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May 30, 2012

Gas Prices Not So Bad

 

Did you take a little road trip on Memorial Day Weekend? Didn’t hurt that much to fill up, did it?

Gas prices could go even lower in coming weeks. I’m not saying it will be cheap, or that you will get a 6-pack of Coke when you fill up, but prices will probably stay under the $4 or $5 fearmongers were predicting.

Gas prices are still historically high, but it’s starting to feel cheap by comparison to where we were just months ago,” said Jason Toews, co-founder of Gasbuddy.com, which tracks prices throughout the country.

Prices could fall as much as 10 cents a gal during Jun. Key word ‘could’.

You have a couple of wild cards in the middle of the summer” that could trigger significant price fluctuations, said Tom Kloza, chief oil analyst at Oil Price Information Service. Among them: economic instability and a looming election in Greece, fears of a recession in Europe, the arrival of hurricane season, and tensions over sanctions against Iran, which has threatened to disrupt Middle East oil supplies.

Kloza is always a little ray of sunshine.

“You’re about as miserable as you were last year, but you were prepared to be much more miserable,” Kloza said. “It’s like you’re prepared for a 100-degree day and you got 90 degrees. It’s still uncomfortable; it still crimps consumer spending. But it’s not quite the crisis that some people were calling for.”

Filed under:Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 6:50 pm | 

May 28, 2012

Summer Driving Season

 

I saw a great article this weekend on the start of the summer driving season. AP Energy Writer Jonathan Fahey really nails it with this summary:

Our rants about gasoline and the oil industry may not always be based on facts, but one thing is undeniable: Americans are obsessed with the price of gasoline. More than any other good or service we buy.
In the language of economists, the price of gasoline is “salient.” That means it sticks in our brains. Here’s why:
We’re reminded of the price every time we pass a gas station and see those huge, numbered signs. We buy gas every week, unlike bills we pay monthly or a couple times a year. Milk is $4 a gallon, but we buy only one. When we fill up with gas, we spend $50 or more.
And the biggest frustration, which comes into focus as the numbers spin ever higher at the pump: There is no alternative.

The whole article is well worth reading.

It is an interesting time, with several factors in play:

1) Summer driving season has this on people’s minds;
2) Risk is still high;
3) Prices have eased.

This is a great time to think about locking in prices — if you have the ability to do so.

May 21, 2012

Reasonable Gas Prices?

 

Well, you may not think so, but Tom Kloza of OPIS ‘Speaking of Oil’ makes several good points about the relatively lower price of gas.

It’s hard to feel lucky as you watch the $ on the sale meter go up when you stand there pumping black gold into your vehicle. Kloza points out that the price is actually slightly less than it was last year. Demand has fallen. So have crude oil prices.

If you think the President or Congress can do a darn thing about it, please see me for a great real estate opportunity.

Kloza admits that the ‘coast is not clear’, and puts his price target for the annual high of gas at $3.75-$4.25.

If we can only keep the speculators on the sidelines with no temptations!

Filed under:Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 1:29 pm | 

May 9, 2012

Election Rhetoric Gearing Up But..

 

Gas prices are going down. Obama is the big bad Dem responsible for our pain at the pump. Not hearing anything about that lately, since gas prices are lowest they have been since Feb.

Could be those nasty Eurozone instability concerns.

No mater the reason, the good news is that gasoline is down to an ave. price of $3.76/gal (except in 9 states and I happen to live in one of them).

Just FYI, the US produced 9.5 million barrels of crude per day in December, while consuming 18.5 million barrels of petroleum products. Guess we are just plain stuck with imports.

Filed under:Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 6:20 pm |