OIL is near $54 / barrel..... why isn't gas "going thru the roof"...? Hmmm

[cthrumatrix]

I remember earlier in the summer when oil spiked a bit and BOOM...gas went up quite a bit.

Gas has pulled back ... but the price of oil the last month has really gone up.

Do you think the WH has put the "lid" on skyrocket gas until after the elections...?

[Richard D]

1. Well

It's 2.45 a gallon for regular where I live.

[951]

2. *ahem* I paid $2.39 reg here in california and that was the cheapest

[cthrumatrix]

7. but has it "spiked" the past 10 days..? like oil

[JuniorPlankton]

3. The price of crude oil is a minor component in the price of gas

at the pump.

[Robbien]

16. You are right. There are five components in the pump price

Feedstock cost (primarily Crude oil price), refining margin, wholesale marketing margin, retail marketing margin, and taxes.

Taxes are 35-50 cents per gallon (cpg), depending on your state and change rarely

There are 42 gallons in a barrel, so the crude portion of a gallon of gas is now about $1.28

[MissMillie]

4. It has started to climb again

I paid over $2 for a gallon this weekend. With winter coming, it's bound to get worse. Thank goodness I locked my home heating oil price in at $169/gallon.

[livetohike]

5. It's $2.37 for regular unleaded here (San Diego County)

but that was the price on Sunday.

[kysrsoze]

27. Premium is $2.45 in Chicago. Ugh!

[Catfight]

6. $1.91 in tampa today. n/t

[cthrumatrix]

8. that's my point (I'm in Tampa)... it was just as high 2 months ago

when oil was much lower.

[CO Liberal]

9. Unleaded Regular is Near 2 Bucks a Gallon in Southern Colorado

Higher than it's ever been. The other day I filled up my truck for $1.85 a gallon, and it seemed like a bargain....

[maxsolomon]

10. the oil corporations have put the lid on

the WH doesn't control them. other way around.

[sfecap]

11. $2.39 in Santa Fe...

n/t

[SaveElmer]

12. Way up in Washington Suburbs (Tysons Corner, VA)

My local station here has gone from $1.81 to $1.95 for Regular in the last 2 weeks.

[hatrack]

13. $1.92 for regular this morning in Kansas City

That's up from about $1.67 three weeks ago.

On the Kansas side, add ten cents (higher state gas tax), and you get premium at about $2.20.

[Bandit]

14. Gas went up ten cents a gallon yesterday

I don't think it will come down before the election either.

[Dora]

15. The refineries effect gas prices too

I remembering hearing some noise in the press this summer about refinery capacity and how it effects gas prices. I understand that some U.S. refineries (correct me if I'm wrong) have closed (why?) and their limited capacity to produce gasoline as needed creates a decrease in supply.

This sounds like an Enron moment to me. Will a smartster out there please either elaborate on or correct my idea?

[MADem]

22. It is a huge component

...because refining capacity is limited. You can only refine so much, and demand is spiking in China and a lot of newly industrialized countries. Also, when you switch your refinery over from SUMMER mix to WINTER mix, it slows delivery of the product.

Also, with Saudi Arabia dumping sour oil on the market, the refineries take longer to process it for market. The better the oil quality in the first place, the less you have to mess with it to make it saleable.

[underpants]

17. Why don't we buy cheaper barrels?

Just asking.

[Fovea]

18. It is lag.

the price works its way up the production chain.
You should start seeing the current rise by the end of the month, all things being equal. By the 2nd, it should be hedging already.

[hunter]

19. It's a blowout in California...

The price has gone up every morning this last week. Yesterday was the first time it ever cost me more than forty dollars to fill up our van, and that was at the least expensive gas station in town.

Bush may have wanted to keep a lid on gasoline prices until after the elections, but too bad, he couldn't talk it down.

I think we are in for a world of hurt.

[jaysunb]

20. Stick around...

it will be even higher before it gets any better.
Methinks the oil co's are getting while the getting is good.

I paid 2.39 here in the Pasadena area of So Cal. That's up about .15 from last week.

This won't help Bush !!

[frylock]

21. statement fom the utility consumers' action network (ucan)..

WARNING - Monday, October 11: Gas prices are rising too fast to track. Check the date a price is posted.

Monday, October 11: Today's survey shows that the average for regular unleaded is up 12.7¢ since last Monday, establishing an all-time record high $2.39.4 a gallon. This new record eclipses former all-time high of $2.38 a gallon set earlier this year on May 24. This is the fastest price hike we've ever seen in the 8-year history of this project. Last year on this day, gasoline cost $1.80 a gallon in San Diego.

http://www.fueltracker.com/newmenu/home.html?id=home&title=Home

[BamaGirl]

23. I paid $1.89 for the cheap stuff yesterday

That was up about 10 cents from last week.

~~BamaGirl

[AlabamaYankee]

24. It's going up at least a nickel a day here

Gas that was $1.79 not too long ago is now $1.99. I'm going on a 2,000 mile road trip this weekend and I'm not looking forward to my gas bill

[fob]

25. SF/Oakland Bay Area - Here's my story

Filled up 89 Octane last week of september - $2.21gal

10/4/04 - 89 Octane - $2.39/gal
10/8/04 - 89 Octane - $2.43/gal
10/11/04 - 89 Octane - $2.49/gal
10/12/04 - 89 Octane - $2.51/gal

This is same station, and same brand at all locations I pass routinely are within pennies of these prices. Increasing approx. 2 cents each DAY.

10/12/04
87 Octane - $2.41/gal
93 Octane - $2.73/gal

[MallRat]

26. Demand has been tapering off as crude prices have gone up.

That's why the prices appear to have been relatively stable.

Bad news ahead: seasonal change. The refineries are switching over to heating oil now, thus dropping the supply of gasoline.

Prices are heading back up again, and may even spike just in time for election day.

I might say "Yippee for Kerry," but I had to mortgage my larynx to fill up my car. If I want to say something, I have to get express written permission from Citibank. :-)

-MR

[TrogL]

28. Wait a couple of weeks

Gasoline station base their price upon what they pay for the gasoline when the truck shows up. The wholesale bases his price on his refined price. The refined price is based upon the crude price upon delivery.

It takes time to refine gasoline.

[catmandu57]

29. We haven't seen anything yet

Wait until Nov 4 prices are going to go through the roof, and heating oil users better lock in rates.