Some good news on gas for a change.

Gasoline Panic Bubble Bursts; Pump Prices Set to Fall http://dailynews.yahoo.com/h/nm/2001...tail_dc_1.html

NEW YORK (Reuters) - U.S. gasoline pump prices are poised to head lower following a large drop in the wholesale market, blotting out doomsday predictions of $3 gasoline this summer, industry experts said Wednesday.

``There was a lot of fear that drove prices up to begin with, and now it's clear that that fear was misplaced,'' said Ken Miller, analyst for Purvin and Gertz in Houston. ``Pump prices are certainly going to come down.''

Wholesale gasoline prices in most areas of the country have fallen between 15 and 25 percent since their highs at the end of May due to steadily growing supply. The cost of the fuel fresh from refineries in the Gulf Coast is now as low as 73 cents a gallon, compared with 91 cents less than two weeks ago.

The supply growth has erased a deep deficit and brought U.S. gasoline stocks to more than six million barrels, or 3 percent, ahead of last year. This is attributed to a brisk domestic refining pace and strong imports, according to the American Petroleum Institute (API).

The outlook could awaken the nation's motorists from their gasoline nightmare, caused by near-record retail prices of $1.69 a gallon, and more than $2 a gallon in certain areas of the West Coast and Midwest, according to the American Automobile Association's (AAA) daily survey.

The high prices were driven by fears of short supplies this summer -- a season of traditionally high gasoline demand -- and recollections of last year's spike in the Midwest which drove prices as high as $2.75 in some major cities.

But this summer's relief is not likely to come immediately, analysts said, since retailers often take two weeks or more to start reflecting their lower costs at the pumps.

``It looks like the improved supplies will be depressing gasoline prices at the marketplace,'' said Jerry Cheske, spokesman for the AAA. ``But, historically speaking, retail prices are slower to follow wholesale declines than increases.''

Cheske added that regional supply disruptions, like a refinery shutdown or a pipeline leak, could send prices at some service stations the other way. Also, Iraq's cutoff of most of its oil exports due to a row with the United Nations (news - web sites) could keep crude oil prices high and offer support for gasoline values.

Nonetheless, the improved outlook puts the prospect of $3 gasoline farther out of reach, even after reports of oil companies ordering large number '3's in California this spring to hang in the dollar slot at filling stations.

``The shortage is over,'' said one Texas gasoline trader Wednesday. ``There's plenty of gasoline out there.''

Just Me

 

Link is dead.....

 

Gas prices go up light lightning and come back down like a parachute. All to liberate you from your hard earned $.

Gas was still $3.49 here this morning in NJ - and we are on the cheap side.

 

i sure hope so

 

i think that article is mad old

 

this is from 2001 guys "caused by near-record retail prices of $1.69 a gallon" we all knwo what came of this

 

who the hell brought this tread back?

 

good news would be that the ripping off would stop and that the gaz would get back to the price it was 15 years ago.

 

That would be HAWT, but its not going to happen

 

Its been over 4 years

 

it would be if oil companies were to lower the prices and quit making 11 BILLION a quarter profit

 

Not going to happen - look at what happened 10 years ago (40 cents a liter) and it went up to 70 cents, people complained, but it stayed there - consumers contunied to buy - these companies are doing the classical supply and demand - demand is NOT going anywhere....

As for the mid-east and Russia all there eggs are in the gas basket, very few other exports they can mark up and provide - hence the low education rate and high oil costs. Ideally I believe the US should invest more into refineries to more efficently handle the oil we do have. OIL is not the problem processing the oil is.

 

this thread.

I own a 2002 TL, and this thread is four months older than its production date!

 

here in NE, ws always hi, now its lower then 3 dollars

 

Damn didn't see that - but the issue still applies today!

 

its down to 2.95 here

 

3.59 on long island.

If I saw it anywhere cheaper than 3 bucks a gallon for 93 I'd fill every legal gas tank I could find and store it in my garage.

 

they raise the price on gas so the airline industry can recover and make the government some crazy loot. bush rocks...he knows what hes doing.

 

WHAT THE FUCK ARE YOU TALKING ABOUT......

 

O/T.