Gas prices going down

[Drag]

The Daily Auto Insider
Wednesday, September 17, 2003
September 2003


After reaching a new record high price of $1.737 per gallon on August 30, the nationwide average price of self-serve regular gasoline has begun to decline and now averages $1.687 per gallon, according to AAA's daily online Fuel Gauge Report.

Still, the current nationwide average price remains 10 cents per gallon higher than one month ago, when the price was $1.587 per gallon.

Prices moved sharply higher at the end of August due to higher crude oil prices, rising demand for gasoline, a drop in gasoline imports and a series of problems with domestic gasoline refineries and a pipeline break, the AAA said.

One year ago the nationwide average price of self-serve regular was $1.402 per gallon, 28.5 cents lower than the current average.

Since mid-August, gasoline prices have jumped 19.8 cents per gallon in New England to $1.769 per gallon. Prices are up 15.5 cents per gallon in the Mid-Atlantic region to average $1.686. Gasoline prices increased an average of 11.4 cents per gallon in the West and Great Lakes regions to $1.826 per gallon and $1.721 per gallon, respectively. In the Southwest, prices increased 8.1 cents per gallon since the middle of last month to average $1.627. Prices are 6.5 cents per gallon higher in the Southeast to average $1.551, and 4.1 cents higher in the Midwest to average $1.627 per gallon.

Nationwide, the price of self-serve mid-grade averages $1.792, an increase of 10.8 cents per gallon since last month, and 30.4 cents higher than last year. Self-serve premium averages $1.856 per gallon, up 11.1 cents since mid-August, and 31.4 cents higher than last year.

Average regional prices for self-serve regular in mid-September of last year were: West, $1.527; New England, $1.452; Great Lakes, $1.437; Mid-Atlantic, $1.412; Midwest, $1.40; Southwest, $1.37; and Southeast, $1.328.

The national average prices for self-serve regular unleaded gasoline for AAA's mid-September survey for the last five years are: 2002, $1.402; 2001, $1.537; 2000, $1.58; 1999, $1.282; and 1998, $1.057.

AAA's Fuel Gauge Report is based on data from Oil Price Information Service, the nation's most comprehensive source of petroleum pricing information, the organization said. AAA purchases the data and makes it available free on the Internet as a public service.



Corvette= "The ability to pass with class"

[Kevin W]

Gas here is slowing going downward, finally. Down about 7 cents from 1.78 to 1.71 per gallon for regular.

Kevin

2003 Pewter H2, Tire relocator, painted hard tire cover, billet gas cover, MC2 chrome hood handles, stainless bumper letters, 15% tinted front windows,pioneer nav/dvd, xm sat, headrest monitors, tv tuner, defenderworx hood latches, side vents, marker bezels, and chrome MC2 factory style wheels .

[DRTYFN]

Forget the trivial Enron scandal- look into the price fixing in gasoline that's gone on for decades. There wasn't anymore reason to raise gas prices before Labor/Memorial day than there is now to lower them.
Have you ever noticed that gas prices go up right before a major holiday like Thanksgiving, Xmas, Memorial Day, Labor day or 4th of July? Why is that? Sounds a lot like price fixing to me.

[KenP]

HUMMERDOGG:
I am with you. I believe we are very close to the bottom on gas prices. Only room for a few more cents to the downside. Then watch out.

I say this, but I have no formal training. However, it seems like Econ 101; supply and demand.

Black Lingenfelter Lux

[DennisAJC]

Still pretty high here in Canada.

He ain't heavy.....
He's ma HUMMER baby!
03 NUDE Pewter Lux H2
03 Dressed Range Rover

[Klaus]

I saw Chevron Supreme today for 1.409

Klaus

"God made some men big and some men small, but Sam Colt made them all equal."

[Hummertime]

$1.23 for the cheap stuff

Bone stock but dreamin!

[HUMMERDOGG]

I can get Kroger Premium Super 93 for $1.46/gallon here in Houston... Today was a very supportive day in natural gas and crude oil trading... I don't anticipate prices at the pump coming off substantially more any time soon especially as we near winter and the demand for home heating oil increases...

[Kevin W]

Since my first post, gas prices here in the Philly are have gone down to an average of $1.69 for regular. Have seen it as low as 1.64.

Kevin

2003 Pewter H2, Tire relocator, painted hard tire cover, billet gas cover, MC2 chrome hood handles, stainless bumper letters, 15% tinted front windows,pioneer nav/dvd, xm sat, headrest monitors, tv tuner, defenderworx hood latches, side vents, marker bezels, and chrome MC2 factory style wheels .

