Gas Prices

[WxMurray 0]

Katrina took out several oil refineries causing a lower supply of incoming gasoline. My econ professor told us today that when he saw gas prices at $2.599 he filled his tank. Now the same station is charging $2.999. He told us that there is a gas station near Atlanta charging nearly $6 per gallon. Crude oil prices have traded above the $70-per-barrel level and now may close above that level.

 

So I was wondering what are the gas prices where you live? Please include the town name or area that you are in for reference.

 

$2.999 in central Pennsylvania.

Edited September 2, 2005 by WxMurray

[Nemesis 0]

$1.39/litre here

[Seiben 0]

$1.13/litre here (Toronto, ON).

Edited September 2, 2005 by Seiben

[Dumbass 0]

$2.999 in San Jose, CA for the cheap stuff.

 

The problem is you can't really pin all of the recent increase on the huricane. Sure there is reduced refining capacity now, but you also have to consider 2 other things:

 

1) Oil and gas prices were already high and rising to begin with

2) Labor Day weekend sees more road traffic than any other weekend

 

I'm not saying the huricane doesn't have an impact, but determining the nature of that impact relative to other impacts is not easy to determine.

 

From an economics perspective, usually when you have rising fuel prices there is a drop in consumer confidence. However, consumer confidence had been flat because the impact of rising fuel prices was offset by rising incomes as we entered the recovery phase of the business cycle. It will be interesting to see how this latest spike in fuel prices will affect consumer confidence levels. 9/11 didn't see much of a drop in confidence, but then again we were already in a recession to begin with.

[eagle 0]

$2.999 in San Jose, CA for the cheap stuff.

 

The problem is you can't really pin all of the recent increase on the huricane. Sure there is reduced refining capacity now, but you also have to consider 2 other things:

 

1) Oil and gas prices were already high and rising to begin with

2) Labor Day weekend sees more road traffic than any other weekend

 

I'm not saying the huricane doesn't have an impact, but determining the nature of that impact relative to other impacts is not easy to determine.

 

From an economics perspective, usually when you have rising fuel prices there is a drop in consumer confidence. However, consumer confidence had been flat because the impact of rising fuel prices was offset by rising incomes as we entered the recovery phase of the business cycle. It will be interesting to see how this latest spike in fuel prices will affect consumer confidence levels. 9/11 didn't see much of a drop in confidence, but then again we were already in a recession to begin with.

this all = GREED........it has happend before :huh:

[Seiben 0]

Oh yeah, $1.13 CDN /litre = $3.65 Gal US

[Grom 0]

I filled at $2.89 yesterday and today it was $3.19

[Murdok Helios 0]

In venezuela and saudi arabia gas is 12 cents a gallon!

[George_Pickett 0]

$3.19/gal. in N.W. Ohio for the lowest grade :blink:

[Nemesis 0]

Hmmmm, Americans seem to be climbing faster than us... that's odd.

[Merina 0]

$2.99 (south central Kansas)

Edited September 2, 2005 by Merina

[WxMurray 0]

It's up to $3.19 here now.

[WxMurray 0]

Hmmmm, Americans seem to be climbing faster than us... that's odd.

That's because we've lost nine refineries and a number of oil rigs due to Katrina.

[Murdok Helios 0]

Theres several oil spills in the Gulf of mexco :blink:

[eagle 0]

$3.10 per gal. here in pine level al. as of 1600 hrs. today :P :blink:

[George_Pickett 0]

Lost 30% or our home production! :blink:

[Darrik 0]

bah! I've seen over $3.40 (for reg in the US)! I win!

[koolaidman 0]

$3.19/gal. in N.W. Ohio for the lowest grade  :blink:

come down to southwestern its ONLY $3.09

 

i applied for a parking pass at school today... somthing tells me i wont be using it very often.

Edited September 3, 2005 by koolaidman

[FredM 0]

Hey there,

 

Well, as much as I hate to say it, prices within the United States (gas related) have never really updated to reflect economic inflation. I mean, I personally recall buying gas at less than a dollar (US). Now, on the flip side, I have to seriously question what's going on. There is no reason what-so-ever for prices to have increased, as the gas at the stations was paid for two months ago. Under the rules of economics, prices shouldn't be reflecting a $70 USD price for another two months. Issues like this is why Exxon Mobile reported 40% increase in profit, yet proclaimed there was a shortage. Math doesn't add up there.

 

There's also an issue that, within the United States, a new refinery hasn't been built in quite some time. I think I heard something like twenty years or so. On top of everything else, you have to remember that a solid percentage of what you are paying at the pump is taxes. I some areas, the Federal...State...County and City taxes are doubling the price.

 

The funny thing is that as prices continue to increase, it may become the long term fear many oil producing countries have had for decades. Most economic experts have said for decades that should the price of gas reach a certain level, it will (for the first time in history) become economically "sound/better" for corporations/industry to put their full weight behind non-oil based fuel sources. The cost of R&D will be less than the price of paying at the pump. A friend of mine here said he's heard they're saying that price might be somewhere near $4.30 USD. No, it won't mean the end of big oil anytime soon, but it might start the wheels turning on real production of...for example...creating a better muffler system that actually reuses the supposed 30% of gas that's wasted during the combustion process.

