Gas prices to spike in Sept

[tangent4ronpaul]

refineries are shutting down due to hurricane.

-t

[NIU Students for Liberty]

It's Always Sunny in Philadelphia comes to mind...

[donnay]

refineries are shutting down due to hurricane.

-t

Not to mention the refinery that blew up in Venezuela the other day. :(

[Zippyjuan]

What happens to gas prices will depend on how long the refineries are down and what percent of US capacity is down. There is typically a surplus of gasoline in the pipeline as it were so short disuptions should have no effect.

Businessweek reports that about eight percent of US refinery output has been shut down. http://investing.businessweek.com/research/stocks/news/article.asp?docKey=600-201208271653DOWJONESENRGYSVC001057-1&params=timestamp%7C%7C08/27/2012%204:53%20PM%20ET%7C%7Cheadline%7C%7C2nd%20UPD ATE%3A%20Isaac%20Closes%20Refineries%2C%20Cuts%20O il%2C%20Gas%20Output%2C%20Boosts%20Gasoline%20Pric es%7C%7CdocSource%7C%7CDow%20Jones%20and%20Company %2C%20Inc.%7C%7Cprovider%7C%7CACQUIREMEDIA%7C%7Cbr idgesymbol%7C%7CUS;VLO&ticker=VLO

Meanwhile the price of oil dropped this week.

The storm-induced refinery closures have already shut down 1.3 million barrels a day of fuel-production capacity, or 8% of total output, according to the U.S. Department of Energy.

The market will likely feel the effect of the resulting fuel-supply crunch for about a week, said Dominick Chirichella, analyst at Energy Management Institute.

Isaac is "certainly a refinery issue more than a crude-oil issue," Mr. Chirichella said.

Despite more than three-quarters of offshore U.S. Gulf of Mexico oil production being shut down, Nymex crude-oil prices Monday closed down 0.7%, to $ 95.53 a barrel, because the refinery outages could cut demand for oil. Some traders also speculated that a prolonged oil outage in the Gulf could prompt a release from the U.S. Strategic Petroleum Reserve.

The Venezuelan refinery only produces gas for Venezuela so it should have zero impact on US gasoline prices. The US actually ships refined oil products including gasoline to them.

[tangent4ronpaul]

44% of refinery capacity in the US is in the gulf.

-t

[oyarde]

Gas prices will go up , at the grocery store as well , Dow , though is down ....

[Chester Copperpot]

i want my sound money.

[Brian4Liberty]

Windfall profits: wind blows, gasoline companies increase profits. :p

[donnay]

What happens to gas prices will depend on how long the refineries are down and what percent of US capacity is down. There is typically a surplus of gasoline in the pipeline as it were so short disuptions should have no effect.

Businessweek reports that about eight percent of US refinery output has been shut down. http://investing.businessweek.com/research/stocks/news/article.asp?docKey=600-201208271653DOWJONESENRGYSVC001057-1¶ms=timestamp%7C%7C08/27/2012%204:53%20PM%20ET%7C%7Cheadline%7C%7C2nd%20UPD ATE%3A%20Isaac%20Closes%20Refineries%2C%20Cuts%20O il%2C%20Gas%20Output%2C%20Boosts%20Gasoline%20Pric es%7C%7CdocSource%7C%7CDow%20Jones%20and%20Company %2C%20Inc.%7C%7Cprovider%7C%7CACQUIREMEDIA%7C%7Cbr idgesymbol%7C%7CUS;VLO&ticker=VLO

Meanwhile the price of oil dropped this week.


The Venezuelan refinery only produces gas for Venezuela so it should have zero impact on US gasoline prices. The US actually ships refined oil products including gasoline to them.

Some may be surprised to learn that almost 50% of U.S. crude oil and petroleum products imports came from the Western Hemisphere (North, South, and Central America and the Caribbean including U.S. territories) during 2006. We imported only 16% of our crude oil and petroleum products from the Persian Gulf countries of Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia, and United Arab Emirates. During 2007, our five biggest suppliers of crude oil and petroleum products were:

Canada (18.2%)
Mexico (11.4%)
Saudi Arabia (11.0%)
Venezuela (10.1%)
Nigeria (8.4%)

http://www.consumerenergyreport.com/research/crude-oil/where-the-us-gets-its-oil-from/

[oyarde]

I think , if I recall the Venezualian stuff is BP stations ??

[donnay]

I think , if I recall the Venezualian stuff is BP stations ??


Citco

[oyarde]

But , the refineries are mostly , near the Gulf ??

[oyarde]

Citco Thats it , thank you .

[Liberty74]

I don't expect a spike due to the hurricane.

A spike will come in September if Iran is hit by Israel.

[donnay]

I don't expect a spike due to the hurricane.

A spike will come in September if Iran is hit by Israel.

