Gas prices

[upnorth]

Was $3.59 up here yesterday, not sure what it is now. Pretty sure it didn't drop

[RumRiverRat]

Hit a low of 3.29 in Saint Francis about 10 days ago.

At 3.59 now.

[RumRiverRat]

and that isnt price gouging?

Not really.

Considering the poor state of the refining capacity in this country.

[reinhard1]

seen 3.89 at a holliday yesterday near brooklyn park. still 3.69 in andover area with some still at 3.59. good luck.

[Scott K]

Quote:

Not really.

Considering the poor state of the refining capacity in this country.

But that is entirely their choice! When demand dropped, they closed down their less efficient refineries, so to only produce with the most profit. They then do not want to invest money into building a new refinery, so if there is a supply issue, it is because of them.

And in searching, it looks like even the few refineries they are running on now, are only running at 85%, and could easily increase output to flood the market in no time. So if there is a shortage, it is because they have created it on their own!

Comparatively, in 2005 all the refineries open, all of them were running in the 90% range, now with several of them closed (their choice to close them) the remaining are operating at 85%. Doesnt sound like a shortage to me

[reinhard1]

well 3.89 hit andover all over. good luck.

[RumRiverRat]

Any proof of them shutting down refineries or running at less than 85% capacity?

Or is it something you read on the internet or heard on the news during the daily bashing of Big Oil.

The oil companies are in business to make money, why would they flood the market and reduce prices.

Gas prices are Capitalism at work.

XYZ Widget Company would be foolish to increase production of widgets if demand dropped or was flat.

Why should the oil companies do something that would reduce revenue and profits?

[harvey lee]

One does not have to worry about the oil companies making any money. One also has to remember all the money our federal government gives them after they reprt of millions and more im quarterly profits.

Its a game and the people will never win.

They do as they please.

The price at the gas stations have about nothing to do with the price of crude.

Crude can go down for 3 days and the gas at the pumps can go up.

The economy could do so much better if the oil companies were not so greedy.

As far as the shape of the old refineries, they do not need to build any or for thast matter fix any. If there was really a shortage, they would simply raise the price a buck and that would slowe the flow of gas but they would still make billions.

It's time our government does something or this economy will only get worse than it is now.

Working people cannot afford this price even to go back and forth to work let alone any extra driving.

Oh well, nothing new.

[Lip_Ripper Guy]

One does not have to worry about the oil companies making any money. One also has to remember all the money our federal government gives them after they reprt of millions and more im quarterly profits.

Its a game and the people will never win.

They do as they please.

The price at the gas stations have about nothing to do with the price of crude.

Crude can go down for 3 days and the gas at the pumps can go up.

The economy could do so much better if the oil companies were not so greedy.

As far as the shape of the old refineries, they do not need to build any or for thast matter fix any. If there was really a shortage, they would simply raise the price a buck and that would slowe the flow of gas but they would still make billions.

It's time our government does something or this economy will only get worse than it is now.

Working people cannot afford this price even to go back and forth to work let alone any extra driving.

Oh well, nothing new.

The price of crude has everything to do with the price of a gallon of gas. There is a 4-6 week delay from pumping the oil out of the ground, to pumping it into the gas tank. You won't see a $10 decrease in crude Monday result in a decrease in pump price on Tuesday, but in a couple weeks you will.

[harvey lee]

Funny then how the price of gasoline can go up 15 cents one day, then 5 again the next and then 4 days later down 15. It's all a game.

My father was in the fuel business for close to 20 years and when a station wants to go up or down, it can happen regardless of what the crude oil is that week.

For the past 30 years that I have watched the price of gas, every time a holiday comes and goes the price changes at the pump no matter what the crude price does.

Just what I have observed over many years and while my father was in the business.

[RumRiverRat]

The economy could do so much better if the oil companies were not so greedy.

As far as the shape of the old refineries, they do not need to build any or for thast matter fix any.

It's time our government does something or this economy will only get worse than it is now.

Working people cannot afford this price even to go back and forth to work let alone any extra driving.

Oh well, nothing new.

It is not the governments job to provide you with affordable gas.

