Okay, cool. But it did drop from $3.83 to $3.59 in one week at Costco, so I think I'm safe to wait until the end of this week to fill up because it will be even less, correct?

Yes, all true.

Sure, I'd say you're safe. As long as I don't make a few phone calls.

Would Iran's oil even make much of a difference to America citizens because of the refinery issue you've cited?

LMAO

Oh shit, that's great

It would. Stop thinking of gas prices as a local thing, and start thinking of it as a global thing.

The worldwide oil market is probably the largest, most complex market of any commodity or item in the world. But it is WORLDWIDE, and highly integrated.

We're pretty much at the point now where supertankers heading for, say, London, get re-routed to New York mid-trip because a computer somewhere says so. That's an oversimplification to some degree, but the market is highly integrated.

Sure it would but not really because of refining. It adds to the global supply of crude. I haven't looked at the numbers in years, but the key for crude is spare supply and capacity. Back in the mid-2000s (I think it was), the GLOBAL spare capacity was something like 1 million barrels. So, if something happened (hurricane, war, etc.) that removed that extra supply, the market would understandably flip out.

I'll have to look it up now...

Thanks!

Thanks!

Closed at $45.17, down almost 4%

Because of all the Raiders fans as well as the players stealing gas. They gotta make up for the loss.

LMAO

Heading down again today. $44.23 down almost 2%

Diesel 2.29 in the Queen City of the Ozarks.

I can't remember the last time diesel was cheaper than unleaded, much less .20+ cheaper.

US Refineries Running at 10-Year High

In Wednesday’s report on the nation’s petroleum inventories, the U.S. Energy Information Administration (EIA) said that U.S. refineries were running at 96.1% of capacity in the week ended July 31. The last time the country’s refineries ran at that level was the week ending July 8, 2005, more than 10 years ago.

July is a big month for oil refiners, or at least it was. In 1998, U.S. refiners ran at 100% of capacity during the week of July 10 and at more than 100% of capacity in the week before Labor Day. Following that week in 2005, it took six years for refiners to reach even 90% of capacity again.

There could be a few reasons for the boost in refining. First, U.S. drivers posted in May a new all-time high for miles driven. (May is the most recent month for which data is available.) Miles driven had reached a peak in November 2007 and then stagnated for nearly eight years.

The increase in miles driven is likely due mainly to lower gasoline costs, which typically encourage Americans to hit the road. As unemployment rates decline, more people are back in the cars driving to work as well.

Another primary reason for the increase in refinery usage is product exports. Since late August of 2013, U.S. refiners have been exporting more than 3 million barrels a week of gasoline, diesel and other refined products. The current total is 3.74 million barrels a day of exports, based on a four-week average.

Some of the export increase is due to production of lightly refined crude oil that is the nearest thing U.S. producers and refiners can send out of the country, except to locations in Canada and Mexico. Kinder Morgan operates a so-called splitter plant that separates the condensates that are produced along with crude oil into components such as naphtha, kerosene and gasoil. The components are then exported and fully refined into usable fuels once they reach their destinations. The announced earlier this week is also targeted at these light condensates.

Because refined products command a higher price than crude oil, producers can take advantage of the refining spreads to boost profits for a reasonable cost. Where a new refinery to produce gasoline might cost $3 billion to $4 billion to construct from the ground up, a condensate splitter plant may cost as little as a tenth of that. Besides, as automobile mileage improves, growth in demand has slowed and that trend will continue, even if more slowly because pump prices are so low.

A final reason for the boom in refining last week may be that California’s refineries are coming back online after some unscheduled repairs. California drivers have been paying nearly $3.50 a gallon recently for gas when the national average is around $2.55. One consumer advocacy group has accused California refiners of exporting gasoline in order to reduce inventories in the state and keep prices high.

It is also worth noting that U.S. refiners are not the only ones who have either been taking advantage of or positioning themselves to take advantage of the higher prices paid for refined products. Saudi Arabia has a third 400,000 barrel-per-day refinery on the drawing board (it already has two that size), the United Arab Emirates is doubling the capacity of its 415,000 barrel-per-day refinery at Ruwais. Both are looking at additional exports to help boost profits while crude prices remain low.

