!
Remember the good ol' days?

quote Originally posted by Patrick: By the way, here in Vancouver gas is currently $1.20 per litre, the lowest it's been in ages.

Gas prices have continued downward as I paid $1.16 per litre last night.

My mutual funds have probably all tanked in the last couple of weeks, but at least the price of gas has dropped.

Time to go buy gas. $2.57 a gallon. Still too high.

quote Originally posted by:loafer87gt Topic: Fill up your cars - Gas is going up big time today

This is not intended as a flame but this thread has to go down as the worst prediction ever. Gas is now under $3 at some stations where I live.

Jim

BTW, Thank You.

Yup. $2.96 at the moment. Another buck cheaper and I'll be officially impressed.

Down to $3.35. I expect it to go negative in about a month. They will be paying us to take the gas.

it went to 2.83 here today. about a mile from my home--I did let out a "Holy Sh**" when I saw the price.

Welcome to the next depression. We may see sub 2 buck gas soon and not be able to afford it.

I'll be able to afford it. I have the most secure job in the country!

Gas was $2.78 two days ago, now its $2.68. This is a very small town/rural area. Diesel is still $3.69. Has anyone seen gas any cheaper?

Fred

Dropped twice in 12 hours. Was $2.88 last night, $2.84 this morning on my way through town, then $2.82 on my way back home an hour later.

Still at $3.29 here.

20 miles from here it is $3.09.

And...AND....AND..Not only is the station with the lesser price, the same company as here, but the fuel tanker actually has to drive through our town to GET TO the further town with the cheaper gas !!! Drive farther, pay less....yup...uh huh.....

I don't know WHY things like this confuse me ...

[This message has been edited by JKFIERO (edited 10-10-2008).]

$2.79 today

Melanie just stopped yesterday at what we call the cheap gas station in Norridgewock. While she was filling up the old man that ownes the station was saying how if the public knew how much they were getting screwed. Everywhere else around it’s like $3.47 a gallon.

Steve

------------------
Technology is great when it works,
and one big pain in the ass when it doesn't.
Detroit iron rules all the rest are just toys.

Its .25 cents cheaper 60 miles north of here. Has been for a week or so.

Someone want to explain that one to me? Or rather one of the "they're not ripping us off its all legitamate pricing" nutjobs want to explain it.

I'm kicking myself for filling up 10/2 at $3.579 a gallon and now it it $3.249 and I've hardly used any gas. I'll use up my $3.96 gas that I put away for my generator, in case of hurricanes, then refill my gas cans with the low price stuff. No hurricanes in the near future predicted.

$2.65 this morning.

Anyone hear the reason gas went down? Why the barrel price went down?

quote Originally posted by 2.5: Anyone hear the reason gas went down? Why the barrel price went down?

"On Friday, fears of a global recession helped drive down U.S. crude oil futures prices more than 10 percent to the lowest settlement since September 2007. U.S. crude for November delivery settled on Friday at $77.70 a barrel, down $8.89, or 10.27 percent, on the New York Mercantile Exchange."

https://www.fiero.nl/forum/Forum6/HTML/059738.html

So we are buying less because we are penny pinching is that why? I don't really get how else the economy news could lower the price.

WooHoo, were getting close that that magic under a buck a liter number. Its 1.05 in some places around here.

quote Originally posted by JKFIERO: Still at $3.29 here. 20 miles from here it is $3.09. And...AND....AND..Not only is the station with the lesser price, the same company as here, but the fuel tanker actually has to drive through our town to GET TO the further town with the cheaper gas !!! Drive farther, pay less....yup...uh huh..... I don't know WHY things like this confuse me ...

Heres something even more confusing. The cheap selling gas stations are getting the SAME gas truck, with the same load to fill their tanks as the higher one down the street. Now are the cheap stations getting ripped off paying higher wholesale price from the truck, or the higher price stations ripping us off for the same cheap gas ?

quote Originally posted by rogergarrison: Heres something even more confusing. The cheap selling gas stations are getting the SAME gas truck, with the same load to fill their tanks as the higher one down the street. Now are the cheap stations getting ripped off paying higher wholesale price from the truck, or the higher price stations ripping us off for the same cheap gas ?

