Gas Prices

[TheBlackDog65]

I still strongly feel that we will see prices moderate, but the problem we face is our short term vs long term memories. There is a gas station on my way to the school I teach at that closed 2 years ago this month. The price signs are still there and they read $1.459 for regular unleaded.  I cannot remember the price a year ago, but I am thinking it was under $2 a gal. or around $1.799.  Boy, what I would give for $1.799 but I think those days are done. What will change oil prices and force them down is the slowing of the US economy. When we as Americans can no longer afford to driver except to the needed locations of work, grocery shopping, kids sports games, school, etc., and the middle to upper middle class restricts their spending, then energy prices will have to moderate and go down. Not to be doom and gloom, but it is about time for a mild recession to moderate both the slight inflation we have had, and the soaring prices of living expenses. Hopefully I am wrong.

[Tracy]

Just read an article in the Charlotte Observer that claims that gas stations owners in the area raised prices last week strictly for profit -- they were not faced with a dramatic increase in price.  The article claims they took advantage of the situation in that they usually make a profit of $.5 - $.10/gallon but they raised their profits to as much as $.75/gallon last week.  Nice

[TheBlackDog65]

Saw something similiar yesterday and today. A local chain food store that sells gas had it at $2.739 yesterday, then at $2.799 last night, then at $2.839 this morning, and then took it back down to $2.799 tonight. The day before Katrina the price at that gas station was like $2.40 or so.  The station attendant told us that if we had showed up 15 minutes earlier we would have paid the higher price today. We asked why the change. Because it was a Saturday am and more people gas up from 7am to 5pm on a Saturday then at any other time of the week, so the business increases the price slightly to maximize profit. Guess I won't fill up on Saturday there (it is still one the cheaper gas prices in the area).

[john todd]

There is a gas station on my way to the school I teach at that closed 2 years ago this month. The price signs are still there and they read $1.459 for regular unleaded. 

that is funny that you have the same situation.  we had a gas station that was run out of business for price gouging after 9-11.  forever their ridiculously high price was just sitting there.  the price... $1.79.

[DSJ™]

Gas here is down a tad. Anywhere from $1.02 - $1.09 per litre. Tuesday is 7 cent coupon day so I will top of the tank on the way to work.

[Brian]

Down just a bit here as well now, ranging from $2.89 (lowest) to $3.11 (highest) - that I've seen.  Better than it has been at least, but still plenty high overall.

[jjks]

I've seen it as low as $2.79, but for the most part it's between $2.90 and $2.95.

[Nathan]

Slowly going down here. Between $2.59 and $2.63.

[ruiner]

Just when you think things are going to settle down....

Rumor has it (good ol' trustworthy CNN) that gas will hit $4-$5 a gallon if Rita hits Texas late Friday, early Saturday.

Personally, this will affect my wallet immensely as I have a long commute to work.

What are your thoughts?

Will the government step in with relief (eliminating gas tax, tapping the reserves, etc.)?

[Brian]

I heard rumors of a big price jump as well, but hopefully that won't happen.  Its at about $2.59 here (cheapest), which still isn't great...but better than it has been certainly.  I was hoping to fill up this morning before any increases, but of course the only pump open was out of order.  Hopefully at lunch today, and hopefully the prices won't have gone up yet.

[Nathan]

[JesseVader08]

Will the government step in with relief (eliminating gas tax...)?

 

Up here in Canuckia, the government makes way too much money from gasoline tax (around 50% of the price, I believe).  That laughing smilie is a sarcastic/pessimistic laugh toward the government, not you, Travis.

[Morgbug]

It's way worse than that Jesse.  Canada is self sufficient in terms of the production of units of oil for the population.  We just choose to sell it rather than being self sufficient.  Canada is tremendously resource rich in terms of oil, natural gas, coal and hydro-electricity (water in general, for that matter).  We could have the cheapest power in the world, but we all choose to sell it instead and then import and tax the **** out of it.   

[JesseVader08]

I'll never understand how Alberta, one of the world's richest sources of oil, pays nearly as much for gas as the rest of us.  Even Saskatchewan continues to find more and more oil and we're still paying out the ass (coming from experience now that I live in Kindersley, the heart of Saskatchewan's oil patch).   

[Morgbug]

Yup, and there's piles in Southwestern Manitoba as well.  Never mind the Arctic that we own, aside from Alaska's portion.