Not Logged In Log In   Sign Up   Points Leaders
Follow Us    2:23 AM

Message Forum - Read Message

Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Gasoline Extends Longest Rally Since 2009 on Refinery Shutdowns Back to Topics
FPLREP

Champion Author
Virginia

Posts:11,752
Points:3,142,960
Joined:Oct 2005
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
Profile Pic
jrs4125
Champion Author Indiana

Posts:4,962
Points:1,273,795
Joined:Sep 2011
Message Posted: Jan 31, 2013 7:40:19 AM

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

Posts:14,517
Points:2,303,075
Joined:Jun 2008
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.
Profile Pic
Buckeyee
Champion Author Maine

Posts:8,136
Points:1,558,035
Joined:May 2010
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.
Profile Pic
YaBassa
Champion Author Michigan

Posts:5,363
Points:1,215,050
Joined:Nov 2011
Message Posted: Jan 30, 2013 5:48:14 PM

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

Posts:3,705
Points:982,930
Joined:Jul 2012
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.
Profile Pic
BUSMAN1105
Champion Author Atlanta

Posts:4,050
Points:1,807,140
Joined:Aug 2008
Message Posted: Jan 30, 2013 4:39:19 PM

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

Posts:4,007
Points:1,277,825
Joined:Apr 2011
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!
Profile Pic
peabeax55
All-Star Author Atlanta

Posts:875
Points:301,105
Joined:Mar 2012
Message Posted: Jan 30, 2013 2:43:09 PM

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

Posts:4,776
Points:1,392,480
Joined:May 2010
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!
Profile Pic
alterman156
Champion Author New York

Posts:10,435
Points:2,254,500
Joined:Dec 2008
Message Posted: Jan 30, 2013 1:49:40 PM

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

Posts:4,559
Points:1,341,605
Joined:Apr 2011
Message Posted: Jan 30, 2013 1:41:09 PM

No suuurrrrpprise here
Profile Pic
TripleHs
Champion Author Austin

Posts:3,868
Points:1,051,020
Joined:Oct 2009
Message Posted: Jan 30, 2013 1:31:56 PM

speculators are starting to storm back
Profile Pic
DoctorV
Champion Author Detroit

Posts:5,268
Points:884,235
Joined:Aug 2008
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.
Profile Pic
JCI46009IN
Champion Author Indiana

Posts:2,129
Points:439,570
Joined:Sep 2011
Message Posted: Jan 30, 2013 1:08:38 PM

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

Posts:4,145
Points:1,266,925
Joined:Jan 2011
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.
Profile Pic
qwerty17
Champion Author New Jersey

Posts:6,103
Points:1,787,520
Joined:Oct 2009
Message Posted: Jan 30, 2013 12:36:31 PM

we need buyers for those refineries.
Profile Pic
OTISFL
Champion Author Pensacola

Posts:5,993
Points:1,160,510
Joined:Apr 2009
Message Posted: Jan 30, 2013 12:33:03 PM

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

Posts:4,094
Points:1,260,395
Joined:Apr 2011
Message Posted: Jan 30, 2013 12:18:15 PM

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

Posts:5,502
Points:1,156,700
Joined:Mar 2011
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.
Profile Pic
Snowball2013
Champion Author Yakima

Posts:1,638
Points:343,840
Joined:Jan 2013
Message Posted: Jan 30, 2013 12:04:01 PM

Darn it!
Profile Pic
TxMtb
Champion Author Ohio

Posts:4,239
Points:1,001,930
Joined:Feb 2012
Message Posted: Jan 30, 2013 11:59:26 AM

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

Posts:3,801
Points:904,075
Joined:Sep 2012
Message Posted: Jan 30, 2013 11:50:09 AM

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

Posts:6,311
Points:2,111,900
Joined:Sep 2008
Message Posted: Jan 30, 2013 11:12:19 AM

no supply; same demand
Profile Pic
Jeff4U
Champion Author Atlanta

Posts:11,822
Points:2,547,830
Joined:Nov 2004
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!
Profile Pic
WalkingWV
Champion Author West Virginia

Posts:3,875
Points:808,385
Joined:May 2008
Message Posted: Jan 30, 2013 11:00:23 AM

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

Posts:4,561
Points:1,099,270
Joined:Nov 2011
Message Posted: Jan 30, 2013 10:59:09 AM

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

Posts:11,752
Points:3,142,960
Joined:Oct 2005
Message Posted: Jan 30, 2013 10:57:03 AM

They make it sound like it is a good thing.
Post a reply Back to Topics