Local gasoline prices

[river1]

at the Costco near work it is $3.17. in the DC area where i spent the last week it was in the $3.80 range

later jim

[jaybee]

$3.44 here, all the talk is of it going down.

Uncle Bob, I get your point, but I see it a little differently.  Having worked with fuel for a long time (as I take it you have) I've seen a number of these speculative bubbles.  The thing is, at some point the speculators always take their profits and depart for the next place they see the ability to make a quick buck.  They have to do it before the government spoils their fun by putting in place regulation that might ruin their ability to run this scam again next time, and the inflated price of oil had reached the point where it was a drag on the larger economy.

I don't know where the next playground will be for these folks, but as long as there's no double dip (and I still don't think there will be) stocks are a great value for guys like these.

My bet is still that the economy begins to strengthen again instead of diving into another recession.  At least unless the folks in Washington screw it up even worse than they already have, that one's probably a coin flip.

[Uncle Bob]

Thanks for a reasoned response Jaybee.  You're correct that I've had some history with petroleum, but it's been over 20 years since any involvement, or income of any kind.  Don't hold any stock in any of the oil companies (unless it's buried in a mutual fund), which means I probably have less financial interest than most of the pensioned folk on here.

I recognize I'm swimming upstream.  The political people who drive the market factors that the commodity traders react to have a bigger megaphone than folks who look at the market factors.  When the politicians want to distract from the negative outcomes of their actions they demonize some group, and their sympathetic cohorts in media give an eager and loud assist.  

Commodity trading is essentially a cash flow tool for producers who choose to market there.  But that is a difficult concept for average folks who've not run a business that can benefit from timing their cash flow.  There in Iowa, I'm sure there are a good number of farmers who deal in the commodity markets to ensure they get a return on their crops when they need it, not necessarily when the consuming marketplace is ready to shell over the cash.  The commodity traders provide that service and base their pricing on their anticipation of market conditions in the future.  If politicians diddle with market forces, traders react accordingly.  I see them as a messenger, not the causal factor.  Maybe there are some dishonest ones who attempt to manipulate the market for one product or another, but since that's illegal, you'd think a hostile attorney general would be hot on their tale.  That is unless his boss condemns out of his mouth while holding out his hand for some skin (maybe that's where the billion dollars in campaign contributions will come from? )

I just wish that consumers would focus some of that ire they aim at private sector businesses that actually provide a highly valuable product on a reliable basis on those who destroy the value of the dollar, arificially drive up commodity prices as a result, and who lavish actual cash subsidies (versus tax "breaks") on technologies that don't provide reliable market value commensurate with their real cost.  Hey......I can dream can't I?

[Carnut]

Yeah Uncle Bob I'm swimming the same way in the same stream.

Nice way to touch a hot political argument there.

In so many ways I wonder if this isn't 1932 repeating itself.

Darned if my lack of preparation has made me miss so many opportunities.

[jaybee]

I agree, I appreciate being able to talk about this as responsible adults instead of the pretend outrage in which our politicians specialize.  It's way more complicated than that and has a lot to do with changes in the market and how it's used.

"Youstawuz" nearly all the parties that participated in the fuel market were people who actually used fuel...trucking companies, airlines, railroads, and other mass consumers of petroleum products.  It worked very much like the grain markets you spoke of (being on the same exchanges) and you're right, the cash flow advantages were enormous.  Hedging fuel was also a great way to help control costs in a rising market.  

Now the majority of the market activity goes through the hands of speculators.  With their electronic trading and other sophisticated techniques they gain the ability to trade in synch without the need for illegal collusion.

I can't pretend to have all the answers and there's always a risk that government will make things worse rather than better, but the situation we have at the moment is pretty unstable as well as damaging to the economy.

[Crosley.In.AZ]

prices have been bouncing around the low 3.20's a gallon for regular in my area for about 3 weeks.  3.22 one day , 2 days later 3.24 , then back 3.23 a day later.  Crazy

[oldbobsign]

Friday, eastbound on the Indiana Tollway the first three service areas (BP, I think) were $3.79 while the last two (Mobil) were $4.09!!!!

Chicago area is all over the place but the lowest is $3.85 today.  It's $3.56 an hour or so south of here.

[chimp koose]

124.9/L here today. went as low as 119.9/L just last week. I think our govt. would rather not look into how pricing is set as they tax the life out of fuel so when its pricey they get a hidden tax winfall.

[Crosley.In.AZ]

Costco near me is puttin the screws to us... I filled the Goldwing up friday evening 5.5 gallons at 3.24 a gallon.

Took Silverado to emissions test BS... stopped at Costco to fill Silverado up for raod trip to drag strip.  

Costco had some more expensive gasoline delivered over nite. Today gas is 3.30 a gallon

[phat46]

We're still gettin' the dirty end of the stick. It's $3.84/gal here, my brother just drove up from Alabama Thursday and said it was $3.20/gal down there.
My daughter and family are coming in from Raleigh N.C. today It'll be interesting to see what gas was on their trip, I'm sure the highest prices they will see will be here..... :?

[Carnut]

Saw 3.48 last week, decided to get gas yesterday at 3.59.

[rooster]

St. Louis

11/25/10..... 2.52 a gal yesterday
11/29 ...... 2.79 a gal today
12/9 ....... 2.89 a gal
2/21/11 ....... 3.09.9
2/24/11......319.9
3/3/11........329.9
3/9/11.......3.39.9
3/16/11......3.49.9
3/25/11.....359.9
4/8/11.......369.9
4/11/11......389.9
4/21/11......399.9
5/10/11......409.9 ( there was a breif drop of 385.6 for afew days)
6/18/11.....359.9 (just droped .10)
6/21/11.....349.9 (another drop, filled everything today)
7/4/11......339.9
9/3/11......335.9 (just droped 15 cents)

Assume the position!!!!!!!!!!!!!

[Crosley.In.AZ]

hi,

one hundred mile ride this morning for breakfast in Superior AZ... on the way home I  stopped at local Costco to fill the Goldwing up.  3.30 a gallon  at 9;05am.  Rode home 1.4 miles

I got into my truck and drove to Costco to fill up my gas can for the lawn equipment.  At 9;35am , the gasoline was now 3.33 a gallon.


  :!:

[1800guy]

Riding around Kalamazoo this afternoon it was 3.59 on West Main.  Heading home later in my own car it was 3.79 in Wayland.  Stubborn as I am, I ran home on fumes - maybe tomorrow will be lower here - maybe.

[enjenjo]

I paid $3.799 in Coldwater on the way home.