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Author	Topic: Gasoline Extends Longest Rally Since 2009 on Refinery Shutdowns	Post a Reply Back to Topics

FPLREP Champion Author Virginia Posts:8,246 Points:2,445,325 Joined:Oct 2005	Message Posted: Jan 30, 2013 10:56:26 AM Ignore FPLREP Report Abuse 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

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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)Ignore Short Messages

jrs4125 Champion Author Indiana Posts:2,743 Points:588,820 Joined:Sep 2011	Message Posted: Jan 31, 2013 7:40:19 AM Ignore jrs4125 Report Abuse Good for the 1%, bad for the consumer.
NHLiveFree Champion Author New Hampshire Posts:11,070 Points:1,619,180 Joined:Jun 2008	Message Posted: Jan 30, 2013 11:53:58 PM Ignore NHLiveFree Report Abuse 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.
Buckeyee Champion Author Maine Posts:4,590 Points:895,980 Joined:May 2010	Message Posted: Jan 30, 2013 10:34:37 PM Ignore Buckeyee Report Abuse 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.
YaBassa Champion Author Michigan Posts:2,415 Points:513,425 Joined:Nov 2011	Message Posted: Jan 30, 2013 5:48:14 PM Ignore YaBassa Report Abuse Price of regular has jumped $0.40/gallon in the last week around here.
dodsworth All-Star Author Salem Posts:757 Points:291,930 Joined:Jul 2012	Message Posted: Jan 30, 2013 4:48:47 PM Ignore dodsworth Report Abuse 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.
BUSMAN1105 Champion Author Atlanta Posts:2,148 Points:1,168,115 Joined:Aug 2008	Message Posted: Jan 30, 2013 4:39:19 PM Ignore BUSMAN1105 Report Abuse YEAH,I GUESS THAT IS WHY THE PRICE OF GASOLINE IS GOING UP!!!!!!!!!!!!!!!!!!
deputydog082 Champion Author Detroit Posts:1,766 Points:656,360 Joined:Apr 2011	Message Posted: Jan 30, 2013 4:24:28 PM Ignore deputydog082 Report Abuse just an excuse to raise prices again - you can see the rush to build additional refineries - NOT!
peabeax55 All-Star Author Atlanta Posts:713 Points:185,515 Joined:Mar 2012	Message Posted: Jan 30, 2013 2:43:09 PM Ignore peabeax55 Report Abuse Our only defense is to fill up now, while prices are lower. The squeeze continues.
Tekkersmom57 Champion Author Syracuse Posts:1,859 Points:697,640 Joined:May 2010	Message Posted: Jan 30, 2013 2:01:59 PM Ignore Tekkersmom57 Report Abuse Just the printing of this article will send the speculators into a frenzy buying up oil sending gas prices right where they want it!
alterman156 Champion Author New York Posts:7,470 Points:1,554,600 Joined:Dec 2008	Message Posted: Jan 30, 2013 1:49:40 PM Ignore alterman156 Report Abuse I'm seeing gas prices rising at some stations now.
LostInNY Champion Author New York Posts:1,700 Points:644,895 Joined:Apr 2011	Message Posted: Jan 30, 2013 1:41:09 PM Ignore LostInNY Report Abuse No suuurrrrpprise here
TripleHs Champion Author Austin Posts:3,355 Points:915,140 Joined:Oct 2009	Message Posted: Jan 30, 2013 1:31:56 PM Ignore TripleHs Report Abuse speculators are starting to storm back
DoctorV Champion Author Detroit Posts:1,005 Points:198,905 Joined:Aug 2008	Message Posted: Jan 30, 2013 1:26:27 PM Ignore DoctorV Report Abuse 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.
JCI46009IN Champion Author Indiana Posts:2,129 Points:439,570 Joined:Sep 2011	Message Posted: Jan 30, 2013 1:08:38 PM Ignore JCI46009IN Report Abuse Imagine that, big oil finds new ways to drive up the prices AGAIN!!!!!!!!!
YumaFellow Champion Author Arizona Posts:1,270 Points:618,595 Joined:Jan 2011	Message Posted: Jan 30, 2013 12:51:17 PM Ignore YumaFellow Report Abuse 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.
qwerty17 Champion Author New Jersey Posts:3,640 Points:1,114,975 Joined:Oct 2009	Message Posted: Jan 30, 2013 12:36:31 PM Ignore qwerty17 Report Abuse we need buyers for those refineries.
OTISFL Champion Author Pensacola Posts:4,595 Points:862,890 Joined:Apr 2009	Message Posted: Jan 30, 2013 12:33:03 PM Ignore OTISFL Report Abuse Be prepared to have your wallets tightened up evem more so!
amoshins Champion Author Trenton Posts:2,185 Points:638,095 Joined:Apr 2011	Message Posted: Jan 30, 2013 12:18:15 PM Ignore amoshins Report Abuse Prices always seem to rise more rapidly than they fall
fedupMN Champion Author Twin Cities Posts:2,939 Points:570,530 Joined:Mar 2011	Message Posted: Jan 30, 2013 12:05:49 PM Ignore fedupMN Report Abuse They are coming to get us... In the past three weeks gas at the pump has increased $0.60/gal in Mpls MN.
Snowball2013 All-Star Author Yakima Posts:538 Points:116,200 Joined:Jan 2013	Message Posted: Jan 30, 2013 12:04:01 PM Ignore Snowball2013 Report Abuse Darn it!
TxMtb Champion Author Ohio Posts:1,525 Points:341,405 Joined:Feb 2012	Message Posted: Jan 30, 2013 11:59:26 AM Ignore TxMtb Report Abuse Probably just going to get worse in the future.
fora_7 All-Star Author Montreal Posts:862 Points:206,405 Joined:Sep 2012	Message Posted: Jan 30, 2013 11:50:09 AM Ignore fora_7 Report Abuse It might not be the end of it
investmentdr Champion Author Cleveland Posts:4,014 Points:1,452,125 Joined:Sep 2008	Message Posted: Jan 30, 2013 11:12:19 AM Ignore investmentdr Report Abuse no supply; same demand
Jeff4U Champion Author Atlanta Posts:8,733 Points:1,849,445 Joined:Nov 2004	Message Posted: Jan 30, 2013 11:10:26 AM Ignore Jeff4U Report Abuse Wholesale gas is now at $3.01 per gallon. It was $2.70 early last week. What a ripoff!
WalkingWV Champion Author West Virginia Posts:3,691 Points:776,795 Joined:May 2008	Message Posted: Jan 30, 2013 11:00:23 AM Ignore WalkingWV Report Abuse $3.65 this morning, that means a 51¢ increase from $3.14 last Wednesday. DISGUSTING
lesabreAZ Champion Author Phoenix Posts:1,681 Points:409,530 Joined:Nov 2011	Message Posted: Jan 30, 2013 10:59:09 AM Ignore lesabreAZ Report Abuse Yeah, bloomberg is happy.....why aren't you?
FPLREP Champion Author Virginia Posts:8,246 Points:2,445,325 Joined:Oct 2005	Message Posted: Jan 30, 2013 10:57:03 AM Ignore FPLREP Report Abuse They make it sound like it is a good thing.