Gas is down to $3.39 ....

[SBT 501]

Most European and Asian countries use Diesel and just like in the USA a big portion of the cost is taxes. As Diesel runs 4.50 and higher in the U.S.A..

[Alan @ TanToday]

And Diesel, Gasoline, Heating Oil, Kerosene, etc comes from what?????

CRUDE OIL.

[Beach Bum]

So as of yesterday alot of our gas stations are running out of gas - really. They claim that with the power outage in LA for so long and the threat of IKE that the pipeline service has been disrupted and we are still waiting for new stock.

They're saying it may be Teusday before any new product arrives. And more stations will be out of gas by then.

Gas has gone up from $3.49 to $3.99, and the news is predicting it will go up close to $5 before this all shakes out. Not to mention what IKE will cause.

[Island Cove]

my customer "in the know" says we are about to see a big jump again. for canadians, 15 cents a litre today, I've not been out yet today to see for sure.

[Alan @ TanToday]

Wholesale US gas prices are up to $5 a gallon. Expect prices to soar, especially if Ike causes long term shutdowns or destruction of key refining facilities in Texas/Gulf Region.

[Beach Bum]

It's $4.79 now.

[theislandtan]

Originally Posted by Beach Bum

It's $4.79 now.

You in the Atlanta area?

[frankie]

$5.40 as of a few hours ago.

[Beach Bum]

$4.99 now

[theislandtan]

Starts at 3.99 and goes up....

[Sheri]

4.50 here and expected to be in he $5 range tomorrow.

Most stations are out of gas!!!! And the ones that have it are packed with lines into the streets!!

[Alan @ TanToday]

$5+ gas - its coming folks.

[Robbie25]

ahhh you Americans are lucky.....the average price across Canada for 1 litre was $1.39 this morning

In the States it's $3.80 a gallon (according to gasbuddy.com)

If you convert it both to gallons, the average price across Canada is$5.25 a gallon. Or, in litres, the average American price is just over $1.01 a litre.

And this isn't just yesterday's spike, it's been at least $1.26/litre here for at least 5 months. And because that price quoted for Canadian gas is in canadian funds, when you convert that to greenbacks, we pay even more then taht compared to the same amount of gas in the States. PLUS, the average American makes a bit more money then the average Canadian, so we have less oney to spend.

Also, in response to the post back there, China does not by oil in Yuan. Oil is traded internationally in American dollars. OPEC nations don't accept anything else. There is some debate now in those countries to change the tender to Euros, but that probably won't happen for years, if it all. This is why the price of oil goes down when the US dollar goes up. Becuase the same amount of money buys more oil then it did the day before.

[Din]

okay folks....i've been reading up quite a bit on crude oil, for other reasons and doing a lot of research. People in the industry have made many predictions based on statistics and they've always been right, even on the peak of the US oil being in the early 70's before the decline in quantities which they were correct. The Middle east that has 2/3rds the worlds crude oil is peaking right now until next year and they are also declining on the amount of oil and since China has joined us on the car thing and dropped the bicycles, we are doomed. They demand more oil and that is why we saw the prices sky rocket 4x more than what they were. The predictions were correct that our pricing would be at 4x higher. The only predictions i'm scared of is the fact that they said, Yes, it has gone up 4x more as we predicted it would, but the scary part is that it's going to be going up another 10x they say.

So be prepared to pay over $200-$300 to fill a tank of gas in a Honda Civic. It's coming.

[Robbie25]

I agree that in the long term, the price will go up. The fundamental rules of economics (supply and demand) apply to oil, just like everything else. However, having said that, I don't think $200-$300 to fill up your car is going to happen in the near future. Not that it couldn't happen, just that if it were to ever get near that high, people would jsut stop driving. And then the price would have to go down according to the laws of S&D. You can see what the affect of $140/barrel oil had on people's driving habits. Millions of Americans cut down on driving uncessairily. Even a little change by a lot of people makes a big difference when your the world's largest consuming nation. Because of that, US inventories are much higher then predicted lately, and oil has plunged to just around $100 in a few weeks.

Price goes up, demand goes down, so price must go down to meet demand.

If you go to oil-price.net you can see the chart of oil prices in the past wee, month, and year. There's a massive downturn happening in the past few weeks, that I don't think will stop until oil is around $80 a barrel. Of course, even that would've seemed outrageuosly high even 2 years ago.



Having said that, oil will of course steadily rise in the next years and decades, because it's a finite resource, and supply has no choice but to decline because we're running out of oil.

[Din]

supply and demand is all fine and dandy, by we are talking about a non replenishable resource. Once it's gone....it's gone. There is not bringing it back.

So the "S" in S&D is what is crucial here as the price will continue to go up because the supply is going down.

This isn't supply and demand of iphones.....this is something that can't be manufactured. The price WILL go up and the only thing we can do to stop it, is to come up with another natural resource to replace it. Good luck to us.

[solarmeter®]

Hurry up Fuel Cells that run on Hydrogen. They have been too SLOW coming!

TV says Beaumont and Port Arthur did NOT flood... 14ft sea walls held back 13ft surge. So hopefully refineries can ramp back up quickly.

Meantime many gas stations in MI are still "gouging" from 2 days ago through today so far.

[SBT 501]

You guys are getting f**ked. Paid 3.39 yesterday.

[Ezliving_Jim]

Paid $3.49 tonight at Sunoco/Royal Farms. Exxon was advertising $3.39 but their tank was empty.

[Beach Bum]

$5.29 today