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You should know the drill by now, its only been going on for the past eight or nine years. Oil prices go up, gas prices go up right away. Oil prices go down it takes a week or two to see it reflected in the gas prices.
I saw an interesting conversation by some talking heads on TV this week. Seems attendants at full-service pumps are asking to see your money first before they do "fill-ups". Guess they are afraid someone in an SUV will scoot out without paying their $100 fill-up tab.
Who full serves in NY anymore?? UNless you live in the town of Huntington where self serve is illegal on "safety issues".... I havent seen gas pumps exploding anywhere else on LI..... Pump it your self, its expensive enough... Most people in huntington unless they are ultra snooty work their way to the first station in Smithtown, Babylon or Oyster Bay
Okay, where's Walter? Can't wait to hear that OIL has come down more than 10% in one day because the collective prices of refined product, gasoline, heating oil/diesel have fallen through the floor.
Good news everyone, the speculators are being taken out to the woodshed and given a thorough beating. I would like to hear from the government "the beatings will continue"
It's a perfect storm..overbought, cushing is gushing, talk of raising margin requirements (SILVER GOT OBLITERATED FROM THIS), OB possibly releasing from the SPR, things calming down overseas, Bin Laden, stronger dollar, FED ending stimulus.. it could fall another 10% I believe. IDK though, I hope these are the reasons for the correction and not a precursor to a major disturbance in the global economy. The Yen looks too strong, maybe Japan's economy is about to blow up.
Who full serves in NY anymore?? UNless you live in the town of Huntington where self serve is illegal on "safety issues".... I havent seen gas pumps exploding anywhere else on LI..... Pump it your self, its expensive enough... Most people in huntington unless they are ultra snooty work their way to the first station in Smithtown, Babylon or Oyster Bay
I see tons of people using full serve at the mobil station on 107 and merrick rd in massapequa.
Wholesale Gasoline $3.09-54/100, down 22.71¢ per gallon
Wholesale Heating Oil $2.88-69/100, down 25.61¢ per gallon
Product value $126.50, down $10.02 per 42-gallon barrel
Crude Oil $99.80, down $9.44 per 42-gallon barrel
Crack Spread $26.70, down 58¢ per 42-gallon barrel
Wholesale gasoline prices have declined about 30¢/gallon since Friday's closing trade, and, at today's close were $3.10 a gallon.
Retail gasoline prices tend to be at a $0.75 to $1.25/gallon premium to the wholesale gasoline price as traded on the New York Mercantile Exchange, which would mean that a wholesale price of $3.10/gallon would indicate a retail price of $3.85 to $4.35/gallon, depending on where in the U.S. the retail pump might be located.
Anyone can easily monitor the gasoline futures prices on the New York Mercantile Exchange (because these prices are available at no charge, they come with a 30-minute delay) by going to: Gasoline futures prices.
So you expect Apu the Local Gas Station owner to drop the price of gas in his tanks because the wholesale price of oil has dropped today?
If gas prices hit a certain level, they are required BY LAW to be at a specific minimum and maximum. I know what you're getting at and completely understand, that's why you have to report them if they don't come down. The prices are enforced! It seams like Mobil is always at the high end. If you have the application POYNT on your phone, you can check the local rates. There are probably other apps for this too.
IM sure there are specific practises to the oil and gas retail industry but in any business during an inflationary situation merchants are quick to raise the price but are real "sticky" about lowering them. One reason is simple. Just, as an absurd example, if I as a merchant bought Item A at $1 and sell it normally at $1.50, I would raise my price on in stock items immediately if I knew that my next purchase is going up in price. If I didnt do that I lose my profit on my in-stock merchandise. Even if a gas station doesnt do a tremendous volume they will continue to raise their prices on their existing inventory. On the other hand, until they are basically forced to lower their prices when their competition lowers theirs, they will keep their price at the higher amount.
Fair..no..is it done in every retail situation...yes, it is.
Wholesale Gasoline $3.09-54/100, down 22.71¢ per gallon
Wholesale Heating Oil $2.88-69/100, down 25.61¢ per gallon
Product value $126.50, down $10.02 per 42-gallon barrel
Crude Oil $99.80, down $9.44 per 42-gallon barrel
Crack Spread $26.70, down 58¢ per 42-gallon barrel
Wholesale gasoline prices have declined about 30¢/gallon since Friday's closing trade, and, at today's close were $3.10 a gallon.
Retail gasoline prices tend to be at a $0.75 to $1.25/gallon premium to the wholesale gasoline price as traded on the New York Mercantile Exchange, which would mean that a wholesale price of $3.10/gallon would indicate a retail price of $3.85 to $4.35/gallon, depending on where in the U.S. the retail pump might be located.
Anyone can easily monitor the gasoline futures prices on the New York Mercantile Exchange (because these prices are available at no charge, they come with a 30-minute delay) by going to: Gasoline futures prices.
So much for any comment which might be rightly filed under the "remember when" section of life, here on long Island back in the eighties.
I have an affinity to buying gas where the gas jockey is wearing a ski mask under his hoodie and the ladder has been permanently placed below the price sign.
I think that it's time for someone to develop the LED, quick-change, wireless sign, like the "walk-don't walk" signs at your local intersection. I know that jobs here
on Long Island may be scarce but if there was ever a good solid chance to hold a secure position in today's employment market, it'd be the daily climbing of that
shaky ladder, by the poor slob who puts the 9/10ths at the end of the hourly changing rate of gasoline. As a fact, any enterprising or entrapeneurial guy who wants
to make a great and lasting business, might entertain the job of going from gas station to gas station with a ladder and a handful of revised price tags. We'd be able
to change the expression of " Busier than a one-armed wallpaper hanger", to: busier than a gas station price changer...
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