Gas now, $4.05 at 86.00 a barrel, $4.49 at $114.00 six months ago.

[Stuart G]

In the Chicago Area. just for your info.

We get screwed then,
We get screwed now.
What else is new?

[FarCenter]

1. Brent is $113, which is what most US refineries pay

WTI at $86 only applies to crude at Cushing OK, which only goes to Midwest refineries. It is cheap because Canadian tar sands oil can get to Cushing, but not to the Gulf coast. Consequently, Gulf, East and West coast refineries pay prices relative to the trade in seaborne oil imports, which is approximately the Brent price.

Midwest refineries benefit from the glut of cheap crude oil. However, the refined products are not cheap because refined product is sent out in a different set of pipelines which have the capacity to move the refined products to the East and South.

[Speck Tater]

Last week it was $3.29 where I was visiting in VA. Here in OR its a little higher

but nowhere near $4.

[FarCenter]

9. Chicago regular gas prices vary from $3.72 to $4.49

http://www.chicagogasprices.com /

Use http://www.gasbuddy.com / to shop for gas.

[safeinOhio]

2. In Ameruca there is no such thing as

supply and demand. The only economic law is "what the market will bear".

When prices rise, never fill up if can. Only put in a few gallons every few days.

Drive a little farther to pay a few cents less.

I work at a gas station. Buy your other stuff at cheaper stores. Soda, smokes and candy are the big money makers at my store and always way cheaper a block away at the grocery store.

[evilDonkey]

3. gas prices

$4.05 per gallon gas is nothing. Get ready for $10 a gallon gas. The dollar is headed straight down.

[FarCenter]

5. Probably higher than $10 due to flat crude production and cost of imports

The US imports a substantial fraction of its crude oil consumption. Global crude production is flat, since fields are depleting as fast as they are developed. The US has a balance of payments deficit and will not be able to import oil in competition with other countries.

[Hawkowl]

4. $4 a gallon gas + 9% unemployment

Equals a smashing electoral defeat for Obama. It won't matter if he's running against a batshit crazy. If you recall, W. is a batshit crazy, sadistic moron. We will get another.

[RB TexLa]

6. There is a market for oil and a market for gas. They are related but

can differ.

I have oil extracted from my land, as long as you're swipping your card at the pump: bitch and whine all you want.

[safeinOhio]

8. that's alright, we're awash in

cool, clean fresh water up here in the Great Lakes.

[MineralMan]

7. Gasoline prices aren't entirely proportional to crude oil prices.

It's more complicated than that. Further, this is a big travel weekend, and prices have always gone up on Labor Day weekend. Ours did, starting Friday afternoon. I paid $3.83 yesterday, when I had to fill one vehicle that had to drive quite a distance today. I'm betting that prices will be back down around the $3.5? level come Tuesday morning. In the case of holiday weekends supply and demand plays a role.

We're still being royally screwed, of course, but the changes in the price of crude doesn't necessarily signal gas price changes.

[Stuart G]

11. Roayally screwed, Royally screwed, royally screwed..

I remember when oil was at $144 a barrel, the highest I paid in the Chicago Area was $4.69. So, now it is much much less, and we are paying somewhat less. I paid 3.99 a couple of days ago.....
Yes, price the goes up on Labor Day Weekend... I know..

bla..bla..bla..bla..bla..bla..bla............................

[dajoki]

10. K&R