You must be joking about the refineries, we need several dozen new ones and many of the current refineries need billions in upgrades, but this is not possible because of tree hugging lunatics that think the environment will be harmed.

Oil companies are not greedy, they are very good at making money.

Making huge profits is why companies are in business. It is pure capitalism and the American way.

Buy stock in oil companies and buy mutual funds that have holdings in the oil and gas industries.

Big Oil knows how to make money!

[reinhard1]

many pensions are invested in oil stock. i think the people who depend on those pensions should be glad oil companies are profitable. i dont think anyone likes high oil prices [consumers] but it's more than oil companies that create prices. good luck.

[pushbutton]

Interesting how quick the gas price rises when oil goes up, but how slow it falls when oil drops. Oil is getting close to 80. Looks like someone is profiting from that spread. Oh, well back too work...........

[Jim Almquist]

I was think the same thing

But they predict that prices will fall sometime this fall. I guess when demand goes down so does the price.

Just bend over for big oil!!

[Jim Almquist]

Crude oil price over the past month:

July 1, 2011

$94.94

July 8, 2011

$96.20

July 15, 2011

$97.24

July 22, 2011

$99.87

July 29, 2011

$95.70

August 5, 2011

$86.88

From the Strib today:

Crude oil, natural gas and other commodities fell sharply on worries that a weaker global economy will mean less demand. Oil fell 6.4 percent to $81.31 per barrel, its lowest price of the year.

[candiru]

By looking at the oil price gas should be under $3.00 a gallon

[harvey lee]

BP has one refinery that is going to be shut down for reapirs for a bit.

I wonder how that will effect demand for gas?

With the drop in the market and the economy being so poor, I could see gas dropping more in the next weeks.

Hopefully enough for some cheaper gas this fall for hunting trips.

[Jim Almquist]

So far no change in price here in Carlton

From the Strib:

NEW YORK - Oil is down, ending the Tuesday trading session lower after the Federal Reserve said the U.S. economy is recovering at a slower pace than it expected.

Benchmark crude lost $2.01, or 2.5 percent, to finish at $79.30 a barrel. That's the lowest it's been since last September.

The Fed said it will keep its key interest rate "exceptionally low" through mid-2013. The central bank expects the economy to stay weak till then, and that implies oil and gas demand in the U.S. will be less than robust as well.

MasterCard SpendingPulse's weekly retail gasoline survey showed demand down for the 20th straight week. Gas pump prices dropped about a penny on Tuesday, to a national average of $3.65 for a gallon of regular.

[RumRiverRat]

By looking at the oil price gas should be under $3.00 a gallon

Why?

[RumRiverRat]

Just bend over for big oil!!

Without Big Oil you would not even be able to fill up your tank.

Finding, extracting, refining and transporting oil is not cheap.

It takes a multinational, multi-billion dollar company to accomplish it.

Oil Companies are in business to make money.

Demand goes up, prices goes up until equilibrium is reached.

Simple Economics.

It is not a vast conspiracy by the oil companies to raise prices.

[candiru]

When the price of oil was around $80 a barrel before the recent price spike, we were paying around $2.79 a gallon. Oil hovered about $80 a barrel for quite a while. Right now it is $81. Just going off of memory.

[Jim Almquist]

It is not a vast conspiracy by the oil companies to raise prices.

It drops $12.00 a barrel or more than 10% and I see no difference at the pump. Must just be a conspiracy not to lower when the price drops

[harvey lee]

Rumriverrat

With big oil we may soon not be able to afford to fill up.

They can charge what they please.

Oil drops $8 and no drop at the pump. Oil goes up $8 and the pump is up very soon.

I guess that's how they make Billions every quarter.

We will never win this battle.

I have no issue with the Big oil dudes making money on their investemtn but, do they have to rape us????

[Jim Almquist]

Finally my local station dropped there price 6 cents this morning.

[Northlander]

If Big Oil isnt a scam I dont know what is. They know they have us bent over the "barrel" and they know they can do whatever they want with the prices. Anyone who says Big oil isnt a scam either works for Big Oil or lives under a rock!

Of course our Govt. wont do anything because Big Oil has there $ in all them pockets.