It's varying by station. Diesel stayed consistent at 2.39 at two stations on Battlefield for the better part of May-June. Now one of them is down to 2.30 No.2 Diesel and 2.39 87 unleaded.

The 2.29 Diesel was at the station on the SE corner of the Sunshine and Campbell intersection.

Diesel tends to be more steady than gasoline because there aren't any different blends mandated.

Which is why I switched to that type of engine. Even if it's more expensive on the whole, it will at least be consistent.

And shit, it seems that it also has the benefit of being less in demand than 87 that once it hits a low it stays there for a while.

Still $4.49 at the nearest Chevron station yet it's $3.39 at the Burbank Costco today according to Gas Buddy.

Donger, would you mind explaining why some stations can charge more than a $1.00 more than others? I realize that Coscto prices are less expensive due to yearly membership but it's only 20-30 cents more at Burbank gas stations, yet it's $4 dollars or more in Hollywood.

It's less expensive in Beverly Hills than Hollywood. It's just bizarre.

It's probably a combination of two things:

1) Possible local taxation varies between the two.

2) It's more likely that for some bizarre California reason, people are willing to pay more in Hollywood than Burbank. I've said it before, but we have a station that is always $0.40 higher than two other stations a mile down the road. They can charge that because it's located very conveniently for all the MILFs in the neighborhood who will pay another $0.40 for the convenience. Or they simply aren't aware that their prices are high...

I'll go with the "higher population in that area" theory, either people living in Hollywood or around/touring/vacationing there as opposed to Burbank. It's my ongoing theory of why gas is more expensive in the metro KC area than it is outside of it for the first time in forever - Kansas City must have passed some population number that automatically bumps up the prices.

If the people keep paying the higher price, why would they drop it? The gas tax is around a quarter higher in CA than say KS, so you are paying almost $2 more just because.

Interesting. You'd think that with an app like Gas Buddy, prices would fall because there are less expensive options less than a mile away. Either that or it's the convenience factor.

Call it a character flaw, but I have real difficulty paying a higher price for goods and services when I'm aware they're less expensive elsewhere. I've had this conversation with my 7 year old many times, when she's asked about purchasing items.

Daughter: Daddy, can we get this?

Me: No, it's not on sale and it's cheaper at Coscto/Target/Amazon than here.

Daughter: I feel like all you ever care about is price.

Me: Someday, you will, too.

Welp, crude closed down 79 cents, or 1.8 percent, at $43.87 today. That's a slide of 7% on the week and 26 % in the last six weeks. We could be looking at $35/barrel or lower before this stabilizes.

Oil prices today at 6 year low and gas prices are barely budging! Based on past correlation, they should be around $2.10-$2.15 a gallon

Those rotten gouging assholes! :cuss:

What past correlation?

Gasoline has dropped about $0.20 in one month, by the way.

Diesel is still awesome. Git ****ed Donger.

You won't think so when winter comes. It's the Fuel of Satan.

o rly?

It is the Fuel of Satan.

Well I went 500 miles on one tank and had nearly 200 miles to spare.

That's because you are burning Satan.

Your choice to have some sort of sick and twisted form of employer-employee loyalty.

:spock:

It's there in places. I filled up for $2.18/ gallon in Nixa this week. I still see it as high as $2.39 in other area stations and shake my head at the morons paying that much as I drive by. Gasbuddy.com people. Use it.:banghead:

Gasbuddy got me today. Was checking it all day, for our KC trip. It was $2.15 at my favorite place. Also saw $2.05 a mile away. Pulled into the $2.15 one tonight and it jumped to $2.35. The place down the street was still at $2.05. Saved me $5.22.

$4.69 in Hollywood.

Gosh, I sure the oil companies are making a profit selling it at such a low price.

I've had that conversation a few times as well.

I have a company gas card, so I haven't looked at the price of gas in over two years; I have put 43,000 miles on my car within those two years, so I'm not sure who is winning. :shrug:

Holy cow.
gas went from 2.39 to 2.79 today

WTF?

