Gas prices?!?
Thread Starter
Drifting
Joined: Nov 2011
Posts: 1,279
Likes: 18
From: Oklahoma
Gas prices?!?
Can someone tell me what the heck is going on? A barrel of sweet crude is down below $94 and wholesale gas is at $2.83/gal today. To give you a comparison, back in February a barrel of oil was about the same but wholesale gas was at about $3.20/gal. We have gone up about .50/gal in the past month here in OK and there is ZERO justification.
Pro
Joined: Apr 2012
Posts: 505
Likes: 1
From: Atlanta GA
Can someone tell me what the heck is going on? A barrel of sweet crude is down below $94 and wholesale gas is at $2.83/gal today. To give you a comparison, back in February a barrel of oil was about the same but wholesale gas was at about $3.20/gal. We have gone up about .50/gal in the past month here in OK and there is ZERO justification.
Drifting
Joined: Mar 2011
Posts: 1,412
Likes: 15
From: Richardson TX
We consumers seem to get screwed both ways.
When crude oil goes up, gas prices go up in tandem, even though the gasoline being sold in gas stations at that moment is months old from transportation and refinement.
And then when crude prices go down, gas prices linger a little higher than expected because the gas being sold was refined from crude bought months ago at the higher prices.
Doesn't seem fair, does it? The Petroleum market is an odd one.
When crude oil goes up, gas prices go up in tandem, even though the gasoline being sold in gas stations at that moment is months old from transportation and refinement.
And then when crude prices go down, gas prices linger a little higher than expected because the gas being sold was refined from crude bought months ago at the higher prices.
Doesn't seem fair, does it? The Petroleum market is an odd one.
Race Director
Joined: Mar 2003
Posts: 10,789
Likes: 894
From: Northern Illinois
Oldtimer
You should live in Chicago. We have the highest gas prices in the country right now. I watched a segment on the news the other night where they claim our gas prices are so high because of the "special" additives. 
Le Mans Master
Joined: Jun 2009
Posts: 6,528
Likes: 752
From: South Dakota
I know this is off topic to a C5 forum, but for a few years I have been watching gas prices too. I have been comparing the unleaded futures to the price at the pump since I thought the refined product would be closer to the finished product than crude oil.
Currently we are a bout 50 cents per gallon higher spread between unleaded futures and the pump than we normally are.
It is also odd that some areas are so much more than others. For example Chicago is usually 50 cents higher than central Illinois (which is usually above the national average also). I don't believe that transportation or additives make up that much.
I have to believe it is simply price fixing (gouging) because they can. I suspect the attorney general does not go after them because the oil industry is just so big, and it can be a complex set of conditions to establish a price. I hate government regulations, but I think this is one time where it might be good since the oil companies have effectively a monopoly, and all other energy sources are regulated except for gas/oil.
It is particularly obvious in central Illinois that they are price fixing since every week on about Tuesday or Wednesday the pump prices jump between 20 to 40 cents per gallon and then drift down during the week. Then do it again the next week. The unleaded futures do not have spikes like this. Other areas of the country that I have lived in do not have spikes like this either.
Currently we are a bout 50 cents per gallon higher spread between unleaded futures and the pump than we normally are.
It is also odd that some areas are so much more than others. For example Chicago is usually 50 cents higher than central Illinois (which is usually above the national average also). I don't believe that transportation or additives make up that much.
I have to believe it is simply price fixing (gouging) because they can. I suspect the attorney general does not go after them because the oil industry is just so big, and it can be a complex set of conditions to establish a price. I hate government regulations, but I think this is one time where it might be good since the oil companies have effectively a monopoly, and all other energy sources are regulated except for gas/oil.
It is particularly obvious in central Illinois that they are price fixing since every week on about Tuesday or Wednesday the pump prices jump between 20 to 40 cents per gallon and then drift down during the week. Then do it again the next week. The unleaded futures do not have spikes like this. Other areas of the country that I have lived in do not have spikes like this either.
Last edited by QCVette; May 15, 2013 at 10:43 AM.
Racer
Joined: Apr 2012
Posts: 359
Likes: 2
From: somewhere
Not sure how true this is but I heard the government increased their taxes on oil by a good amount. This explains why the price is higher at the pumps when the price of crude oil actually dropped.
Again, no idea how true it is. Just something I heard from one of my friends who is big into politics.
Again, no idea how true it is. Just something I heard from one of my friends who is big into politics.
