$.20 to $.30 gasoline drop coming in days...

frankthetank · Last edited by frankthetank on Fri Jul 18, 2008 2:03 pm; edited 3 times in total

So says this dude...

How can this be? I thought gasoline prices currently don't match $147 oil?

Works now... I fixed it Smile

MARKETWATCH AUDIO
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Buggy · Heavy Crude Joined: Jun 23, 2008 Posts: 149

Happening here today. We are down to $3.80 a gallon from $4.10. Long lines at the stations first to drop. Doomers better put the sabers in power saver mode. And we were having so much fun.

emersonbiggins

News to me.

AFAIK, refining margins are nil right now. Refining at a loss is certainly not a long-term option.
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startswithearthquakes · Tar Sands Joined: May 27, 2008 Posts: 93

Prices are down here as well.

frankthetank

Road trip back on! Let 'er drop:)
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idiom

Twilight · Expert Joined: Mar 02, 2007 Posts: 3076 Location: UK

Refining less is the other option.
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emeraldg40 · Heavy Crude Joined: May 24, 2008 Posts: 193

f2tornado · Tar Sands Joined: Jun 21, 2008 Posts: 51

Gas in my area has been retailing at about 50 cents above the NYMEX price this summer. That spread was about 60 to 65 cents last summer which shows the reduced refining margins are being reflected at the pump. The relatively steady spread between retail and NYMEX makes it very easy to predict where prices will be in the next couple weeks. Assuming oil doesn't go back up most folks will see a solid 20+ cent drop. Many stations were very hesitant to exceed $3.99 as many consider $4 a phsycological barrier. These stations were killing what little profit was to be made on gas in hopes drivers would buy more high priced junk on the inside (the margin on candy bars is at a minimum 100% when comparing Sam's Club to corner mart). Nutshell is the 20+ cent fall in price will not come in one fell swoop. Expect a gradual downward trend as stations attempt to recoup some "lost" profit. Stations with longer load turnover times will be the slowest to lower prices barring heavy competition in the local market.

Narz

Haven't checked yet today. As of last night prices only had dropped two cents here in New Jersey.
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retiredguy

frankthetank wrote:
Road trip back on! Let 'er drop:)

Road trip?? lol Maybe when it gets back to 1.50...maybe Very Happy

Just did a 1600 road trip using a little more than 30 gallons of gas.

Love that Prius.

Novus · Light Sweet Crude Joined: Jun 21, 2005 Posts: 1738

America imports 65% of its oil and gasoline. I wonder how the rest of the world feels about giving America such a HUGE discount while they pay more and do with out.

heroineworshipper

It dropped $0.10 here in 48 hours. That's 2%. Time to go back to your SUV.
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something_awfull

Petrol starting to drop off in Sydney as well.

yesplease · Fission Joined: Oct 03, 2006 Posts: 2482