FYI: Fuel Prices

Post by **rtb** » Tue Sep 06, 2005 8:47 pm

EG: Sorry bud, but I now have to call you out. There is a report on CNN tonight that wholesale prices are down 20% since last Tuesday. I know you were nice enough to show us the increase that was happening last week, has it truly gone down since? And if so why aren't station's prices coming down?

If they haven't come down that is understandable, but I am just curious how factual the report I saw tonight was.

El_Gato · Post by **El_Gato** » Wed Sep 07, 2005 7:22 am

As of yesterday, my costs were the same as last posted a week ago; it's possible that there was a change last night which would take effect today, but I did not call to check on that. I will when my supplier opens in an hour or so & let you know.

I have seen, though, that crude HAS dropped back to the levels it was at BK (before Katrina). Once again I point out that Big Oil is making a killing since it sounds like they jacked up prices anywhere from 15 - 30% nationwide last week.

El_Gato · Post by **El_Gato** » Wed Sep 07, 2005 8:28 am

update:

Conoco DID lower prices effective today:

Gasoline went down 6 cents, diesel went down 11.

Cat-theotherwhitemeat · Post by **Cat-theotherwhitemeat** » Wed Sep 07, 2005 8:52 am

El_Gato wrote:update:

Conoco DID lower prices effective today:

Gasoline went down 6 cents, diesel went down 11.

And wouldn't you know it, I filled my tank yesterday. My tank was a little over 1/4 full and it cost $55 to fill it up.

55 DOLLARS!!!

EL GATO!!!

AAAAHHHHHHHH!!!!

On the bright side, the value of my truck went up substantially.

El_Gato · Post by **El_Gato** » Wed Sep 07, 2005 9:06 am

If it makes you feel any better, Meat, the street price (your cost) probably didn't drop anywhere.

This is where MY industry (gas stations, c-stores) will take some heat, potentially, as historically we lower the street price slower than our costs decrease.

BUT, before you go accusing me of gouging, remember this: the fuel in my tank is at the higher price AND even if I got a load today, I'd be making a whopping 1.7% return on my money after you factor in only ONE cost of selling gas (credit card fees).

Cat-theotherwhitemeat · Post by **Cat-theotherwhitemeat** » Wed Sep 07, 2005 9:20 am

Gouger.

El_Gato · Post by **El_Gato** » Wed Sep 07, 2005 9:22 am

That's El Gouger, to you!

mquast53000 · Post by **mquast53000** » Tue Sep 20, 2005 4:30 pm

El_Gato wrote:The only gouging going on is by Big Oil. The fact that they would jack the price up this much, this fast, is ridiculous and can't even remotely be explained away as "we're just covering our increased costs".

An intresting article about this:

Schweitzer demands gas refunds
By TODD RICHMOND
Associated Press

Gov. Brian Schweitzer and seven other Democratic governors, including Wisconsin's Jim Doyle, sent a letter to President Bush and congressional leaders Tuesday demanding Congress investigate possible gasoline-price gouging in the wake of Hurricane Katrina, and refund any ill-gotten profits to consumers.

The letter cited a study by University of Wisconsin-Madison economist Don Nichols that found the hurricane was not fully to blame for high gasoline prices. The study estimated that for pump prices to reach $3 a gallon, the price of crude oil would have to be about $95 a barrel. Prices for crude have been holding at around $65 a barrel, and Katrina has not led to a surge in crude oil prices, Nichols said.

Doyle told reporters the state Department of Administration estimates Wisconsin consumers have been overcharged $88 million this month.

According to department estimates, the average price of gasoline in Wisconsin last month, before Katrina hit, was $2.50 a gallon. The average price for September is estimated at $2.90.

The Department of Administration forecasts consumers will buy 222 million gallons of gasoline in September. The number of gallons multiplied by the difference in the average price between August and September -- about 40 cents -- equals about $88 million, said Doyle spokeswoman Melanie Fonder.

Jim Rink, a spokesman for AAA, said many factors influence the price of gasoline, such as state taxes and retailers who raise prices to drive down demand and preserve low inventories. The automobile association spokesman said he would rather see different state attorneys general or the Federal Trade Commission start an investigation.

