Wholesale gasoline price increase in Houston - Mercedes-Benz Forum

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post #1 of 23 (permalink) Old 08-08-2005, 01:33 PM Thread Starter
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Wholesale gasoline price increase in Houston

The refineries are announcing price increases for unleaded gas of about .04$ a gallon. Coming soon to a pump near you, with the markup. The core problem cited is that even with price increases, demand for gasoline in the US has increased, not decreased.


Oil soars above $63 to new high
By Janet McBride, Reuters

LONDON — Crude-oil prices jumped to a new high above $63 a barrel on Monday, reflecting the market's persistent uneasiness about strong global demand and tight supplies.
Traders pinned the latest rally on a wide-range of factors, including security concerns in Saudi Arabia, refinery snags in the United States and, to a lesser extent, attacks on pipelines in India. They also noted that U.S. gasoline demand continues to rise despite prices that average almost $2.30 a gallon.

Oil analyst Marshall Steeves at New York-based brokerage Refco Group said oil and gasoline prices are likely to keep rising until there were signs of a significant dropoff in demand, or a sharp slowdown in economic growth. "We're clearly not there yet," he said.

Light, sweet crude for September delivery rose to $63.85 a barrel on the New York Mercantile Exchange, up $1.54.

Prices had settled at $62.31 a barrel on Friday, a record close for crude since Nymex trading began in 1983.

"The market clearly has the jitters," said Deborah White, energy analyst at SG Securities in Paris.

Broadly speaking, those jitters are tied to the fact that worldwide consumption is expected to average more than 84 million barrels a day in 2005, leaving only about 1.5 million barrels a day of spare production capacity that could be called upon in an emergency to offset a prolonged supply disruption.

Given such a slim margin for error in the supply chain, a large premium has been priced into every barrel of oil sold on futures markets. This premium takes into account the possibility of production outages stemming from hurricanes, terrorism and labor strife around the globe.

Several factors put the market on edge Monday:

• The U.S. Embassy and consulates in Saudi Arabia were closed after authorities announced Sunday a security threat against U.S. government buildings inside the world's largest petroleum-producing country.

• A fire broke out at a unit of Sunoco's 330,000 barrels-a-day Philadelphia refinery over the weekend.

U.S. refineries have been hit by more than half a dozen unplanned outages in the past few weeks as plants show the strain of trying to keep up with two years of unexpectedly strong demand growth after a decade of underinvestment.

• Suspected rebels launched renewed attacks overnight on pipelines in eastern India, leaving oil operations in the remote region in critical shape, a top oil official said Monday.

The market has also kept a close eye on tropical storms in the Gulf of Mexico, fearing a repeat of last year's Hurricane Ivan, which damaged oil facilities and caused output in the region to drop for several months.

Oil broker Tom Bentz of New York-based BNP Paribas Commodity Futures said there was no single event on which Monday's rally could be attributed. "We've just got a continuation of the uptrend here," he said. "And there's no sign that it will be stopping anytime soon."

Gasoline prices charged higher last week as a steep drop in U.S. stocks and nearly daily refinery problems raised doubts about fuel supplies in the world's biggest consumer.

Although there is only about one month left in the summer demand period, dealers say a late price rally can not be ruled out.



Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #2 of 23 (permalink) Old 08-08-2005, 01:43 PM
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RE: Wholesale gasoline price increase in Houston

Whatever the market will tolerate. We are not there yet! It is gonna get bumpy!
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post #3 of 23 (permalink) Old 08-08-2005, 01:48 PM
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RE: Wholesale gasoline price increase in Houston

Where is the Delorean from Back to the Future that ran on banana peels?
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post #4 of 23 (permalink) Old 08-08-2005, 01:54 PM
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RE: Wholesale gasoline price increase in Houston

Quote:
Shabah - 8/8/2005 3:48 PM

Where is the Delorean from Back to the Future that ran on banana peels?
That could fuel the world's energy needs! We give the banana peel to Jerry Lewis and then somehow capture the hot air escaping the laughing French as he slips on it. Of course, global warming will suffer...

I have no sympathy for US gas prices, it's still dirt cheap here. What I'd be more concerned about is the horribly expensive European gas prices and how these increases affect them.

Thanks,

Jeff
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post #5 of 23 (permalink) Old 08-08-2005, 08:51 PM
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RE: Wholesale gasoline price increase in Houston

Quote:
Shabah - 8/8/2005 3:48 PM

Where is the Delorean from Back to the Future that ran on banana peels?
88 Miles per hour!!!!

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post #6 of 23 (permalink) Old 08-08-2005, 10:15 PM
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RE: Wholesale gasoline price increase in Houston

^Dont fear the reaper.

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post #7 of 23 (permalink) Old 08-08-2005, 10:39 PM
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RE: Wholesale gasoline price increase in Houston

Reaper? No. Bad skits from SNL? Yes.
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post #8 of 23 (permalink) Old 08-09-2005, 04:12 AM
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RE: Wholesale gasoline price increase in Houston


Prices here have risen over the past few weeks by about 10p/litre.Some remote places are already selling at £1/litre-way way above the levels which precipitated civil unrest in 2000.Maybe we are all distracted with other issues?The pigs seem so stretched at the moment that policing insurrection would be very difficult.

To add insult to injury,almost daily we are informed of record profits by oil companies.But it's not all bad.Our local BP is selling M&Ms,buy one,get second half price.[:p]


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post #9 of 23 (permalink) Old 08-09-2005, 07:22 PM Thread Starter
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RE: Wholesale gasoline price increase in Houston

Total increases for the week are a little over 10 cents per gallon. When this hits the pumps, its gonna hurt. It has been reported that Bush's new strategy is to bullhorn the economy as a big success, in order to take the voter's minds of the fiasco in Iraq. It is going to be hard to convince voters the economy is getting better when gas goes to $3.00 a gallon and interest rate hikes are going into effect as well, inspite of whatever the economic reports say. As far as I am concerned, getting screwed by a reality of his own making couldn't happen to a nicer guy.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #10 of 23 (permalink) Old 08-09-2005, 08:21 PM
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RE: Wholesale gasoline price increase in Houston

Let it go up
In the Midwest there are many new
fuel processing plants being built.
They are making fuel out of corn & beans
It just takes time, and that time is approaching
Let there be E-85 & B-2
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