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Old 04-23-2007, 08:40 AM  
Donger Donger is online now
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Gasoline at $2.50 Coming to a Pump Near You, Unfazed by Falling Tab

http://www.bloomberg.com/apps/news?p...d=afOlUzd30YOo

Pretty alarmist, IMO, but possible.

Spoiler!
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Old 08-12-2015, 04:20 AM   #121
mdchiefsfan mdchiefsfan is offline
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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.
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Old 08-12-2015, 01:05 PM   #122
displacedinMN displacedinMN is offline
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Holy cow.
gas went from 2.39 to 2.79 today

WTF?
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Old 08-12-2015, 01:24 PM   #123
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Old 08-12-2015, 01:29 PM   #124
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Quote:
Originally Posted by displacedinMN View Post
Holy cow.
gas went from 2.39 to 2.79 today

WTF?
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
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Old 08-12-2015, 01:33 PM   #125
displacedinMN displacedinMN is offline
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We have our own refinery here. Can't believe it jumped so much,

Should build more refineries.
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Old 08-12-2015, 02:20 PM   #126
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Went from $2.55 to $2.67 today.

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Old 08-12-2015, 06:00 PM   #127
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Huh, went from 2.79 to 2.69 here today.
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Old 08-13-2015, 09:00 AM   #128
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Another good dive today so far. Down 2.17% at $42.36
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Old 08-13-2015, 09:08 AM   #129
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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.
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Old 08-13-2015, 09:17 AM   #130
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Oil prices at a six year low. Gas prices, not so much.
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Old 08-17-2015, 08:50 AM   #131
scho63 scho63 is offline
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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?”
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Old 08-17-2015, 09:51 AM   #132
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Unexpected repairs as oil hits a 5+ year low. That's called increasing your profit margin.
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Old 08-17-2015, 10:17 AM   #133
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Unexpected repairs as oil hits a 5+ year low. That's called increasing your profit margin.
And Gouging
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Old 08-17-2015, 10:19 AM   #134
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Old 08-17-2015, 11:03 AM   #135
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