Will Gasoline Prices Surge Overnight Due to Record Crude Oil Prices?

[The_Kitchen_Guy]

The price of crude oil spiked over $140 per barrel for oil today, an increase of more than 14%. It closed at $138.54 which is a new record.

This means there will be a huge jump in gasoline prices overnight, a jump of 20¢ to 25¢ would not surprise me at all.

Top off your tank today - you'll thank me tomorrow.

That is all.

 

[DessertDivaFL]

Thank you for the heads up! I topped off yesterday (Thank you Lord for telling me to, even though I was at half a tank) and the price was $3.89/gal.

 

[kathijenkins]

Thanks KG!! As usual, your information is helpful & appreciated. We're already over $4 here...thankfully it only goes up once a week...I topped off yesterday before the increase at midnight.

 

[dannyzmom]

Thanks for the tip, KG. I need to fill 'er up today. It's 3.99 - 4.07 here.

 

[krzymomof4]

Guess I will be filling up as well today

 

[pamperedlinda]

Feel free to spread more cheer KG :yuck: LOL Only wishing I had stock in a major gas company these days....

 

[Kitchen Diva]

The price of crude oil spiked over $140 per barrel for oil today, an increase of more than 14%. It closed at $138.54 which is a new record.

This means there will be a huge jump in gasoline prices overnight, a jump of 20¢ to 25¢ would not surprise me at all.

Top off your tank today - you'll thank me tomorrow.

That is all.

Did you know that China is drilling for oil to help with their oil needs 64 miles off the Florida Coast?

 

[baychef]

Thanks for the tip, KG. I need to fill 'er up today. It's 3.99 - 4.07 here.

Guess it would be out of the way for me to head down to Florida (from New York state!!) Gas here went from $4.15 yesterday to $4.12 today...but better fill up as KG recommends...it will be a up to $4.40 (and the high end places may be 5 cents or more beyond that).

From KG..."Top off your tank today - you'll thank me tomorrow." I'd thank the person that could stop this craziness more (maybe Tony Soprano could work on that!) We don't live in an area that has mass transit so driving is very necessary. I fear for so many of the elderly and those that can not make ends meet as it is. My parents are already worrying about the winter fuel bills and it is so sad.

 

[chefann]

That's a very real concern. It's going to get to a point where people with minimum wage jobs won't be able to afford the gas to get to and from work.The government offices of my county just started letting their employees work 4 10 hour days a week to save on gas.

 

[jcsmilez]

It's already at 4.50 a gallon at the cheapest places here and my husband I commute 50 miles (round trip) a day. I don't know how long we will be able to handle this. :grumpy: :cry:

 

[pampchefrhondab]

Can sum it up in two words, "It suc**"

 

[elizabethfox]

It is $3.99 here better get it today! Thanks KG!

Oh and next week is race weekend here at MIS and you KNOW the gas prices are going to be even HIGHER around this area because of all of the race traffic.....grr....

 

[The_Kitchen_Guy]

My blog entry from May 22 abouthttp://www.jrmanning.com/2008/05/22/80/ discusses the subject of profits in the United States. Do you believe that gasoline prices are fixed by 4 cigar-chomping friends of Dick Cheney in a smoke filled room in Dallas? Let me give you their identities: Easter Bunny, Tooth Fairy, Santa Clause and J.R. Ewing.

 

[baychef]

That's a very real concern. It's going to get to a point where people with minimum wage jobs won't be able to afford the gas to get to and from work.

The government offices of my county just started letting their employees work 4 10 hour days a week to save on gas.

I work at a school. If they went to a 4 day school week, it would put sports at jeaopardy. (and many other after school activities!). Think of the gas it would save though for bussing!!

My son is trying to find work and if he has to drive too far, he will be losing money! I drive 42 miles a day just for my day job so it's almost $10 a day to work (but I have a good job with bennies)

Saw a great tee-shirt on Cafe Press (while buying my buttons from Ann S. for conference!!) "The only cheap gas I can find is when I eat a 99 cent burrito"

 

[Jennie4PC]

All I have to say is this is ridiculos. I saw on the TV that the Dow went down cause of the oil price increasing today.

 

[The_Kitchen_Guy]

Did you know that China is drilling for oil to help with their oil needs 64 miles off the Florida Coast?

