Comments on: Temporary respite in gas price hikes likely… prices to fall! http://www.thegasgame.com/2009/01/07/temporary-respite-in-gas-price-hikes-likely-prices-to-fall/ Keep track of gasoline prices, oil prices, future gasoline prices, future oil prices, see predictions, get price prediction, find gasoline prices, see if you're getting gouged, find news about diesel prices, ethanol prices, and refinery maintenance and refinery shutdowns. Tue, 07 Feb 2012 16:59:14 +0000 hourly 1 http://wordpress.org/?v=3.3 By: DanielG http://www.thegasgame.com/2009/01/07/temporary-respite-in-gas-price-hikes-likely-prices-to-fall/comment-page-1/#comment-2123 DanielG Thu, 08 Jan 2009 17:14:31 +0000 http://www.thegasgame.com/2009/01/07/temporary-respite-in-gas-price-hikes-likely-prices-to-fall/#comment-2123 Oil at 41.33 on CNBC as I write this. $1.99 gasoline makes no sense with oil at this price. While it did jump up to $51 a barrel last week...and then the sellers tell us "we need to raise prices to refill our tanks at the higher price coming down the line." That higher price coming down the pike is just a blip in the pipeline and I'm willing to bet it will take some time to get prices back down in line with crude again. We're in a recession. Fuel usage is way down. The pundits and traders pump up a price with talk and flawed reasoning, prices move up in response, then the cruel fact that there is WAY more oil and gas in the tanks then they thought? Amazing how the 'learned' either are so dumb or we are, because we let them get away with it. Don't get me wrong, I love fuel prices at anything less than 2 a gallon and I am amazed at the amount of money it takes to fill the Lil Red Jeep but when its up where it is today on the retail and how fast it jumped when the barrel hit 51...well thats amazing too. Oil at 41.33 on CNBC as I write this. $1.99 gasoline makes no sense with oil at this price. While it did jump up to $51 a barrel last week…and then the sellers tell us “we need to raise prices to refill our tanks at the higher price coming down the line.” That higher price coming down the pike is just a blip in the pipeline and I’m willing to bet it will take some time to get prices back down in line with crude again.
We’re in a recession. Fuel usage is way down. The pundits and traders pump up a price with talk and flawed reasoning, prices move up in response, then the cruel fact that there is WAY more oil and gas in the tanks then they thought? Amazing how the ‘learned’ either are so dumb or we are, because we let them get away with it.
Don’t get me wrong, I love fuel prices at anything less than 2 a gallon and I am amazed at the amount of money it takes to fill the Lil Red Jeep but when its up where it is today on the retail and how fast it jumped when the barrel hit 51…well thats amazing too.

]]> By: Steve http://www.thegasgame.com/2009/01/07/temporary-respite-in-gas-price-hikes-likely-prices-to-fall/comment-page-1/#comment-2122 Steve Thu, 08 Jan 2009 12:37:38 +0000 http://www.thegasgame.com/2009/01/07/temporary-respite-in-gas-price-hikes-likely-prices-to-fall/#comment-2122 "...crude stocks in the Midwest are very high because Cushing is a landlocked base with pipes that only go in one direction," said Christopher Bellew of Bache Financial. Crude oil storage at the Cushing, Oklahoma storage hub rose 4.1 million barrels to 32.2 million barrels in the week to Jan. 2, according to Wednesday's EIA data, a new record that may test capacity, an official at the EIA said." Maybe I'm reading into this wrong, but if this is the case, then we (Midwest) should not be sitting on the highest prices in the country as is the case in Michigan, Illinois, Indiana, and Ohio. I know we are on the eastern side of the midwest and this may play no role in our supply as we could be recieveing our supply from elsewhere. However given this information (cnbc.com), I think $1.99 is a little bit overpriced. (I do still like it under $2 as compared to $4 plus.) “…crude stocks in the Midwest are very high because Cushing is a landlocked base with pipes that only go in one direction,” said Christopher Bellew of Bache Financial.

Crude oil storage at the Cushing, Oklahoma storage hub rose 4.1 million barrels to 32.2 million barrels in the week to Jan. 2, according to Wednesday’s EIA data, a new record that may test capacity, an official at the EIA said.”

Maybe I’m reading into this wrong, but if this is the case, then we (Midwest) should not be sitting on the highest prices in the country as is the case in Michigan, Illinois, Indiana, and Ohio. I know we are on the eastern side of the midwest and this may play no role in our supply as we could be recieveing our supply from elsewhere. However given this information (cnbc.com), I think $1.99 is a little bit overpriced. (I do still like it under $2 as compared to $4 plus.)

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