Gas rumor?

[raymr]

Last night my son's cell phone network was abuzz with news about gas going up 30-50 cents tomorrow. We went and filled our cars and spare tanks. Today at work I heard the same thing from a more reliable source. This may become painful.

[Lawrence Coppar]

Hopefully it'll cause people to park those gas hogging SUV's and other vehicles of the same ilk. The chickens have come home to roost, for a while anyway.

I, for one, have begun driving my gas hogging 450SL less in favor of my other vehicles, each of which gets much better fuel mileage.

The price of oil will come down. If we are feeling the pinch, think about people in other countries and what they must feel. Consumption will fall. Other ther countries are slower with their revealing data than we are.

[crash9]

It's going to be very interesting to see how this goes down. Crude is down in the pre-market this AM as without the refineing capacity it will start to back up very quickly. Watch how fast the price rises - if it is immediate it's your stations gougeing as what they've got in the tank is paid for at lower prices. If the next load they get is marked up significantly look at the distributor as it will be 20+ days before they see what I'm seeing in the market today - price up about 60 cents from Fri. Calif refiners should not have a supply problem unless they are mandated to ship product east (wildly expensive) or have to somehow offset the shortages that will certainly develop quickly in the southeast.
The gov. will release crude from the reserve, but without a refinery to handle it it's realy just lip service to stop a panic run on the pumps. They may put a price freeze on exsisting supply, but the bottom line is that until we truly know the stuation at the refineries, and from what I know it won't take much to get them online. The biggest issue may be how to house and get the operators back to work. Now cofffee prices - moonshot!!

[PHAEDRUS242]

Here in Chicago we've been over $3.00 for regular for a while now. I've actually had an easier time with my commute all this week. Less vehicles on the road seems like a pretty good guess as to why this is happening. No statistics, but I got home from in 35 minutes last night on a route that has sometimes taken over an hour. In a strange way I sort of welcome the gas hikes. $20-$30 more per week in gas is a small price to pay for an extra two hours/week with my son. Hell, I sort of like the idea of driving being a privelage. Wow, that didn't sound very liberal of me.

[Jorn]

Don't you guys remember the toilet paper shortage, it all started with a rumor...

[crash9]

for 9/31 add +14.00 at 2.6145 This relates to about 3.35 at the pump

[Plantman]

Apparently, there was some email circulating that warned motorists of gas shortages as long a 3 -5 days here, prompting long lines at the pumps. Including me, but I keep em full as possible at all times.

[420SEL]

Gas prices in Toronto are up about 25% overnight. Which is odd as we refine all of our own gas and are a net oil exporter. I guess its hard to complain when our stock market is up about 15% year to date (and yes, you would have gotten that return in US dollars too).

[Jim Anderson]

If they were smart they would sell the oil from the reserve at the going rate and balence the federal budget

[Somthor]

Its not the Gas guzzling SUV's etc let people drive what they want. Its the sheer lack of refineing capacity. IN the past we had 300 some odd refineries and could simply make our own supply of fuels to weather out spikes in oil costs.

today we are at 97% capacity and ahve to actualy buy proccesed fuels and cant have a interuption in supply. tthus we are at the mercey of the market

simply creating a national LP pipeline so cars can fill up with Natural gas instead of diesel or gas would help alot we have the largest Natural gas deposits right here but no real way to distribute them

also building more nuke power plants would take the edge off our oil consumption

but hey Bush is a oil man so is his friends they are enjoying record profits, and most politicans are wealthy and have welahty freinds they dont care about $4.00 a gallon fuel they can afford it

[420SEL]

Interesting point about balancing the budget (we actually have had a balanced budget for years up here - although we still have a tonne of debt from when we didn't and in the form of future owed governement pensions), but Alberta where most of the oil is will have a $7billion surplus this year (these things fall under provincial, not federal control) and most of the rest of the country is squaking at the feds to take a lot of that money and spread it around. Alberta also has no debt, and the best health care and social services in the country, no provincial sales tax (about 8% everywhere else) and the lowest income tax rates in Canada. Time to move out west?

[luvrpgrl]

If it does go up immediately, it will be because everybody is rushing out to fill up their tanks right away based on rumours.

Supply and demand still controls the prices, if everyone drives 10% less, not hard to achieve, prices would go down.

[luvrpgrl]

Originally Posted by Somthor

Its not the Gas guzzling SUV's etc let people drive what they want. Its the sheer lack of refineing capacity. IN the past we had 300 some odd refineries and could simply make our own supply of fuels to weather out spikes in oil costs.

today we are at 97% capacity and ahve to actualy buy proccesed fuels and cant have a interuption in supply. tthus we are at the mercey of the market

simply creating a national LP pipeline so cars can fill up with Natural gas instead of diesel or gas would help alot we have the largest Natural gas deposits right here but no real way to distribute them

also building more nuke power plants would take the edge off our oil consumption

but hey Bush is a oil man so is his friends they are enjoying record profits, and most politicans are wealthy and have welahty freinds they dont care about $4.00 a gallon fuel they can afford it

It's liberal Democrats that always oppose the building of new nuke plants, electrical generating systems, natural gas pipelines etc, etc.

[crash9]

I've said this so often over the last couple of years that I feel like a broken record - the market's selling off pretty good into the close by the way, only up about a dime in spots with crude down about $1.25 - but in terms of BTU's per capita (that's total not just oil) "If by 2012 the US reduces consumption by 50% and the developing world comes up to that same level then production will have to double" Dick Cheny speaking in 2002 - Except for the rest coming up to 50% of our level nothing in that statement seems likely. The price of energy is going to go off the chart and we're just now beginning to realize he knew what he was talking about!!!

[Somthor]

Originally Posted by luvrpgrl

It's liberal Democrats that always oppose the building of new nuke plants, electrical generating systems, natural gas pipelines etc, etc.

i dont think it has to do with the dems or the rebs they are both equaly guilty.

after all we had more rebs in office than dems the last 25 years or so.

last decent dem was JFK
last decent reb was reagan

Sure do wish that Perot got in office