Sure - but WE can't.

http://www.lucianne.com/routine/images/05-30-08.bmp

 

[kathijenkins]

While it may pose a risk to our coastline, I'd rather WE drill off the coast of FL than the Chinese!!!

 

[ChefChris]

I did fill up today for $3.66/gal it was $3.84 and went down over night so I thought I better take advantage of it. I'm glad that I did after reading KG's report.

 

[kathijenkins]

I did fill up today for $3.66/gal it was $3.84 and went down over night so I thought I better take advantage of it. I'm glad that I did after reading KG's report.

I'm moving there!! Here we've hit $4.18 on base...if we had to buy off base it would be about $9.50 a gallon...one Euro, 59 cents a liter & roughly 3.8 ltrs to 1 gal...exchange rate is $1 buys 0.6355 Euro....Makes your head hurt, doesn't it?

 

[Christ Follower]

Ugh....it's already $4.45 at the cheapest station here! Thanks for the head's up KG.

 

[The_Kitchen_Guy]

While it may pose a risk to our coastline, I'd rather WE drill off the coast of FL than the Chinese!!!

We face far bigger risks in our country every day than those posed by offhshore drilling rigs.

 

[kathijenkins]

We face far bigger risks in our country every day than those posed by offhshore drilling rigs.

That's for sure. I fail to see why we shouldn't drill offshore...but we let another country do it?? What's wrong with that picture?

 

[The_Kitchen_Guy]

Write to your Senator and congressman and tell him to start drilling.Of course, if your reps are as condescending and arrogant as our own Herb Kohl, you won't get far.

 

[kathijenkins]

Write to your Senator and congressman and tell him to start drilling.

Of course, if your reps are as condescending and arrogant as our own Herb Kohl, you won't get far.

Been there, done that, got the T-shirt. Cranky old fools didn't even bother to reply. Thought maybe once Jeb Bush was out of office, we'd stand a chance but Crist isn't much better.:grumpy:

 

[kaseydee]

I filled up yesterday for $3.69 - it was the same price this morning. Now I can drive about 15 miles & it gets OVER $3.80 - that is INSANE!! Thanks KG - I just called Larry & told him to go run & fill up @ the $3.69 before it goes up.

 

[Kitchen Diva]

My blog entry from May 22 abouthttp://www.jrmanning.com/2008/05/22/80/ discusses the subject of profits in the United States.

Do you believe that gasoline prices are fixed by 4 cigar-chomping friends of Dick Cheney in a smoke filled room in Dallas? Let me give you their identities: Easter Bunny, Tooth Fairy, Santa Clause and J.R. Ewing.

Good blog entry, KG. I also heard yesterday that they discovered an estimated couple billion barrels of oil under North Dakota and the oil needs very little refining, so it could be ready to go for our consumption very quickly... no word on whether or not they'll be willing to exterminate tumbleweed colonies in order drill there or not.

 

[baychef]

My SIL's sister just retired from Conaco. She is a ripe old 50 or 51 years old. She was a geologist and has so much money, she just buys what ever she wants. I do not begrudge her this because she is very smart and has lived in Norway, Houston, New Orleans and has been far away from her family for her adult life.

A few years ago, my brother asked her why we couldn't just use our own oil for our country. She said that the US doesn't have the refineries it needs and that it would be extremely expensive. (and this is when gas was between $1.00 and $2.00!!!) In addition, she said that it would take decades to get it up and running.

When watching the heads of the major oil companies speak on Capitol Hill, I was sickened. Their answer to their record profits was that most of that money was reinvested (how, into more stock, into finding alternative fuels, into lining their own pockets?) I know there are those that are going to get rich, I know that it costs money to look into alternative fuels, etc. but where does it stop.

Love the cartoon, KG, but I think it doesn't just stop at Congress. Our president asked Saudi to pump us more oil and they said no. The problem lies in the consumption and pumping more is not a solution.

Anyone who was old enough when Jimmy Carter was president remembers that you could only gas up on "odd and even" days. (If your license plate number ended with an odd number, you could only pump gas on an odd day of the month). Not sure if this helped, but there were steps made as you point out in your blog, KG, that we started to try to look into this years ago. Then it stopped. Here we are again.

If I rode my bike to work two things would happen. First, I would have a freakin heart attack and second, if I didn't have a heart attack, it would take me hours to get to work...and stink :cry:

We have many Amish in the area and I think they have the solution. My buggy will not be black but it will look more like a Woodstock work of art so it can be seen!!! Bet they would love that in the parking lot here at school!!

