Bahrain declares state of emergency - PeachParts Mercedes-Benz Forum

engatwork · #1 03-15-2011, 08:18 AM

Bahrain King

On one side of the world we have some nuclear plants melting down and then on the other side we've got the unrest going on. I find it interesting that when the unrest in the middle east started the price of fuel went up substantially. Now that the disaster in Japan has eliminated a substantial amount of fuel needs I don't see the price at the pump dropping at all? It's a racket.

retmil46 · #2 03-15-2011, 09:49 AM

Indeed. Even the NYT hinted it was due to speculation, noting a week ago that on-hand stocks of petroleum and distillates were 2% higher than this time last year - and have been at multi-year highs for at least the past two years by both API and DOE figures.

Some gas station owner/operators are even worse offenders than the futures traders. Legally, they're not supposed to change the price at the pump, for fuel they already have in their tanks and already paid for, until they get a new delivery of fuel. But I've watched several area stations jack the price up by 5 cents or more PER DAY as the price of oil went up. But now that it's dropping again, suddenly they're now playing by the rules and not dropping the price until they get another fuel delivery or are forced to by the competition down the street.

A fellow Jeep CRD owner in Charlotte related how recently he stopped at a local station to refuel his gas vehicle. After fueling, he went inside to pick up a couple items. The station operator was watching one of the business channels, observing what the price of oil and gas was doing. It was just as the markets were closing for the day, and as soon as they did, the station operator immediately went over and increased the prices on each pump by 10 cents per gallon - right in the midst of several people fueling their vehicles. At least a couple of them came in and demanded to know what the hell was going on, but the operator just blew them off.

aklim · #3 03-15-2011, 11:52 AM

Quote:

Originally Posted by retmil46

Indeed. Even the NYT hinted it was due to speculation, noting a week ago that on-hand stocks of petroleum and distillates were 2% higher than this time last year - and have been at multi-year highs for at least the past two years by both API and DOE figures.

Some gas station owner/operators are even worse offenders than the futures traders. Legally, they're not supposed to change the price at the pump, for fuel they already have in their tanks and already paid for, until they get a new delivery of fuel. But I've watched several area stations jack the price up by 5 cents or more PER DAY as the price of oil went up. But now that it's dropping again, suddenly they're now playing by the rules and not dropping the price until they get another fuel delivery or are forced to by the competition down the street.

A fellow Jeep CRD owner in Charlotte related how recently he stopped at a local station to refuel his gas vehicle. After fueling, he went inside to pick up a couple items. The station operator was watching one of the business channels, observing what the price of oil and gas was doing. It was just as the markets were closing for the day, and as soon as they did, the station operator immediately went over and increased the prices on each pump by 10 cents per gallon - right in the midst of several people fueling their vehicles. At least a couple of them came in and demanded to know what the hell was going on, but the operator just blew them off.

I would say it depends on the state laws. I believe in WI, you have a minimum markup price and you cannot go below that. Beyond that, IIRC, you can only change the price once a day but I might be wrong.

Nate · #4 03-15-2011, 07:58 PM

One price change per day rings a bell with me. As does price changing mid fueling. Will the 10 cent price over 20 gallons (full tank most vehicles) of $2 change anyones day?

The fuel station employees are constantly verbally abused over gas prices. They are working their 9-5 job, they do NOT set the price. They're deaf to it by now anyways.

~Nate

Chas H · #5 03-15-2011, 08:18 PM

The price change per day goes by state. Here in PA the price can change as the station manager wishes. Next door in Joisy it can change only once a day. It's been noted if the price can change only once a day it prolly will be a big change.
Speculators have driven oil prices for years, it's nothing new.

Ara T. · #6 03-15-2011, 08:45 PM

Quote:

Originally Posted by Nate

. Will the 10 cent price over 20 gallons (full tank most vehicles) of $2 change anyones day?

~Nate

Nope but people sure act like it does. I've been in cars with people driving 5 miles out of our way to get fuel where it's 5-10 cents cheaper, while I repeatedly bash my cranium against their windows

Txjake · #7 03-16-2011, 10:55 AM

speculators and futures traders are one of the root problems we have concerning commodities. elminate or throttle down their activity and things would set at their natural market level.

kerry · #8 03-16-2011, 11:22 AM

Talked to a Muslim friend of mine yesterday who has lived in Baharain and Saudi Arabia. She says the revolution wont take hold in Saudi Arabia because there is no working class there. Workers are all imported and their employees hold their passports.

aklim · #9 03-16-2011, 01:02 PM

Quote:

Originally Posted by Txjake

speculators and futures traders are one of the root problems we have concerning commodities. elminate or throttle down their activity and things would set at their natural market level.

I believe there is a solution already laid out by Marx and Engels.