GAS 3.85 in Indy

D.O. · 5/7/08, 1:05 PM

Gas jumped to 3.85 before noon today???

:dologob:

5/7/08, 1:37 PM

I found this article interesting..

I'm really not here to scare you, but, get ready, I AM going to scare you.

The news got lots of attention: Goldman Sachs analyst Arjun Murti predicted Tuesday that the price of crude oil could hit $150 to $200 a barrel in six to 24 months.

Crude oil in New York promptly jumped to as high as $122.73 a barrel in New York before closing at $121.84. And, as I write this, crude was trading slightly lower in electronic trading. But it also had the perverse effect of pushing the stock market higher. Indeed, the biggest winners in Tuesday's stock market were oil and gas production companies, natural gas companies. (But not refiners; crude oil is rising faster than refiners can push their prices up.)

So, if crude jumps to $150 or $200, how does that translate into prices at the gas pump. Here's the scary part.

If crude hits $150 a barrel, we could be looking at $5 a gallon or so for the retail price of gasoline. That's based on Tuesday's $3.61-a-gallon national average and the rule of thumb that, for every $1 increase in crude oil, the pump price rises 5 cents a gallon.

If crude hits $200, the retail price of gas jumps to $7.52 a gallon. (Plus or minus a few cents) To fill the 10-gallon gas tank on my Honda Civic would cost $75.20, probably more because I live in Washington state, which has relatively high gasoline taxes.

Charles Nungester · 5/7/08, 2:05 PM

Oil this time last year was 80 dollars a barrel and the price of gas hit 3.69. Best estimates at 120 a barrel are 4.00 max and a lot of that has to do with the switch to summer blends and not the cost of oil.

Heres my advice. Buy ten ten gallon gas cans, Fill them up in april and use them for the month of may.

The price of oil has little to do with gas prices anymore.

Your govt makes more in taxes and fees off oil than any oil company. YEAH it's time to b**** but at www.sentate.gov not to news agencies, not about Bush, Not about Halliburton but to YOUR REPRESENTATIVES.

Chuck, last to get 3.49 at the stations around here. When the cashier flys out the door to fill up herself. You know its comming and the roadsign changed as I was filling.

Dwight Clock · 5/7/08, 2:36 PM

:eek:...$48.75 to fill my PT Cruiser this morning!:headbang At this rate I might have to borrow the bike from Shortbus.:O:

Mud Packer · 5/7/08, 2:41 PM

Quote:

Originally Posted by Dwight Clock

:eek:...$48.75 to fill my PT Cruiser this morning!:headbang At this rate I might have to borrow the bike from Shortbus.:O:

You might have to fight me for the chance to ride the bike!:rolling

Shawn · 5/7/08, 2:43 PM

I found it pretty interesting that last week, while my wife and I were in Myrtle Beach, that gas hit at least $3.75 in Indiana. However, gas was $3.39 at some gas stations in South Carolina the whole week that we were there. The most expensive while in S.C. was around $3.45. Yes, it's still outrageous, but quite a bit cheaper than the Hoosier state...

IndyBound · 5/7/08, 2:45 PM

Thanks for the gas update. Last December when I drove from Phoenix, Az. to Oswego N.Y., N.Y. state had the highest gas prices of any state I drove through. Now Indy gas prices have topped the Oswego gas price by 13 cents. Gas around Oswego ranged from $3.66 to $3.73 yesterday. Both the Federal Goverment and N. Y. State Officials are talking about cutting the gas tax for the summer. How long are they going to talk about it before they take action?

My plans are to drive back to Phoenix after my grandson Donovan's Christening May 18th. I can hardly wait to see what gas prices I will encounter on my trip home.

Patti

SHORTBUS · 5/7/08, 2:49 PM

BOTH OF YOU MIGHT GET BIT IN THE ASS BY MY BIG BAD DOG :rolling

5/7/08, 2:58 PM

Just got this article off the web in reference to the price of gas:

Where to buy your USA-gas. This is very important to know. Gas rationing in the 80's worked even though we grumbled about it. The Saudis are currently boycotting American goods. We should return the favor by not purchasing gas from companies which import the gas from Middle Eastern oil countries.
The companies that do not import gas from these countries are: Sunoco, Conoco, Sinclair, BP/Phillips, Hess, Arco, Pilot, Flying J, Love's, Racetrac and Valero.