 

[Kitchen Diva]

Write to your Senator and congressman and tell him to start drilling.

Of course, if your reps are as condescending and arrogant as our own Herb Kohl, you won't get far.

Norm "RINO" Coleman is on the side of the not drilling crowd. I told him I was happy he brought Hockey back to MN but as far as the rest of his voting record he might as well just put a sock in it! The other two that we have are worse than he is- Ellis and Klobuchar (sp?) I like Michelle Bachman and she shares the same concerns that I have- I also met her personally. Her husband is a very interesting guy. I know I'd get a reply if I wrote to Michelle...

 

[Kitchen Diva]

Sure - but WE can't.

http://www.lucianne.com/routine/images/05-30-08.bmp

That's my whole point. Our foreign policy allows FOREIGN countries to drill off the coast of any US state and endanger all that the lobbiests are trying to protect but WE can't drill off our own coastlines. It's just stupid!


But then again, stupid is as stupid does!

 

[Kitchen Diva]

While it may pose a risk to our coastline, I'd rather WE drill off the coast of FL than the Chinese!!!

I like you more and more each day crankycat!

 

[Kitchen Diva]

My SIL's sister just retired from Conaco. She is a ripe old 50 or 51 years old. She was a geologist and has so much money, she just buys what ever she wants. I do not begrudge her this because she is very smart and has lived in Norway, Houston, New Orleans and has been far away from her family for her adult life.

A few years ago, my brother asked her why we couldn't just use our own oil for our country. She said that the US doesn't have the refineries it needs and that it would be extremely expensive. (and this is when gas was between $1.00 and $2.00!!!) In addition, she said that it would take decades to get it up and running.

When watching the heads of the major oil companies speak on Capitol Hill, I was sickened. Their answer to their record profits was that most of that money was reinvested (how, into more stock, into finding alternative fuels, into lining their own pockets?) I know there are those that are going to get rich, I know that it costs money to look into alternative fuels, etc. but where does it stop.

Love the cartoon, KG, but I think it doesn't just stop at Congress. Our president asked Saudi to pump us more oil and they said no. The problem lies in the consumption and pumping more is not a solution.
Anyone who was old enough when Jimmy Carter was president remembers that you could only gas up on "odd and even" days. (If your license plate number ended with an odd number, you could only pump gas on an odd day of the month). Not sure if this helped, but there were steps made as you point out in your blog, KG, that we started to try to look into this years ago. Then it stopped. Here we are again.

If I rode my bike to work two things would happen. First, I would have a freakin heart attack and second, if I didn't have a heart attack, it would take me hours to get to work...and stink :cry:

We have many Amish in the area and I think they have the solution. My buggy will not be black but it will look more like a Woodstock work of art so it can be seen!!! Bet they would love that in the parking lot here at school!!

And the fact that we reached peak oil levels about a decade ago- so there really isn't much more for them to drill. I'm for drilling where it is necessary and there are not as many dangers to animals and environment when it comes to drilling and refinery's like they lead you to believe...

 

[kathijenkins]

I like you more and more each day crankycat!

Well, I'm slightly off my rocker. I guess having lived overseas has made me more opinionated than I was before. (God help us all!!) I see things here that just make me want to smack some of those politicians (probably butchered the spelling on that one) back home upside their ignorant little heads.:grumpy: Sometimes you need more common sense & not as much book smarts, ya know?

 

[PamperedDor]

Yup - filled up yesterday - my truck just "binged" when I pulled in - put 100 dollars in it and it was the mark before F - not even full! $419.9 - going to start using my dd's car - my surburban eats the gas!

 

[Kitchen Diva]

Well, I'm slightly off my rocker. I guess having lived overseas has made me more opinated than I was before. (God help us all!!) I see things here that just make me want to smack some of those politicians (probably butchered the spelling on that one) back home upside their ignorant little heads.:grumpy: Sometimes you need more common sense & not as much book smarts, ya know?

My best friend from high school was like that- dumb as a brick when it came to common sense but brilliant as far as book smarts was concerned.

I agree that they need to start using common sense when it comes to this. We are in the middle of an energy crisis and they need to stop with the pecker envy and pull their heads out of the sand and start making some smart decisions where the people that voted them in office are concerned...

