GAS GOUGE!!! - Fiberglass RV


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Old 09-12-2008, 07:18 AM   #1
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Hi: All... What is the connection between gas in the ground HERE and Ike in the Gulf THERE???
Price hiked $0.10 Ltr. 0r $0.40 Gal. over nite!!!
Alf S. North shore of Lake Erie
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Old 09-12-2008, 08:22 AM   #2
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I've paid as high as 5.61 9/10 a gallon in Alaska this summer. Getting back to 4.01 9/10 per gallon in Oregon is going to seem pleasant, even with the Ike hike. Sad, isn't it...
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Old 09-12-2008, 09:19 AM   #3
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Yesterday afternoon...... $1.20 /litre
Last evening..................$1.39/litre
That's a 19 cent jump in just a few hours. There's no reason for that that I know of other than the weekend is comming.
BTW there's over 4 litres to a gal.
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Old 09-12-2008, 04:19 PM   #4
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There's some hysteria-driven gouging going on here in South Carolina too...

Where I get gas...$3.55 gal (been at that price for about a week) was $3.55 this morning, NOW $3.99!
Other stations in the area have jumped as high as $4.29!

Yesterday, the local news radio & TV was reporting that gas prices WILL BE going up as high as $5, when national news was reporting that gas prices MAY go up as high as $5 (a big difference in reporting same story.)

By yesterday afternoon there was a run on gas stations as folks were hurrying to fill up before the price hike.

This is in contrast of Oil Prices DROPPING yesterday on news that Hurricane Ike was NOT going to impact the gulf coast oil industry as much as it was earlier speculated.

BTW, Oil Prices are at levels now last seen since May'08...but the price at the pumps are NOT at last spring's levels...while they say that pump prices react directly on daily oil prices, it must be only for raising prices, not lowering them. We're getting suckered. ...and Gas sells in Saudi Arabia at 35 a gallon. Did you know that the price of Oil has dropped more than 30% since talk of opening up US offshore drilling began? A 30% drop in just one month!

Calls to the SC State Attorney Generals office with complaints of price gouging are flooding in.

If you want to do something about it where you live...call your Federal, State, & Local elected representitive, then call your State Attorney General. IMHO

ConwayBob

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Old 09-12-2008, 04:22 PM   #5
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I just heard a report on TV here in North Carolina that a station in Fayetteville was charging $5.49/gallon. It didn't look like they were getting many customers though. Maybe they think that they will be able to have gas in a few days if other stations run out.

Kathy
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Old 09-12-2008, 04:42 PM   #6
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Gas price in Van Buren, AR;

Monday 9/8 - $3.41
Friday - 9-12 $3.79

Keep in mind that gas price at the pump is set by several things.

1) An accounting standard call LIFO - Last In, First Out. This means that the gas in the tank in the ground is sold at a price based on the spot market today even though it was delivered a week ago.
2) The spot market price is set at whatever price the options holder is willing to sell to a bidder.
3) Options bidders panic whenever someone says, "Hurricane!", believing there will be a shortage if/when the refineries/offshore wells are damaged by high winds and heavy rain.
4) Hurricane Ike, as with the previous hurricane, was hyper exagerated by the media into something it realy isn't.
5) In the next few days, when the options traders discover that the refineries/offshore wells are not damaged, the prices should return to the prices before the H-U-R-R-I-C-A-N-E and the media stops telling everyone that the end of the world, as we know it today, is coming to an end.






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Old 09-12-2008, 04:46 PM   #7
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It's crazy, that this storm that isn't even THAT bad... cat 2, the only thing that I can even think of is all the oil rigs out in the gulf shut down maybe?? or get damaged from the storm, would that effect the cost? I am poking blindly at this one so forgive me if I am way off base.
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Old 09-12-2008, 04:58 PM   #8
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Last in First Out (LIFO) First in first out (FIFO) I just can't see where either one of these accounting syatems applies to gas. We pay the highest price regardless of what is in their holding tanks. Just think of a huge supplier that held on to several million gallons of gas and did not dump it on the market until it hit $4 a barrell. As far as the consumer is concerned, we're just getting screwed however they fdigure it.

I think this is a situation where the government should put on price controls
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Old 09-12-2008, 05:41 PM   #9
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It's crazy, that this storm that isn't even THAT bad... cat 2, the only thing that I can even think of is all the oil rigs out in the gulf shut down maybe?? or get damaged from the storm, would that effect the cost? I am poking blindly at this one so forgive me if I am way off base.
What they are reporting here in California is that the rigs at the wells in the middle of the gulf have ridden out the storm unscathed, and that is not the problem. However, the [b]REFINERIES in Texas in the path of IKE do 25% of the refining for the North American market, and they are shut down. So now that the remaining Refineries can only supply 75% of demand, the prices will spike accordingly.
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Old 09-12-2008, 07:47 PM   #10
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Hi: All... Maybe G.M. is on the right circuit with an all electric car "The Volt". Pity it pro'ly won't pull "the skin off rice pudding" for us TUGGERS. Might just get me to work on an off peak or'nite charge.
What price COMMUTER ???
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Old 09-13-2008, 12:11 AM   #11
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Last in First Out (LIFO) First in first out (FIFO) I just can't see where either one of these accounting syatems applies to gas.
Well if you listen to the news and the reasons for gas hikes they claim both for the reasons.

1. Todays price is high because of the high cost of purchasing a small amount of oil in the distant past and might still have in our reserves.

and
2. Todays price is hig because it will cost more to replace tomorrow the cheap stuff we just sold you suckers.

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If you want to do something about it where you live...call your Federal, State, & Local elected representitive, then call your State Attorney General. IMHO

ConwayBob
I'd suggest that since we both have federal elections coming up in the near future, we all try to make the apparent price gouging an election issue.
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Old 09-13-2008, 09:19 AM   #12
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They are now pricing the gas is in their holding tanks based on the storm so I think I have figured out the oil company pricing system: (Is it FIFO, LIFO, or AR2G)

It's "AR2G" = Any Reason To Gouge

This should be criminal.

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Old 09-13-2008, 09:23 AM   #13
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You got it!

AR2G is the formula.
My brother in law in Morristown Tn says it went from 3.50 to 4.50 yesterday.
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Old 09-13-2008, 11:40 AM   #14
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What they are reporting here in California is that the rigs at the wells in the middle of the gulf have ridden out the storm unscathed, and that is not the problem. However, the [b]REFINERIES in Texas in the path of IKE do 25% of the refining for the North American market, and they are shut down. So now that the remaining Refineries can only supply 75% of demand, the prices will spike accordingly.
Thanks, Frederick. You nailed it. My brother-in-law lives near Beaumont, Texas and works in a gasoline distribution facility. He worked until noon yesterday and was asked to "stay close," so they can get the plant up and running again as soon as possible. The plant is 19 ft. above sea level. We (in central Texas) don't yet know if there was flooding at the plant... nor what the power situation is. It will take a day or two AT BEST to get things going again, and that's a single facility.

Ike came ashore as a strong Cat.2 storm (was one mph lower than being a weak Cat.3), but the amount of SURGE (and overall energy level, since it was 500 miles across) was more like that of a Cat.5. Did anybody notice what it did to southern Louisiana even though it was passing by some 300 miles away as it churned toward the Texas landfall?

I'm not arguing that the spike in gasoline prices is reasonable; but there [b]is some cause and effect from this storm.
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