Local Fuel Prices

[Greendruid]

I noticed that this thread didn't get rebuilt yet and so I thought I'd re-post it or at least start the ball rolling again. Please feel free to move it to the appropriate place Michael.

Friday Nova Scotia gas price change:

$1.04.8/L

Fell from last week's level of:

$1.06.9/L

[Michael]

It will be interesting to see the comparisons as the price of oil drops in half from what it was a month or two ago.

$1.01 per L is the price I'm seeing right now.

[Michael]

$0.96 per L this week!

[Greendruid]

Friday Nova Scotia gas change:

$0.98.4/L

This is the first time in months that I can remember paying less that $1 per litre. Those poor oil barons must be suffering some bad. :rolleyes:

[Michael]

$0.89 per L yesterday. Prices continue to fall at the pump.

[Dominick]

1.256 €/l
A fill-up of the little gas guzzler is now 40€ less than a few months ago.

[Donkey]

We're at around $2.05 USD here, I think. I don't know, I haven't bought gas in months.

[Michael]

$0.76 per L right now... prices falling fast. That's a 25% price drop at the pumps in 4 weeks!

News stories have indicated that Toronto/southern Ontario consistently has the lowest gas prices in all of Canada.

[partofme]

$1.67 a gallon yesterday.

[Greendruid]

$0.83.2/L as of Nova Scotia's Friday price change. BTW, this price is different depending on which part of the province you live in. Regulated gouging for those in more rural areas - gotta love our socialist utopia!

[Greendruid]

Forgot to post last Friday, December 5th:

80.7¢ per litre

This Friday, December 12th:

75.3¢ per litre :eek: I just filled my mini-van (farm vehicle) for $45. I've never been able to do that folks. My regular commuting car (Toyota Corolla) will probably be under $25 this week if I fill it, maybe less if I can wait a week. Oil is ... abundant all of a sudden again?

[Michael]

Yeah, down to around $0.72/L around here. Amazing.

As for the fluctuating price, that does make a bit of sense actually - given that the 'real' cost of oil on the market is mostly under $20 per barrel (under $5 for the Saudis) so that the inflated price of oil is entirely dependent upon market conditions (which tend to fluctuate given the fact that the oil market is a futures market).

My theory is that the price run up at the beginning of this year was due to projections showing that present consumption was going to hit the present production ceiling. That produced a huge price spike (probably overshot the 'ideal' market price). Then the high prices and the rising recession caused a world-wide demand to drop rather unexpectedly - most notably in the USA where car driving is down some 5-6%. That drop in demand returned the market to a 'surplus supply' situation and thus, the price drop (which is also probably overshot the 'ideal' market price).

The extraordinary low-cost of oil production (notably by the Saudis) makes it easy for them to push the price down. The Saudis have a strong vested interest in keeping the price of oil down to manageable levels. If the price gets too high, that encourages a switch away from oil. The Saudis don't want that. Thus, the push to get the oil price down.

Bottom line is that world oil demand is still going to outgrow world oil production in the very near future (within the next 2-3 years) and that's going to send the price of oil rising very high. We have a temporary respite in the price rise of oil - enjoy it while it lasts because it probably won't last any longer than this recession.

[Americano]

Yeah, down to around $0.72/L around here. Amazing.

As for the fluctuating price, that does make a bit of sense actually - given that the 'real' cost of oil on the market is mostly under $20 per barrel (under $5 for the Saudis) so that the inflated price of oil is entirely dependent upon market conditions (which tend to fluctuate given the fact that the oil market is a futures market).

My theory is that the price run up at the beginning of this year was due to projections showing that present consumption was going to hit the present production ceiling. That produced a huge price spike (probably overshot the 'ideal' market price). Then the high prices and the rising recession caused a world-wide demand to drop rather unexpectedly - most notably in the USA where car driving is down some 5-6%. That drop in demand returned the market to a 'surplus supply' situation and thus, the price drop (which is also probably overshot the 'ideal' market price).

The extraordinary low-cost of oil production (notably by the Saudis) makes it easy for them to push the price down. The Saudis have a strong vested interest in keeping the price of oil down to manageable levels. If the price gets too high, that encourages a switch away from oil. The Saudis don't want that. Thus, the push to get the oil price down.

Bottom line is that world oil demand is still going to outgrow world oil production in the very near future (within the next 2-3 years) and that's going to send the price of oil rising very high. We have a temporary respite in the price rise of oil - enjoy it while it lasts because it probably won't last any longer than this recession.

Which brings up my favorite subject, what conditions are going to provide recovery in the US. A debtor nation, service economy 72% driven by consumer spending hampered by stagnated wages and massive personal debt is going to be a long, hard road. Post-ww1 Germany tried printing money to resolve a similar circumstance and we all know how that fared. So many one billion Reichmark bills were printed they were used for fires as they were worth less than coal.

[Michael]

Which brings up my favorite subject, what conditions are going to provide recovery in the US. A debtor nation, service economy 72% driven by consumer spending hampered by stagnated wages and massive personal debt is going to be a long, hard road. Post-ww1 Germany tried printing money to resolve a similar circumstance and we all know how that fared. So many one billion Reichmark bills were printed they were used for fires as they were worth less than coal.

I believe that Adam Smith's infamous 'invisible hand of the market' will address all issues eventually (if the market-centralizers in Washington don't interfere too much). Indeed, the present crisis has done wonders for reducing that long running negative 'balance of payments' deficit that economists have been warning about for so long. It was unsustainable and the partial-collapse of the US financial system has put a huge dent in foreigners buying in the US debt-issue markets. Only the US Treasuries are selling now and the proportion of them being sold 'off-shore' is decreasing right now.

Likewise with US consumer spending running at 110% of US consumer income. That was not sustainable and now it has ended. US national savings rate is still zero, but when the inflation blowback comes in a year or two from the present round of extreme-low interest rates, money-pumping 'stimulus' packages and bank bailouts, interest rates will rise steeply and that ought to increase the US national savings rate into the black (while double-digit interest rates will likely wipe out the credit card foolishness with bankrupcty writedowns).

All in due time, the market does appear to be 'correcting' all those 'imbalances' in the US economy that economists have been harping about for the last dozen years. The US government had plenty of opportunities to 'direct' the necessary changes. They didn't. Now the market is doing it for them (and it isn't pretty).