2.17

Get ready Midwest

Great Lakes Gas Prices Expected to Rise on Unplanned Refining Issue
Read more at https://blog.gasbuddy.com/posts/Grea...R753kFvj3D8.99

As if refining sector health was a big game of roulette, it appears the ball has landed on the Great Lakes area. It was reported that on Saturday, the BP refinery in Whiting, Indiana had to shut a 240,000 barrel per day crude distillation unit (CDU) down for unplanned and unexpected repairs. The refinery’s capacity is listed at 430,000 barrels per day. The refinery outage, now running at 44% of capacity, is bad news for motorists in the area. The unplanned outage will surely halt the falling gas price celebration that Illinois and Indiana have enjoyed since early July. Prices are likely to spike in Illinois, Michigan, Indiana, Ohio, Wisconsin, and increases could possibly spill over into Kentucky and Missouri during the next week.

The BP Whiting refinery is located 20 miles southeast of downtown Chicago. The unit in question had been part of BP’s refinery expansion project, opening July 1, 2013. The new unit helped allow BP to take advantage of the new Canadian oil arriving into the market. It marked the largest private sector investment in Indiana history with the expansion price-tag clocking in at the multi-billion dollar level, according to a press release from BP.

It had been a rough week for the BP Whiting refinery already. Earlier last week the alkylation unit was reported to being having issues, per a report from OPIS. The alkylation refining unit is responsible for boosting octane in gasoline. With refiners not out of the woods yet for summer gasoline season, the impact to the gasoline market is expected to be particularly tough.

BP Whiting doesn’t have the only reported issue. Phillips 66 Wood River near the St Louis area was also rumored to have ongoing maintenance. A Marathon refinery in Robinson, IL had planned maintenance this week on a hydrocracker, reformer, and potentially a CDU. If Marathon has no ability to push this maintenance back, it could further strain gasoline prices as the market waits a reported 7-10 days for the BP Whiting CDU to return.

Wholesale gasoline prices are spiking again today in the region. As retail gasoline prices were expected to fall through year-end, this latest refinery issue is sure to negatively impact local prices and temporarily delay the decline in gasoline prices.

Read more at https://blog.gasbuddy.com/posts/Grea...R753kFvj3D8.99

We have our own refinery here. Can't believe it jumped so much,

Should build more refineries.

Went from $2.55 to $2.67 today.

I knew I should've filled up last night.

Huh, went from 2.79 to 2.69 here today.

Another good dive today so far. Down 2.17% at $42.36

Wow...

In the US, the latest data from the Energy Information Administration released Wednesday showed that crude inventories fell by 1.68 million barrels last week, a smaller-than-expected decline. Stockpiles remain at the highest levels for this time of year in at least 80 years.

Oil prices at a six year low. Gas prices, not so much.

Why gas prices are rising as oil falls to 6-year lows
 

http://www.marketwatch.com/story/why...ows-2015-08-15

Crude-oil prices haven’t been this low in nearly 6 1/2 years, but motorists in some parts of the country have seen a significant rise in prices at the gas pump this week.

Drivers can thank refinery troubles for that puzzling development.

The median price for gasoline in the U.S. Friday stood at $2.559 a gallon, up 6 cents from a week ago but down from $2.699 a month ago, according to retail fuel data site Gasbuddy.com The Chicago region has seen the biggest regional rise, with prices rising more than 60 cents from last week’s average to $3.372 a gallon.

While there have been some signs of moderation, in some places it has been brutal: Prices rose above $5 a gallon in California earlier this week, according to news reports.

Futures on West Texas Intermediate crude oil CLU5, -1.01% the U.S. benchmark, fell more than 3% this week to end at $42.50 a barrel after dipping to the lowest level since March 2009.

Gasoline futures RBU5, -0.18% jumped nearly 4% this week to $1.6869 a gallon, the biggest weekly rise since mid-June.

Much of the blame has been put on an outage at a BP PLC BP, -1.03% BP., -0.69% refinery in Whiting, Ind.

The problems in Whiting have contributed to a backup of Canadian crude oil, which at one point this week traded at around half the U.S. benchmark, noted Tom Kloza, global head of energy analysis at Oil Price Information Service, in a phone interview.

The timing of the outage and problems elsewhere come at an inopportune time, exacerbating the spike in gas prices.