Team Owner
Joined: Mar 2001
Posts: 21,325
Likes: 3,841
From: small town in S.E Pa. PA
St. Jude Donor '03-'04
Well gas prices are not 4.40 cents any more, and we will never see gas under 3 dollars, but here in the North east. Premium fuel has been the same price for about 6 weeks 3.71 cents. that's down from 3.99 three months ago
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
10 Reasons the C6 Z06 is Still A Performance Benchmark After 20 Years
Joe Kucinski
How Much Horsepower Every Corvette Engine "LOST" in 1972
Joe Kucinski
Top 10 DOs and DON'Ts for Protecting Your Convertible Top!
Michael S. Palmer
Top 10 Most Explosive Corvettes Ever Made: Power-to-Weight Ratio Ranked!
Joe Kucinski
150 hp to 1,250 hp: Every Corvette Generation Compared by the Specs That Matter
Joe Kucinski
8 Coolest Corvette Pace Cars (and Replicas) of All Time
Verdad Gallardo
Top 10 Corvette Engines RANKED by Peak Torque (70+ Years of Muscle!)
Joe Kucinski
Corvette ZR1X Will Be Pacing the Indy 500, And Could Probably Race, Too!
Verdad Gallardo
Top 10 Corvettes Coming to Mecum Indy 2026!
Brett Foote
Thread Starter
Drifting
Joined: Nov 2011
Posts: 1,279
Likes: 18
From: Oklahoma
I know this is off topic to a C5 forum, but for a few years I have been watching gas prices too. I have been comparing the unleaded futures to the price at the pump since I thought the refined product would be closer to the finished product than crude oil.
Currently we are a bout 50 cents per gallon higher spread between unleaded futures and the pump than we normally are.
It is also odd that some areas are so much more than others. For example Chicago is usually 50 cents higher than central Illinois (which is usually above the national average also). I don't believe that transportation or additives make up that much.
I have to believe it is simply price fixing (gouging) because they can. I suspect the attorney general does not go after them because the oil industry is just so big, and it can be a complex set of conditions to establish a price. I hate government regulations, but I think this is one time where it might be good since the oil companies have effectively a monopoly, and all other energy sources are regulated except for gas/oil.
It is particularly obvious in central Illinois that they are price fixing since every week on about Tuesday or Wednesday the pump prices jump between 20 to 40 cents per gallon and then drift down during the week. Then do it again the next week. The unleaded futures do not have spikes like this. Other areas of the country that I have lived in do not have spikes like this either.
Currently we are a bout 50 cents per gallon higher spread between unleaded futures and the pump than we normally are.
It is also odd that some areas are so much more than others. For example Chicago is usually 50 cents higher than central Illinois (which is usually above the national average also). I don't believe that transportation or additives make up that much.
I have to believe it is simply price fixing (gouging) because they can. I suspect the attorney general does not go after them because the oil industry is just so big, and it can be a complex set of conditions to establish a price. I hate government regulations, but I think this is one time where it might be good since the oil companies have effectively a monopoly, and all other energy sources are regulated except for gas/oil.
It is particularly obvious in central Illinois that they are price fixing since every week on about Tuesday or Wednesday the pump prices jump between 20 to 40 cents per gallon and then drift down during the week. Then do it again the next week. The unleaded futures do not have spikes like this. Other areas of the country that I have lived in do not have spikes like this either.
Safety Car
Joined: Sep 2008
Posts: 4,754
Likes: 167
From: Youngsville North Carolina
I couldn't have said it any better myself. I use this site to track daily gas futures. When you look at this chart everyone should be furious as to why we are paying more now than one month or especially three months ago. http://www.traderslog.com/quotes-cha...ncelstudy=&a=D
I know we are typically lower here in OK because this is an oil state and we have refineries right here. But to consider gas futures are nearly .50 lower than they were in Feb and we are paying nearly .50/gal more now makes not sense. That is a full $1/gal swing from where it should be. No way summer additives are increasing it like that! Usually you see a .10-.15/gal increase in the summer for the additives. And then we can thank the tree huggers in Congress for that increase every summer too!
I know we are typically lower here in OK because this is an oil state and we have refineries right here. But to consider gas futures are nearly .50 lower than they were in Feb and we are paying nearly .50/gal more now makes not sense. That is a full $1/gal swing from where it should be. No way summer additives are increasing it like that! Usually you see a .10-.15/gal increase in the summer for the additives. And then we can thank the tree huggers in Congress for that increase every summer too!
It's all BS, they got us all by the ***** an know it...and don't forget .gov too...what is it like .30-.50 per gallon of local and fed taxes.....
Race Director
Joined: Mar 2003
Posts: 10,789
Likes: 894
From: Northern Illinois
Oldtimer
$4.20 here for regular unleaded. $4.71 for premium.
Safety Car
Joined: Nov 1999
Posts: 4,285
Likes: 83
From: S.E. WI.