[MAC]

Drag: "can't wait to see prices once we start getting that cheap Iraqi oil."

I don't think we will ever see the Iraqi oil. Iraqi oil was discovered back in the '20s or '30s, yet was never pumped for one simple reason, too cheap. The oil companies basically decided not to touch it for the obvious reason of not to lower the price of oil. The law of supply and demand, lower the supply to maintain the price, which is exactly what the OPEC voted to do this week.

Same reason why we use imported oil instead of American oil, theirs is much cheaper. There is absolutely nothing bad about using imported oil. We buy the cheaper oil with the money we print, they buy our weapons, goods and services with the money we gave them, in the end, we got their oil, we got the money back, we got jobs and profit, they are running out of money, jobs and oil. Despite all the money they made on oil, they are actually running out of money. We got their money and we are sitting on trillions of barrels of oil, just in case we really run out oil one day, which I doubt, guess who is the only one left with oil? The Good Old USA.

Anyone complaining about imported oil should retake Econ 101.

[Navigator]

1.57 here in WI......could be worse

Rich

2004 H2 Adventure w/Corsa cat back.
2003 Nisan Murano
2003 Lincoln Navigator (for Sale)
2001 Ford Lightning W/mods
1999 F-350 W/mods
1999 Yukon Denali (for sale)

[5spd]

$1.58 around here.

[Klaus]

BP in Atlanta:

Regular - $1.239
Silver - 1.339
Ultimate - 1.439



Klaus

"God made some men big and some men small, but Sam Colt made them all equal."

[Rosco]

prices have dropped here in the last few weeks anything upto 10 cents a gallon.

Filled up 2 days ago for 1.60 for 89 but 87 going for 1.50.

[Albie]

yes....... so cal prem is under 2 bones

[Albie]

LOS ANGELES -- Retail gas prices slid more than 10 cents per gallon over the past two weeks, the biggest drop in two years, a nationwide industry survey found Sunday.

The average price for a gallon of self-serve gas nationwide Friday, including all grades and taxes, was about $1.65, according to the Lundberg Survey of 8,000 stations. That was a decrease of 10.23 cents per gallon from Sept. 12, the date of the last Lundberg Survey.

The drop was largely driven by an increase in supplies after a broken pipeline in Arizona and the East Coast blackout created shortages during August, analyst Trilby Lundberg said. Gas prices edged up last month and peaked Sept. 12 at about $1.75, she said.

"We're coming down from these highs in August," Lundberg said.

The end of the summer driving season also eased pressure on prices, while gasoline imports added to overall supply, she said.

The drop marked the largest since the terrorist attacks on Sept. 11, 2001. The weighted average retail gasoline price fell from about $1.54 to nearly $1.43 during the two weeks before Oct. 5, 2001.

Lundberg said a decision last week by the Organization of Petroleum Exporting Countries to cut production by 900,000 barrels as of Nov. 1 would not cause a surge in gas prices. Instead, prices would continue to fall, though not as steeply, because of a lower consumption season and increased competition among gasoline retailers, she said.

As of Friday, self-serve regular gasoline showed an average weighted price of $1.62 a gallon, with midgrade at $1.72 and premium grade at $1.81.

[Drag]

Gas prices sink lower



The nationwide average price of self-serve regular gasoline has fallen to its lowest level since mid-July of this year. The current price of $1.501 per gallon for self-serve regular gasoline is three-tenths of a penny lower than the $1.504 recorded by AAA's daily online Fuel Gauge Report on July 17th and is a drop of six cents since mid-October when the average price was $1.561 per gallon.

Gasoline reached a record high price of $1.737 per gallon over the Labor Day weekend this year, AAA said in a news release. The current price is 23.6 cents lower than at that time, but is 4.3 cents per gallon higher than one year ago when the average price was $1.458 per gallon.

Nobody expects the Spanish Inquisition!!

[HUMMERDOGG]

HummerMan-

I will gladly sell you daily struck $1.00 puts for the year 2004. It's my opinion that we see $40.00 crude next year (right now it's over $32 for the december contract and that's up from a sell off back in august that took crude from $32 down to $26) and I just don't think you'll see enough of a sell-off during 2004 in crude to get pump gas to get down below $1.00. However, like any trade I put on with somebody, I would welcome hearing your reasoning for sub $1.00 pump gas.

Thanks.

-Wayne

[Albie]

ITs Called Price Gauging, I hope I spelled that right.

[Hummer Man]

GAS will go below $1 a gallon in the future!