Gas Price spike SoCal area?
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From: Reseda, CA, USA
Gas Price spike SoCal area?
Has anyone noticed that gas prices have jumped about $0.25 in the past two weeks here in SoCal? Anyone know the reason? I haven't heard any news of a refinery disaster, or another war...
While we're at it, what are prices in your area? (not just SoCal)
While we're at it, what are prices in your area? (not just SoCal)
Thread Starter
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Joined: Sep 2000
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From: Reseda, CA, USA
Yesterday, in lovely downtown Reseda, I paid $2.14 for regular, this morning it's back down to $2.10 - ARGH!!!
(not quite the smilie I need here, maybe one with steam shooting out it's ears)
(not quite the smilie I need here, maybe one with steam shooting out it's ears)
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From: Payson, Az. U.S.A.
It's because OPEC vowed to cut production. Even though they say the target price per barrel is $25-28, and it was $31.+ when they did it. I guess they mean the real target is as high as they can get.
The stupid thing is that the price goes up immediately at the pump, even though oil bought today won't be to your pump for 2-3 months. Don't think it is the retailers either. These hikes come straight from the refineries. So, they make a sh*tload more money till they actually have to pay for the more expensive oil.
However, in about a month, they should start to come back down again. There are many OPEC, and non OPEC countries that do not abide by the cuts........... because they want to make more money.
Price here in Payson went from $1.53/$1.73 to $1.73/1.93 in the last 2 weeks.
The stupid thing is that the price goes up immediately at the pump, even though oil bought today won't be to your pump for 2-3 months. Don't think it is the retailers either. These hikes come straight from the refineries. So, they make a sh*tload more money till they actually have to pay for the more expensive oil.
However, in about a month, they should start to come back down again. There are many OPEC, and non OPEC countries that do not abide by the cuts........... because they want to make more money.
Price here in Payson went from $1.53/$1.73 to $1.73/1.93 in the last 2 weeks.
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Oil company shenanigans
Yup, oil companies have this game all figured out.
They have refinery chain leaned out to maximize their profit/minimize their expense at the risk of low supplies - because they bear no penalty for low supplies - in fact, they're rewarded for it - they handle less product and make more money when supply is low.
OPEC-induced jumps in world market price for oil has little immediate effect on N.A. oil costs- it's all about greed.
Shell trying to close their Bakersfield refinery - state going to court to stop them - would put even more pressure on supplies.
Oil is priced in dollars, dollar is at record lows against other currencies - so OPEC trying to jack up price to maintain oil value against worldwide currencies.
I think the low dollar is why stock market has come up - 'Merikun investments look cheap to the rest of the world right now.
They have refinery chain leaned out to maximize their profit/minimize their expense at the risk of low supplies - because they bear no penalty for low supplies - in fact, they're rewarded for it - they handle less product and make more money when supply is low.
OPEC-induced jumps in world market price for oil has little immediate effect on N.A. oil costs- it's all about greed.
Shell trying to close their Bakersfield refinery - state going to court to stop them - would put even more pressure on supplies.
Oil is priced in dollars, dollar is at record lows against other currencies - so OPEC trying to jack up price to maintain oil value against worldwide currencies.
I think the low dollar is why stock market has come up - 'Merikun investments look cheap to the rest of the world right now.