Oil drops/gas spikes

[CGW409]

Taking price gouge Tuesday to a whole new level.
Oil closed at 103 per bbl (down 3 from yesterday)today but in northern Cook and southern Lake counties here in the Chicago area gas is up around 25 cents a gallon.
Cook has been in the 3.85 to 3.95 range and Lake has been in the 3.73 to 3.85 range.
As of the trip home this afternoon Lake is 4.09 and Cook is 4.15.
Apprently the wholesalers have decided that they like 4+ a gallon gas and falling oil prices be damned it's staying there and we don't have to give any bulls**t excuses as to why.

[rpicardi1]

It's "Price Gouge Tuesday."

Thank You Marathon!:mad:

[bnsf1959]

Gary,

Are you a member here; http://www.chicagogasprices.com/

I've been a member since 2004. Kinda keep track of where the best prices are.
I don't understand why the price of crude oil went down but the price of gas went up. OPEC decided to cut production to raise prices. This is not helping the economy any good. :mad:

[inflammable]

I can only speculate of what will happen to the members of OPEC when they finally run out of oil.

I have a feeling that we'll have to continue giving them money/food, so as to not reduce their lifestyle.

James

[bnsf1959]

http://cbs2chicago.com/national/US.Officials.Probed.2.814357.html

[CGW409]

Gary,

Are you a member here; http://www.chicagogasprices.com/

I've been a member since 2004. Kinda keep track of where the best prices are.
I don't understand why the price of crude oil went down but the price of gas went up. OPEC decided to cut production to raise prices. This is not helping the economy any good. :mad:

I know I'd heard that Gov Blogo cut the budget of SA Lisa Madigan and that they've had to curtail some investigations so it sounds to me like the wholesalers figure that as long as the cat's away they're going to play.
Either that or since Gustave didn't destroy the La. gulf coast they're hoping for mass destruction from Ike and getting a nice base coat of price gouging laid down.

[Paul1953]

I can only speculate of what will happen to the members of OPEC when they finally run out of oil.

I have a feeling that we'll have to continue giving them money/food, so as to not reduce their lifestyle.

James

Unless they move enmass to North America, that aint gonna happen. They'll go back to the way it was only a few short decades ago.

[RobertVA]

I can only speculate of what will happen to the members of OPEC when they finally run out of oil.

I have a feeling that we'll have to continue giving them money/food, so as to not reduce their lifestyle.

James
Between all the interest they will be charging for loaning the money we spent on oil back to us, interest on oil they sold on credit, and purchasing stock in what were US owned companies/corporations the elite families in those countries will still be prospering.

Some of those counties are even developing some extravagant luxury residential developments and tourist facilities. Theiir intention is continuing revenue from these facilities after the oil wells run dry.

[CGW409]

Looks like we're getting a price gouge double dip, prices in both Lake and Cook counties pulled back to 3.99/3.95 as of this AM but Lake county is now at 4.15 and Cook is at 4.23.

BTW oil at 100/bbl, Gotta get a good base coat down if you want get 5.00 + a gallon.

[rpicardi1]

Due to Ike and past experiences with gas prices spiking for any excuse, there was panic buying of gasoline around here last night. What triggered it? Price gouging which started in Freeland with one station posting $4.65 a gallon this morning.

Locally, it is still at $3.86 to $3.89 as of 8:30 AM this morning. It will be interesting if to see if our xxxxxxx Governor carries through with her threat to go after stations that price gouge such as the ones 10 miles North of here.

[CGW409]

Due to Ike and past experiences with gas prices spiking for any excuse, there was panic buying of gasoline around here last night. What triggered it? Price gouging which started in Freeland with one station posting $4.65 a gallon this morning.

Locally, it is still at $3.86 to $3.89 as of 8:30 AM this morning. It will be interesting if to see if our xxxxxxx Governor carries through with her threat to go after stations that price gouge such as the ones 10 miles North of here.


The Mobil and the Citgo near me were 3.99 Thursday evening,4.09 yesterday afternoon,4.16 at 12:30 PM as I went to the local Walmart and 4.23 as I returned home 20 min later.

There were reports last night of 2 stations in Niles IL charging 5.01 and 5.05 as of last night on the Gasbuddy site but that the GB software was doing an autodelete as the software deemed it to be unrealistic.
Since the GB boards now recognize those reports apprently the offending stations must have recived a vist from state or local authorities to explain price gouging is a no no.

Yesterday's Chicago Tribune's business section had an article explaining why gas was not dropping along with the bbl price and came up with 3 reasons.
(1) The hurricane(standard post Katrina bull hockey)
(2) Lower production due to local refineries "misjudging" the amount of gas the area needed.
and you're going to love this one(get out the hip waders).
(3) Additional profit taking for the local stations, you see when oil was spiking up during the spring and summer out of the goodness of their hearts gas stations did not pass on the total cost upticks and were operating at a loss(apprently they need 14 cents a gallon to be profitable but they were charging 11 to 12 cents for profit)so in order to make up the lost profits they've been running 10 to 15 cents over where the price should be.
Hey I've got a bridge in NYC,some prime Florida real estate and a really nice home with an ocean view in Arizona for sale to anyone buying those other three sales pitches.

[bnsf1959]

Price gouging at it's best.

[rpicardi1]

Prices locally now has gone up to $4.19 a few minutes ago.

[krausyao]

I don't know why the gas retailers and refiners even bother to explain why prices go up and down. They set the price to recover cost and make a profit. If the consumers think the price is too high they can buy from another source or buy less.

High gas and diesel prices are good for the railroad industry as it drives traffic from trucks to rail. I would not mind seeing the price top $10 per gallon. Raising the federal gas tax now would also be a way to encourge this shift as it currently does not pay for the full cost of maintaining the roads which results in an unfair subsidy to trucks.

[Baldwinbob]

I would not mind seeing the price top $10 per gallon.

What do you drive, a bicycle?

Up here it's been in the $3.60s range until today when the jumped to $3.79. I put in my $20 worth so I'm good for a few weeks.


Bob

[Paul1953]

buck38 a litre here and all we got is drizzle.