Gas Prices: A Revisit

[Gan]

I paid 2.49 a gallon yesterday to fillup. Quite a difference from over $3.00 a gallon this summer. And forecasts say that it should drop further.

How's your gas bill these days???

[Jolena]

Gas dropped to 2.69 here while it was over 3.00 a gallon this summer, as well. I was talking to James about how surprised I was that it dropped this quickly considering the pipeline issues BP was having not too long ago.

[Sean of the Thread]

2.69 for the cheapo shit here.

[TheEschaton]

Can we say....election time????

Let's see what it is in mid-November. ;)

I found it for 2.75 the other day, which for Boston, is hella good.

-TheE-

[Gan]

:rofl:

I knew either you or Backlash would take the bait and open the door for a political response.

Either the high gas prices are Bush's fault or its Bush's fault that they are falling before election time.

Funny how he gets the blame for their high level, but no credit when the price drops...

Which is it? And speak into the lamp when you answer.

[TheEschaton]

But, as someone pointed out: the oil situation has gotten WORSE recently, not better. How're the prices going down?

I say collusion. What's your rationale?

-TheE-

[Warriorbird]

2.83

[Sean of the Thread]

Worse? Hope you're not throwing Chavez and his rhetoric into this.

Just found 15 billion barrels in the gulf. GOOD! LIbby's not letting us drill it.. WORSE! So I guess you're right.

Not counting foreign reserves the US reserves would last over a 100 years... let's hope the 50-60 will be enough to PWN alternate fuel type.

[Valthissa]

my econ prof friend says forward prices no longer exceed spot prices

also, there seems to some hidden law in action

C/Valth

[Back]

I think it ticked up during the Israel/Lebanon crisis and is now settling back down now that things have quieted down.

[fallenSaint]

Down to 2.39 here which is quite a relief being as I travel a good deal to and from work, would be nice to see it stay down and keep goin down.

[Latrinsorm]

IT'S A CONSPIRACY!!!!!!!!

I wanted to be the first one. :(

[Jolena]

Actually, there was a major section of oil pipelines in Alaska, owned by BP and used by groups such as Conoco, Exxon and a few others that was found to be severely corroded. This came after they were investigated over a rather substantial oil spill last year, and the investigation turned up some severe corrosion that required the pipeline to be shut down and several areas to be fixed. It caused a major shortage in the amount of oil being distributed to those major gasoline companies involved and the government was considering opening up reserve barrels to take care of the shortage.

The last I read on it was a month or so ago, when it was said that they were not sure if it would even be fully productive ever again due to the massive amount of damage done and the old system in place. That is when gasoline prices went back up significantly here.

[Apathy]

Chicago currently has the nations highest gas prices (or did as of a week ago).

$3.19 for 87 :(

[Jorddyn]

Paid 2.31 over the weekend while driving through Des Moines, down from about 2.90 two weeks ago.

Woo

Jorddyn

[RichardCranium]

The lowest prices here are $2.46 per gallon, according to http://louisianagasprices.com/.

[ElanthianSiren]

3.16/gal diesel

[Gan]

Use the link in my signature to find the lowest gas prices in your zip code.

Its 2.39 in my zipcode as the lowest.

[HarmNone]

$2.33 is the lowest around here. Mostly, it's around $2.34 to $2.35. Not bad. :)

[mgoddess]

Lowest: $2.57
Highest: $3.14

Not bad, considering our lowest was #3.40-something three weeks ago...

[FinallyDomesticated]

$2.37 in South Carolina

I'm so excited that I won't have to pay $45 - 50 to fill up!!

[TheEschaton]

You wouldn't have to pay $45 - 50 to fill up IF YOU DROVE A SMALLER CAR.

I've never paid more than $30 to fill up.

-TheE-

[FinallyDomesticated]

I have three kids who argue over the air they are breathing.

It is worth it to own a minivan for my sanity.

[Jolena]

Amen to that, Domesticated. Amen to THAT.

[Goldenranger]

2.85 is the lowest here and 3.15 is the highest.

Damn you rural Idaho.

:(

[Sean of the Thread]

You wouldn't have to pay $45 - 50 to fill up IF YOU DROVE A SMALLER CAR.

I've never paid more than $30 to fill up.

-TheE-

My wife's minivan isn't bad on mileage but it does hold like 20 gallons as opposed to the 9 gallon average.

[DeV]

Chicago currently has the nations highest gas prices (or did as of a week ago).

$3.19 for 87 :($2.74 in the 'burbs where my folks live. I filled up yesterday and paid that a gallon when I visited.