As it stands, the 'best-case-scenario' is that the US is experiencing the longest, deepest and harshest economic downturn since the 1930's and will remain in this status for the rest of 2009. Best-case (rational) preditictions are consistent in calling 2010-Q1 as the first sign of US economic recovery. That will be a full two-year run with the economy essentially flat (US economy turned 'flat' beginning in December 2007).

In other words, the US economy is the largest, most diverse and most dynamic on the planet. It is dragged down by an unregulated financial sector that is driven by blind faith and sleight of hand accounting tricks - and governments that are addicted to the tax revenues that come from the financial sector-driven asset bubbles. A bad/corrupted economy starts at the top. Most of the US economic problems (except the consumer's negative savings rate) are essentially 'top-driven'. For one thing, the US government has to stop giving 'tax preference' to corporations who offshore their workforce. That's really hurting the US economy - leaving it with only the low-paid service economy and a monster-bloated financial services industry. This reduction in 'diversity' is hurting the overall strength of the US economy.

The US can and will recover from all this, but lets hope that they can do it without just re-inflating the bubble. If they just reinflate the bubble, we get to repeat this game again in 8-9 years when the cycle returns with a vengence - and the double-nasty of high inflation as well. There is NOTHING worse than encountering the next recessionary downturn with inflation running in double digits. That eliminates the 'drop interest rates' fiscal option so beloved of American politicians and the Federal Reserve. Then what do you do?

(sorry for the digression... this discussion should probably be in anther thread)

[Michael]

Filled up at 69.4 per L yesterday.

[Greendruid]

71.5¢/L was the change on Friday. Closing the gap between our regions it seems!

[Dominick]

1.183 €/l the other day.
When crude oil goes up, local prices go up just as fast. When crude oil goes down, it takes months to trickle down.

[Donkey]

1.183 €/l the other day.
When crude oil goes up, local prices go up just as fast. When crude oil goes down, it takes months to trickle down.
Trickle down economics. :)

[Dominick]

Trickle down economics. :)
:lol:
Yeah, that, or a massive rip-off.

[Michael]

1.183 €/l the other day.
When crude oil goes up, local prices go up just as fast. When crude oil goes down, it takes months to trickle down.
Well, to be reasonable about it, most prices NEVER EVER actually go down. The price of local fuel actually does 'trickledown' eventually. That's more than I can say for most other products out there.

[Greendruid]

$0.889/L here since Friday. I forgot about this thread for a while!

[Dominick]

Some helpful stuff:

1 € / liter = 1.3 US $ / liter = 4.92 US$ / US gallon

1 € / liter = 1.575 CAN $ / liter = 5.96 CAN $ / US gallon

So, 1.183 €/l is no less than 5.82 US$ / US gallon

[Michael]

I filled up yesterday at $83.9/L

That converts to $2.65 USD per US gallon.

[Michael]

Gas prices here have been bouncing around all over the place - in a range between $0.78 and $0.85 Cdn per Litre over the last two weeks, up and down every few days.

[Americano]

I filled up yesterday at $83.9/L

That converts to $2.65 USD per US gallon.

$2.09 here in Oregon (regular grade). There hasn't been much movement in oil futures due to decreasing demand. I know from a friend that domestic exploration and development is being sharply curtailed due to that lack of demand and would think refining capability will eventually be reduced to drive margin requirements. With the global economic decline I don't foresee demand increasing.

[Greendruid]

91.2¢/L as of last Friday. With gains on oil today I'm sure this will increase tomorrow. My prediction for here is 94.5¢/L.

[Michael]

$80.7 per litre here two days ago when I filled up.

[Greendruid]

Yet another reason you shouldn't take economic advice from anthropologists - today's change in gas price was a pleasant drop to 85.6¢/L.

[Michael]

Gas prices were $0.92 per litre here and this price has been fairly steady for the last couple of months.

That translates to about $3.00 per gallon in US.

[Americano]

$2.75/reg here. Stable since before and including the US 4th of July holiday. To me that means no demand. Reduced consumer consumption without a tax increase means government tax revenue at all levels is taking a big hit.

[wphelan]

I paid $2.33 when I filled up my car two days ago.

[Lily]

Cheapest price in my area is $2.30. By the way, this is a neat site for finding the best prices in your zip code. I've found it accurate the great majority of the time.

http://autos.msn.com/everyday/gasstationsbeta.aspx

[Michael]

This thread almost slipped off the page! :eek:

Seems that the price of gasoline has edged up over the $1.00 per L mark here (that's about $3.60 USD per US gallon). The price has been under $1.00 for the last three or four months.

[Greendruid]

This thread almost slipped off the page! :eek:

Seems that the price of gasoline has edged up over the $1.00 per L mark here (that's about $3.60 USD per US gallon). The price has been under $1.00 for the last three or four months.

$1.08.1 as of last Friday - I have to keep up on this one. I'm almost more interested in the disparity between our provinces than the global wackiness that goes on.

[Americano]

$1.08.1 as of last Friday - I have to keep up on this one. I'm almost more interested in the disparity between our provinces than the global wackiness that goes on.

Oil hasn't moved up, so I'd think the slight increases in retail price are due to reduced consumer demand resulting in all refineries increasing distributor costs to meet revenue requirements.

[Michael]

Gas just jumped to $1.03/L this morning.

That's about $3.70 US/USgal.

[The Drunk Guy]

Gas just jumped to $1.03/L this morning.

That's about $3.70 US/USgal.
That sucks. It's $2.59 here. Hovered there throughout the holidays.

[Michael]

That sucks. It's $2.59 here. Hovered there throughout the holidays.
I don't think it sucks. I actually consider gasoline to be rather comparatively 'cheap' product. I think it ought to cost even more to discourage waste of such a precious and dwindling commodity. :)

US has the lowest fuel taxes in the western world. European prices at the pump are usually double the Canadian price. The difference is entirely in excise/sales taxes.

Btw, US usually has some of the lowest tax-rates for just about everything. US also has the lowest/worst provision of government services in return for those low tax-rates, so it all balances out. You get what you pay for in this world. US citizens pay less and get less from the government. Canadians and Europeans choose to pay more to get more. :shrug:

[Americano]

I don't think it sucks. I actually consider gasoline to be rather comparatively 'cheap' product. I think it ought to cost even more to discourage waste of such a precious and dwindling commodity. :)

US has the lowest fuel taxes in the western world. European prices at the pump are usually double the Canadian price. The difference is entirely in excise/sales taxes.

