Oil Prices return to pre-Katrina levels...

[insein]

So how long do you think the prices at the pump will take to get back down there as well? Lets just say im not holding my breath.

http://news.ft.com/cms/s/3bda8212-1df7-11da-a470-00000e2511c8.html

Crude prices ease after oil stockpiles released
By Chris Flood
Published: September 5 2005 12:17 | Last updated: September 5 2005 18:32

With New York markets closed for the Labor Day public holiday, dealers reported only thin trading across many commodities in London yesterday.

Oil prices retreated to levels seen prior to the arrival of Hurricane Katrina as the release of emergency fuel stocks by industrialised nations soothed fears over a US energy crisis.

IPE Brent for October delivery fell $1.13 to $64.93 a barrel after the International Energy Association announced that its members would release 2m barrels of oil for thirty days to compensate for the loss of production and refining capacity cause by the impact of Katrina.

Dealers said futures prices were likely to continue their correction after WTI crude failed to break decisively through $70 a barrel last week, but said an aggressive sell-off appeared unlikely.

Analysts at Barclays Capital said the idea appeared to be to put pressure on crude oil and to hope that would in turn put pressure on gasoline prices which had climbed by the equivalent of $45 a barrel.

“It is possible that the current sharp jump in (gasoline) prices, coming on top of a long period of measured increases, will finally prompt a change in consumers’ behaviour,” said the Washington consultancy Petroleum Finance Corporation.

The decline in oil prices pushed UK forward gas prices lower with the October IPE gas contract trading 3.9 per cent lower at 38.75p per therm while the December contract fell 5.2 per cent to 63.5p per therm.

The copper price hit a new all-time high of $3,725 a tonne on Friday but eased modestly in thin trading yesterday to stand at $3,679.5 a tonne.

Prices fell back after the London Metal Exchange reported a 2,750 tonne increase in stocks but the tightness in the copper market showed few signs of easing.

Dealers reported some closure of short positions before the long weekend and said demand for base metals such as copper was likely to be supported by a surge in reconstruction spending in the areas affected by Katrina.

Zinc prices appeared to have stabilised above $1,400 per tonne, trading just 0.3 per cent lower at $1,412.5 a tonne yesterday, with upward pressure maintained on prices from shipments being delayed.

Prices are also expected to be affected by the condition of zinc stocks stored in New Orleans warehouses amid concerns that if flooding has caused oxidisation in the metal, the LME could de-list some or all of the stocks.

Quiet trade was also reported for gold, which rose modestly to $445.35 per troy unce from New York’s late quote of $444.65 on Friday.

I guarantee that we will not see a 2 in front of any price at the pump for the rest of this year.

 

[Annie]

Last week we hit a high post of $3.58 for reg unleaded.

Today I saw: $2.98 for same. They are falling.

 

[insein]

Last week we hit a high post of $3.58 for reg unleaded.

Today I saw: $2.98 for same. They are falling.

My area they hit a high of 3.35 for regular. They are at 3.14-3.35 in my total area still (about 20 square miles).

I hope they come down but im afraid that gas companies are looking at those profit margins and finding it too tempting to drop it back below 3.

 

[Avatar4321]

I've seen them as high as 3.80 and as low as 2.99.

Of course, we have to remember that more crude on the market isn't going to help any. The problem is with the lack of refined oil. The Europeans have shipped more refined oil over here but the problem is it wont be here for atleast another week or so. So im guessing the high prices will be staying till atleast then.

 

[fuzzykitten99]

a few of the smaller station owners here were in the paper saying they won't raise their prices above 2.95, and they will eat any increases in prices. even the owners (who pay what everyone else pays) think this is ridiculous.

 

[Annie]

My area they hit a high of 3.35 for regular. They are at 3.14-3.35 in my total area still (about 20 square miles).

I hope they come down but im afraid that gas companies are looking at those profit margins and finding it too tempting to drop it back below 3.

We're down to $2.99.

 

[insein]

We're down to $2.99.

Still 3.14 for the lowest here.

 

[Avatar4321]

Still 3.14 for the lowest here.

