After Harvey local gas prices have jumped

tagtag Posts: 8,846 Admiral
Increased by 25 cents a gallon this morning. I think the gas industry never lets a crisis go to waste.

Replies

  • mplspugmplspug Palmetto FloridaPosts: 8,632 Admiral
    It's basic supply and demand.

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    Captain Todd Approves

  • The VilleThe Ville Posts: 457 Deckhand
    mplspug wrote: »
    It's basic supply and demand.

    Sent from my SM-G935V using Tapatalk

    And supply has stopped their and demand continues.
    It's not my job to provide your education look it up yourself!
  • Fish HaidFish Haid Posts: 8,346 Admiral
    20% of US refining capacity is suddenly offline. In recent weeks, refineries have been running at 95% capacity. That means, they are running at 95% just to keep the steady-state gas supply. If the 20% stays off line more than a week, there will be gas shortages and the price could easily go to $5 per gallon overnight.
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  • cadmancadman Home of the Gators Posts: 27,439 AG
    It ain't over yet. wholesale went up another 10c last night. I expect 50c or more increase before it is over, then once refineries are back up, it should drop back down.

    Mini Mart Magnate

  • mplspugmplspug Palmetto FloridaPosts: 8,632 Admiral
    Considering we could be dealing with what Houston is going through, I'll keep my mouth shut and put up with the temporary hit to me pocket book.

    Captain Todd Approves

  • Soda PopinskiSoda Popinski GrovelandPosts: 10,863 AG
    cadman wrote: »
    It ain't over yet. wholesale went up another 10c last night. I expect 50c or more increase before it is over, then once refineries are back up, it should drop back down.

    Should....but very VERY slowly. Kiss under $3.00 a gallon goodbye for the next year
    People use statistics the way a drunk uses a street light, for support rather than illumination.
  • mplspugmplspug Palmetto FloridaPosts: 8,632 Admiral
    It more than likely won't go above $2.50, but with refineries having to do the winter blend soon, it'll probably stick for a while.

    Captain Todd Approves

  • Soda PopinskiSoda Popinski GrovelandPosts: 10,863 AG
    mplspug wrote: »
    It more than likely won't go above $2.50, but with refineries having to do the winter blend soon, it'll probably stick for a while.

    I paid 2.49 yesterday, i figured it would be 2.70 today when i leave work.
    People use statistics the way a drunk uses a street light, for support rather than illumination.
  • CyclistCyclist Posts: 23,346 AG
    Good reason to be able to buy your fuel once a year...at the lowest price.
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  • cadmancadman Home of the Gators Posts: 27,439 AG
    Should....but very VERY slowly. Kiss under $3.00 a gallon goodbye for the next year

    I think sooner than that. The price of a barrel of oil has dropped during the past week about $4 a barrel. I expect it to be back down by Christmas. But it will be a slow decline. Right now, for operators like myself, the profits are shrinking as wholesale is jumping too fast to hardly react. When it starts to drop the retailers will make some extra profit.

    The market is showing another 10c or more today. Will easily hit $3.00 a gallon by next week.

    Mini Mart Magnate

  • cadmancadman Home of the Gators Posts: 27,439 AG
    Cyclist wrote: »
    Good reason to be able to buy your fuel once a year...at the lowest price.

    You are still guessing on the timing. Who has that much storage or wants to go through the regulations to keep a tank that big?

    Mini Mart Magnate

  • Billy No MatesBilly No Mates Posts: 2,989 Captain
    I never worry about gas prices. I have no control over it and I have to get to work. It is what it is.
  • Fish HaidFish Haid Posts: 8,346 Admiral
    Gasoline futures up 13 cents today. That will be 25 cents at pump. Will hit $5 easily when supplies start running out.
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  • Soda PopinskiSoda Popinski GrovelandPosts: 10,863 AG
    cadman wrote: »
    You are still guessing on the timing. Who has that much storage or wants to go through the regulations to keep a tank that big?

    then worry about it exploding, or someone finding out and trying to steal from you. or any other number of scenarios. I don't want that much gasoline around me on a day to day basis.
    People use statistics the way a drunk uses a street light, for support rather than illumination.
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