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Title: Gasoline Prices Post Biggest Fall In Nearly 4 Years
Source: Reuters
URL Source: http://www.newsdaily.com/stories/br ... 0n0-us-energy-gasoline-retail/
Published: Nov 5, 2012
Author: Reuters
Post Date: 2012-11-05 10:42:13 by Brian S
Keywords: None
Views: 11944
Comments: 33

NEW YORK, Nov. 5, 2012 (Reuters) — The average U.S. price for a gallon of regular gasoline took its biggest drop since 2008 in the past two weeks, due to lower crude oil prices, a big price drop in pump prices in California and Hurricane Sandy, according to a widely followed survey released on Sunday.

Gasoline prices averaged $3.5454 per gallon on November 2, down 20.75 cents from October 19 when drivers were paying $3.7529 at the pump, Lundberg said.

The decline was the biggest two-week price drop since the survey recorded a 21.9 cents price decline December 5, 2008 due to a crash in petroleum demand during the global recession.

Even though many people had to line up for gasoline for hours after Sandy devastated much of the Northeast coast, the storm played a part in the price decline as many would-be consumers were not able to travel as a result, according Trilby Lundberg, editor of the Lundberg Survey.

Lundberg also cited the seasonal dip in demand that typically comes after August.

While demand appeared to be very high for gasoline in New York and New Jersey after the storm, Lundberg said that purchases were down because many people could not get to fuel.

However, supply shortages were not causing an increase in the average price of gasoline, according Lundberg.

"There is a fear among retailers that they will be accused and prosecuted for price gouging if they raise prices enough to prevent running out," she said, adding that the problems would be unlikely to end soon.

"It's going to be a long and hard recovery for infrastructure and fuel supply but also for fuel demand," Lundberg said.

Another reason for the total U.S. price decline in the latest survey is California, the biggest state consumer, where pump prices fell 49 cents in past two weeks after an extreme price increase a month ago because of refinery problems.

The November 2 survey shows that gas prices have fallen a total of 29.21 cents in the last month, Lundberg said.

The highest prices for regular gasoline recorded in the November 2 survey were in San Francisco at $4.05 a gallon, while drivers in Memphis, Tennessee were paying the least at $3.11 per gallon.


Poster Comment:

$3.23 around these parts

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#1. To: Brian S (#0)

I filled up for $3.04 and 9/10ths at the Kroger in Colleyville. Do you think this might have something to do with the election?

Abcdefg  posted on  2012-11-05   10:56:08 ET  Reply   Trace   Private Reply  


#2. To: Abcdefg (#1)

Doubt it. I expected if anything, big oil would have manipulated the prices much higher if they had the ability to do so.

Apparently they don't.

It is not easy reconstructing 'molded minds'...

Brian S  posted on  2012-11-05   10:57:50 ET  Reply   Trace   Private Reply  


#3. To: Abcdefg (#1)

NEW YORK, Nov. 5, 2012 (Reuters) — The average U.S. price for a gallon of regular gasoline took its biggest drop since 2008 in the past two weeks, due to lower crude oil prices, a big price drop in pump prices in California and Hurricane Sandy, according to a widely followed survey released on Sunday.

Demand is being crushed.

its biggest drop since 2008.....;}

mcgowanjm  posted on  2012-11-05   11:09:47 ET  Reply   Trace   Private Reply  


#4. To: mcgowanjm (#3)

Lowest price I saw yesterday was $3.189 locally.

Fred Mertz  posted on  2012-11-05   11:53:00 ET  Reply   Trace   Private Reply  


#5. To: Brian S (#0)

The highest prices for regular gasoline recorded in the November 2 survey were in San Francisco at $4.05 a gallon, while drivers in Memphis, Tennessee were paying the least at $3.11 per gallon.

--------------------------------------------------------------------------------

That's due to Chevron's negligence and lack of maintaining it's facilities in Richmond causing a fire that essentially put that plant out of operation. Or so that's the excuse they give.

But doesn't this happen before every presidential election?

Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET

mininggold  posted on  2012-11-05   11:56:34 ET  Reply   Trace   Private Reply  


#6. To: mininggold (#5)

But doesn't this happen before every presidential election?

Price drops or refinery fires?

Abcdefg  posted on  2012-11-05   11:58:23 ET  Reply   Trace   Private Reply  


#7. To: Abcdefg (#6) (Edited)

Price drops or refinery fires?

Price drops. We can have refinery fires at any time. It seems that none of the West Coast energy suppliers believe in preventive maintainence.

PG&E has finally gotten around to it's every ten year checking of it's poles to make sure they are securely anchored. Usually they have the local tree services do it.

Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET

mininggold  posted on  2012-11-05   12:01:45 ET  Reply   Trace   Private Reply  


#8. To: Brian S (#0)

A very simple fact:

The cost of gas was $1.84 just six days after President Obama's inauguration.

calcon  posted on  2012-11-05   13:59:36 ET  Reply   Trace   Private Reply  


#9. To: calcon (#8)

A very simple fact:

The cost of gas was $1.84 just six days after President Obama's inauguration.

A simpler fact: Energy prices overall plunged because of the great recession caused by the bush admin.

Gasoline first top over $4g earlier in that very same year.

Thanks for playing.

It is not easy reconstructing 'molded minds'...

Brian S  posted on  2012-11-05   15:49:10 ET  Reply   Trace   Private Reply  


#10. To: Brian S (#9)

Energy prices overall plunged because of the great recession caused by the bush admin.

And Energy prices overall plunged now because of the Obama recession? People don't consume gasoline when they have no job to go to and have given up looking for a job.

Abcdefg  posted on  2012-11-05   16:17:16 ET  Reply   Trace   Private Reply  


#11. To: calcon (#8) (Edited)

gas was $1.84 just six days after President Obama's inauguration

It's down to $4.04 which is still pricey, up here in the cali mountains. Bad news for the Kenyan.


"We (government) need to do a lot less, a lot sooner" ~Ron Paul

Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.

Hondo68  posted on  2012-11-05   16:36:59 ET  Reply   Trace   Private Reply  


#12. To: Brian S (#9)

The cost of gas was $1.84 just six days after President Obama's inauguration.

calcon  posted on  2012-11-05   21:51:41 ET  Reply   Trace   Private Reply  


#13. To: calcon (#12)

The cost of gas was $1.84 just six days after President Obama's inauguration.

This is true but again...

A simpler fact: Energy prices overall plunged because of the great recession caused by the bush admin.

Gasoline first top over $4g earlier in that very same year.

It is not easy reconstructing 'molded minds'...

Brian S  posted on  2012-11-05   22:00:53 ET  (1 image) Reply   Trace   Private Reply  


#14. To: Brian S (#9)

A simpler fact: Energy prices overall plunged because of the great recession caused by the bush admin.

What did Bush do to cause the recession?

I think socialist spending is what is causing the problem. Think about it. I'm sure you recently read about them spending 60 thousand dollars per welfare family. Then they said it wasn't that bad because 40 thousand of that was in administrative costs. So 2/3 of the money spent to help people is essentially wasted. So you have a bunch of people who are administrators of these programs. They act as sponges siphoning money from the people who actually work. Then you have the people on welfare. They are also gov tit suckers, parasites many of them. Then these welfare parasites get dependent on the meager benefits they receive. They then don't want to work because they might lose their food stamps. Then they raise their kids who then emulate the behavior. These people are lazy. They are a drag and they feel entitled to your money and other peoples money. We are in decline because of peoples values. Nothing the government tries can make us great. It comes from within. We need moral people. However the government can hinder our greatness. So the best thing is for the government to get out of the way of people living their lives to their fullest. That isn't what Obama is offering as President. You know that and I know that. We've lived it. Romney will be better on that front. That is my opinion.

A K A Stone  posted on  2012-11-05   22:04:23 ET  Reply   Trace   Private Reply  


#15. To: Brian S (#13)

A simpler fact: Energy prices overall plunged because of the great recession caused by the bush admin.

Simpler because you'd have to be simple minded to buy into it.