Downtown Chicago...:( a different story altogether.

[Snapp]

2.47 today. :up:

[Wezas]

$2.98 for Premium on the way to work. 1 mile down the road it's $3.09 for premium. Both Shell stations, the more expensive one a bit closer to the airport and some major roads.

[Sean]

2.55 - 2.70 for regular... unfortunately I require 91+ and the price on premium hasn't come down all that much and is hovering around 3.00

[Parkbandit]

Can we say....election time????

Let's see what it is in mid-November. ;)

I found it for 2.75 the other day, which for Boston, is hella good.

-TheE-


BUSH NOW CONTROLS THE PRICE OF CRUDE! YOU HEARD IT HERE FIRST!

THAT BASTARD!!!!!

[Wezas]

PB, here is far from the first time we've heard it on this board.

[Parkbandit]

PB, here is far from the first time we've heard it on this board.


Shit.. I thought it was the first time.. I can't keep track of all his magical powers without a cheatsheet. :(

[Gan]

Dont forget the climate temperature...

see White House Global Thermostat.

[Janarth]

Worse? Hope you're not throwing Chavez and his rhetoric into this.

Just found 15 billion barrels in the gulf. GOOD! LIbby's not letting us drill it.. WORSE! So I guess you're right.

Not counting foreign reserves the US reserves would last over a 100 years... let's hope the 50-60 will be enough to PWN alternate fuel type.

Please point me to where you got this fact...

[Janarth]

Actually, there was a major section of oil pipelines in Alaska, owned by BP and used by groups such as Conoco, Exxon and a few others that was found to be severely corroded. This came after they were investigated over a rather substantial oil spill last year, and the investigation turned up some severe corrosion that required the pipeline to be shut down and several areas to be fixed. It caused a major shortage in the amount of oil being distributed to those major gasoline companies involved and the government was considering opening up reserve barrels to take care of the shortage.

The last I read on it was a month or so ago, when it was said that they were not sure if it would even be fully productive ever again due to the massive amount of damage done and the old system in place. That is when gasoline prices went back up significantly here.

They hadn't run a smart pig through that section of pipe in a coupla years. Now why wouldn't you do that? Kinda stupid. I also saw the news about the new Gulf find. We won't see that oil for a coupla years though. Glad my car only moves about...50 miles a week.

[Jolena]

Same here. We don't drive a great deal, as James' job is a mere 10 minute drive from here and my children's schools are .7 and 1.3 miles from our house. I can't imagine how bad off we'd be if we had to honestly commute somewhere.

[Doughboy]

Close to 80 miles a day here! I lose! Gas is still roughly three bucks for the cheap shit, which I cant use now....Not too much more for 89 octane though.

[Leetahkin]

$2.55 here last I checked.

[Sean of the Thread]

Please point me to where you got this fact...

http://www.eia.doe.gov/pub/oil_gas/petroleum/feature_articles/2004/worldoilsupply/oilsupply04.html

[Gan]

Interesting article Xyelin. Thanks for posting. I found the second to last paragraphg in the synopsis intrigueing. Especially with hearing all of the doomsday theories of the world running out of crude oil in the next few decades.

I tend to agree that with increasing technology, more untapped reserves will be found, as the new field that was uncovered in the Gulf. And, rightly as stated in the article, with increased technology will be increased costs. The deep water rig that Chevron is using (Deap Seas) to drill has astronomical costs attached to it.



Deep Seas is leased from a company called Transocean, and the daily rent is about $250,000. With the cost of labor and equipment, drilling in Green Canyon costs Chevron around $500,000 a day.
http://www.technologyreview.com/read_article.aspx?id=17060&ch=biztech&sc=&pg=1 (http://www.technologyreview.com/read_article.aspx?id=17060&ch=biztech&sc=&pg=1)



It follows that Chevron and Transocean have already worked out a long-term lease on a yet larger ship, Discoverer Clear Leader, which is to be delivered in 2009 and will cost Transocean some $650 million to build. Similar in many ways to Deep Seas, it will have a larger drive unit at the top of the derrick, allowing it to drill in up to 12,000 feet of water, boring as far as 40,000 feet below sea level. It's expected to cost Chevron roughly $750,000 a day to lease and operate.
http://www.technologyreview.com/read_article.aspx?id=17060&ch=biztech&sc=&pg=2 (http://www.technologyreview.com/read_article.aspx?id=17060&ch=biztech&sc=&pg=2)

So yea, free market competition will more than help find a comparable/substitute good for oil consumption as the price is driven up by the technology demand to extract the harder to find oil. The days of gas for under 1$ a gallon in the US are long gone.

[Anebriated]

Philly-

Cheapest - 2.75
Most Expensive - 3.39

[Skirmisher]

2.60 this week when i filled up in the great state of Jersey.

[zawicki]

2.63 with the local gas Nazi supplying this area...

Rest of the state? 2.50ish

[RichardCranium]

Bump to show it dropped to 2.29 in Louisiana. What's everyone else looking like?

[HarmNone]

Lowest around here is $2.22.

[Alfster]

2.69 here

[ELO]

2.20 here in Virgina. It was 3 bucks when I last filled up. :(

[Artha]

2.32 at the station near my home in Va. 2.49 at a station in Varina on the way to Richmond.

[Janarth]

http://www.eia.doe.gov/pub/oil_gas/petroleum/feature_articles/2004/worldoilsupply/oilsupply04.html

Here's where I got my information:

http://en.wikipedia.org/wiki/Oil_reserves

Take a look at the US section. US Reserves are 21 gigabarrels, and we're using 7.3 gigabarrels a year... The reserves are increasing by 1.8 gigabarrels a year, roughly (at one point it was only 1.5 due to hurricanes).

A gigabarrel is 1,000,000,000 barrels.

[Skeeter]

$2.39 here. what happened to the claims of 3-4 bucks around labor day?

[Goretawn]

It's $2.17 here. Still up about a dollar from 2 years ago or so. So, just because it is lowering, does not make it good. Wish my pay went up 200% in two or three years.

[Janarth]

On a side note, Popular Mechanics did a feature on the Tesla Roadster, a car by Tesla. Its all electric, can be charged to a full charge in 3.5 hours, has a body much like the Lotus Elise, and does 0-60 IN FOUR SECONDS. Top speed is 130. Electric cars are coming...just gotta work on the 80k to 100k price tag.

[Sean of the Thread]

$2.49 today woot.

[Tsa`ah]

$2.39 here. what happened to the claims of 3-4 bucks around labor day?

Depends on what "expert" you subscribe to.

Some are claiming it's due to mild tropical weather ... meaning we haven't had any major global weather related disasters.

Some claim the higher prices were never justified and the market is beginning to "self adjust".

Other's say it's the new boom in alternative fuels and the expanding economy class market.

Of course there is the claim of elections being around the corner.

I'd say it's a combination of all of that and maybe a little more.

Local gas prices are between 2.35 and 2.45 for 87 octane. I didn't even notice the prices were dropping until the wife made mention of it. At that point I realized that I haven't even stepped foot in a gas station in over 2 months.

[Sean of the Thread]

Depends on what "expert" you subscribe to.

Some are claiming it's due to mild tropical weather ... meaning we haven't had any major global weather related disasters.

Some claim the higher prices were never justified and the market is beginning to "self adjust".

Other's say it's the new boom in alternative fuels and the expanding economy class market.

Of course there is the claim of elections being around the corner.

I'd say it's a combination of all of that and maybe a little more.

Local gas prices are between 2.35 and 2.45 for 87 octane. I didn't even notice the prices were dropping until the wife made mention of it. At that point I realized that I haven't even stepped foot in a gas station in over 2 months.

How goes your new system?

[Tsa`ah]

How goes your new system?

Not bad. Although the economy isn't the best, with the larger fuel tank I'm able to make long trips without the fear of running out of fry oil.

I think the best thing is the time savings. I don't wait for an open pump and I don't wait on scratch off lottery hags holding up the line at the register.

[Gan]

Paid 3.149/gallon last night filling up the explorer.

[AnticorRifling]

But, as someone pointed out: the oil situation has gotten WORSE recently, not better. How're the prices going down?

I say collusion. What's your rationale?

-TheE- People are/have been using less oil? I see more Americans car pooling, not going on vacation, etc. Save the environment and car pool? Fuck no. Save a dollar? I'm in.

It's down to 3.12 here. I've been driving in to work with a buddy of mine for the last 2 years, I drop my kids off at his house and his wife watches them during the day and then we roll in, more convience for both of us than anything.

[Gan]

Warning: This bump was on a 2 year old thread.

[Parkbandit]

Fuck.. I think I just paid 3.39 last night. People in Indiana should be paying more for gas than people in Florida.

[AnticorRifling]

Fuck.. I think I just paid 3.39 last night. People in Indiana should be paying more for gas than people in Florida.

It's 45 degrees you can lick my lightly frosted bean bag you old fun in the sun having fucker.