Btw, US usually has some of the lowest tax-rates for just about everything. US also has the lowest/worst provision of government services in return for those low tax-rates, so it all balances out. You get what you pay for in this world. US citizens pay less and get less from the government. Canadians and Europeans choose to pay more to get more. :shrug:

The US had tax rates and trade tariffs to fund virtually any government service including UHC. Then came inflation of targeted assets, the Reagan Administration and you know the rest.

$2.69/gal here.

[wphelan]

Paid $2.65 a couple days ago to fill up a few days ago.

[justonemorevoice]

tonight it was 2.55.

[Lily]

I filled up yesterday, $2.61 at my local station. It's usually one of the cheapest in the area.

[MsCamellia1986]

It's an interesting approach. I commonly see unexceptional views on the subject but yours it's written in a pretty unusual fashion. Surely, I will revisit your website for additional info.:rofl:

[Multiplum]

I filled up yesterday, $2.61 at my local station. It's usually one of the cheapest in the area.
Per gallon? Jumping right into this thread (assuming five pages of gas prices is a bit bland) - to say that our prices range from 7-8 dollars, regularly (if my calculations are correct). I suppose it does go below 7 dollars a gallon every now and then.

I make a little more than minimum wage, at about 24-25 USD an hour, so I guess it evens out for the little guy. But still, damn that's cheap.

[Michael]

Per gallon? Jumping right into this thread (assuming five pages of gas prices is a bit bland) - to say that our prices range from 7-8 dollars, regularly (if my calculations are correct). I suppose it does go below 7 dollars a gallon every now and then.
Yes, European gas prices are always a shock! :lol:

I make a little more than minimum wage, at about 24-25 USD an hour, so I guess it evens out for the little guy. But still, damn that's cheap.
That's about triple the US minimum wage. Two-and-a-half times the Canadian minimum wage.

Indeed, that wage is exactly equal to the average family income in USA (about $46,000 per year) and way higher than the average wage (about $28,000 per year).

[Multiplum]

Yes, European gas prices are always a shock! :lol:


That's about triple the US minimum wage. Two-and-a-half times the Canadian minimum wage.

Indeed, that wage is exactly equal to the average family income in USA (about $46,000 per year) and way higher than the average wage (about $28,000 per year).

But, gasp, we pay MORE TAXES.

I laugh all the way from the doctor's office, of course, so I have to say it evens out again. I'm sure it's awesome to be rich in the US, though.

Edit: Right now I pay 0 % tax, up to about 7000 dollars. Lovely paychecks, and I work 12 hours a week. Oops, at 23,66 dollars, guess rates have changed since last time I checked. Everything is ridiculously priced here, but it's great to travel abroad.

[Americano]

But, gasp, we pay MORE TAXES.

I laugh all the way from the doctor's office, of course, so I have to say it evens out again. I'm sure it's awesome to be rich in the US, though.

You haven't been following any republican or libertarian dominated political forums. Anyone in the US can become rich, all they need to do is get a job and apply themselves. If they don't become rich, they deserve to be contained in abject poverty for being lazy. We are having some serious problems with the job aspect of that formula.

Edit: Right now I pay 0 % tax, up to about 7000 dollars. Lovely paychecks, and I work 12 hours a week. Oops, at 23,66 dollars, guess rates have changed since last time I checked. Everything is ridiculously priced here, but it's great to travel abroad.

[Multiplum]

You haven't been following any republican or libertarian dominated political forums. Anyone in the US can become rich, all they need to do is get a job and apply themselves. If they don't become rich, they deserve to be contained in abject poverty for being lazy. We are having some serious problems with the job aspect of that formula.

I'm not so sure about the American dream, really. I'm not qualified to talk about this, but from what I gather looking in from the outside, there's not that much room for class mobility. It would be interesting to see a comparison between different countries on this, although I doubt it would be possible to find unbiased, reliable sources.

[Americano]

I'm not so sure about the American dream, really. I'm not qualified to talk about this, but from what I gather looking in from the outside, there's not that much room for class mobility. It would be interesting to see a comparison between different countries on this, although I doubt it would be possible to find unbiased, reliable sources.

There is generally zero room for upward class mobility, but The American Dream did generate consumer spending at an instant gratification level, the chaotic aftermath of that now becoming all too familiar.

[Michael]

I'm not so sure about the American dream, really. I'm not qualified to talk about this, but from what I gather looking in from the outside, there's not that much room for class mobility. It would be interesting to see a comparison between different countries on this, although I doubt it would be possible to find unbiased, reliable sources.

Every study I've seen done in the last twenty years (advanced western nations only) always puts the US at the bottom of any comparative study for social mobility. In the USA, your parent's social class determines your future social status to a degree unparalleled elsewhere.

You might be surprised to find that France and Denmark usually top the list.

Even UK beats the USA by a longshot and that's pathetic (since the UK has a horrific track record with social mobility).

In other words, if you are born to a poor working class background, but are a brilliant entrepreneur, statistically speaking, the USA is the worst country in the western world to be born in.

[Multiplum]

Every study I've seen done in the last twenty years (advanced western nations only) always puts the US at the bottom of any comparative study for social mobility. In the USA, your parent's social class determines your future social status to a degree unparalleled elsewhere.

You might be surprised to find that France and Denmark usually top the list.

Even UK beats the USA by a longshot and that's pathetic (since the UK has a horrific track record with social mobility).

In other words, if you are born to a poor working class background, but are a brilliant entrepreneur, statistically speaking, the USA is the worst country in the western world to be born in.

France? Denmark I can understand, should be way better than here, where you're usually stuck with being "well off" regardless of talent or effort. And I didn't think the UK would beat the US, that's counter-intuitive considering how backwards the UK is in some respects.

[aaron.adley]

People all over the world stopped driving and started using collective transportation causing the prices to go down, but i do believe that the government is involved in this because i have never seen the price of something to decrease that fast.
I heard that the higher prices go, the more they fall. Picture this, companies are in business to make money, and the cheaper they can make stuff, the better for them because their profits are greater. I still think automakers make cars cheaply and they break easily, rather than making something to last. This makes me lose faith in mankind, somewhat. Demand has dropped, I'm sure.

[Americano]

People all over the world stopped driving and started using collective transportation causing the prices to go down, but i do believe that the government is involved in this because i have never seen the price of something to decrease that fast.
I heard that the higher prices go, the more they fall. Picture this, companies are in business to make money, and the cheaper they can make stuff, the better for them because their profits are greater. I still think automakers make cars cheaply and they break easily, rather than making something to last. This makes me lose faith in mankind, somewhat. Demand has dropped, I'm sure.

