Crude oil at $44 a barrel and gas prices go up .20 cents per gallon

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Spock

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Aug 6, 2015 4:07 PM
Jesus this is price gauging at its finest. At these prices our gas should be at about $1.50 a gallon. My guess is that they are filling their coffers before the bottom drops out.
Aug 6, 2015 4:07pm
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sleeper

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Aug 6, 2015 4:11 PM
No doubt we will see prices under $2/gal soon enough.
Aug 6, 2015 4:11pm
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4cards

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Aug 6, 2015 4:41 PM
Spock;1744694 wrote:Jesus this is price gauging at its finest. At these prices our gas should be at about $1.50 a gallon. My guess is that they are filling their coffers before the bottom drops out.
...and I thought I got fucked going to the drive thru at fast food places but this?
Aug 6, 2015 4:41pm
fish82's avatar

fish82

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Aug 6, 2015 4:44 PM
It'll be back down close to 2 bucks within 10 days.
Aug 6, 2015 4:44pm
Q

queencitybuckeye

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Aug 6, 2015 4:46 PM
*gouging

There's no reason to expect a linear relationship between cost and price.
Aug 6, 2015 4:46pm
S

sportchampps

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Aug 6, 2015 6:15 PM
It was 1.97 in Gahanna on Tuesday 2.49 Last night
Aug 6, 2015 6:15pm
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Uz2Bon36

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Aug 6, 2015 6:31 PM
Think it was in Piqua I noticed prices of 87 octane for $2.19/gallon but 89 octane was $2.89/gallon. WTF is up with that?!
Aug 6, 2015 6:31pm
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sleeper

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Aug 6, 2015 6:46 PM
I still don't really understand why people bitch about gas prices. It's almost like people just like to bitch about something. Get a real job.
Aug 6, 2015 6:46pm
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HitsRus

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Aug 6, 2015 7:10 PM
It's all about available supply from the refineries...it'll be down to $2 per Gal soon.
Aug 6, 2015 7:10pm
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Commander of Awesome

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Aug 6, 2015 7:15 PM
Aug 6, 2015 7:15pm
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GOONx19

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Aug 7, 2015 1:01 AM
We haven't seen it under $2.50 in two months.
Aug 7, 2015 1:01am
W

wkfan

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Aug 7, 2015 8:28 AM
Went from $2.03 in the morning on my way to MY WELL PAYING AND PROFESSIONAL JOB AT 6:00AM to $2.49 on my way home LAST NIGHT AT 8:30PM.

But, it's Thursday, so the price has to go up.
Aug 7, 2015 8:28am
Spock's avatar

Spock

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Aug 7, 2015 11:56 AM
queencitybuckeye;1744710 wrote:*gouging

There's no reason to expect a linear relationship between cost and price.
except for the fact that 99% of the time there is a linear relationship.
Aug 7, 2015 11:56am
W

wkfan

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Aug 7, 2015 12:04 PM
Spock;1744916 wrote:except for the fact that 99% of the time there is a linear relationship.
Please elaborate regarding the 22.7% increase in the pump price yesterday...or was yesterday part of the 1%?
Aug 7, 2015 12:04pm
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Azubuike24

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Aug 7, 2015 12:09 PM
I agree with sleeper. If you drive an average vehicle and drive average miles, you fill up maybe once a week. Average fill up is probably 15 gallons, so at $2.00/gallon or $2.50/gallon, you're talking a whopping $7.50/week.