[CrystalTears]

It's 45 degrees you can lick my lightly frosted bean bag you old fun in the sun having fucker.
:lol: Word

[Drew2]

I win, I paid 3.09 two days ago.

[Tsa`ah]

I have to pay anywhere from .25 to 1.25 a gallon now.

Sad sad day for a panda.

Gas prices though ... I think 3.25. I heard 2.99 in Georgetown (I have no idea why they're so special).

[Gan]

I win, I paid 3.09 two days ago.

:(

[CrystalTears]

http://img.photobucket.com/albums/v412/Jemah/funnies/oilfail.jpg

[Daniel]

I paid $1.35 for my ride to work.

[SolitareConfinement]

2.18-2.30 in SE michigan

[Sean of the Thread]

Damn cheapest around here is $3.50ish and that's good compared to what it was.

[Sean]

Regular dips under 3.00 here recently from what I've seen. I filled up with premium for under $45 for the 1st time in forever at $3.38

[DeV]

The lowest prices in the city can be found on the South Side (3.39 and up).

Everywhere else 3.89 and up if you're lucky. :(

[Gan]

The lowest prices in the city can be found on the South Side (3.39 and up).

Everywhere else 3.89 and up if you're lucky. :(

What demographic is on the South Side?

[Some Rogue]

Black/hispanic south side, whitey lives in the north mostly.

[DeV]

What demographic is on the South Side?South Chicago (cook county) is huge. There's a sizable African American, Irish American, Polish American, and Hispanic population depending on the community.

[DeV]

Black/hispanic south side, whitey lives in the north mostly.Not really.

[Some Rogue]

Ah yeah, I forgot the Polish neighborhoods on the South Side. It has been over a decade since I lived there. :P

[Hips]

The cheapest around here (Delaware) that I've seen is about $3.11... the closer it gets to $3.00, the more exciting it is.

[AnticorRifling]

It's sad that we are excited that it's DOWN to 3.00.

[Gan]

South Chicago (cook county) is huge. There's a sizable African American, Irish American, Polish American, and Hispanic population depending on the community.


Ah yeah, I forgot the Polish neighborhoods on the South Side. It has been over a decade since I lived there. :P

What I'm trying to deduce is why gas station prices are so uneven from station to station. I've noticed that gas stations in the poorer areas are typically less per gallon than station prices in areas along the business districts (Westheimer/Westchase/Richmond/Greenway Plaza) where there's lots of commuter traffic and also around higher income residential areas (Memorial, River Oaks, Woodway-Voss, and out in Sugarland/lakes).

So far the pattern has been pretty consistent. I can gas up at the Chevron in Memorial and pay up to 15 cents per gallon more than driving 4 miles south on the tollway and gassing up in the Chinese district along Bellaire and the tollway. Last night I gassed up along the westpark tollway and Dairy Ashfort where there's little housing and or business so the gas was the cheapest I've seen it in a long while at a large oil company gas station (not like stop'n'go or other convenience store or grocery store gas station).

[Gan]

So expounding on that thought a little.

If it can be evidenced that historically and typically that gas stations located in poorer areas have cheaper prices then who's causing that?

The gas stations themselves? The distributors? Or the manufacturers/refiners? (Chevron, Exxon, Shell, etc.)

[DeV]

To be honest, I can't tell the difference anymore as far as gas prices being typically less in poorer areas in Chicago. That may have a lot more to do with the make up of the neighborhoods, especially on the south side where you have Hyde Park (higher incomer) smack dab on the outskirts of Bronzesville (lower income) and see little to no difference. Chicago's gas prices have been some of the highest in the nation since the start of the spike anyway.

If nothing else, it's completely evident that the North Side is getting the short and most expensive end of the shit stick. I live on the North Side, not too far from the downtown area and 3.79 is the absolute lowest I've seen it in ages, compared to Countryside (78% white, and by no means a "poorer" area, 64k median income) enjoying prices as low as 3.48 per. :cry:

[Some Rogue]

I don't believe it's the refiners. They set a price for a whole region. They generally don't know where you're gonna be selling that gallon of gas that you buy from them.

My guess would be the stations.

[Sean]

Although it's the exception to the rule sometimes it's the state regulation. For example in NJ on the Parkway/TPike they are only allowed to adjust their price once a week (thursday night) so if on thursday gas prices are low but then something happens on friday and they shoot up everywhere else they are required to keep their prices fixed at the thursday change. Sometimes this works to the consumer advantage (and causes backup onto the highway of people trying to save on gas) and sometimes it doesn't (when prices are fixed higher than they would be elsewhere).