So Aaron, what are you paying for fuel?

[Michael]

$3.67 per US gallon right now in Toronto.

(dollar parity sure makes this calculation a lot easier!)

[Greendruid]

$4.00/US Gallon as of today in Cape Breton

[Donkey]

$2.68 at the gas station I usually tank up at. It's generally 3-10 cents lower than the area average though.

[Americano]

$3/gal here. We get California refinery products.

[Michael]

Given dollar parity, it looks like about a $0.75 per gallon difference in gasoline taxes.

Based on US gasoline consumption (378 million gallons per day), that translates into about $100 billion per year.

That could easily pay for a full Canadian style universal healthcare system in the USA - and would have the added benefit of encouraging a reduction in greenhouse gases.

And Canadian fuel prices are dirt cheap compared to Europe. Indeed, Canadian gasoline prices are so low they seem to encourage wasteful usage (much like in the USA).

[Lily]

We've come down some in my area of Florida in the past week, from $2.85 to $2.73.

[Margot]

We've come down some in my area of Florida in the past week, from $2.85 to $2.73.

We skyrocketed down here. Went from about $2.80 to $3.00.

[The Drunk Girl]

$3.15 here. I wasn't paying attention when I got my gas and selected mid-grade ($3.30). $53.00 to fill up my tank :tape:

[evanescence]

$1.67 a gallon yesterday.

jesus.. here it's double that. i keep reading that prices this summer will increase to over $3 a gallon.

[Michael]

jesus.. here it's double that. i keep reading that prices this summer will increase to over $3 a gallon.

The post you are quoting is from November 2008.

I don't think gas prices are unchanged since then.

Prices here presently are about $1/L which translates to just under $4/gal USD.

[evanescence]

sorry didn't see the date. Honestly, the price Americans are paying for oil is significantly less than what it should be. At least, that's what I'm guessing after researching peak oil.

[Americano]

sorry didn't see the date. Honestly, the price Americans are paying for oil is significantly less than what it should be. At least, that's what I'm guessing after researching peak oil.

Oil's a global commodity priced by demand. Most everyone pays the same price.

Regular is $3.21/gallon here (a new 6¢/gallon state tax effective 1-1-11).

[Greendruid]

$1.18.2/L for the last two weeks and remaining so for the next week. Nova Scotia still has its regulated gas fixing system in place despite the new government's promises to remove that.

[evanescence]

The current demand far out strips supply. If people knew the actual amount of oil we have left, I believe that the price would be much higher.

[Michael]

Oil's a global commodity priced by demand. Most everyone pays the same price.
For a barrel of oil, yes, this is certainly true.

But for a gallon of gasoline (aka petrol), that most certainly is not true. The retail price of a gallon of gas varies wildly around the world from mere pennies to upwards of $10 a gallon - all depending on where you are at.

This is entirely due to public taxes and/or subsidies. Believe it or not, large parts of the 3rd world engages in heavy government subsidies to set the retail price of gasoline well below the market price. Most of the 1st world (i.e. Europe) taxes the shit out of a gallon gasoline with retail prices more than double US prices.

[Tom Palven]

The current demand far out strips supply. If people knew the actual amount of oil we have left, I believe that the price would be much higher.

If oil prices get high enough due to the costs of deep drilling in remote places, shale oil production may become profitable. Supposedly there's a lot of oil in shale that's available, but it's expensive to extract it.

[evanescence]

Perhaps after the polar ice caps melt, they can extract the oil beneath.

[Michael]

If oil prices get high enough due to the costs of deep drilling in remote places, shale oil production may become profitable. Supposedly there's a lot of oil in shale that's available, but it's expensive to extract it.

That's fairly similiar to what is involved with the Alberta tar-sands project - which is probably the largest large scale oil-extraction project on the planet right now.

I believe Venezuela also has some substantial tar-sands. I'm not sure about shale-oil production anywhere.

Either way, these types of oil production are very complex and energy intensive, so they are not much of a solution to any present projected oil-shortages.

[Americano]

$3.31/gal/$.88/liter for regular here.

[Americano]

$3.89/gal here today for regular. Economists revered by some are already stating it won't slow the US economic recovery (whatever that's supposed to be) unless ME turmoil continues.

[Michael]

The recent spike in oil prices has sent the gas prices here flying.

$1.20 a litre - that's roughly $4.60 in US terms.

[The Drunk Girl]

3.49 yesterday for regular

[Michael]

We really need a European and an Aussie to be posting in this thread!

I think it is very interesting to look back through this thread to see the fluctuations over time - as well as the relative difference in prices between different geographic places. :)

* * *

Note to Everyone: please feel free to post your local prices in your local currency. I will translate them all into USD/USgallon for comparison purposes. :)

[Greendruid]

$1.298 since Friday.

[Donkey]

$3.48, I think I saw on the way in today. Hopefully won't be needing to truck down to Columbus too frequently.

[Donkey]

Here's a weird thing: driving home last night I saw gas for $3.499. This morning driving to work, at the same gas station, $3.449. Now it's only four cents, but I see no reason for it to have gone down. Curious.

[Michael]

Here's a weird thing: driving home last night I saw gas for $3.499. This morning driving to work, at the same gas station, $3.449. Now it's only four cents, but I see no reason for it to have gone down. Curious.

That's very common. M-F 9-5 is the prime competition period. After 5pm, half of all gas stations are closed. Thus, the ones that remain open 24/7 tend to bump the price at 5pm and drop it at 7am.

Gas stations have been doing that since I was a teenager at least.

[Greendruid]

Correction - $1.278 since last Friday. Likely to go up again this week as well.

[The Drunk Guy]

That's very common. M-F 9-5 is the prime competition period. After 5pm, half of all gas stations are closed. Thus, the ones that remain open 24/7 tend to bump the price at 5pm and drop it at 7am.

Gas stations have been doing that since I was a teenager at least.
That's odd. Here they raise prices from 7am to 10am and then again from 2pm to 6pm to hit the vast majority of commuters. :shrug:

[Donkey]

It was down another cent today, on my way in. But I came in pretty early today. Maybe they didn't bump 'em.

[Greendruid]

Crap! I forgot to fill up and I have to drive the wife to Halifax tomorrow for her flight home. Ah well, the large print giveth and the small print taketh away!

[JHC]

I've been paying between 3.57 USD and 3.59 USD at Costco for about a month. Elsewhere in SW FL, the price swings from about 3.59 to $3.87.

