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Thread: Gas Prices Up $.40 Today To $4.15/Gallon

  1. #11
    Senior Member Gerry Clinchy's Avatar
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    Strangely, here in PA our prices went DOWN 8 cents/gal a couple of days ago.
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  2. #12
    Senior Member Buzz's Avatar
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    A friend of mine told me that on delivery to his stations late last week, the retail price of gas had dropped $.12 and that we'd be seeing lower prices at the pump soon.



    http://www.reuters.com/article/2011/...edName=topNews

    Gasoline slump drags oil prices to second big drop


    By Gene Ramos and Matthew Robinson
    NEW YORK | Wed May 11, 2011 5:07pm EDT

    (Reuters) - Oil prices tumbled over 4 percent on Wednesday after an unexpected rise in gasoline stocks amid slowing demand sent prices into a tailspin, triggering a five-minute halt in trade and fueling the second big commodities sell-off in a week.

    The momentum of gasoline's biggest fall in over two years washed across the oil complex and hit everything from silver to copper to the euro. Early losses stemming from weak Chinese industrial output data and gains in the dollar tied to Greek debt woes spiraled through the day, setting off sell-stops.

    The abrupt tumble drove oil volatility to its highest close since mid-March as traders struggled to figure out where markets might find equilibrium after diving more than $13 a barrel from their peak just last week.

    "The gasoline market continues to run crazy. Last week's steep slide has increased volatility in the market, and we are still responding skittishly to that," said Gene McGillian, analyst for Tradition Energy in Stamford, Connecticut.

    "The underlying fundamentals haven't changed enough to see this kind of price change. The market is nervous."

    Unlike last Thursday's precipitous fall concentrated in the crude oil market, activity focused on gasoline, which fell after the first rise in stocks in 12 weeks and as traders reckoned it less likely that flooding would affect refineries bordering the Mississippi River.

    Trading of crude and refined products halted after gasoline futures dropped 25 cents, the limit down, tripping a five-minute circuit breaker aimed to calm feverish markets. It was the first time the breakers had been hit since the financial crisis in September 2008.

    Gasoline fell further after trade resumed, breaking technical levels. Total volume reached a record 240,000 lots.


    Brent crude settled down $5.06 to $112.57 a barrel. U.S. crude fell $5.67 to $98.21 a barrel, after touching as low as $97.50 a barrel.

    U.S. gasoline futures suffered the biggest daily drop since September 2008, with the June contract settling at $3.1228 a gallon, losing 25.69 cents, or 7.6 percent. It was the biggest loss in dollar terms since September 2008.

    Rising fuel costs this year have fueled calls by U.S. lawmakers to cut down on speculation in oil markets.

    Those calls grew louder on Wednesday, even as prices fell, with a group of 17 U.S. senators calling on regulators to immediately crack down on "rampant oil speculation" by hastening planned rules to limit concentration.
    Last edited by Buzz; 05-11-2011 at 04:56 PM.
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  3. #13
    Senior Member Uncle Bill's Avatar
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    For about a week, Rapid City regular was $3.59, after being $3.69 most of April. But today I noticed it had returned to $3.69 again. So much for that spring 'bargain'.

    UB

    BTW, Buzz...that class envy showing in your sig lines is nice to see you hanging onto. You really should try to become a South Dakotan, rather than hanging on to that Michigan thugocracy you were brought up in. But I do see why you are so close to Obama in your philosophy. Were you at one time a "community organizer" as well?
    Last edited by Uncle Bill; 05-11-2011 at 05:51 PM. Reason: addition of PS
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  4. #14
    Senior Member gman0046's Avatar
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    UB, it could have been worse. He could have been from Chicago instead of Detroit. Then they wonder why they are not accepted by the locals. When I lived in Houston we were besieged by refugees from Michigan in the late 70's and early 80's. There were many bumper stickers saying " Welcome to Texas, Now Go Home ".

  5. #15
    Senior Member M&K's Retrievers's Avatar
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    Quote Originally Posted by duk4me View Post
    Wasn't on hwy 37 was it?
    Hwy 70 east of Kingston, west of The Roosevelt Bridge.
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