Although I've found the opposite of your hypothesis in some places Gan. For example I work in Bergen County, NJ which is one of the richer Counties and gas is cheaper than where I live in Essex County which while not poor is lower down the list.

[Some Rogue]

You also have to consider city/county/state taxes.

[BigWorm]

Gan knows all this; I don't understand why he is asking. Gas stations don't make much margin on gas, rather they make it on all the other stuff you buy when you stop there. However, they can't sell it at a loss, so they pass on the operating costs to the consumer. Nicer neighborhoods generally cost more to operate in -> gas generally costs more there.

[CrystalTears]

Nicer neighborhoods generally cost more to operate in -> gas generally costs more there.
Not true.

[BigWorm]

Not true.

Right because the rich people don't want to live in those poor neighborhoods because of the high taxes.

[Some Rogue]

However, they can't sell it at a loss, so they pass on the operating costs to the consumer.

Can't sell what at a loss? Gas or the stuff inside? Because stations most assuredly do sell gas at a loss from time to time.

[CrystalTears]

Right because the rich people don't want to live in those poor neighborhoods because of the high taxes.
I said not true regarding the gas will naturally be higher in richer communities.

[Gan]

http://www.eia.doe.gov/bookshelf/brochures/gasolinepricesprimer/images/gas_pumps.png

So the moral of this story is to plan your commute or travels where you can find a cheap ass station in a cheap ass neighborhood or remote area and see if gas is cheaper there.

Of course, there's always risk with this scenario.

[BigWorm]

Can't sell what at a loss? Gas or the stuff inside? Because stations most assuredly do sell gas at a loss from time to time.

From time to time, but not as a regular practice. I would think that the volume of sales of gas at a station would preclude its sale as a loss leader.

[nub]

I said not true regarding the gas will naturally be higher in richer communities.

Gas prices are also reflective of City/County Taxes

Broward gas is cheaper than Palm Beach County gas...

Also depends on how much land costs

A lot of the stations are on land leases, and if it is cheaper to lease land to put your gas station on, then you can sell gas cheaper (same if you buy, cheaper land.... zoning... etc)

[Some Rogue]

From time to time, but not as a regular practice. I would think that the volume of sales of gas at a station would preclude its sale as a loss leader.

You'd be surprised how often it happens. It's not that we want to sell as a loss leader but when the dumbass down the street is a dime under what we sell at, we have to match or lose all our sales. Start factoring in credit card fees and the like and it happens all too often. :shrug:

[diethx]

Lame, it's still $3.55 here. It's gone down like 30 cents in a few days though, so hopefully it'll keep falling.

And shit, at least we HAVE gas now. It got so bad there two weekends ago that I wasn't sure if i'd be able to make it to school for an exam. Luckily after driving around for half an hour on less than a quarter tank, I found a Shell with just a half an hour wait, heh.

[Moist Happenings]

Lame, it's still $3.55 here. It's gone down like 30 cents in a few days though, so hopefully it'll keep falling.

And shit, at least we HAVE gas now. It got so bad there two weekends ago that I wasn't sure if i'd be able to make it to school for an exam. Luckily after driving around for half an hour on less than a quarter tank, I found a Shell with just a half an hour wait, heh.

Haha, my mother took a trip from Florida to Kentucky about a two weeks ago without realizing there wasn't any gas. She barely got up there then asked me if I could plan her a route back that went AROUND Georgia, Tennessee, and North Carolina. Naturally, I asked her if she wanted me to send her on a route through California or if she just wanted to take a boat from Mexico. Luckily it seems to be returning to normal now that the refineries are back online.

[Clove]

Can we say....election time????

Let's see what it is in mid-November. ;)

I found it for 2.75 the other day, which for Boston, is hella good.

-TheE-Correlation does not imply causation.


my econ prof friend says forward prices no longer exceed spot prices

also, there seems to some hidden law in action

C/ValthBingo.

It was a supply problem...

[Clove]

Right because the rich people don't want to live in those poor neighborhoods because of the high taxes.And property taxes are your only business expense...

[Stretch]

Gas is so expensive that we think $3.40 is cheap. Did demand reaaaaaaaally go up 100% in just 6-7 years? Of course not.

I just get a hoot out of OPEC calling an emergency meeting when it dipped below $90 a barrel. Motherfuckers, it was $60 a barrel 3 years ago.

[AnticorRifling]

Under 3 a gallon here. I saw 2.85 a gallon down by 465 and Emerson.