These same people that bitch probably eat fast food, pay $150 bucks for cable TV and drink Starbucks every morning.
Aug 7, 2015 12:09pm
Spock's avatar

Spock

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Aug 7, 2015 12:13 PM
http://blurbrain.com/expect-oil-go-200-barrel-gas-go-7-iraq-oil-goes-offline/


just going to leave this for you. THe chart should help you visual learners. Crude oil prices make up the largest % of the gas price. Taxes, refining costs and profits are the other factors. Taxes arent moving and the market keeps profits in most places stable. Right now the summer blend has refining costs up a little but at the current price per barrel...... gas should be under $2.
Aug 7, 2015 12:13pm
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Azubuike24

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Aug 7, 2015 12:15 PM
A soda at the gas station should cost $.08.
Aug 7, 2015 12:15pm
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sleeper

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Aug 7, 2015 12:19 PM
Spock;1744923 wrote:http://blurbrain.com/expect-oil-go-200-barrel-gas-go-7-iraq-oil-goes-offline/


just going to leave this for you. THe chart should help you visual learners. Crude oil prices make up the largest % of the gas price. Taxes, refining costs and profits are the other factors. Taxes arent moving and the market keeps profits in most places stable. Right now the summer blend has refining costs up a little but at the current price per barrel...... gas should be under $2.
You are welcome to start your own oil and gas company and sell gas at whatever price you deem fit. There is nothing stopping you. If you truly believe you can sell it for cheaper you would corner the market and make billions of dollars in profit as customers would shop nowhere else.

Or you could just get real and understand the market sets the price like a grown up.
Aug 7, 2015 12:19pm
Spock's avatar

Spock

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Aug 7, 2015 12:25 PM
sleeper;1744929 wrote:You are welcome to start your own oil and gas company and sell gas at whatever price you deem fit. There is nothing stopping you. If you truly believe you can sell it for cheaper you would corner the market and make billions of dollars in profit as customers would shop nowhere else.

Or you could just get real and understand the market sets the price like a grown up.
Are you stupid? THe market (or profit) of a gallon of gas has factors in it that only allow for a certain price window.
Aug 7, 2015 12:25pm
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sleeper

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Aug 7, 2015 12:27 PM
Spock;1744931 wrote:Are you stupid? THe market (or profit) of a gallon of gas has factors in it that only allow for a certain price window.
The one who doesn't understand how the market sets prices is calling me stupid. Please grow up or be redeemed.
Aug 7, 2015 12:27pm
Spock's avatar

Spock

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Aug 7, 2015 12:38 PM
sleeper;1744932 wrote:The one who doesn't understand how the market sets prices is calling me stupid. Please grow up or be redeemed.
THE MARKET ONLY SETS PART OF THE PRICE. crude oil prices, taxes and refining costs are all set and the "profit" in the market is the only thing that can be adjusted by most.

Dont you understand? Tell me how the guy that owns a gas station can adjust the taxes on gas? You do realize that state and federal taxes on gas is sometimes as high as 20% of the total cost per gallon?
Aug 7, 2015 12:38pm
Q

queencitybuckeye

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Aug 7, 2015 12:38 PM
Spock;1744916 wrote:except for the fact that 99% of the time there is a linear relationship.
Cite?
Aug 7, 2015 12:38pm
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Heretic

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Aug 7, 2015 12:41 PM
Azubuike24;1744925 wrote:A soda at the gas station should cost $.08.
And my last grocery bill should have been, what, 10% of what it actually was? It's weird how, over time, virtually every common good has inflated in price drastically, but the only thing that gets dipshits' panties in a wad is gas. I'd totally love to pay 25 cents for a dozen eggs, like back in the 70s (and a magical reversion back to that price scale would mean a lot more to my wallet than the same happening to gas), but I don't constantly cry over their current price.
Aug 7, 2015 12:41pm
Q

queencitybuckeye

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Aug 7, 2015 12:42 PM
Some Econ 101 for the OP. Variable cost sets the floor for price. There is NO other relationship.
Aug 7, 2015 12:42pm
Spock's avatar

Spock

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Aug 7, 2015 12:43 PM
http://www.energytrendsinsider.com/2012/03/21/what-makes-up-the-cost-of-a-gallon-of-gasoline/

Here sleeper, this is kinda like Gas for dummies. It will help you understand what drives the price of gas. I will give you a hint, on those pie charts.....guess what is the largest % of the price?

Once you answer that you will understand that the price at the pump is linear to crude oil prices. When we are paying 2.60 a gallon and crude is $44 a barrel......someone is getting rich as shit.
Aug 7, 2015 12:43pm