[Michael]

Correction - $1.278 since last Friday. Likely to go up again this week as well.

That's $4.85 US/gal.

Right now, its $1.22/L here - that's about $4.60 US/gal.

[evanescence]

$3.40 here.

[timn8ter]

Diesel fuel has recently exceeded 46 pesos per liter.
Unleaded gasoline is 53 pesos and premium is 56.
Current exchange rate is 43.7 pesos to USD.

In August 2010 diesel was 34 per liter and the other fuels were respectively lower.

[Michael]

Diesel fuel has recently exceeded 46 pesos per liter.
Unleaded gasoline is 53 pesos and premium is 56.
Current exchange rate is 43.7 pesos to USD.

In August 2010 diesel was 34 per liter and the other fuels were respectively lower.

I was hoping you'd post in this thread! :)

That's $4.58 in US terms for the regular unleaded. Rather similar to Canadian prices.

It was $1.14/L here today... that's down to $4.30 US (actually slightly less because CAN$ is a few cents above USD right now).

[Donkey]

Things seem to be holding steady around here at the high 3.40s or low 3.50s.

[Michael]

Seems like we have a weird counter-balance thing going.

The turmoil in the Middle East is driving oil prices up as it always does.

But the ongoing catastrophe in Japan has reduced current demand for oil, so that reduces price demand somewhat.

Kind of like the way the 2008 US recession ended the last oil price spike by lowering overall demand for oil, just at the very moment that world oil consumption had reached the point equal to maximum world oil production.

[timn8ter]

Seems like we have a weird counter-balance thing going.

The turmoil in the Middle East is driving oil prices up as it always does.

But the ongoing catastrophe in Japan has reduced current demand for oil, so that reduces price demand somewhat.

Kind of like the way the 2008 US recession ended the last oil price spike by lowering overall demand for oil, just at the very moment that world oil consumption had reached the point equal to maximum world oil production.

We are closing in on a pain point similar to what happened in late 2007. At the same time, Japan is forecasting rolling blackouts for the next year. They may need to increase their imports for diesel to generate power until they get the nukes back. Then again, they may use coal. Also, OPEC thinks $120 per barrel is a "good" price.

Php46.1 per litre for diesel, Premium Unleaded Php60 per litre today.

[Michael]

We are closing in on a pain point similar to what happened in late 2007. At the same time, Japan is forecasting rolling blackouts for the next year. They may need to increase their imports for diesel to generate power until they get the nukes back. Then again, they may use coal. Also, OPEC thinks $120 per barrel is a "good" price.

Php46.1 per litre for diesel, Premium Unleaded Php60 per litre today.

OPEC hasn't been an effective cartel in several decades. They talk the talk, but have been apparently unable to 'walk the walk'.

Oil can and will hit $120 per barrel, whether OPEC wants that price or not. Its all about 'real' supply-production and 'real' demand now, not artificial supply limits and fantasy reserve levels.

[Americano]

OPEC hasn't been an effective cartel in several decades. They talk the talk, but have been apparently unable to 'walk the walk'.

Oil can and will hit $120 per barrel, whether OPEC wants that price or not. Its all about 'real' supply-production and 'real' demand now, not artificial supply limits and fantasy reserve levels.

To say nothing of foundering USD due to loose Fed monetary policy.

[Greendruid]

$1.311 since Friday last. Ever higher it climbs. We are now reaching initial wacko-reaction to hurricane Katrina levels as "the norm" BTW.

[Michael]

$1.311 since Friday last. Ever higher it climbs. We are now reaching initial wacko-reaction to hurricane Katrina levels as "the norm" BTW.

That's roughly $4.95/gallon in US terms.

Its $1.21/L here - I just filled up today ($4.57/gallon in US).

And yes, you're correct - the Katrina price spike shot up to $1.25/L here. That's the new normal.

[Michael]

$1.29/L today - that's about $4.87 US/gal.

[Donkey]

3.67 out there today. Down a few cents, actually, from yesterday iirc.

[Michael]

$1.29/L today - that's about $4.87 US/gal.

Actually, at present US-Cdn exchange rates, with the 'soaring loonie', that should be $4.67 US/gal. :)

(I love that expression 'soaring loonie' just because it looks and sounds cool and is a Canadian in-joke - I have no personal interest or opinion in the relative exchange rate)

[evanescence]

It went from $3.45 yesterday to $3.57 today. So over a dime increase in one god damn day.

[Americano]

It went from $3.45 yesterday to $3.57 today. So over a dime increase in one god damn day.

Even the Euro, with Irish and Portuguese bonds hammering it (10% yields after 345 basis point insurance!!!!!!), can't catch Bernanke's desire for USD inflation.

[Greendruid]

$1.324 since last Friday - I guarantee that will increase tomorrow with oil futures climbing like it is.

[Donkey]

I'm thinking I should probably tank up tonight... :/

[Americano]

I'm thinking I should probably tank up tonight... :/

Might save some money by doing it in the middle of the day. Retail gas vendors often raise their prices to catch the commuter crowd.

$3.84/gal here for regular. In California over $4/gal.

[Americano]

Here's (http://fuelgaugereport.aaa.com/?redirectto=http://fuelgaugereport.opisnet.com/index.asp) AAA's daily report of prices by US state.

[evanescence]

Here's (http://fuelgaugereport.aaa.com/?redirectto=http://fuelgaugereport.opisnet.com/index.asp) AAA's daily report of prices by US state.

I would expect prices to exceed four dollars by summer at this rate. I doubt they will be dropping.

[Americano]

I would expect prices to exceed four dollars by summer at this rate. I doubt they will be dropping.

At the current rate of oil futures activity and USD decline I'd think well over $4 for the high demand summer season.

[The Drunk Girl]

$3.79

[evanescence]

At the current rate of oil futures activity and USD decline I'd think well over $4 for the high demand summer season.

Do you think the prices will decline after the summer season? I don't.

[Michael]

Do you think the prices will decline after the summer season? I don't.

Yes, they will decline, but not back to where they were before the summer season. The short, medium and long term pattern/trend is entirely upward, disguised by fluctuations in daily prices.

[evanescence]

Yes but the overall trend will continue upwards :( My 4 cylinder Nissan took over $45 to fill up yesterday.

[Americano]

Yes but the overall trend will continue upwards :( My 4 cylinder Nissan took over $45 to fill up yesterday.

