What the hell?? Oil hits 18-month LOW and gas goes up $0.20????

[Roland99]

$2.09 yesterday afternoon. $2.29 this morning.

:wtf:

[robinlynne]

1. It's the "you voted for the democrat party' tax.

[HereSince1628]

2. Yes. Very bizarre I noticed that last week, too.

Now, I know there is refining in between which can create its own bottlenecks when the oil-crackers want to, but this still looks pretty odd.

[puerco-bellies]

12. The producers. transporters, "crackers" and retailers are all the same companies.

For example Arco "leased" wells in other countries produce oil that is transported in Arco owned tankers. The oil is delivered to Arco owned refineries, and then that gas is sold to Arco owned or franchised retail outlets. There is little difference between the majors, and no significant competition. The refinery bottlenecks are contrived to keep pricing up. Oil closed at $51.55 on the NY Merc today. Unleaded closed at the mid $1.50's down 50 cents from the July/August highs.
Needless to say we are getting "Clowned".

[louis-t]

3. Up $.10 here.

[wakeme2008]

4. They lowered the price of Gas for the election and the election over

win lose or draw the price was to go up after the election. :shrug:

[vicman]

10. agreed...

I predicted shortly after the price started its free fall in September that, no matter who wins, the oil compainies will begin immediately making up for all that "lost" revenue.

Can we look at the difference in their profits between last quarter and this quarter and make them chalk it up as a campaign donation to the Repubs?

[KSU Wildcat]

13. Gas prices have always gone up and then down.

Even with elections out of the picture. Please explain why prices would ever go down when there is not an election on the horizon.

If there was not a market prices would never go down except, as you state, when there is an election on the horizon. In my area prices went up earlier in the week but are heading down now.

[azurnoir]

5. Well ya know

they have to keep their profits upm can't expect them to do all that hard work for nuthin':sarcasm:

[yorkiemommie1]

6. anticipating holiday travel?

that's what we always say around here - SoCal.

[mnhtnbb]

7. Bingo. Lots of people leaving for Thanksgiving this weekend.

[teryang]

8. big gasoline draw with low prices - travel up

also- refineries need to produce more heating oil.

[Double T]

9. It is called the privilege of American monopolies to screw 'YOU', brought to you by.........

wall street and their biggest enabler, the U.S.Government. What do you call an economy where 'the success' is based on the destruction of a large segment of its own population????

[TahitiNut]

11. Louisville is better than Detroit ... about $0.10/gal.

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

The 2-year chart is the most enlightening, imho.

[bullimiami]

14. because its all scam.

[Lasthorseman]

15. Well duh

erections....ah..elections are over.

[hughee99]

16. If I'm not mistaken...

Gasoline and home heating oil both come from the same place. If you need to increase the production of heating oil in the winter, you'll have less left over to make into gasoline. Just a thought.

[EvolveOrConvolve]

17. Oil and gas prices are related chronologically

If oil prices fall, gasoline prices generally fall several weeks later. If a refinery is paying $40 a barrel today for the oil it's refining, and $50 a barrel next week, you won't see gasoline prices spike immediately. Ironically, spiking oil prices have a double effect. First is the actual increase in cost of the refined gasoline 2-3 weeks after the increase. Second, the price of transportation goes up (because of the initial spike), causing its cargo (in this case, gasoline) to be more expensive. Obviously, pipeline gasoline isn't affected (as much) by this, but a lot of areas get their gasoline trucked in.

You also have to take into account the supply/demand rules. In the winter, the use of heating oil in some areas causes the demand to go up without a commensurate increase in supply. That causes higher costs for the end-user.

[Roland99]

20. Several weeks later? BS

I know it doesn't fall as fast as it rises but it does start falling at least a few cents when oil drops, esp. if oil drops dramatically. For it to RISE $0.20 is just total BS

[mcg]

22. some info on prices

I wasn't able to find an up-to-date graph of the ratio.

OIL INDUSTRY COMBINED GRAPH (not totally up-to-date)
http://www.oilnergy.com/1combo.htm#daily

Current Gas Prices and Price History
http://zfacts.com/p/35.html

Gasoline prices by country
http://www.nationmaster.com/graph/ene_gas_pri-energy-gasoline-prices&int=-1

United States Energy statistics
http://www.nationmaster.com/country/us-united-states/ene-energy

Variable Amount/description Rank
Coal consumption 1,060,000,000 <2nd of 41>
Electricity > Consumption 3,656,000,000,000 kWh <1st of 212>
Electricity
> Production by source
> Fossil fuel 71.4 % <116th of 223>
Gasoline prices 0.77 <102nd of 141>
Oil consumption 20,030,000 barrels per day <1st of 211>
Oil consumption
(per capita) 0.677 barrels per day per 10 p <17th of 207>
Oil imports > Net 10,400,000 barrels per day <1st of 21>
Oil reserves 22,450,000,000 barrels <14th of 97>
Usage per person 8.35 TOE per person <1st of 18>
Wall plugs > Voltage 110 V <201st of 209>

The social structure of the United States, a capitalist country,
is highly stratified, with a large proportion of the wealth of
the country controlled by a small fraction of the population
which exerts disproportionate cultural and political influence.

[rucky]

26. Only when they fall, tho.

When they rise, the effects are immediate.

[EvolveOrConvolve]

18. No response???

Your gasoline increase has a real reason... Read my response above...

[and-justice-for-all]

19. I know what your mean..

..Here in Indiana *at least the town I live in" It was 2.14 and then the very next day it was 2.24.

Just wait, once alternative fueled vehicles really start coming up, the price of Oil will begin to sky rocket. Just so the greedy Oil Pirates can suck every last possible drop of green out of people.

[dbt]

21. "Supply and Demand"

The Republics supplied us all with lower gasoline prices and demanded that we vote for them. It didn't work, so now we pay more.

FYI: If it had worked, the price would still be going up.

:evilgrin:
dbt
Remember 32.9 Premium

[Lugnut]

23. It was $2.139 before Nov 7th

It's now $2.259 here in NE PA. :wtf:

[dalaigh lllama]

24. You must have a pre 11/7 mindset.... n/t

[mom cat]

25. Its that darned new math!

[Imagevision]

27. Bushco response to election outcome --> screw you for the... "thumpin"

[lies and propaganda]

28. The ELECTION IS OVER!

no more gas decreases!

[Roland99]

29. Well, some stations are back down to $2.09 again.

At least across the river in southern IN. Most here in town have trickled down about 4-5cents.

[Bassic]

30. The election is passed, gas is going back up.

Simple, really. And of course no one will "ever find" any evidence of collusion between the oil companies. This is such a friggin' farce.