I sold my SUV for a Toyota. The problem is it cost as much to now fill up my Toyota as it did the SUV.:thumbsdown:

LEADERS EDGE · 5/7/08, 3:02 PM

Goldman Sachs basically lifted that report from an analyst from a bank in Canada. The analyst in Canada reported basically the same thing 2 weeks ago and it fell on deaf ears, but when Goldman picked up on it and released it, the speculators freak even though the dollar had been up and our reserves jumped through the roof.

They make it become basically a self-fulfilling prophecy. Tell the speculators the sky if falling, they bite causing it to jump.

They are calling it an impending "Super Spike" in prices, but we are already in a "Super Spike".

I love it that they say America has to change it's habits. America changes it's habits and then they say that Global demand is up.

They say the dollar is weak causing the price to go up and then when the dollar goes up, they say that the strong dollar causes more demand.

The same "negative news" that causes $3-$5 jumps has no affect in driving costs down when it is "positive news".

Whenever there is strong news that should bring the cost back down, then there are a series of outages and terriosts attacks on pipelines.

Last week, it was announced that the dollar had strong gains and drove the cost down by nearly $10 a barrel. Oddly enough, a day or two later there where "reports" of a nigerian oil line bombing and that caused the cost to go up to where we are today. We are having "tight supplies".

We are in the midst of one of the greatest "cash grabs" in history and we will have to wait it out until it reverses.

Using the theory that oil is a limited resource suggests that it is worth infinity until it is replaced by something else. They sure as hell aren't going to let that happen.

For anyone who wants to see a smaller version of another "energy crises"(Man Made), rent "Smartest Men in the Room" It is the story of the Enron corporation and how the traders held states such as California hostage. I think it gives great insight into how the energy companies think.

5/7/08, 2:05 PM	#3 Re: GAS 3.85 in Indy
Charles Nungester Senior Member Race Count This Year: 6 Race Count Last Year: 14 Join Date: Jul 2007 Posts: 22,027	Oil this time last year was 80 dollars a barrel and the price of gas hit 3.69. Best estimates at 120 a barrel are 4.00 max and a lot of that has to do with the switch to summer blends and not the cost of oil. Heres my advice. Buy ten ten gallon gas cans, Fill them up in april and use them for the month of may. The price of oil has little to do with gas prices anymore. Your govt makes more in taxes and fees off oil than any oil company. YEAH it's time to b**** but at www.sentate.gov not to news agencies, not about Bush, Not about Halliburton but to YOUR REPRESENTATIVES. Chuck, last to get 3.49 at the stations around here. When the cashier flys out the door to fill up herself. You know its comming and the roadsign changed as I was filling. __________________ Charles Nungester

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5/7/08, 1:05 PM	#1 GAS 3.85 in Indy
D.O. Senior Member Join Date: Jul 2007 Posts: 2,915	Gas jumped to 3.85 before noon today??? :dologob:

5/7/08, 1:37 PM	#2 Re: GAS 3.85 in Indy
NKU NORSE Posts: n/a	I found this article interesting.. I'm really not here to scare you, but, get ready, I AM going to scare you. The news got lots of attention: Goldman Sachs analyst Arjun Murti predicted Tuesday that the price of crude oil could hit $150 to $200 a barrel in six to 24 months. Crude oil in New York promptly jumped to as high as $122.73 a barrel in New York before closing at $121.84. And, as I write this, crude was trading slightly lower in electronic trading. But it also had the perverse effect of pushing the stock market higher. Indeed, the biggest winners in Tuesday's stock market were oil and gas production companies, natural gas companies. (But not refiners; crude oil is rising faster than refiners can push their prices up.) So, if crude jumps to $150 or $200, how does that translate into prices at the gas pump. Here's the scary part. If crude hits $150 a barrel, we could be looking at $5 a gallon or so for the retail price of gasoline. That's based on Tuesday's $3.61-a-gallon national average and the rule of thumb that, for every $1 increase in crude oil, the pump price rises 5 cents a gallon. If crude hits $200, the retail price of gas jumps to $7.52 a gallon. (Plus or minus a few cents) To fill the 10-gallon gas tank on my Honda Civic would cost $75.20, probably more because I live in Washington state, which has relatively high gasoline taxes.

5/7/08, 2:36 PM	#4 Re: GAS 3.85 in Indy
Dwight Clock Senior Member Join Date: Jul 2007 Posts: 1,233	:eek:...$48.75 to fill my PT Cruiser this morning!:headbang At this rate I might have to borrow the bike from Shortbus.:O:

5/7/08, 2:43 PM	#6 RE: Gas is now $3.85 in Indy!
Shawn Senior Member Join Date: Jul 2007 Posts: 452	I found it pretty interesting that last week, while my wife and I were in Myrtle Beach, that gas hit at least $3.75 in Indiana. However, gas was $3.39 at some gas stations in South Carolina the whole week that we were there. The most expensive while in S.C. was around $3.45. Yes, it's still outrageous, but quite a bit cheaper than the Hoosier state...

5/7/08, 2:45 PM	#7 Re: GAS 3.85 in Indy
IndyBound Senior Member Join Date: Jul 2007 Posts: 2,626	Thanks for the gas update. Last December when I drove from Phoenix, Az. to Oswego N.Y., N.Y. state had the highest gas prices of any state I drove through. Now Indy gas prices have topped the Oswego gas price by 13 cents. Gas around Oswego ranged from $3.66 to $3.73 yesterday. Both the Federal Goverment and N. Y. State Officials are talking about cutting the gas tax for the summer. How long are they going to talk about it before they take action? My plans are to drive back to Phoenix after my grandson Donovan's Christening May 18th. I can hardly wait to see what gas prices I will encounter on my trip home. Patti

5/7/08, 2:49 PM	#8 Re: GAS 3.85 in Indy
SHORTBUS Senior Member Race Count This Year: 35 Race Count Last Year: 61 Join Date: Jul 2007 Posts: 1,560	BOTH OF YOU MIGHT GET BIT IN THE ASS BY MY BIG BAD DOG :rolling

5/7/08, 2:58 PM	#9 Re: GAS 3.85 in Indy
dirttracklady Posts: n/a	Just got this article off the web in reference to the price of gas: Where to buy your USA-gas. This is very important to know. Gas rationing in the 80's worked even though we grumbled about it. The Saudis are currently boycotting American goods. We should return the favor by not purchasing gas from companies which import the gas from Middle Eastern oil countries. The companies that do not import gas from these countries are: Sunoco, Conoco, Sinclair, BP/Phillips, Hess, Arco, Pilot, Flying J, Love's, Racetrac and Valero. I sold my SUV for a Toyota. The problem is it cost as much to now fill up my Toyota as it did the SUV.:thumbsdown:

5/7/08, 3:02 PM	#10 Re: GAS 3.85 in Indy
LEADERS EDGE Senior Member Join Date: Jan 2008 Posts: 980	Goldman Sachs basically lifted that report from an analyst from a bank in Canada. The analyst in Canada reported basically the same thing 2 weeks ago and it fell on deaf ears, but when Goldman picked up on it and released it, the speculators freak even though the dollar had been up and our reserves jumped through the roof. They make it become basically a self-fulfilling prophecy. Tell the speculators the sky if falling, they bite causing it to jump. They are calling it an impending "Super Spike" in prices, but we are already in a "Super Spike". I love it that they say America has to change it's habits. America changes it's habits and then they say that Global demand is up. They say the dollar is weak causing the price to go up and then when the dollar goes up, they say that the strong dollar causes more demand. The same "negative news" that causes $3-$5 jumps has no affect in driving costs down when it is "positive news". Whenever there is strong news that should bring the cost back down, then there are a series of outages and terriosts attacks on pipelines. Last week, it was announced that the dollar had strong gains and drove the cost down by nearly $10 a barrel. Oddly enough, a day or two later there where "reports" of a nigerian oil line bombing and that caused the cost to go up to where we are today. We are having "tight supplies". We are in the midst of one of the greatest "cash grabs" in history and we will have to wait it out until it reverses. Using the theory that oil is a limited resource suggests that it is worth infinity until it is replaced by something else. They sure as hell aren't going to let that happen. For anyone who wants to see a smaller version of another "energy crises"(Man Made), rent "Smartest Men in the Room" It is the story of the Enron corporation and how the traders held states such as California hostage. I think it gives great insight into how the energy companies think.