Gasoline in metropolitan areas in the summertime must be a reformulated blend. Any small issue

“It would take some incredible change in Saudi policy to not see a tremendous drop in gas prices in the last 100 days of the year.”
Tom Kloza, global head of energy analysis at Oil Price Information Service
easily throws a monkey wrench in the refining process, Kloza said. Similar problems after Sept. 15 wouldn’t cause any major hiccups.

Also, for the first time in several years, the U.S. is witnessing a summer driving season. Gasoline demand has risen significantly this summer as drivers took advantage of the earlier fall in gasoline prices.

Kloza is confident gasoline prices will start to fall significantly by September at the latest as seasonal gas standards expire and summer driving comes to an end.

“It would take some incredible change in Saudi policy to not see a tremendous drop in gas prices in the last 100 days of the year,” he said. “The next 30 or 40 days, who knows?”

Unexpected repairs as oil hits a 5+ year low. That's called increasing your profit margin.

And Gouging :)

2.95 at the Velario down the street.

Diesel still at 2.27. Tis a great day to be alive.

Ohio gasoline is higher than the National average. Refinery down in Indiana I suppose.

3.25 it was 3.45 about 3 weeks ago.

Crude falling hard right now. $40.96, down 3.89%

Yet the "unexpected repairs" to a refinery are keeping local gas prices rather elevated. I think they did drop about .05 overnight. Still a long way away from where they should be.

Conveniently the "partial shutdown" of the refinery will take approximately 2 months to repair. As in, the rest of the summer\driving season.

Should be, eh? Based on what?

Conveniently the "partial shutdown" of the refinery will take approximately 2 months to repair. As in, the rest of the summer\driving season.

The previous low in oil\gas prices compared to now. And considering they are out there stating the refinery issue is jacking up prices, the should be is rather supported.

Do you have a specific date in mind?

You're right, Donger...oil is at a 6+ year low and gas prices are no where near close to the lowest price of the year.....

that's sound logic you present

So, you are talking about this year only, correct?

It looks like crude will get to $40 or very close to it today. Now at $40.19 down 2.73%

It just broke through $40

meanwhile gas prices aren't dropping because oh yeah..the "unexpected repairs" at a refinery...in fact I think they may have gone up overnight...

According to this site: http://gascalc.appspot.com/ when crude is at $40 a barrel, the price at the pump should be about $1.31 a gallon.

Here is the Austin area we are about a dollar more than that currently. :shrug:

Which is why I asked you about a specific date you had in mind.

No it isn't....you were\are trying to be purposely obtuse for some reason...

Oil hits it's lowest price in over 6 years and gas is no where even close to the lows of this year......justify that ....oh wait...refinery...my bad

Actually, it was. Yes, the refinery issue in Indiana is keeping prices higher than they normally would be. And, the situation in California is still no where near normal. So, add those two together and you get higher than normal average pricing relative to crude.

There are a few other items which significantly contribute to the higher than usual price delta.

Right..the "unexpected repairs" needed at a refinery. Which come just at the time when oil is crashing....and is expected to last for the remainder of the summer driving season....

so ****ing convenient...

Convenient for who, exactly? Certainly not the refiner.

WHAT? Are you that bad at math? They are getting oil cheaper now than they have in years. The "increased cost" due to the "unexpected repairs" is being passed along to the consumer. Just ****ing wow, Donger.

Pete, when a refinery shutsdown, they aren't refining crude and selling the refined products. So, yes, refiners REALLY don't like shutting down.

It's a partial shutdown. My God, man are you really this naive?

Correct, I hadn't completely read up on the situation:

Prices are expected to continue to rise in the short term, as BP’s refinery in Whiting, Indiana — the largest in the Midwest and seventh-largest in the nation — wrestles with “unscheduled repair work” that shut down the biggest of its three crude distillation units Aug. 8.

So, you are asserting that BP decided to intentionally shutdown the biggest of its three DUs in order to raise prices of the gasoline, correct? In essence, willingly remove more than one third of its refining capacity, as well.

So when all of these refineries wrap up their maintenance and shutdowns, assuming crude maintains its current trade price, will we see a massive fall in gas prices or will it be incremental? Or will it happen at all?