The seeds of the financial collapse which caused the great recession were sown in late 1999 with passage of the Financial Services "Modernization" Act (which effectively repealed the Glass-Steagal banking firewall) and early 2000 with the passage of the Commodity Futures "Modernization" Act (which effectively deregulated the derivatives market). Bill Clinton's signature is on both pieces of legislation, but both parties are too blame.

Thunderbird  posted on  2012-11-05   22:32:44 ET  Reply   Trace   Private Reply  


#16. To: Fred Mertz (#4)

mcgowanjm

Lowest price I saw yesterday was $3.189 locally.

$3.17 here and that's with our WalMart 10 cent discount card....;}

mcgowanjm  posted on  2012-11-06   8:55:28 ET  Reply   Trace   Private Reply  


#17. To: mcgowanjm (#16)

Today I saw a $3.169 as the lowest and several $3.179 prices per gallon.

Fred Mertz  posted on  2012-11-06   17:45:48 ET  Reply   Trace   Private Reply  


#18. To: Fred Mertz (#17)

Today I saw a $3.169 as the lowest and several $3.179 prices per gallon.

Kentucky doesn't make gasoline.

Yours shouldn't be cheaper than ours.

Must be a conspiracy.....;}

mcgowanjm  posted on  2012-11-08   8:40:21 ET  Reply   Trace   Private Reply  


#19. To: mcgowanjm (#18)

I drove to NJ/NY two weeks ago - the state to state differences in gas prices was amazing. I've driven there for about 18 years, once or twice a year, but this time the differences were really noticeable, especially West Virginia which had prices about 30 - 40 cents higher per gallon than Kentucky.

Fred Mertz  posted on  2012-11-08   8:56:11 ET  Reply   Trace   Private Reply  


#20. To: Fred Mertz (#19)

yep.

And I've seen the cheapest gas areas shift in my state.

Ft Smith/Russelville in W AR used to be the state's cheapest, but it's now the gas fracking N Central part.

At least 20 cents per gal cheaper.

mcgowanjm  posted on  2012-11-08   12:15:28 ET  Reply   Trace   Private Reply  


#21. To: Fred Mertz (#19)

I drove to NJ/NY two weeks ago - the state to state differences in gas prices was amazing. I've driven there for about 18 years, once or twice a year, but this time the differences were really noticeable, especially West Virginia which had prices about 30 - 40 cents higher per gallon than Kentucky.

Prices in my neighborhood went down sixty cents a gallon. I think the early sales of the cheaper winter blend helped lower the prices a dime or so.

Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET

mininggold  posted on  2012-11-08   12:26:21 ET  Reply   Trace   Private Reply  


#22. To: mininggold (#21)

Prices in my neighborhood went down sixty cents a gallon. I think the early sales of the cheaper winter blend helped lower the prices a dime or so.

California....when it comes to gas prices, it's just a different world....;}

mcgowanjm  posted on  2012-11-09   10:39:37 ET  Reply   Trace   Private Reply  


#23. To: mcgowanjm (#22)

I had another aberration yesterday. I topped off in Louisville for $3.119 a gallon.

Everywhere else it varied from $3.22 - $3.35 - I got lucky I guess. That's the cheapest gallon of gas in nearly a year.

Fred Mertz  posted on  2012-11-09   12:22:57 ET  Reply   Trace   Private Reply  


#24. To: mcgowanjm (#22)

California....when it comes to gas prices, it's just a different world....;}

Even in different areas of California. I bet I could get it 40 cents cheaper in the Sacramento area. The SF area is among the most expensive, so it must be what the free market will bear,

Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET

mininggold  posted on  2012-11-09   13:20:51 ET  Reply   Trace   Private Reply  


#25. To: mininggold (#24)

Very Respectfully, No.

You want to see Homeland Security/Gestapo in action?

Try selling Gasoline above the 'Big Oil Rate.'

Watch New York.

Rationing Even/Odd Plates is not going to work.

