How high will gas prices get?

[gregintenn]

With the hurricane in the gulf, I look for a run on gasoline this weekend. How high do you guess prices will climb?

[bersaguy]

1 minute ago, gregintenn said:

With the hurricane in the gulf, I look for a run on gasoline this weekend. How high do you guess prices will climb?

At the least 50 cents a gallon depending on how long Harvey stalls in Texas and off the coast. It will go up in 15 cents of more at a time and then come back down 1 penny at a time and that will be just in time to raise it back up when they change from Summer Blend to Winter Blend..........JMHO

[Sam1]

Not too high.  Gotta remember, the middle east knows we're serious about spinning back up the frackers for the next 3.5 more years.  Those big refineries aren't going to screw with us too much until a new administration comes in and tells us how bad oil is again.

[bersaguy]

This is all the more reason we need to become an Energy Independent Nation in my opinion!

[jpx2rk]

I think it will be $.25-50/gal increase IF (and a BIG one) the refineries are not off line for long or incur a lot of damage.

 

update 8/29/17

Now I'm thinking it will be pushing $4.00/gal due to the extensive flooding.  Not good for us, but it's been an absolute nightmare for those in TX.

Edited August 30, 2017 by jpx2rk

[Randall53]

It's only up about 5 cents so far. Except diesel is up 15 cents at the Walmart Market about a block from my house. Everybody else only about 7 cents. Which is why I don't buy diesel from that Walmart. That suck.

 

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[DaveTN]

Foreign countries didn’t bend us over during Katrina. That was our own good ole homegrown boys. And given the chance they will do it again.

 

[Randall53]

Here's a little info:

http://www.4-traders.com/WTI-2355639/news/Several-Houston-Area-Refineries-Shut-Down-as-Harvey-Dumps-More-Rain-25013519/

[Johnny Rotten]

8 hours ago, Randall53 said:

It's only up about 5 cents so far. Except diesel is up 15 cents at the Walmart Market about a block from my house. Everybody else only about 7 cents. Which is why I don't buy diesel from that Walmart. That suck.

 

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I don't buy diesel from that Walmart whatever the cost is, I got fuel bugs from my local Walmart, if you don't know what that is google it.

This is my FFM

2017-08-29_04-08-46 by Johnny Rotten, on Flickr

 

[bersaguy]

I'm guessing that the refineries are going to be down for a lot longer than was first thought. They are not only looking at major damage to the refineries that will need to be repaired but they are also looking at a major labor issues because almost everyone that is employed at the refineries are also dealing with personal loss and their personal lives are in turmoil. I would buy up a little extra in cans and hope things improve as soon as possible..............JMHO

[nightrunner]

It was hovering right around 2.00-2.05 here lately in Smyrna. Was 2.25 when I filled up this morning. Was 2.35 when I just drove by this evening. I sure don't like it but what are ya gonna do? Go buy a $100k Tesla or one of the other electric cars that are hideous? Gasoline is ALMOST as necessary as food in our modern society.

[Randall53]

2 hours ago, Johnny Rotten said:

I don't buy diesel from that Walmart whatever the cost is, I got fuel bugs from my local Walmart, if you don't know what that is google it.

This is my FFM

2017-08-29_04-08-46 by Johnny Rotten, on Flickr

 

Dang, that's ugly!  I am very careful where I buy my diesel for sure. I try to get it at truck stops when I can. I have a 2001 dodge and it's this new super low sulfur fuel ain't good for that engine. I use a lubricating additive, usually Diesel Kleen. and Star Tron Enzyme Fuel Treatment in every tank. Of course it wouldn't save an engine with bad enough fuel in the tank. 

[bersaguy]

Well the other day when I got my gas at Kroger it was $2.07. I went to buy some groceries today and it was up to $2.17. I just got back from filling up 6 Five gallon cans and topping off my Jeep. That should be enough to last me a couple months if need be. Last time I has gas stored in my cans I had stabil for fuel in it and I put it in this also. I became concerned about it geeting old since I had it almost a year so I ran Jeep down near empty twice and used it. Now I have it again for emergencies.

 

 

 

[Murgatroy]

Glad I have a company vehicle and a gas card. What is the price of gas lately?

[Sam1]

yeah I'm eating crow from that initial post - 60% of refineries offline.  Potential flooding in Houston to be around until October.

What's going to make it worse is when everyone panics and creates a self-induced shortage like they did when that small pipeline burst a while back.

[gregintenn]

On 8/25/2017 at 0:22 PM, Sam1 said:

Not too high.  Gotta remember, the middle east knows we're serious about spinning back up the frackers for the next 3.5 more years.  Those big refineries aren't going to screw with us too much until a new administration comes in and tells us how bad oil is again.

I was under the impression that refining took place here. Do we buy much gasoline, diesel, etc. already refined from other countries?

[gregintenn]

17 minutes ago, Sam1 said:

yeah I'm eating crow from that initial post - 60% of refineries offline.  Potential flooding in Houston to be around until October.

What's going to make it worse is when everyone panics and creates a self-induced shortage like they did when that small pipeline burst a while back.

This is what I foresee. It didn't happen this past weekend however.

[xsubsailor]

Our's has gone up $.20 a gallon in the last two days. 

[peejman]

It'll get just a fraction past the point at which folks start fussing about gouging. Usage won't go down much so profits will be maximized. That's the sweet spot. 

[Randall53]

Yep. Just a fraction below the "I'm cutting back on my driving" threshold. 

[Ugly]

Up 19 cents here. 

[xsubsailor]

 I still remember what I paid at my last fill up before Katrina, $1.78.  I don't think it's gotten back down there since.

[gregintenn]

1 hour ago, peejman said:

It'll get just a fraction past the point at which folks start fussing about gouging. Usage won't go down much so profits will be maximized. That's the sweet spot. 

If that is the sweet spot, and I agree it is, why would oil companies

evee drop prices below that point?

[Mark A]

On 8/29/2017 at 6:38 PM, bersaguy said:

Well the other day when I got my gas at Kroger it was $2.07. I went to buy some groceries today and it was up to $2.17. I just got back from filling up 6 Five gallon cans and topping off my Jeep. That should be enough to last me a couple months if need be. Last time I has gas stored in my cans I had stabil for fuel in it and I put it in this also. I became concerned about it geeting old since I had it almost a year so I ran Jeep down near empty twice and used it. Now I have it again for emergencies.

 

 

 

get thyself 6 more and number them 1-12. Cycle them through your car the month corresponding to the number. 1= January, 2 = Feb etc. You will never have gas more than one year old and don't need to use any kind of stabilizer.

Yes, I store it and my 60 gallons of diesel in an out building. It comes in real handy when the wife gets home on fumes...

 

Mark

[peejman]

12 hours ago, gregintenn said:

If that is the sweet spot, and I agree it is, why would oil companies

evee drop prices below that point?

I'd say they don't.

There's people well informed enough to know that $x per barrel = $y at the pump. So when the pump prices go up more than crude prices, the gouge flag starts waving. With the storm, they have a good excuse to raise prices independent of crude prices.  I won't disagree that there is some validity in the need to raise prices now, but I know how business people think and they're going to do what's best for their company, which is maximize profits while not appearing to take advantage of a very unfortunate situation.  

Up like a rocket, down like a feather.