Besides Doyle and Schweitzer, governors signing the letter were Rod Blagojevich of Illinois; Jennifer Granholm of Michigan; Christine Gregoire of Washington; Ted Kulongoski of Oregon; Bill Richardson of New Mexico; and Tom Vilsack of Iowa.

White House spokesman Allen Abney said Bush administration officials had not seen the letter. Bush will not tolerate price gouging and has asked Attorney General Alberto Gonzales to handle any such allegations, Abney said.

"The president has said there should be zero tolerance for people breaking the law during an emergency such as this, including looting and price gouging at the gas pump," Abney said.

A message The Associated Press left at the U.S. Department of Justice was not returned immediately Tuesday, nor were messages left at the offices of Senate Majority Leader Bill Frist and House Speaker Dennis Hastert, both Republicans.

http://www.billingsgazette.com/index.ph ... ouging.inc

'93HonoluluCat · Post by **'93HonoluluCat** » Sun Sep 25, 2005 10:36 pm

Just to let you know the price here in Hawaii last weekend for one gallon of 87 Octane unleaded was 3.699 and 92 Octane was 3.899.

Oh by the way, that is with the "gas cap law" in effect.

Cat-theotherwhitemeat · Post by **Cat-theotherwhitemeat** » Mon Sep 26, 2005 8:25 am

Gas prices in Hawaii might be high, but at least you can drive from one side of the island to the other on 2 gallons.

Hey El Gato, I saw on the news last night that the average gallon of fuel (U.S. wide) is down by .20 cents. However, in Montana it's nowhere near that. Why is that?

Damn gougers!

El_Gato · Post by **El_Gato** » Mon Sep 26, 2005 8:47 am

I'll get you an update later today, Meat.

My cost went up 15 cents last Tuesday; I really didn't check it after that but I will today...

El_Gato · Post by **El_Gato** » Mon Sep 26, 2005 9:52 am

Meat,

I paid $2.844 for unleaded on Saturday (my wholesale cost) and $2.984 for Premium.

FYI, those prices are just 4 cents below the peak reached 3 days after Katrina. Although it sounds as if prices are falling elsewhere in America, Conoco/Phillips and Exxon/Mobil continue to royally screw the folks in Montana...

SenorWeezer · Post by **SenorWeezer** » Tue Oct 04, 2005 8:44 pm

Anyone complaining about the price of gasoline who has paid $2.00 or more for a cup of coffee (or a latte or whatever) OR has paid ANY amount of money for a bottle of water should recind their complaint about the price of a gallon of gas and pick up their sign!

If you mulitiply the cost of just these two products into a gallon equivelant, you are going to feel guilty only paying $3.00/gallon for gasoline. Don't even get me started on the number of oil company employees within our state alone (not even counting nationwide) that make good money and turn right around and spend it on groceries, sporting goods, vehicles, and everything else under the sun...in addition to the tax base their earnings AND the earnings of the oil companies provide for infrastructure and operations of our great country.

Post by **SonomaCat** » Tue Oct 04, 2005 8:50 pm

SenorWeezer wrote:Anyone complaining about the price of gasoline who has paid $2.00 or more for a cup of coffee (or a latte or whatever) OR has paid ANY amount of money for a bottle of water should recind their complaint about the price of a gallon of gas and pick up their sign!

If you mulitiply the cost of just these two products into a gallon equivelant, you are going to feel guilty only paying $3.00/gallon for gasoline. Don't even get me started on the number of oil company employees within our state alone (not even counting nationwide) that make good money and turn right around and spend it on groceries, sporting goods, vehicles, and everything else under the sun...in addition to the tax base their earnings AND the earnings of the oil companies provide for infrastructure and operations of our great country.

I don't totally disagree, but you also have to consider how much of that price of gas goes directly into the pockets of nations that, well, finance terrorists. That alone should be a huge motivation for us to cut back on our use of oil. If we did that, then we could spend that extra cash on any number of other kinds of products (preferably ones that are a little kinder to the air as well) that also support high wages for employees and good earnings for the shareholders.

People who profit from the oil industry aren't evil, but I would suggest that oil products in our society are currently a necessary evil for our infrastructure to keep working. If we could get rid of the need for oil (via alternative sources of fuel), we'd be a lot better off in terms of security, environment, and health.