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Author Topic: Gasoline Extends Longest Rally Since 2009 on Refinery Shutdowns Back to Topics
FPLREP

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Virginia

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Message Posted: Jan 30, 2013 10:56:26 AM

Gasoline rose a 10th straight day, the longest rally since July 2009, on speculation that supplies will be tight on the East Coast because of refinery shutdowns.

Futures touched a four-month high as Hess Corp. (HES) is shutting in February its New Jersey plant, which primarily makes gasoline for the East Coast market. Other refineries in PADD 1, which includes New York Harbor, the delivery point for Nymex futures, have units down for repairs. The Energy Information Administration will report last week’s inventories at 10:30 a.m. today in Washington.

“Gasoline is supported by the supply situation in the Northeast,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.

Gasoline for February delivery climbed 2.21 cents, or 0.7 percent, to $2.9955 a gallon at 9:54 a.m.
Visit Bloomberg.com for full article
REPLIES (newest first) Post a Reply
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jrs4125
Champion Author Indiana

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Message Posted: Jan 31, 2013 7:40:19 AM

Good for the 1%, bad for the consumer.
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NHLiveFree
Champion Author New Hampshire

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Message Posted: Jan 30, 2013 11:53:58 PM


If you bothered to read this news article Buck..., you might notice that it is the usual industry tactic of cutting refinery output whenever there is no other fabricated means to raise fuel prices. It is obvious industry collusion to limit supply and jack up the price. It seems to work year after year as Big Oil lobbyists dominate and pay off our Congress.
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Buckeyee
Champion Author Maine

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Message Posted: Jan 30, 2013 10:34:37 PM

This is mainly due to Obamas buddys, the oil speculators getting a " FREE " pass on price jacking. Those millions to the DNC is paying off to the tune of billions. Don't believe it ? how many times has the government did anything to stop the speculating 0.
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YaBassa
Champion Author Michigan

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Message Posted: Jan 30, 2013 5:48:14 PM

Price of regular has jumped $0.40/gallon in the last week around here.
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dodsworth
Champion Author Salem

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Message Posted: Jan 30, 2013 4:48:47 PM

Let's see now. High and higher gas prices cause people to look for ways to use less fuel. Perhaps they drive fewer miles or purchase vehicles that incorporate the use of alternative fuels. Then, with lower volumes of gas sold, the oil companies profits are lower. Then, what happens to the gas prices? Are they lowered to encourage more sales? Or are they raised to increase the profits? There is some kind of a circle in there somewhere.
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BUSMAN1105
Champion Author Atlanta

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Message Posted: Jan 30, 2013 4:39:19 PM

YEAH,I GUESS THAT IS WHY THE PRICE OF GASOLINE IS GOING UP!!!!!!!!!!!!!!!!!!
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deputydog082
Champion Author Detroit

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Message Posted: Jan 30, 2013 4:24:28 PM

just an excuse to raise prices again - you can see the rush to build additional refineries - NOT!
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peabeax55
All-Star Author Atlanta

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Message Posted: Jan 30, 2013 2:43:09 PM

Our only defense is to fill up now, while prices are lower. The squeeze continues.
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Tekkersmom57
Champion Author Syracuse

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Message Posted: Jan 30, 2013 2:01:59 PM

Just the printing of this article will send the speculators into a frenzy buying up oil sending gas prices right where they want it!
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alterman156
Champion Author New York

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Message Posted: Jan 30, 2013 1:49:40 PM

I'm seeing gas prices rising at some stations now.
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LostInNY
Champion Author New York

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Message Posted: Jan 30, 2013 1:41:09 PM

No suuurrrrpprise here
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TripleHs
Champion Author Austin

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Message Posted: Jan 30, 2013 1:31:56 PM

speculators are starting to storm back
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DoctorV
Champion Author Detroit

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Message Posted: Jan 30, 2013 1:26:27 PM

So "big oil" drive ups the price of gasoline by not making gasoline? Is that what you're claiming? Maybe Ford could make more money by not making cars. Or United could make more money by not flying. Starbucks could make more by not brewing coffee.
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JCI46009IN
Champion Author Indiana

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Message Posted: Jan 30, 2013 1:08:38 PM

Imagine that, big oil finds new ways to drive up the prices AGAIN!!!!!!!!!
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YumaFellow
Champion Author Arizona

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Message Posted: Jan 30, 2013 12:51:17 PM

Prices stay up because refineries are shut down either seasonally or permanently. A factor here is that the oil companies have not put resources into maintaining and upgrading these refineries to the degree that other industries do for their equipment. Making big profits has been the motivator.
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qwerty17
Champion Author New Jersey

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Message Posted: Jan 30, 2013 12:36:31 PM

we need buyers for those refineries.
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OTISFL
Champion Author Pensacola

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Message Posted: Jan 30, 2013 12:33:03 PM

Be prepared to have your wallets tightened up evem more so!
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amoshins
Champion Author Trenton

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Message Posted: Jan 30, 2013 12:18:15 PM

Prices always seem to rise more rapidly than they fall
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fedupMN
Champion Author Twin Cities

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Message Posted: Jan 30, 2013 12:05:49 PM

They are coming to get us... In the past three weeks gas at the pump has increased $0.60/gal in Mpls MN.
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Snowball2013
Champion Author Yakima

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Message Posted: Jan 30, 2013 12:04:01 PM

Darn it!
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TxMtb
Champion Author Ohio

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Message Posted: Jan 30, 2013 11:59:26 AM

Probably just going to get worse in the future.
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fora_7
Champion Author Montreal

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Message Posted: Jan 30, 2013 11:50:09 AM

It might not be the end of it
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investmentdr
Champion Author Cleveland

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Message Posted: Jan 30, 2013 11:12:19 AM

no supply; same demand
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Jeff4U
Champion Author Atlanta

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Message Posted: Jan 30, 2013 11:10:26 AM

Wholesale gas is now at $3.01 per gallon.
It was $2.70 early last week.

What a ripoff!
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WalkingWV
Champion Author West Virginia

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Message Posted: Jan 30, 2013 11:00:23 AM

$3.65 this morning, that means a 51¢ increase from $3.14 last Wednesday. DISGUSTING
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lesabreAZ
Champion Author Phoenix

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Message Posted: Jan 30, 2013 10:59:09 AM

Yeah, bloomberg is happy.....why aren't you?
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FPLREP
Champion Author Virginia

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Message Posted: Jan 30, 2013 10:57:03 AM

They make it sound like it is a good thing.
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