Why did the price of gas just go up 14¢ in 2 days?

Discussion in 'Off Topic' started by Bay Pisco Shark, Aug 27, 2011.  |  Print Topic

  1. Bay Pisco Shark
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    Bay Pisco Shark Gold Member

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    2500 miles from the nearest hurricane, no shortages, price of oil pretty stable. 4¢ 2 days ago, another 10 ¢ since last night.
     
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  2. MSPeconomist
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    Refineries in the hurricane zone are closed and it could take them a week or two to get back up to capacity. Also, we're near the people when they switch from summer-formulated fuel, which also interrupts supply.
     
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  3. Bay Pisco Shark
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    Bay Pisco Shark Gold Member

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    My area has special California formulation, and there is no rational relation other than price gouging (surprise surprise).
     
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  4. MSPeconomist
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    Sometimes prices go up when people expect/fear that prices will go up in the future.
     
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  5. ACMM
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    Does the opposite happen?

    [Sent from my iPhone using the milepoint app.]
     
  6. MSPeconomist
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    Sometimes it can.
     
  7. Captain Oveur
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    This is an example of why I don't buy the gas station owners crying that they only make five cents per gallon of gas. While it's certainly not two dollars a gallon of profit, Brian Williams can merely hint at prices going up, then before the newscast is over (and before the shipment of gas arrives), the price is already up.

    And the price takes about a month to go down when the prices go down.

    I'm not anywhere close to an expert on the price of gas, oil, timing, etc.....only that my BS detector goes off when I see owners point at big oil all the time.
     

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