For an interesting perspective on future gasoline prices take a look at China's annual and projected oil consumption. China is poised to surpass the US number of privately owned vehicles and consume 70% of ME oil in this decade.

[Donkey]

For an interesting perspective on future gasoline prices take a look at China's annual and projected oil consumption. China is poised to surpass the US number of privately owned vehicles and consume 70% of ME oil in this decade.
Well there are significantly more Chinese people.

[evanescence]

For an interesting perspective on future gasoline prices take a look at China's annual and projected oil consumption. China is poised to surpass the US number of privately owned vehicles and consume 70% of ME oil in this decade.

Green energy would have provided a decent hedge against disaster.

[Americano]

Well there are significantly more Chinese people.

As China's PPP advances Americans will soon understand what numbers mean in a global society. India is projected to exceed China's population by 2050.

[Americano]

Green energy would have provided a decent hedge against disaster.

No demand for it with cheap oil. Price a hybrid or electric car.

[Greendruid]

As predicted ... since Friday $1.342

[Greendruid]

My last post was in error - $1.351 was the price on the island. $1.342 was for the mainland. This was the price since April 8th and it remained unchanged on the 15th. I predict it will increase by 1.5¢ in two hours.

[evanescence]

$3.65. i heard on the radio today that $5.00 isn't far off. :(

[Americano]

$3.93/gal for regular here yesterday. We have one vehicle that uses premium, well over $4/gal.

Six US states and Washington DC are now over $4/gal for regular, with the US summer high demand season right around the corner plus widespread political dissent and revolution in the ME.

[Greendruid]

I was badly mistaken. $1.372 since last Friday. That's 2.1¢ - these jumps are getting bigger!

[The Drunk Girl]

$3.89.

It took $70 to fill up TDGuy's tank on Saturday. I stopped at Shell, which offers ten cents off per gallon if you are a Kroger card member. Even with the "discount" at $3.79 it cost that much. :tape:

[Donkey]

$3.999.

Yep. Any day now.

[Michael]

$1.29/L here this week. That's (roughly) $4.63 US at present USD conversion rates (based on US gallon).

[Donkey]

3.949 today. Down four cents?

[Greendruid]

3.949 today. Down four cents?

[psssst! 5¢]

[Donkey]

[psssst! 5¢]

:o Well it was up to $3.959 today. I'm not bad at math, I'm just a seer. ;)

[Michael]

$1.29/L here this week. That's (roughly) $4.63 US at present USD conversion rates (based on US gallon).

I stand corrected - today I saw $1.36/L at the pumps (regular unleaded). That's roughly $4.88 in US terms.

Seems like pump prices are spiking up all over the place.

[Greendruid]

I stand corrected - today I saw $1.36/L at the pumps (regular unleaded). That's roughly $4.88 in US terms.

Seems like pump prices are spiking up all over the place.

I'm becoming amazed at the narrowing gap between your price in T.O. and our prices out here. Used to be that the gap was 5¢-10¢ per litre. Now it seems that 2¢ is more the norm. Which is frightening in one sense because you'd expect that gap to widen to keep step as the overall price increases, not narrow.

[Michael]

$3.89.

It took $70 to fill up TDGuy's tank on Saturday. I stopped at Shell, which offers ten cents off per gallon if you are a Kroger card member. Even with the "discount" at $3.79 it cost that much. :tape:

A fellow I know at work says it takes $120 to fill his big bruiser of a pickup truck. Mine hits about $58 these days to fill it completely from an empty tank. A couple of years ago when I first bought it, that was $45.

[wphelan]

A fellow I know at work says it takes $120 to fill his big bruiser of a pickup truck. Mine hits about $58 these days to fill it completely from an empty tank. A couple of years ago when I first bought it, that was $45.

We finally broke the $4 barrier today. Prices had been fluctuating between $3.94 and $3.99 for a week, but don't let anyone tell you it's related to inflation or loose monetary policy. The government says inflation is super low. I just love government statistics.

[Michael]

We finally broke the $4 barrier today. Prices had been fluctuating between $3.94 and $3.99 for a week, but don't let anyone tell you it's related to inflation or loose monetary policy. The government says inflation is super low. I just love government statistics.

Yes, the US government loves to manipulate inflation figures - ignoring the cost of energy and food prices when they want to say inflation is 'low', but including them when they want to say that there is 'inflationary pressure', depending on the audience they are addressing on any given day. But the policy they follow never deviates. And food and energy prices are of course the most volatile and inflation-driving components in our economy! :rolleyes:

[Americano]

We finally broke the $4 barrier today. Prices had been fluctuating between $3.94 and $3.99 for a week, but don't let anyone tell you it's related to inflation or loose monetary policy. The government says inflation is super low. I just love government statistics.

Me too. US media points a finger of shame at the EU because 10% of that economy (Greece, Ireland, Portugal, Spain) is in trouble and forecasts dire problems for the Euro. Ignoring the fact that the private sector is furnishing EU bailout money while the under taxed US keeps printing money as the Euro continues to outperform USD.

[Donkey]

Spiked and hit $4.15 today. Same day that Exxon reports $11 Billion in first quarter profits.

[The Drunk Guy]

Spiked and hit $4.15 today. Same day that Exxon reports $11 Billion in first quarter profits.
http://www.thegamingtailgate.com/forums/images/smilies/smiley-bangheadonwall-yellow.gif

[Americano]

Spiked and hit $4.15 today. Same day that Exxon reports $11 Billion in first quarter profits.

Enron's a minor part of the problem when compared to US monetary, domestic and foreign policy. $0.49/share dividend for holders of Enron common stock. Better buy some, it has nowhere to go but up.

[Donkey]

Can you find Enron stock at a thrift store? maybe on Ebay?

[Americano]

Can you find Enron stock at a thrift store? maybe on Ebay?

As close as a few clicks of a mouse.