Well as I see it Issac isn't even a hurricane, it is still a tropical storm--that they hyped. A few days ago I heard meteorologists saying, "It's heading toward New Orleans and has the potential to be worse than Katrina was 7 years ago." You know being a meteorologists is the only job where someone can be wrong more than they are right and still have a job.

Sure our gas will go up because that is the way it goes--with their monopolistic control. The thing is, we do not even get petroleum from Iran.

[pcosmar]

I don't expect a spike due to the hurricane.

A spike will come in September if Iran is hit by Israel.

My expectation as well. prices had dropped for a while,, and the war drums started and drove prices up.
before any storms or Refinery fires.

Israel gets quiet,, prices go down.

It will go through the roof when the war starts.


Well as I see it Issac isn't even a hurricane, it is still a tropical storm--that they hyped. A few days ago I heard meteorologists saying, "It's heading toward New Orleans and has the potential to be worse than Katrina was 7 years ago." You know being a meteorologists is the only job where someone can be wrong more than they are right and still have a job.

.

I watched this go over Key West.. It allegedly had 60 mph sustained winds. BULLSHIT
I watched all day..

I have danced down that very street in worse storms than I witnessed Monday.

either someone was lying,, or someone was lying. There was no storm. Period.
Nothing but a wet rainy day.

[PaulConventionWV]

Citco

Citgo.

[oyarde]

Prices projected this week to rise 4 cents , ten cents next week, back to $4 it looks like.

[donnay]

Citgo.


Right. Thanks for the correction.

[oyarde]

Well , on my way home tonight , gas $4 , Diesel , $4.25 , two days ago , gas , $3.72 .

[tangent4ronpaul]

Well as I see it Issac isn't even a hurricane, it is still a tropical storm--that they hyped. A few days ago I heard meteorologists saying, "It's heading toward New Orleans and has the potential to be worse than Katrina was 7 years ago." You know being a meteorologists is the only job where someone can be wrong more than they are right and still have a job.

It's a cat 1, and had wind speeds of 110mph last night off of NOLA. Katrina was a cat 3. The problem with this one is that it's hanging out off shore and water drainage/sewage is expected to back up. So flooding.


Sure our gas will go up because that is the way it goes--with their monopolistic control. The thing is, we do not even get petroleum from Iran.

It doesn't matter. Iran has a choke point in the Strait of Hormuz that they can blockade with ships, aircraft and mines that cut off tanker traffic from several countries we do get oil from.

http://wwp.greenwichmeantime.com/images/time/asia/iran.jpg

Also, if Israel harms Iran's oil production, countries like France, Germany, China and Russia will start buying more from our regular suppliers, driving prices up

-t

[Tod]

Just on the Cleveland, OH news that gas prices have jumped 20 cents due to Isaac. Expected to return by mid Sept.

[oyarde]

We are still at more than 25 cents more per gallon.

[jbauer]

Yeah we're up $.25 here in TN. I've been using my storage for a while, I'll need to restock after labor day. I don't feel comforable when I get below 30 gallons and I'm right there now.

[amonasro]

The price just keeps inching up no matter what. I pay $4.50 on a regular basis, which is $60 to fill up my car. It hurts.

I'd like to see a graph of gas prices tied to the value of gold, not our fiat dollar.

[ShaneEnochs]

It jumped from 3.79 to 3.99 yesterday.

[oyarde]

It jumped from 3.79 to 3.99 yesterday. Mine went , around 3.70 to 4 the day before , week ,before , was 3.60 here and I got some in Tennessee that week @ 3.50 , big difference between 3.50 & 4 in a years time for me , I use , probably , minimum of 3 gal a day , or more all year...

[pcosmar]

$4.18 here today.
I do not expect it to drop again soon. perhaps a bit more gouging for the Holiday weekend.

[pcosmar]

The problem with this one is that it's hanging out off shore and water drainage/sewage is expected to back up. So flooding.

-t

I doubt 110 mph winds. it was at 80 coming on shore.. And I doubt that,, I watched it go through Key west..
They claimed 60 mph.. and that was complete fabricated bullshit.. there may have been a gust or 2, over 30 mph.
I watched it all day,, there was NO Storm.

The reason there is flooding is because it is swampland,, a flood plane.. It is supposed to flood there.
it's normal.

[oyarde]

Gonna , flat , out , flood , anywhere you get 10 , 20 inches of rain ... I am still at $4 , tonight , Diesel , close to $4.30 ....

[oyarde]

Yeah we're up $.25 here in TN. I've been using my storage for a while, I'll need to restock after labor day. I don't feel comforable when I get below 30 gallons and I'm right there now. I never use the storage,really , got it around $3.10 , save it for the tiller , wood splitter , tractors etc, in case everything folds , ......