cheap gas!

[Bart Adkins]

I can't believe I'm excited about this, but I just paid $1.99 a gallon for regular unleaded!

 

[WXMotorSports DecalsPartsAccs]

That is low! 2.75 a gallon here in Seattle area for Regular Unleaded.

 

[Casey B]

I paid $1.91 yesterday at a local cirkle k station. Even cheaper the further you go east on I-20 into SC.

 

[gary s]

wow, under $2.00, thats great. $2.35 here on long isle

 

[Jim Dolinski]

$1.79 - $1.85 here in Mich

 

[A K]

We're still at $2.32 in Philadelphia. They're really jacking customers since no station wants to start the downward trend.

 

[Andy Szkutak]

Here in Buffalo, the gas is around $2.40-$2.50, but 15 minutes away on the Native American Reservation, i just paid $1.77 for NYS certified gas, so i'm not complaining. The guy there told me that by summer gas might be down to $1.25 on the Reservation!



Andy

 

[Rick Kent]

Once again oil prices drop 16% since Jan 1 but gas prices remain flat.



As soon as oil hits $60 barrel again prices will jump.



I was listening to some oil industry analysts on Saturday and they mentioned this cycle. Prices should drop 8% because only half the cost of gas is the actual price of a barrel of oil.



Oil prices go up, gas goes up the same day.



Oil prices drop, 3 months later we get the benefit.



The retailers claim it is because they are worried about the cost of their next shipment that they raise prices right away.



The retailers then use the other side of the coin to argue that when oil drops, they don't know when they will see the savings passed along to them by the refiners.



Who is getting the shaft in both scenarios?

 

[Bob Carter]

gas in Ft. Smith Ar is 1.87 a gallon

 

[Thomas Rogers]

The economic purists on this board would say it's simple "supply and demand" in action that drives the gas prices. But that's crap.



As FKent says, it's fear, speculation, and the current price of crude that drives the day-by-day, and even same-day increases at the pump as gas is on the rise; but its the price of crude and supply surpluses in crude that drive the cost back down, but MUCH, MUCH more cautiously (read: slowly...a penny every few days, a few cents over several weeks).



The gas companies have us over a barrel. We complain about the gas prices on the way up, begrudging the profits that are being made. The reality is that most of the profits are being made on the artificially slow decline, IMHO.



TJR

 

[EddieS'04]

I just paid $2.019, Pasaddena, TX..

 

[Judd Quarles]

Here in East Texas, I have paid as little as $1.92 over the past few days. I was cleaning out some old files and all, found a receipt from right at 5 years ago when the new Kroger gas station came to town...I had put nearly a full tank in my '00 Explorer for $16.00. (89 cents per gallon). Now those were really the days...and I didn't have to drive for work or anything until gas hit $2.00 plus.

 

[Tim Turner]

Been around $2.25 for the past two weeks, but have seen a steady decline within the past month or two in Morgantown, WV.

 

[user 62851]

part that i dont fully understand. is... isnt gas carried in 55 gallon drums anymore... i checked the paper other day, and it said gas was 52 bucks a barrel. so if we doin 55 gallon drums, shouldnt it be less than a buck per gallon.... i know gas wouldnt be sooo expensive if they dismissed putting taxes on it. i mean u'd save like 30-50 cents per gallon. Aint we gettin the gas from Iraq, i didnt know they was another US state... Gas here in MD, yesterday was $2.06 at the Shell station.

 

[paulette lopez 2]

im in california and here yesterday i paid. for shell reg 87 2.43 a gallon.. i hope it gets lower by the summer... but what can we do. they have us all by the you know whats. cause they know we all will pay the money for the gas...

 

[Richard L]

I finally seen the price go below $2.00 the other day here in Waco, TX. It droped from $2.03 to $1.98 overnight on Friday!! It's been a couple of years since it's been that low.



I heard the prices are expected to go back up in February as the refineries close for their annual maintenance.



...Rich

 

[Gavin Allan]

We have gasoline as low as $1.69 in Southeast Missouri, according to www.gasbuddy.com!



It is still $1.99 herem but $1.89 25 miles away... (Damn Cartel in my town!) :angry::angry:

 

[EJ Bock]

$1.78 gal

 

[Andrew Tollison 3]

 

[Ryan Schaecher]

The economic purists on this board would say it's simple "supply and demand" in action that drives the gas prices. But that's crap.

It is crap for the most part. Gas prices are based on spec pricing (that is speculative). The spec prices fluctuates any time there is high demand expected, hurricanes that knock out refineries and everytime one of the sheiks in the Mid East wipes his .... well anyway.



It's the same way for Gold and cow futures as well. When MadCow was the big news headlines, beef prices were all over the place.



Gas does not come in barrels. Oil does. I have never seen gas spec prices listed by barrel. 51.4% of a barrel of oil is refined into gasoline.