Nah, the lowest around here is 2.99. 3.14 is more the lowest that is practical to get to.

http://www.phillygasprices.com/

 

[insein]

Nah, the lowest around here is 2.99. 3.14 is more the lowest that is practical to get to.

http://www.phillygasprices.com/

I mjust saying from where ive driven, 3.14 is the lowest. Ive driven from Levittown, to Newtown (which is way overpriced at like 3.60), to Douglasville, Berks county and back to where i live in Bristol. The lowest ive seen is the 2 Shell stations on New Falls Rd in Fallsington and Bristol for 3.14. Everyone else is consistently 3.35.

Where do you live BTW, Avatar? What part of the city or burbs?

 

[Abbey Normal]

Insein, my father lives just off of Street Rd. on the Bensalem/Philly border. Quite a coincidence!


Where I live, the best price I saw today was $3.29

 

[Mr. P]

I just passed by 6 stations, all are $2.99 and that's after our Governor froze prices, removed
special blend restrictions and removed state taxes..Hummm we should be damn cheap,
but it looks like we are running with everyone else.

 

[dmp]

I just passed by 6 stations, all are $2.99 and that's after our Governor froze prices, removed
special blend restrictions and removed state taxes..Hummm we should be damn cheap,
but it looks like we are running with everyone else.

What's that greek word for this phenom? Oh yeah.

Gree-fuckin-eed.

Just as the 'cheaper' oil hasn't reached refineries, 'expensive oil/gas' hasn't reached a lot of stations yet...so, they jack up prices.

Frog in a pot...indeed. Remember when gas was $1.80 last year? year before? and people were up in arms. Now, we'd take $2.50 as 'price relief'.

frigginfrackin...

 

[GotZoom]

Anywhere from $2.79 to $3.29 (unleaded regular) here.

 

[archangel]

we are being ripped off no matter how you cut through the chase...be that you are a GOP or DNC...in Venezuela the price of gas is some .15 cents per gallon...and the government controlled fuel industry still makes a profit!

 

[dilloduck]

we are being ripped off no matter how you cut through the chase...be that you are a GOP or DNC...in Venezuela the price of gas is some .15 cents per gallon...and the government controlled fuel industry still makes a profit!

They could very easily include this issue into this commission they are calling on to find out what went wrong with hurrican relief. If they are going to start looking into things, this issue has been sitting just waiting to be investigated for years.

 

[Mr. P]

What's that greek word for this phenom? Oh yeah.

Gree-fuckin-eed.

...

Frog in a pot...indeed. Remember when gas was $1.80 last year? year before? and people were up in arms. Now, we'd take $2.50 as 'price relief'.

frigginfrackin...

Ribbit!

I keep seeing this graphic on the news with the surrounding states of Ga..
We have always been pretty cheap in comparison..Especially compared to Fla. Now they're cheaper than we are..Go figure..

 

[archangel]

we are being ripped off no matter how you cut through the chase...be that you are a GOP or DNC...in Venezuela the price of gas is some .15 cents per gallon...and the government controlled fuel industry still makes a profit!

I quoted last weeks price...this week the price is $0.14 per gallon!


go to www.money.cnn.com/pf/features/lists/global_gasprices/price.html

If ya all want to buy into the mantra so be it...I for one will not!

 

[archangel]

I quoted last weeks price...this week the price is $0.14 per gallon!


go to www.money.cnn.com/pf/features/lists/global_gasprices/price.html

If ya all want to buy into the mantra so be it...I for one will not!

correction to last post!

 

[archangel]

I quoted last weeks price...this week the price is $0.14 per gallon!


go to www.money.cnn.com/pf/features/lists/global_gasprices/price.html

If ya all want to buy into the mantra so be it...I for one will not!

just to wake ya up!

 

[archangel]

They could very easily include this issue into this commission they are calling on to find out what went wrong with hurrican relief. If they are going to start looking into things, this issue has been sitting just waiting to be investigated for years.

everyone is just so content when the price goes down to $2.00 they seem to fail to wonder how another country can make a profit at $0.14 per gallon...brainwashed I suppose! :huh: