Gas prices up
Amanda and I noticed this last night on the way home:
Gas prices jumped by about a nickel overnight in metro Atlanta as the threat of refinery damage from Hurricane Ike sent the recent price decline into reverse.The Chevron and BP near our house had jumped from $3.69 yesterday morning to $3.96 last night. Crazy.
[...]
Prices had stabilized at the start of this month after falling steadily during August.But on Thursday, the wholesale price for gasoline produced on the Gulf Coast jumped about 30 percent on the spot market as Ike churned toward Texas and its massive petroleum refining infrastructure.
The wholesale price for a gallon of gasoline rose about $1 to $4.25 Thursday morning, topping the high price five years ago when hurricanes Katrina and Rita raked the Gulf Coast, said Tom Kloza, publisher of the Oil Price Information Service in Wall, N.J. It was uncertain if that price spike will filter down to the retail level.
Comments
Saudi Arabia walked out on OPEC yesterday
The better-late-than-never success of our invasion of Iraq has forced the Saudis to cooperate with us. I am so sick of both parties talking about "ending our dependence on foreign oil." It makes them sound silly, like Lou Dobbs. "Energy independence" is never going to happen, plus our "dependence on foreign oil" is NOT a bad thing! It's what will make us get along with foreign countries.
Now, Senators Chambliss and Isakson, let's forget about giving handouts for ethanol research, and let's keep buying foreign oil!
Posted by: Robbie | September 12, 2008 08:43 AM
BP down the street went from $3.59 to $3.89 overnight!
Posted by: Danny | September 12, 2008 11:19 AM
On Cleveland Avenue in East Point I filled up for $3.62 last night... that hurt... but not as bad as seeing it at $3.89 at 8:00 AM this morning.
Posted by: Trev | September 12, 2008 11:32 AM
Liberty in Locust Grove jumped 36 cents overnight.
Posted by: Koz | September 12, 2008 02:35 PM
The prices are up from Stockbridge to Riverdale also.
Posted by: The Doctor | September 12, 2008 09:31 PM
3.59 to 3.99 at the BP on 42/23 in Stockbridge.
Posted by: don | September 12, 2008 10:30 PM
Update: I received a call tonight and a friend said that some stations in Covington are already out of some gas. Also, he said that the price of gas in Locust Grove was at $5.20 a gal.
Posted by: The Doctor | September 13, 2008 12:05 AM
Do the gas suppliers send a "balance due" bill for the gas that the service station already has in the ground when price goes up? Or do they just make an extra profit by charging what they will have to sell the new gas they purchase will have to sell for in order to make a profit?
I really do know the answer I just don't think the governor does. Not that it would make a difference because "stupid is as stupid does"
I don't mind a station raising their prices when ever they want to but to use the story line "It's gona cost us more to replace the gas when we have to buy more " is just down right stupid. I would much prefer them to say ."we have a chance to make some additional profit and that is what the market driven economy does" Now that I can agree with and it does not insult my intelligence.
Price gouging is what the government calls it greatest return on investment or more demand for product than product availability is what a business owner would call it.
I wish the governor would limit price gouging by the government because that is something we don't have a choice in. Buying gas is. We chose to buy gas and must be willing to pay the price.
We don't chose to pay tax but have no say in the price.
Don Henderson