St. Jude Donor '08-'09-'10
we drove down to Atlanta on April 17th and returned April 21. We had a huge rain while we were away. When we returned, gas prices went form $3.55 to $3.89. Price spikes blamed on rain and floods. A month later, prices are still $3.87 or higher at some locations. Looks like refineries/oil companies ahd their spring run up in February. Distributors and retailers are now enjoying their summer driving season run-up. Someone is making money.
A very good friend in charge of large gas chains told me margins have been much better in last 18 months.
Could it be that all the refineries recently sold off or closed are having their desired affect on retail prices? Oil companies were complaining about their refinery side of the business losing money.
Finally, I find it interesting our state capital located in Madison Wisconsin continues to enjoy relatively low gas prices compared to SE Wisconsin.
A very good friend in charge of large gas chains told me margins have been much better in last 18 months.
Could it be that all the refineries recently sold off or closed are having their desired affect on retail prices? Oil companies were complaining about their refinery side of the business losing money.
Finally, I find it interesting our state capital located in Madison Wisconsin continues to enjoy relatively low gas prices compared to SE Wisconsin.
Team Owner
Joined: Mar 2001
Posts: 21,325
Likes: 3,841
From: small town in S.E Pa. PA
St. Jude Donor '03-'04
todays prices locally
Sunoco 1491 N Providence Rd
Media, PA, 19063 $3.579
$3.659
Lowest Price
N/A $3.999
Getty 401 E Baltimore Ave
Media, PA, 19063
$3.409
Lowest Price
N/A N/A N/A
BP 2 S Pennell Rd
Media, PA, 19063 $3.559 $3.699 $3.899
Sunoco 296 E Baltimore Ave
Media, PA, 19063 $3.539 $3.739
$3.699
Lowest Price
N/A
Citgo 446 E State St
Media, PA, 19063 $3.499 N/A N/A $3.959
Sunoco 1300 N Providence Rd
Media, PA, 19063 $3.539 $3.739 $3.759 N/A
Lukoil 501 E Baltimore Pike
Media, PA, 19063 $3.779
Sunoco 200 S New Middletown Rd
Media, PA, 19063 $3.599 $3.789 $3.889 N/A
Unbranded 5140 Pennell Rd
Media, PA, 19063 $3.459 N/A N/A
$3.799
Lowest Price
BP 193 S New Middletown Rd
Media, PA, 19063 $3.699 N/A
Sunoco 1491 N Providence Rd
Media, PA, 19063 $3.579
$3.659
Lowest Price
N/A $3.999
Getty 401 E Baltimore Ave
Media, PA, 19063
$3.409
Lowest Price
N/A N/A N/A
BP 2 S Pennell Rd
Media, PA, 19063 $3.559 $3.699 $3.899
Sunoco 296 E Baltimore Ave
Media, PA, 19063 $3.539 $3.739
$3.699
Lowest Price
N/A
Citgo 446 E State St
Media, PA, 19063 $3.499 N/A N/A $3.959
Sunoco 1300 N Providence Rd
Media, PA, 19063 $3.539 $3.739 $3.759 N/A
Lukoil 501 E Baltimore Pike
Media, PA, 19063 $3.779
Sunoco 200 S New Middletown Rd
Media, PA, 19063 $3.599 $3.789 $3.889 N/A
Unbranded 5140 Pennell Rd
Media, PA, 19063 $3.459 N/A N/A
$3.799
Lowest Price
BP 193 S New Middletown Rd
Media, PA, 19063 $3.699 N/A
Burning Brakes
Joined: Jun 2008
Posts: 940
Likes: 81
From: Lake Villa IL
Here in northern IL. we have a triple whammy. Highest gas prices, highest utes and highest taxes in the the country. Paid $4.52 a gallon yesterday for 93 octane. But at least our governors make our license plates.
Le Mans Master
Joined: Sep 2010
Posts: 5,520
Likes: 5
From: Long Island NY
That's not bad. Here on Long Island I paid 4.19 for premium, and that was the cash price.
Burning Brakes
Joined: Jan 2007
Posts: 1,152
Likes: 3
From: Hawaii
In Honolulu, Hawaii:
Chevron:
87 octane: $4.26gal
89 octane: $4.36 gal
92 octane: $4.46 gal
Last week I paid $4.52 gal (so it went down 6 cents....)
On the outer islands ist gets higher by as much as 50 cents.
Chevron:
87 octane: $4.26gal
89 octane: $4.36 gal
92 octane: $4.46 gal
Last week I paid $4.52 gal (so it went down 6 cents....)
On the outer islands ist gets higher by as much as 50 cents.