Gas prices spiking

[velobard]

It looks like Ike and maybe a couple other factors are causing gas prices to spike pretty badly, in spite of the fact that oil futures have been dropping.

NEW YORK - Gasoline prices jumped to unprecedented levels in the wholesale markets Thursday as Hurricane Ike tore across the Gulf of Mexico, threatening to strike Texas and its refineries.

Crude oil on the futures market, however, sank below $101 a barrel to its lowest settlement price since late March — a sign that investors are still worried about waning global demand.

The wholesale price of gasoline ranged from $4 to nearly $5 a gallon in the U.S. Gulf Coast throughout the day on Thursday, said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J.

http://news.yahoo.com/s/ap/20080911/...uuDHHlzjWyBhIF

Wholesale prices at $4-5?!? Let's hope this one passes quickly. I filled both my cars tonight, but my wife has an 800 mile trip next week that we're already pinched to afford right now.

The other factors that I'm aware of that might be affecting prices is the recent production cut by OPEC and the news out today that Chavez kicked out the U.S. ambassador.

[DAL]

Retail prices in Los Angeles are continuing to decline slowly. California does not get its crude oil or refined product from the Gulf Coast. The spike is local, most likely due to the hurricane. The refineries are shut down.

Update from Alabama:

WSFA 12 News quashes gas shortage rumors
Posted: Sep 11, 2008 09:24 PM

MONTGOMERY, AL (WSFA) - As Hurricane Ike churns towards Texas, WSFA 12 News has been flooded with emails and phone calls from viewers concerned about a rumored gasoline shortage. There is no such shortage.

Some viewers say they've heard that Hurricane Ike will drive up the price of gas by at least a dollar. There were long lines reported at gas stations in Birmingham and other cities around the south. But no such lines were reported in Montgomery.

The state department of agriculture and industries confirms that one Tuscaloosa station is rationing gas. But AAA Motor Club tells WSFA 12 News it's an independent station that may have supply problems.

AAA made one thing clear -- there is no gasoline shortage. Officials with the organization say they believe some people are panicking after hearing rumors.

The price of gas did jump 2 cents Wednesday night to $3.62/gallon. But that's just 1 cent more than this time a week ago.

The wholesale price of gas produced in the Gulf of Mexico jumped 30% Thursday, due to Hurricane Ike. But AAA reports there is no reason you should see a huge price increase at your local pump.

If you feel a gas

[velobard]

I filled my cars tonight before I even saw this story because I noticed that several stations were raising prices and I wanted to beat the increase that's sure to be across the board by morning. I filled up at $3.54 and most stations tonight were at $3.67. I know, still cheap compared to what I'm sure you're seeing, but just a couple days ago I bought gas at $3.35.

[IrocGuy]

Im from Canada and our prices spiked today. Explain that one to me

[Taylor13]

Gas went down like over half a dollar in the past months here.

[velobard]

Im from Canada and our prices spiked today. Explain that one to me

One word: Petronoia.

[IrocGuy]

Gas jumped today to $1.36/litre. There is 3.79 litres to every US Gallon. Basically $5.15/US Gallon.

[nr5667]

Gas is going to creep upwards... Forever! Well, not forever, but there's nothing we can do to make gas prices stop increasing... Global demand is too strong...

China by itself last year increased gas consumption by the same amount that ANWAR would produce.

Everyone wants to live like Americans...

[Stormy]

Gas is going to creep upwards... Forever! Well, not forever, but there's nothing we can do to make gas prices stop increasing... Global demand is too strong...

China by itself last year increased gas consumption by the same amount that ANWAR would produce.

Everyone wants to live like Americans...

We should feel proud to lead the world in the highest gas prices.......cuz we're Americans!

[DAL]

We should feel proud to lead the world in the highest gas prices.......cuz we're Americans!

But we don't, of course. Gas prices are much higher in Europe and Japan.

I paid over $5 per gallon in Germany in 2003.

[Stormy]

International

Yankee hegemony finished: Chavez

Vladimir Radyuhin

MOSCOW: Russian nuclear-capable bombers have arrived in Venezuela for unprecedented joint exercises in the Caribbean, which would later be joined by Russian warships, including nuclear submarines.

Russian President Dmitry Medvedev said he had ordered strategic bombers to fly across the Atlantic Ocean. Two Tu-160s, the world’s biggest long-range bombers, landed in Venezuela on Wednesday in the first Russian military foray into the Western Hemisphere since the Cold War ended.

The Russian Defence Ministry said the bombers flew to Venezuela on a training mission and would conduct training flights over neutral waters before returning to Russia next Monday.

“The Yankee hegemony is finished,” said Venezuela’s President Hugo Chavez in a televised speech announcing the arrival of Russia’s warplanes. Mr. Chavez, a former Air Force pilot, said he would pilot one of the Russian planes over Cuba to please his friend, the Cuban leader Fidel Castro. Russia’s Navy plans to send a nuclear cruiser flagship, submarines and anti-ship aircraft to Venezuela for joint naval manoeuvres later this year.

Mr. Medvedev said Russia would continue to hold joint war games with its partners across the world. The commander of Russia’s long-range military aviation, General Pavel Androsov, said Latin America was an “interesting region” for Russian bomber flights because the U.S. was setting up a new fleet there.

The deployment marks the first time that Russian bombers have been sent to the Western Hemisphere since the Cold War ended and escalates the already tense relationship between Washington and Moscow.

Mr. Medvedev said Russia attaches top priority to upgrading its armed forces in the face of the NATO-backed military build-up in the Caucasus.

“We will pursue the task of re-equipping our armed forces in a consistent and dedicated way, taking into account… Georgia’s aggression and its continuing militarisation,” said Mr. Medvedev at a Kremlin meeting.

© Copyright 2000 - 2008 The Hindu

http://www.hinduonnet.com/thehindu/t...09/12/&prd=th&

[Stormy]

But we don't, of course. Gas prices are much higher in Europe and Japan.

I paid over $5 per gallon in Germany in 2003.

Give it time, DAL. You're so impatient. The war hasn't started yet.

[JLee]

But we don't, of course. Gas prices are much higher in Europe and Japan.

I paid over $5 per gallon in Germany in 2003.

It's not our fault that their countries tax the crap out of fuel.

Still over $3.60 for regular here..saw someone online who paid $2.5x/gal just the other day.

[10-74 S8]

Between $3.99 and $4.69/ gal regular as of tonight. That's between .30 and .80 increase today.

[David Hineline]

Just paid 3.41 today in Iowa, been going down steadily a month or so, Saudi Arabia pulled out of the OPEC plan on reducing production and said they intend to sell as much oil to thier customers as they request.