[MeMyselfAndI]

Russia bans petrol exports amid shortages

Russia (EUREX: OMXR.EX (http://uk.finance.yahoo.com/q?s=OMXR.EX) - news (http://uk.finance.yahoo.com/q/h?s=OMXR.EX)) decided on Thursday to halt premium petrol exports and switch the flow to the home market to fight shortages and a price rise that is coinciding with growing voter discontent.The sudden announcement from the world's biggest oil producer came after Prime Minister Vladimir Putin ordered his government to tackle an issue that has been gaining increasing attention ahead of upcoming parliamentary polls.
Government official said the ban would apply for the month of May alone and only cover high octane petrol (gasoline) sold at the highest prices.
But Putin also ordered an immediate boost in export duties and a cut in local excise taxes aimed at keeping most future petrol sales of all types within Russia.
"Prepare proposal and drafts that will raise export tariffs on oil products starting in May," news agencies quoted Putin as telling his ministers.
The flurry of decisions came after two dozen Russian regions reported shortages that were causing prices at the pump to jump by as much as 30 percent since the weekend.
Russia officially exported three million tonnes of petrol last year but energy companies are reporting higher foreign deliveries in the first quarter because of surging global energy prices.
Deputy Energy Ministry Sergei Kudryashov said companies had already matched last year's export total by the end of March.
The surge in exports came after Putin accused oil firms of using the North Africa and Middle East crises to "crudely exact maximum gains" and ordered an immediate freeze in local gasoline prices.
The move received broad play on state controlled television and seemed to paint Putin as a defender of citizens' interests against the greed and excesses of oil executives.
But analysts said that Putin's February showdown with the oil tycoons could have directly contributed to the Russian companies' decision to seek foreign markets and abandon local consumers.
"Putin ordered (oil companies) to control wholesale and retail prices and they complied," the Vedomosti business daily remarked.
"But world oil prices continued to grow and the companies quietly stepped up their exports, leaving only enough for the domestic market to keep their own (gas station) chains going," Vedomosti observed.
The steady rise in consumer prices -- particularly those on food -- has been reflected in polls showing the ruling party entering December's parliamentary elections with the lowest approval rating in its history.
Officials were quick on Thursday to suggest that any further increases would be both minimal and easily resolved.
The head of Russia's biggest private oil producer Lukoil (MCX: LKOH.ME (http://uk.finance.yahoo.com/q?s=LKOH.ME) - news (http://uk.finance.yahoo.com/q/h?s=LKOH.ME)) said future rises should not exceed seven percent while the deputy energy minister called the shortage only structural in nature.
He noted that most regions receive their supplies from Rosneft and Gazpromneft -- the oil wing of Russia's natural gas monopoly -- and that the two government-controlled companies were now more than willing to help.
We "will jointly set up a schedule for May deliveries" with the state-held firms, Kudryashov said.
His ministry also introduced a long-discussed proposal to force all Russian companies to sell at least 15 percent of their gasoline on the local market at market prices.
Almost all energy sales within Russia are currently conducted according to fixed prices negotiated by producers and their clients -- many of them either state corporations or regional administrations.



http://uk.finance.yahoo.com/news/Russia-bans-petrol-exports-afp-3212564672.html

Well, it was bound to happen. Gasoline is at 24.57 rubles (0.897362 USD) in Moscow right now
http://www.benzin-price.ru/
http://www.xe.com/ucc/convert/?Amount=24.57&From=RUB&To=USD

That's not huge, to you foreigners, but keep in mind that average wages here are at least twice less than in USA or Canada. That's in Moscow. Other places I don't even know, 10, 20, 50 times. Central Siberia wages are 50 times less than in Moscow, do the math.

And much of the gasoline sold here was poor quality. The best went for export.

These days there are strong, organized drivers' movements, particularly in Siberia and the Far East, who have staged large, loud protests, included against fuel prices and quality.

People were very unhappy, you see many cars now with signs like this:
http://img-fotki.yandex.ru/get/4104/surovy-mag.2c/0_3c82f_e0bc5069_orig.jpg"Raise living standards, not tolls and prices!"

Putin and Medvedev, I suppose, realise that they should not rile people up even further, not good for them.

[Greendruid]

$1.388 as of 0:00 today. Not as much of a jump as I expected.

[andrewl]

I'm convinced that gas is only going up and we probably have not seen anything yet. I bought a bike and will start commuting the 20km to work. Save the car for trips to the cabin and grocery/beer store. $1.23/L here.

Andrew

[Michael]

I'm convinced that gas is only going up and we probably have not seen anything yet. I bought a bike and will start commuting the 20km to work. Save the car for trips to the cabin and grocery/beer store. $1.23/L here.

Andrew

I agree. I consider it quite likely that we'll see a doubling of the average price of gasoline over the next five years.

[Americano]

I agree. I consider it quite likely that we'll see a doubling of the average price of gasoline over the next five years.

That's a reasonable assumption. China's consumption is growing at 7%/yr and though I don't follow it I'd think India can't be that far behind China. US consumption is slowing and will continue to do so as higher oil prices impact consumer goods purchases including food.

[Michael]

That's a reasonable assumption. China's consumption is growing at 7%/yr and though I don't follow it I'd think India can't be that far behind China. US consumption is slowing and will continue to do so as higher oil prices impact consumer goods purchases including food.

Fossil fuel prices have a strong inflationary impact on the whole of the economic system - particularly and specifically in the global agriculture/food industry. Modern agriculture is very energy intensive in production and the fertilizer they use is a petrochemical based product - then there is the global transportation network that moves it all around in refrigerated containers. Any general rise in fuel/energy prices will follow through in food prices the following year.

(But don't worry about inflation, because the government likes to ignore 'food & energy' prices when they cite inflation statistics).

[Americano]

Fossil fuel prices have a strong inflationary impact on the whole of the economic system - particularly and specifically in the global agriculture/food industry. Modern agriculture is very energy intensive in production and the fertilizer they use is a petrochemical based product - then there is the global transportation network that moves it all around in refrigerated containers. Any general rise in fuel/energy prices will follow through in food prices the following year.

(But don't worry about inflation, because the government likes to ignore 'food & energy' prices when they cite inflation statistics).

I follow part of the transportation industry and higher fuel prices are already having an adverse affect on over-the-road and delivery operations. The increases came so fast existing contracts couldn't pass them on to consumers. US consumers face not only increased summer period driving consumption to increase fuel prices but higher commercial transportation costs due to escalating oil prices plus recapture of current operating losses.

But, as you point out, they'll only feel it in their wallets as officially it is not considered inflation.

[Donkey]

This conversation inevitably brings me back to boiling rage against my governor for his single-handed cancellation of Ohio's new rail project. What a bastard.

[Michael]

This conversation inevitably brings me back to boiling rage against my governor for his single-handed cancellation of Ohio's new rail project. What a bastard.

Yes, it is interesting that rail is enjoying a 21st century resurgence - a 3rd century of effecient transportation usage. No doubt the cities and regions that will most prosper the most in the coming decades are those with good public transportation networks for both commuters and for moving goods efficiently.

