Thoughts On Gasoline Price Hike

iVillage Member
Registered: 11-13-2009
Thoughts On Gasoline Price Hike
18
Thu, 08-05-2010 - 11:05am

Is it coincidence that gasoline went down right after the explosion and oil gusher?


And now my gasoline has jumped 19 cents since they plugged the hole a couple of days ago.


What do you think?


I'm unhappy!!


 

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iVillage Member
Registered: 09-02-2009
Thu, 08-05-2010 - 11:23am

It's a coincidence. It appears to have risen due to jobs reports, more jobs=more demand for oil.

http://www.usatoday.com/money/industries/energy/2010-08-04-gas-prices_N.htm

The recent rise in oil prices is translating into higher prices at the pump. The national average for a gallon of regular unleaded rose 2.1 cents to $2.747 a gallon, according to AAA, Wright Express and Oil Price Information Service. Oil has traded above $82 for two straight days. It was around $77 a week ago.

Motorists are paying about 2.3 cents more than a month ago and 18.6 cents more than a year ago.

Oil prices were lower Thursday. After dropping lower during European trading, they rallied somewhat on reports that contained good news on the U.S. jobs front before leveling off.

Benchmark crude for September delivery fell 14 cents to $82.41 a barrel in afternoon trading on the New York Mercantile Exchange. The price has been at levels not seen since May for three consecutive days despite ample supplies or oil in storage and weak demand for gasoline and other refined products.

Two jobs reports indicated Wednesday that the economy is growing but at a slow pace.

ADP, a payroll company, said private employers hired 42,000 workers last month, which was slightly better than analysts expected. The report can provide clues about what the Labor Department's monthly job report, due Friday, may show.

In addition, the Institute for Supply Management its service-sector index rose unexpectedly for July. A measure of hiring expectations for the sector, which accounts for the majority of U.S. workers, expanded in July for only the second time since December 2007.

In its weekly report, the Energy Department said U.S. commercial oil inventories fell by 2.8 million barrels to 358 million barrels for the week that ended July 30. The total remains 2.4% higher than a year ago.

Analysts had expected a drop of 1.2 million barrels for the week ended July 30, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

Gasoline inventories rose 700,000 barrels last week to 223 million barrels. Analysts expected a drop of 870,000 barrels.

Demand for gasoline over the four weeks ended July 30 was 2.3% higher than a year earlier, averaging nearly 9.4 million barrels a day.

Inventories of distillate fuel, which include diesel and heating oil, increased by 2.2 million barrels to 169.7 million barrels for the week ended July 30. Analysts expected distillate stocks to increase by 1.16 million barrels.

In other Nymex trading in September contracts, heating oil rose 0.17 cent to $2.2017 a gallon, gasoline lost 1.25 cent to $2.1810 a gallon and natural gas added 8.1 cents to 4.72 per 1,000 cubic feet.

In London, Brent crude fell 27 cents to $82.46 a barrel on the ICE Futures exchange.

Associated Press writers Pablo Gorondi in Hungary and Alex Kennedy in Singapore contributed to this report.

iVillage Member
Registered: 03-10-2010
Thu, 08-05-2010 - 11:24am

I noticed the trend, but we're up a bit less in my area (Baltimore):


http://www.baltimoregasprices.com/retail_price_chart.aspx



check out where we've been:



~OPAL~   onoz_omg2.gif OMG ONOZ image by KILLER_BOB11694

iVillage Member
Registered: 07-15-2010
Thu, 08-05-2010 - 11:25am

It's related to the value of the dollar.

>>A successful economy depends on the proliferation of the rich, on creating a large class of risk taking men who are willing to shun the easy channels of a comfortable life in order to create new enterprise, win huge profits, and invest them again. – George Franklin Gilder<<
>>Luck is what you call it when preparation meets opportunity<<
iVillage Member
Registered: 02-28-2010
Thu, 08-05-2010 - 11:33am
I heard something interesting
iVillage Member
Registered: 03-10-2010
Thu, 08-05-2010 - 11:34am

I don't think that is

~OPAL~   onoz_omg2.gif OMG ONOZ image by KILLER_BOB11694

iVillage Member
Registered: 03-10-2010
Thu, 08-05-2010 - 11:40am
Yes, I heard that too.

~OPAL~   onoz_omg2.gif OMG ONOZ image by KILLER_BOB11694

iVillage Member
Registered: 11-13-2009
Thu, 08-05-2010 - 11:52am

Thanks.

 

iVillage Member
Registered: 11-13-2009
Thu, 08-05-2010 - 11:59am

And...I've been told (but don't believe) that speculation is not the cause of these prices.

 

iVillage Member
Registered: 09-02-2009
Thu, 08-05-2010 - 12:03pm
Sounds horrible. Sorry for your problems. We really need to find a way to live with out relying so much on oil, but it would take drastic measures.
iVillage Member
Registered: 11-13-2009
Thu, 08-05-2010 - 12:05pm

It's related to the value of the dollar.


Do you really think so?


I don't know.

 

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