Just accept the fact that your being ripped off from ANY station. I like how I can go down to the corner 6 blocks away and get gas for $2.69 but if I turn around the other way and go 6 blocks to that snotty-ass neighborhood Edina its $3.00 these 2 stations are less than a mile apart and are the SAME Holiday station but feel they can soak the "rich" for $ .30 more ???

quote Originally posted by rogergarrison: Heres something even more confusing. The cheap selling gas stations are getting the SAME gas truck, with the same load to fill their tanks as the higher one down the street. Now are the cheap stations getting ripped off paying higher wholesale price from the truck, or the higher price stations ripping us off for the same cheap gas ?

Highest place in my town is $.15 higher than the lowest--which is right across the street. Conoco being the highest, Citgo being the lowest.

DOW closes at +500 on the day. Fill up as soon as ya get the chance because I doubt now that this plan is out that we will see any more of these falling prices. I hope they do but who really knows?

quote Originally posted by Capt Fiero: WooHoo, were getting close that that magic under a buck a liter number. Its 1.05 in some places around here.

Saw it at 1.01 today.

Noticed that 86 octane hit $2.19 on my way home last night. If it keeps up at this rate we'll see it in the <$2 range in the next week or two!

We'll see what happens when winter really gets here. A fixed % of refining capacity, pipeline logisics, and storage capacity will very soon be switched over to home heating oil.
And, if prices continue to decline, OPEC will meet again, to keep oil above the $60/bbl break even mark.

[This message has been edited by maryjane (edited 10-25-2008).]

Can someone enlighten me ? I'm wondering why it would have been such a bad idea to pull from the SPR when oil was 150/bbl in July, and replace the reserves now that it's 65/bbl. Especially if nobody would answer how much was being pulled back in july, IMO it could have pressed downward on prices a lot. And the added demand of refilling it now would have some upward pressure; possibly avoiding the need for underproduction to prop up prices...

Not really enough in SPR to make a difference, and the usual way it is pulled and distributed, is to sell it to the refiners at market value, which usually only happens when there is a shortage. There was no shortage when oil was at $150/bbl--refiners could get all the wanted, in fact, had long term buy contracts. unlike back in the 70s when OPEC shut off the valve to the US.
Oil is routinely cycled in and out of the domes tho, just to make sure everything down there is still working. It's basically a trade tho, in kind, and not a sale.

Remember, SPR is an emergenty reserve, to keep the nation--especially the military running in times of problems. If they had drawn down SPR back in July/Aug 08, and been unable (for whatever reason) to replace the crude, the nation would have lost it's emergency reserve.
High prices alone, do not constitute an emergency. It has to be a combination of at least high prices, low-or no supply, and a national emergency.
I do not remember if they opened the tap after Katrina or not. I know it was discussed, but never did hear if they actually did it or not. Both the Texas and the Louisiana offshore terminals were damaged and down because of Katrina, so they may have implemented a drawdown.

quote Originally posted by OKflyboy: Noticed that 86 octane hit $2.19 on my way home last night. If it keeps up at this rate we'll see it in the <$2 range in the next week or two!

Buh.buh.buh..but I thought $4 was the "fair" market price, I mean theres inflation and cost increases and ... What.... you mean they extra %100 cost increase was purely profit? No way!

I have half a mind to go back and find all the posts where people were defending $3-4 gas as "neccessary" and claiming no one was making any more money because of "inflation" and scream I told you so.

$60 a barell, ~2$ a gallon is reasonable. Not great, but fact is, costs have increased, and $1 or low $1 gas probably isnt realistic anymore.