(btw- I'm rather opinionated myself)

 

[Kitchen Diva]

Yup - filled up yesterday - my truck just "binged" when I pulled in - put 100 dollars in it and it was the mark before F - not even full! $419.9 - going to start using my dd's car - my surburban eats the gas!

DH has only driven his pick-up a couple of times to the compost heap since he's lost his job. It costs about the same just to fill it up. Glad I downsized to a Buick from my SUV. I hate that I don't have one, but for now I'll live with the fact that I'm back in a car (even though it's a large car!)

 

[kcjodih]

We're paying about $4.81 a gallon here :yuck: ($1.27 a litre, 3.79 litres to a gallon so 1.27 x 3.79 = $4.81!!! And we haven't even had our weekly increase yet!

 

[baychef]

Just read your blog KG...good info!!! Was listening to someone on NPR that was allowed to go into Russia and visit their drilling in Siberia. Very interesting.
We are in a tourist area and boating is a big thing for the next three months. It will be interesting to see if that falls flat. We share the Seaway with Canada so we are anxious to see if it effects Canadians as well.

Gotta run and consume my fair share of oil!!!

 

[chefann]

Marine Gas was already on the news here locally, a couple of weeks ago.

 

[baychef]

But then again, stupid is as stupid does!

And you can't fix stupid!!!

 

[kathijenkins]

[/B] My best friend from high school was like that- dumb as a brick when it came to common sense but brilliant as far as book smarts was concerned.

I agree that they need to start using common sense when it comes to this. We are in the middle of an energy crisis and they need to stop with the pecker envy and pull their heads out of the sand and start making some smart decisions where the people that voted them in office are concerned...

(btw- I'm rather opinionated myself)

Just goes to show you, great minds think alike!

 

[The_Kitchen_Guy]

We have many Amish in the area and I think they have the solution. My buggy will not be black but it will look more like a Woodstock work of art so it can be seen!!! Bet they would love that in the parking lot here at school!!

The do-gooders are after them, too. There are proposals being kicked around by the same moonbats that want you to carry a carbon footprint card. They want to tax owners of livestock for animal emissions.I am NOT making this up.

 

[pamperedlinda]

I live in a flying community and everyone is complaining about the price of AVGas, I think it's already over $5 a gallon. Every evening there is usually about a dozen neighbors flying around, not so much lately

 

[crystalscookingnow]

The do-gooders are after them, too. There are proposals being kicked around by the same moonbats that want you to carry a carbon footprint card. They want to tax owners of livestock for animal emissions.

I am NOT making this up.

Say what?!?!? :grumpy:

 

[The_Kitchen_Guy]

Yes, the same moooooooonbats that want to tax you for your carbon footprint also want to tax farmers for livestock flatulence.We are nuts. And we are getting nuttier.As Pogo said so well, "We have met the enemy and he is us."

 

[PamperedDor]

Oy Vey - is it happy hour around here or what??? LOL!

 

[Jean DeVries]

I've changed my career path.

Today's $11 spike in oil prices had nothing to do with supply/demand. Is the world really demanding $11 a barrel more oil than we did yesterday? Um. No.

Today's spike was because a foreign oil minister (and let's all remember where he makes his money....) said that oil could get to $150 by July.

So, investors, who, I think are the masters of self-fulfilling prophesies, decided to buy buy buy, which ran the price up up up.

In my new career, I want to become an expert enough at something that I can say, "I think oil will be like $2 by July" and pretty soon we can all fill our tanks for $1.50.

For crap sake....why can't the buyers see through the hype?

 

[The_Kitchen_Guy]

Jean, that had everything to do with demand. When the buyer see that kind of analysis, they panic and the market reacts accordingly.It's just like the dairy and bakery departments at Kroger when the weather forecast says we're going to get 18" of snow - whether we actually get 18" or not.

 

[Kitchen Diva]

What exactly would this carbon footprint card be for, KG?

 

[Jean DeVries]

Jean, that had everything to do with demand. When the buyer see that kind of analysis, they panic and the market reacts accordingly.

It's just like the dairy and bakery departments at Kroger when the weather forecast says we're going to get 18" of snow - whether we actually get 18" or not.

I meant it didn't have to do with end consumer supply and demand. It had to do with investor supply and demand.

Or rather, investor demand.

 

[ChefBeckyD]

What exactly would this carbon footprint card be for, KG?

I'm wondering that too.....

and what does it mean to get green credits?


I don't get it?