 

Anyway, within New Zealand...converted into gallons and USD...gas is about $4.06 for the lowest grade they produce. Diesel just hit $1.01 (NZD), first time it went over a dollar. Converted, that would be about $2.70.

[WxMurray 0]

Well, as much as I hate to say it, prices within the United States (gas related) have never really updated to reflect economic inflation. I mean, I personally recall buying gas at less than a dollar (US).

Heck, I remember a time not so long ago when gas was less than a dollar.

 

Actually, gas stations in Chicago have lowered gas prices because they had done too much raising in anticipation of the hurricane and the $70 per barrel of light sweet crude.

[WxMurray 0]

Just as a sort of follow up to Fred's post, I found these news items on a local TV station's website.

 

Pa. AG Gets Hundreds Of Gas Gouging Complaints

 

HARRISBURG, Pa. -- Pennsylvania Attorney General Tom Corbett said his office has received scores of consumer allegations about gasoline price-gouging since Hurricane Katrina struck the Gulf Coast.

 

But said proving that any overcharges are illegal could be difficult. At a Harrisburg news conference, Corbett said price gouging is a civil offense under the Pennsylvania Consumer Protection Law, punishable by a fine of $1,000 per offense, and it is up to individual judges to decide whether the overcharges are "unconscionable" and therefore prohibited by law.

 

Corbett said he is working with legislators to refine anti-gouging legislation that would more clearly define the boundary between legal and illegal pricing. He said he hopes such a bill becomes law.

 

By midday Friday, Corbett said his office had received more than 250 telephone calls and more than 100 e-mails reporting alleged gouging activity. The complaints were not concentrated in any particular region, but rather scattered locations across the state.

 

Corbett also said he is working with his counterparts in at least 22 other states to investigate the reasons behind the sharp increases in fuel prices that followed the destruction caused by the hurricane.

 

 

Thousands Report Gas Gouging To Government Hot Line

 

WASHINGTON -- We know that Americans are being forced to pay sharply higher gasoline prices in the wake of Hurricane Katrina. Are they being ripped off?

 

Federal and state authorities are fielding thousands of complaints from angry consumers.

 

The federal Energy Department reports getting more than 5,000 calls to its price gouging hot line in a single day. It is handing the complaints over to the Federal Trade Commission, but the commission has limited jurisdiction unless it can prove collusion.

 

Democratic members of Congress are urging the FTC to get more aggressive with its review of the complaints. They said hundreds of reports of price gouging were made in Illinois alone.

 

Attorneys general from a number of states held a telephone conference to discuss possible investigations. States getting the most complaints included North Carolina, Georgia, New York, Texas and Michigan.

 

Some lawmakers are demanding an investigation into the steep spike in prices this week.

 

But some states have their own laws against gas price gouging, and a number of attorneys general are discussing possible action against gas retailers.

 

After the hurricane disrupted production at Gulf Coast refineries, fuel prices jumped as much as 50 cents a gallon overnight.

 

Michigan U.S. Rep. John Conyers said the price hikes "go far beyond anything justified or relating to the market disruptions."

Edited September 3, 2005 by WxMurray

[eagle 0]

Just as a sort of follow up to Fred's post, I found these news items on a local TV station's website.

 

 

 

 

the hammer fell on montgomery county,Al.......friday , when approx. eight(8) of

the conveient store/gas stations were subjects of an impromptu/no advance

warning visit by the represenatives of the alabama dept.of agriculture agents

to investigate price gouging at the pumps..as well as the reported hoarding of

gas by the before mentioned businesses ...post review and investigation of records

of the owners of the stores/stations as they pertain to gas/fuel purcahsing and

normal accepted pricing scale practice....were found to be in gross violation of

the state of alabama laws governing said practice....were given orders to cease and desist said goughing......lower prices....given LARGE citations and orders to appear

and could possibly be imprisoned along with the fines applied to them..........well

all i can say is..............YAY....it is about time the public out cry is heard and there

are very strict policies being enforced to deal with this problem that seems to be

running rampant all over the south east since katrina.......so be advised any that

would seek to make super high profits on the pain and suffering of your fellow mankind

in this emergency situation......should you come to this state seeking to do so.....

you will be found out.....be busted......and will pay the price accordingly...we have a

zero tolerance policy of this type of conduct here....... :P :blink:

[Darrik 0]

Some areas by the east coast are almost at $8 a gallon!

[Dumbass 0]

I'm not saying I like to see high gas prices (I'm as angry about the situation as everybody else), but if you have thousands of sellers willing to sell at a certain price and millions of people - showing by their actions - that they are willing to buy at that price then where is the price gouging?

 

What is the difference between "gouging" and market prices set by supply and demand?

Edited September 9, 2005 by Dumbass

[George_Pickett 0]

Never thought I'd be glad to see $2.94/gal but it's better than $3.29 ;)