Gas prices

[Adam Brooks]

.20 increase over the weekend. all 5 of my local station inquires have resulted in the same response "Tanker spill".

As someone who trades crude for a living, the tanker lost 450,000 gallons.
crude on the nymex trades about 350,000 contracts a day. each contract is 1,000 barrels of oil. each barrel is ~42 gallons to 42,000 gallons per contract. The spill is a supply withdraw of 450,000 / 42,000 = 10.7, or ~11 contracts.

keep in mind we trade 350,000 a day (or 14,700,000,000 gallons). 0.003% reduction in supply and we're currently trading at 74.40 a barrel.

We are literally being screwed by the stations and/or their suppliers this time. :thumbsup

[Karps TA]

stations around me are all way cheaper then last week. Stations by me all went down since I filled up on Thursday.

[Prince Valiant]

No, this is who it is:

http://images.icanhascheezburger.com/completestore/2008/7/3/andonthec128595915013624403.jpg

[Adam Brooks]

that's actually good news and what should be happening, crude got killed last week. by me we went up from 2.50s to 2.70s bc of "the spill":punch:

pv: opec isnt that big of a deal to us anymore. America's purchases from opec nations are on an exponential decline.

[Holeshot]

Its actually come down the past few days. It was 2.65 by the airport Monday and its down to 2.53 today. Oil is down 1.54
http://www.oil-price.net/index.php?lang=en

[Adam Brooks]

careful w. that site the quote is relatively accurate but the percentage move is not. the reason is bc of the contract roll, they're showing the pct change from the G contract to the H contract, however the majority of us started trading the H around the 15th when the volume surpassed that of G. G will decline further bc when the contract expires you *HAVE* to liquidate it which drives the price down..... is also why you will *always* lose money on the roll w/ any ETF backed by futures... always as in 100% of the time.

long story short crude is actually up .05%,

[tommyt5078]

Were in milwaukee did this happen?

[TransAm12sec]

It happened by Texas.
http://online.wsj.com/article/SB10001424052748704562504575021540843701582.html?m od=rss_Today%27s_Most_Popular

[tommyt5078]

It happened by Texas.
http://online.wsj.com/article/SB10001424052748704562504575021540843701582.html?m od=rss_Today%27s_Most_Popular



No..........the increase in the gas price?

[Smokey1226]

We are literally being screwed by the stations and/or their suppliers this time. :thumbsup
I can tell you, if you think its the stations you are highly mistaking. With the rediculous competition and the minimum markup gone, most stations are lucky to make 4 cents a gallon in the city. Minus the 3% for credit card fee's.....you tell me who's making all this damn money

[Silver03SRT]

Its all BS. Im sure the tanker spill they collected insurance and still raised the prices. There is a gas station by my house that was at 285 when everyone else was around 268

[Adam Brooks]

I can tell you, if you think its the stations you are highly mistaking. With the rediculous competition and the minimum markup gone, most stations are lucky to make 4 cents a gallon in the city. Minus the 3% for credit card fee's.....you tell me who's making all this damn money

which is precisely why a minority of stations have inflated their prices to capitalize on the "spill" while the majority have maintained or decreased their prices. Those who have inflated will naturally begin to lower once the demand drops off.

[FoxStang]

Filled up in Indiana earlier last week for 2.61, because all the gas stations around here are charging about 3.09 a gallon, I even saw a BP charging 3.29... Chicago sucks for gas prices, why I barely drive when I'm down here.

[badass88gt]

I blame Global Warmning.