Joined: Dec 02, 2005 Posts: 6382 Location: Oil-addicted Southern Californucopia
Posted: Wed Apr 09, 2008 1:16 pm Post subject: Re: Another Gasoline Record
Tuike wrote:
...Gasoline future intraday high is 282.28 c/gal
If that, or something close to it, holds up, we could see another ten or maybe even fifteen-cent jump at the pumps next week. _________________ "Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
Joined: Sep 16, 2004 Posts: 4411 Location: Southwest WI
Posted: Tue Apr 15, 2008 12:00 pm Post subject: Re: Another Gasoline Record
Thats exactly what it is here. Strange. You guys almost always have cheaper gas then us. Too bad i don't need gas right now, because i have a feeling its going up here.
I'm guessing 3.60ish by Memorial Day? _________________ "Oil is going up because we use too much oil, and the capacity to replace reserves is dwindling"
-President Bush 11/07/07
Joined: Dec 02, 2005 Posts: 6382 Location: Oil-addicted Southern Californucopia
Posted: Tue Apr 15, 2008 3:01 pm Post subject: Re: Another Gasoline Record
Tuike wrote:
Gasoline future intraday high has reached 289 c/gal today.
We'll see four bucks a gallon in many places around the U.S. by the end of the week.
What do you think, folks? Will we see five dollars by the end of the summer? _________________ "Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
Joined: Sep 08, 2005 Posts: 749 Location: Atlanta, GA
Posted: Tue Apr 15, 2008 3:35 pm Post subject: Re: Another Gasoline Record
Zardoz wrote:
Tuike wrote:
Gasoline future intraday high has reached 289 c/gal today.
We'll see four bucks a gallon in many places around the U.S. by the end of the week.
What do you think, folks? Will we see five dollars by the end of the summer?
And let's all hope for a mega-hurricane season in the Gulf this year too...can we manage 3 Cat 5's this time around? This $3-something stuff is yawn city to me, we need at least $6 gasoline to get some real excitement going...hehe. _________________ Nowhere to run, nowhere to hide...
...and the meek shall inherit the Earth!
Posted: Tue Apr 15, 2008 5:43 pm Post subject: Re: Another Gasoline Record
Zardoz wrote:
Tuike wrote:
Gasoline future intraday high has reached 289 c/gal today.
We'll see four bucks a gallon in many places around the U.S. by the end of the week.
What do you think, folks? Will we see five dollars by the end of the summer?
I was thinking five dollars back in January. As you probably know, alkylate is supposed to be in short supply but nobody actually keeps numbers on the stuff so who knows. The main reason I go with five dollars is the crack spread is so small. As a percentage of total cost of inputs, I am guessing that the crack is less than at any point in our history. Anybody verify that?
For example:
1) oil cost $20/b, wholesale gasoline cost $1/g. so 1 - 20/42 ~ crack of 0.50 c/gallon but the percentage is 0.50/20 (100) = 2.5% profit
2) oil cost $110/b, wholesale gasoline cost $2.80/g so 2.80 - 110/42 ~ 0.18 c/gallon but the percentage is 0.18/110 (100) = 1.8%
OTOH, how many refiners are independent? Perhaps having less independent refineries leads to crazy low crack spreads.
Joined: Oct 23, 2004 Posts: 5882 Location: New Jersey
Posted: Tue Apr 15, 2008 6:12 pm Post subject: Re: Another Gasoline Record
The price board at a Shell gas station is shown in San Francisco on Monday. At the pump, the national average price of a gallon of gas edged lower overnight to $3.373 a gallon, 0.1 cent shy of a new record set Sunday, according to a survey of stations by AAA and the Oil Price Information Service. Associated Press (Associated Press)
Joined: Sep 16, 2004 Posts: 4411 Location: Southwest WI
Posted: Tue Apr 15, 2008 10:34 pm Post subject: Re: Another Gasoline Record
3.39 here.
I don't think it gets exciting until hurricane season. Thats when $5 doesn't just buy a footlong, but a gallon of gas.
The strange demon in me wants to see a gulf season, with plenty of cat 5's forming in bathtub temp waters and heading for the TX coast. _________________ "Oil is going up because we use too much oil, and the capacity to replace reserves is dwindling"
-President Bush 11/07/07
Posted: Tue Apr 15, 2008 10:36 pm Post subject: Re: Another Gasoline Record
DantesPeak wrote:
The price board at a Shell gas station is shown in San Francisco on Monday. At the pump, the national average price of a gallon of gas edged lower overnight to $3.373 a gallon, 0.1 cent shy of a new record set Sunday, according to a survey of stations by AAA and the Oil Price Information Service. Associated Press (Associated Press)
If that was 4:20 that would have been just too ironic.
Posted: Tue Apr 15, 2008 11:47 pm Post subject: Re: Another Gasoline Record
The price of gas is still way too low. It should be $4 right now national average. $120 per barrel by Memorial Day for oil.
I was talking to someone today about it and I think this thing is going to go south really fast once the right leverage is attained. I keep seeing in my minds eye like when you have a drying lamp with a dimmer, only this one is one million candlepower. It's a little warm you start off at 1% or something, feels a little uncomfortable and then you turn it up all the way and it burns you to the ground. I am expecting and olduvai gorge event this year. A series of powerful economic feedbacks that just keep gaining momentum until October finds the economy a smoking pile of ruins. _________________ I return to you now at the turning of the tide.
Joined: Apr 16, 2008 Posts: 119 Location: Western PA, USA
Posted: Wed Apr 16, 2008 10:57 pm Post subject: Re: Another Gasoline Record
Well, in the state I live in Pennsylvania, that would be about 65 cents added on to the wholesale price, which would be about 3.58 a gallon. Some stations already raised the prices to 3.45, so another 10 cent rise is not out of the question where I live. This depends on what the futures market does of course. Also the 65 cent amount could very based on taxation, proximity to refineries, location, etc.
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