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Tue Oct 9, 2012, 07:44 AM

California gasoline prices set to plunge as spike ends

Source: Reuters

By Braden Reddall and Erwin Seba
SAN FRANCISCO/HOUSTON | Mon Oct 8, 2012 8:49pm EDT

(Reuters) - The unprecedented price spike that added more than 50 cents a gallon to California pump prices last week ended as quickly as it began, market analysts said, and consumers should see prices fall dramatically in the coming week.

Political outrage, however, was still heating up as Senator Barbara Boxer joined calls for a federal investigation into possible market manipulation.

Prices started pulling back slightly on Monday afternoon, according to online filling station tracker Gas Buddy, after the American Automobile Association website reported they had hit a record of $4.668 per gallon on Monday morning.

California Governor Jerry Brown's decision on Sunday to allow an immediate switch to "winter-blend" fuel was a big factor in driving wholesale prices down by 60 cents a gallon on Monday, market participants said.

"Retail prices will come down as hard as they went up," said David Hackett, president of Stillwater Associates, an energy consultancy in Irvine, California. "It went up 56 cents in a week, it will come down that fast."

Read more: http://www.reuters.com/article/2012/10/09/us-california-gasoline-price-idUSBRE8970SS20121009

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Arrow 17 replies Author Time Post
Reply California gasoline prices set to plunge as spike ends (Original post)
TomClash Oct 2012 OP
dotymed Oct 2012 #1
cstanleytech Oct 2012 #2
Canuckistanian Oct 2012 #3
demosincebirth Oct 2012 #4
NickB79 Oct 2012 #14
SamKnause Oct 2012 #5
JDPriestly Oct 2012 #8
SamKnause Oct 2012 #9
Tippy Oct 2012 #11
MindPilot Oct 2012 #6
Richard D Oct 2012 #7
SunSeeker Oct 2012 #10
Tippy Oct 2012 #12
SunSeeker Oct 2012 #13
Tippy Oct 2012 #17
Duer 157099 Oct 2012 #15
olddad56 Oct 2012 #16

Response to TomClash (Original post)

Tue Oct 9, 2012, 08:28 AM

1. How easy to rob from the serfs...and legal...

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Response to dotymed (Reply #1)

Tue Oct 9, 2012, 08:46 AM

2. You forgot to mention how profitable as well. nt

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Response to TomClash (Original post)

Tue Oct 9, 2012, 09:01 AM

3. So what I want to know is....

Who got rich off this scheme?

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Response to TomClash (Original post)

Tue Oct 9, 2012, 09:35 AM

4. Plunge? I doubt it, seriously.

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Response to demosincebirth (Reply #4)

Tue Oct 9, 2012, 12:35 PM

14. It will come down to a cheap, cheap price of ONLY $4/gallon

A bargain, I tells ya!

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Response to TomClash (Original post)

Tue Oct 9, 2012, 09:45 AM

5. Gasoline prices.

I am a bit confused.

Is this out of the ordinary for California ?

This happens in Ohio very frequently.

We have spikes of 30 or 40 cents all the time.

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Response to SamKnause (Reply #5)

Tue Oct 9, 2012, 10:35 AM

8. It's either chicanery or incompetence by the private sector.

They claim refinery fires and incidents.

We hear so much moaning and groaning about the incompetence of government, about how it is too big, about how we have too much of it.

But where do most of the horrible mistakes get made -- in the private sector.

If the government ran refineries so sloppily that they caught on fire or broke down over and over, we would hear a lot of screaming from the media.

But since this incompetence is in the private sector, you could hear a pin drop. Hardly a sound until prices rise.

This is why we need big government -- because our private sector is so untrustworthy and careless.

And tricky.

The question remains whether the refinery failure story was exaggerated -- or true at all. Because the day after our governor took some action that would cut into the profits of the California refineries, the day after Senators Feinstein and Boxer started talking about a congressional investigation, miracle of miracles, prices are set to go down.

California was the victim of the Enron scam. We will not allow the private sector to manipulate and use and cheat us again. The people who manage the private sector are citizens in a democracy just like everyone else. In the end, they have to act responsibly and answer to the needs of the community.

The availability and cost of energy including fuel, oil and gas affects our national security. My e-mails don't. Our government does not need to regulate or check my e-mails. Our government needs to check the safety and efficiency of our energy industry including our refineries.

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Response to JDPriestly (Reply #8)

Tue Oct 9, 2012, 11:02 AM

9. Gas

Thanks for your input.

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Response to JDPriestly (Reply #8)

Tue Oct 9, 2012, 11:55 AM

11. It is all about the ELECTION..HIgh priced GAS Obama loses

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Response to TomClash (Original post)

Tue Oct 9, 2012, 09:57 AM

6. May be time for a class-action suit

Twice a year when it is time for the seasonal formulation changes, the refiners all act like it is some big surprise. "Oh noes! A seasonal formulation change? We had no idea THAT was going to happen! And just when we shut half our capacity down for maintenance at one plant and set another one on fire! Oh well, guess we just have to jack up the prices. Drat!

Like clockwork, they use the formulation change regulation to manipulate the market, spike the prices and line their pockets. It is profiteering at its worst.

ETA: Very similar to how the power company always seems caught off-guard by people needing more electricity when the thermometer heads for triple digits.

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Response to TomClash (Original post)

Tue Oct 9, 2012, 10:03 AM

7. It'll come down . . .

. . . but will it come down to where it was before? I doubt it.

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Response to TomClash (Original post)

Tue Oct 9, 2012, 11:52 AM

10. Don't call off that investigation, Boxer!

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Response to SunSeeker (Reply #10)

Tue Oct 9, 2012, 11:57 AM

12. I would give an arm and a leg to have a Senator Boxer in our State...

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Response to Tippy (Reply #12)

Tue Oct 9, 2012, 12:04 PM

13. You're welcome to come to Cali, Tippy!

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Response to SunSeeker (Reply #13)

Wed Oct 10, 2012, 04:10 PM

17. Getting to old to move but thanks for the offer..

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Response to TomClash (Original post)

Tue Oct 9, 2012, 02:18 PM

15. I filled up for $4.71 last week and again yesterday

I bet it comes down a few cents at best.

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Response to TomClash (Original post)

Tue Oct 9, 2012, 03:03 PM

16. chevron in Sacramento is still rising in cost. Sort of a reverse plunge.

Was 4.69, now 4.79.

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