Hell, I missed the drop from $3.50 to 2.50 last week. I got half a tank of gas and it was like $12, took me a while to figure out how that was.

quote Originally posted by 86GT3.4DOHC: Buh.buh.buh..but I thought $4 was the "fair" market price, I mean theres inflation and cost increases and ... What.... you mean they extra %100 cost increase was purely profit? No way! I have half a mind to go back and find all the posts where people were defending $3-4 gas as "neccessary" and claiming no one was making any more money because of "inflation" and scream I told you so. $60 a barell, ~2$ a gallon is reasonable. Not great, but fact is, costs have increased, and $1 or low $1 gas probably isnt realistic anymore. Hell, I missed the drop from $3.50 to 2.50 last week. I got half a tank of gas and it was like $12, took me a while to figure out how that was.

I'm admittedly one of those people, and still think $3-$4/gal gas is in exactly line with $150/bbl of oil. Most refiners do not have huge reserves of crude themselves--they have to buy it at market prices. Even Exxon, largest energy company in the world, has only the 17th largest supply of proven reserves and has to pay for most of what they refine.

I also firmly believe, that $60-$70/bbl for oil (current range) won't last long. $60/bbl is generally accepted as OPEC's break even point. Below that, exploration and development of new fields, and upkeep on old proven fields is no longer profitable. You can thank the Saudis for OPEC only cutting production 150 million bbls/day yesterday. They pressured the rest of OPEC to hold the line at that cut to keep from putting more pressure on the world's economy. The Saudis won't be able to keep the rest of OPEC in line for long, especially if they see US drivers begin to use more gasoline & diesel. The new cartel being proposed between Russia, Iran & a country I forget is another wrench going into the gears. That alliance would probably put more pressure on Europe than it does us tho.

quote Originally posted by loafer87gt: Just was in at Shell throwing some gas in the car and the lady at the pump asked me if I wanted to fill up as gas was set to rise almost 15 cents a litre this afternoon should the bailout proceed. Just a heads up for you planning on doing any driving this weekend.

Hmmmm gas here is two cents a gallon cheaper today than it was saturday

quote Originally posted by 86GT3.4DOHC: Buh.buh.buh..but I thought $4 was the "fair" market price, I mean theres inflation and cost increases and ... What.... you mean they extra %100 cost increase was purely profit? No way! I have half a mind to go back and find all the posts where people were defending $3-4 gas as "neccessary" and claiming no one was making any more money because of "inflation" and scream I told you so. $60 a barell, ~2$ a gallon is reasonable. Not great, but fact is, costs have increased, and $1 or low $1 gas probably isnt realistic anymore. Hell, I missed the drop from $3.50 to 2.50 last week. I got half a tank of gas and it was like $12, took me a while to figure out how that was.

The precipitous drop is happening for two reasons (primarily.)
With the financial situation as it is, all the speculators have pulled their money out of petroleum (and a lot of other investments) and are sitting on it, waiting for the market to bottom out, then pick back up again.
Also, as a response to the price runup that occurred over the summer, many people have sold their gas-hog vehicles and are either driving smaller cars, or are using alternate methods (mass transit, carpooling/vanpooling, teleworking, etc.)
Even though the prices have dropped, it doesn't matter. People have become accustomed to the "inconvenience" of their alternate methods, and the amount of money that has remained in their wallets.

This will likely work in reverse, too.
Since the demand is not there like it was before, the speculators will be less likely to jump back onto petroleum as the next "fad" investment.

Edit - One of the posters on gminsidenews.com was talking about $1.99 gas in Brownsville Texas.
It's not that cheap here. Yet.
Right near my wife's work it's $2.35. And dropping.

[This message has been edited by Raydar (edited 10-26-2008).]

2.41 here today... And Still dropping by the look of it.

$2.17 at the Walmart gas station. $2.19 everywhere else. Diesel is $3.39. Has been this price for the last 10 days.

Fred

It dropped yet again, saw $2.15 at QT when I was out yesterday. I'll see if its changed again when I go to work tomorrow...