A Black Market, which is nothing more than World Prices set at the Local Level, will get you ALL the gasoline you want.

mcgowanjm  posted on  2012-11-10   13:36:26 ET  Reply   Trace   Private Reply  


#26. To: Fred Mertz (#23)

I had another aberration yesterday. I topped off in Louisville for $3.119 a gallon.

Everywhere else it varied from $3.22 - $3.35 - I got lucky I guess. That's the cheapest gallon of gas in nearly a year.

Been thinking about you posts.

And how I said that Kentucky doesn't make gas.

I think I've got it now.

You're JUST on the Outside of the Quarantine Area.

the Area Sandy devastated.

Penn Gas gets floated down the Ohio River. Instead of thru the various Chokepoints to the East Coast/NE......;}

mcgowanjm  posted on  2012-11-10   13:39:56 ET  Reply   Trace   Private Reply  


#27. To: mcgowanjm (#26)

Everywhere else it varied from $3.22 - $3.35 - I got lucky I guess.

Just to clarify everywhere else meant in Kentucky on my drive up to Indiana for a brief business meeting.

BTW, I believe Kentucky raised the gasoline tax by 1.1 cents on May 1 or thereabouts of this year. I could look it up but I've got to get moving.

Break: Louisville football lost badly at Syracuse and your Razorbacks started strong but ended up getting beat like a drum by South Carolina.

Fred Mertz  posted on  2012-11-10   16:08:37 ET  Reply   Trace   Private Reply  


#28. To: Fred Mertz (#27)

Break: Louisville football lost badly at Syracuse and your Razorbacks started strong but ended up getting beat like a drum by South Carolina.

Yep.

I think Louisville is using some of the $40 million they made off Johnelle Smith to pay Charlie Strong to stay.

And My Sportswriter admitted he turned the channel as the Hogs were just a disgrace.

I didn't really think about the Hogs and my day was the better for it.....8D

right now the Guys inthe Know are saying we're getting the TCU coach Gary Patterson.

The announcement coming hours after we get mauled by LSU....;}

Rumor that Kentucky or Memphis is going to get Petrino.

mcgowanjm  posted on  2012-11-11   10:09:06 ET  Reply   Trace   Private Reply  


#29. To: mcgowanjm (#28)

I would love to see Kentucky get former Louisville football coach Petrino.

Louisville hoops got former Kentucky coach Pitino so turn about is fair play.

Fred Mertz  posted on  2012-11-11   21:48:33 ET  Reply   Trace   Private Reply  


#30. To: mcgowanjm (#25)

ery Respectfully, No.

You want to see Homeland Security/Gestapo in action?

Try selling Gasoline above the 'Big Oil Rate.'

Most gas prices here are still in the $3.90-4.00 gal range

Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET

mininggold  posted on  2012-11-12   1:14:37 ET  Reply   Trace   Private Reply  


#31. To: Fred Mertz (#29)

I would love to see Kentucky get former Louisville football coach Petrino.

Louisville hoops got former Kentucky coach Pitino so turn about is fair play.

We put Nutt in at Ole Miss.

Playing Petrino would be awesome.

And Finally we have a Hoops Coach.

Watch out SEC.....;}

The Rumor is TCU's Gary Patterson our New Football Coach, if you're interested....;}

mcgowanjm  posted on  2012-11-12   13:28:01 ET  Reply   Trace   Private Reply  


#32. To: mcgowanjm (#31)

I didn't realize Johnelle Smith is history already. He just got there for cripes sake.

Fred Mertz  posted on  2012-11-12   13:36:56 ET  Reply   Trace   Private Reply  


#33. To: mininggold (#30)

We are just now experiencing a price-spike in mid-michigan. Going up to 3.65 from 3.45...

Nothing that I can see to justify the spike except the upcoming holiday as RBOB for December delivery is at 2.688. As a rule locally, you can tack on another .70 and be in the ballpark of the station prices.

Bastards. I refuse to buy anything for a gas station other than gasoline, rarely even go inside the places unless I'm using cash money.

It is not easy reconstructing 'molded minds'...

Brian S  posted on  2012-11-12   14:10:25 ET  Reply   Trace   Private Reply  


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