[Michael]

Today is $1.39/L (approx $5.02 in US terms)

Highest price I've ever seen for gas. :erm:

[Greendruid]

Today is $1.39/L (approx $5.02 in US terms)

Highest price I've ever seen for gas. :erm:

My mom was telling me the same thing. I find this amazing because it's still $1.388 here. We'll see what Friday brings but I'm still shocked at this end of the country now keeping pace with you guys.

[The Drunk Guy]

Last week, we left Kentucky and passed the highest price we saw on our entire trip to Florida ($3.98) here in our town. Late yesterday afternoon, I chose the wrong exit in north Florida for fuel and paid $4.05. Today, we hit the jackpot in Louden, Tennessee by stopping at a Shell station that gave discounts based on Kroger loyalty points. Thanks to TDGal's family's Kroger shopping, we paid only $3.49. ;)

Overall, it seemed to be a bit cheaper yesterday and today. I seriously just hit the worse price in four states. :mad:

[Donkey]

Observation. It seems that when they want to spike gas prices, they go through the following process:

BAM! UP 30+ cents. Whew, too much, back down 20 cents! Yay, yay, rejoice, big oil is realizing they are greedy. Boom! Up 10 cents again! But it's ok, because it's just 20 cents up instead of 30 which it was last week! yaaaay. :sneaky:

[The Drunk Girl]

The highest I saw on the trip was 3.08 in Knoxville. Our last we got gas at a Shell for 3.49!!! Good ol Kroger card aided with a thirty cent discount from 3.79

[TheStripey1]

(But don't worry about inflation, because the government likes to ignore 'food & energy' prices when they cite inflation statistics).

true, very very true.

[TheStripey1]

Out here in sunny California, gas prices are much higher than in other parts of the USA and not as expensive as they are in other parts of the world. It's just the price we pay for living in... coff coff "paradise"... :rofl:

Today I saw, $4.19/$4.29/$4.39 at one of the cheapy gas stations for regular/midrange/premium gas. At a major marque it was about 6 cents higher across the board.

Fortunately for my family, we just bought a new Honda Insight which gets over 40 mpg in both city and highway driving. :angel:

[Zarquon]

$4.09/Gal or $4.49/gal, not sure which as I don't drive and just noticed the billboard passing through the street.

[Donkey]

$4.09/Gal or $4.49/gal, not sure which as I don't drive and just noticed the billboard passing through the street.
$4.09 would be my guess.

[The Drunk Girl]

The highest I saw on the trip was 3.08 in Knoxville. Our last we got gas at a Shell for 3.49!!! Good ol Kroger card aided with a thirty cent discount from 3.79

*4.08

[Zarquon]

$4.09 would be my guess.
$4.10 for gas, $4.49 for diesel at Mobil, lower at Sunoco.

[Michael]

Alas, they just demolished the little gas station on the corner that I could see from my window. I guess a new condo building will be going up there soon.

They always had a nice big sign with the price of gas which made it easy for me to see the price of gas, even if I wasn't out driving around.

[The Drunk Girl]

It was $4.03 last night when I pulled up to the pump. After going to prepay it the price had dropped to $3.99.

This morning on the way to work I saw Shell listed at $4.05.

I'm really dreading these hikes. I would walk to work but the only routes are the interstate and a two lane road to get work that is bad enough driving on at times.

[Michael]

It was $4.03 last night when I pulled up to the pump. After going to prepay it the price had dropped to $3.99.

This morning on the way to work I saw Shell listed at $4.05.

I'm really dreading these hikes. I would walk to work but the only routes are the interstate and a two lane road to get work that is bad enough driving on at times.

You really are going to have to learn to accept the fact that gas prices are going to keep rising steeply. I think we can expect gas prices to double within 3-5 years.

The price of gas will keep rising because demand is rising faster than the supply. Simple economics 101 says that means a steeply rising price of gas no matter what.

That being said, you are underscoring a key political-social fact about gas prices. Personally, if the price of gas doubled today, it really wouldn't affect me given that I can easily afford that price without any hardship at all. But for people at the lower end of the income strata, these price rises can cause a serious hit on the family budget.

[The Drunk Guy]

You really are going to have to learn to accept the fact that gas prices are going to keep rising steeply. I think we can expect gas prices to double within 3-5 years.

The price of gas will keep rising because demand is rising faster than the supply. Simple economics 101 says that means a steeply rising price of gas no matter what.

That being said, you are underscoring a key political-social fact about gas prices. Personally, if the price of gas doubled today, it really wouldn't affect me given that I can easily afford that price without any hardship at all. But for people at the lower end of the income strata, these price rises can cause a serious hit on the family budget.
It would be incredibly destructive. Those higher fuel costs get passed on to the consumer for all other purchases as well. I really hope you're wrong about doubling that soon.

[The Drunk Girl]

You really are going to have to learn to accept the fact that gas prices are going to keep rising steeply. I think we can expect gas prices to double within 3-5 years.

The price of gas will keep rising because demand is rising faster than the supply. Simple economics 101 says that means a steeply rising price of gas no matter what.

That being said, you are underscoring a key political-social fact about gas prices. Personally, if the price of gas doubled today, it really wouldn't affect me given that I can easily afford that price without any hardship at all. But for people at the lower end of the income strata, these price rises can cause a serious hit on the family budget.

I can accept it over time but it doesn't mean I have to like it ;)

[Greendruid]

Prices fell a full 4¢ to $1.348 on Friday. I was floored to see that because that price has to stick around for a week here by law.

[Greendruid]

Prices fell a full 4¢ to $1.348 on Friday. I was floored to see that because that price has to stick around for a week here by law.

Obviously this legislation changed when the NDP came to power here provincially. Gas fell to $1.266 the day after I posted this! I couldn't believe it. Something is amok!

[Michael]

Obviously this legislation changed when the NDP came to power here provincially. Gas fell to $1.266 the day after I posted this! I couldn't believe it. Something is amok!

Actually, that which has been running amok, has been slightly restrained.

Fact is, most of the turbulence in the world energy markets is coming from Wall Street financial houses playing speculation games. Apparently this is the ONLY market on the planet that is producing profits, so that's where they pile the money in.

But some new US regulations about leveraged positions is forcing a lot of them to cover their asses and reduce their speculation games in the commodities markets. Hence the slow dropping of the price of oil.

Bottom line is that the present run-up in oil prices has been driven by Wall Street speculators, not actual oil-traders.

[Donkey]

$3.67, the lowest I saw it today.