Wandering around today, I noticed most stations wanted $4.19, vs the $3.72 I gassed up at last week. The media is on board with the rising gas price hysteria, again.
What happened? Hurricane near the Gulf of Mexico. “News” tonight reported a dozen Gulf oil rigs have been shut down, in spite of Ian being nowhere near.
Steve
click on gas station, “$2.86” that is in CT on the East coast where prices are higher than anywhere but CA.
You need to see Nevada gas prices.
I paid $3.49 to fill up with 87 octane this morning. It was kind of painful. I’m glad I don’t drive much anymore.
It might have something to do with the strategic reserve being almost empty.
Well, it’s at 420 million barrels. That’s lower than it has been of late (around 620 million barrels)…but not “almost empty.”
The Strategic Reserve is not almost empty. That was purposely avoided in how much was released.
The storm in the gulf is not helping. The BoE craziness is not helping.
Nationwide, Californians continue to pay the highest prices for all grades of gasoline…63% higher than the national average.
https://gasprices.aaa.com
9/29/22
Today’s AAA National Average $3.782 vs. California Average $6.181
https://gasprices.aaa.com/?state=CA
According to AAA, in my LA County neighborhood, the average price for a gallon of regular unleaded gasoline rose 16 cents overnight from $5.88 on Tuesday 9/27/22 to about $6.04 Wednesday 9/28/22.
At my local Costco gas station, I paid $4.799/gal of regular unleaded on 9/16/22 and early this morning 9/29/22 paid $5.099/gal, an increase of 6.25%. A few hours later, the online price at the same Costco station now shows a dime increase to $5.199/gal. Regardless, the long wait lines are back again.
Regards,
Ray
Thanks for the correction. Here’s the latest I could find.
Having released 160 million barrels of crude since March, more than a quarter of the stockpile, the Energy Department has reduced the reserve to its lowest level in four decades. Some oil experts say continuing the withdrawals could test the nation’s energy security.
But even though oil prices have fallen sharply from their peak, the administration is not ready to start refilling the reserve. Instead, rather than ending the releases in October as planned, it has decided to extend them, at a lower rate, for at least another month.
Even as Oil Prices Ease, U.S. Keeps Tapping Strategic Reserve - The New York Times (nytimes.com)
The hurricane did not hit the platforms. BP has already moved to reopen production after the storm in the gulf. The UK bond market fiasco has a price tag on it that is not the end of the world in adding to the inflation.
Expect $60 bbl to be the next bottom on Yahoo’s crude chart for oil. This could happen relatively quickly. There is no real support. The global slow down is taking hold.
As global interest rates rise this is going to put a lot more pressure on inputs.
give high buy back lower…in 2023…? The crystal ball says so.
You are absolutely correct. The price of gas in San Jose CA safeway was $5.56 Tues, but today is $4.99.
Something’s strange
The hurricane season is strange.
In addition to hurricane Ian a recent refinery accident in Ohio is interfering with supply.
These explosions are all the time. The hurricanes are often. Blips unless a hurricane really does longer term damage like last year. So far this year things are okay outside of Florida.
yep…i believe 3 refineries have had problems…rbob on the exchange hasn’t moved that much to warrant the big jump
I don’t purchase gasoline as much as I used to (switched 2 out of 3 vehicles to EV), but I did notice that the prices have stabilized recently. I drive by a station a few times a day and it has been remarkable stable for well over a month now at $3.79 regular and $4.89 diesel (those are the only two types on the sign). Before that, the prices changed a few times a week.
I fill up our minivan once every 2 or 3 weeks, but I don’t fill up at this station because a few miles away, there is a station that is usually 40-50 cents less per gallon, so for ~20 gallons, that’s $8-10 less to fill the tank, and I can combine the trip and do some shopping in that area at the same time.