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Ive been praying tgat the price would have kept people from getting in their cars and driving out here to northern suffdump but seems the minivan crowd still wants to show their mensa qualified 13 month old what a farm is
I believe we unfortunately have been conditioned to accept Avg, $4.00/Gal gas.Where is Up chuck Shummer on this??Like all other things he came out strong to fight this and now ?? Business as usual I guess.
Here's a quick (very quick, so please excuse any typos or calculation errors) look-see at what's happened to prices and price relationships in the domestic petroleum markets during the past year:
With the exception of natural gas, energy prices were higher.
Wholesale gasoline prices increased 58¢ a gallon or 30.1%, wholesale heating oil prices increased 66¢ a gallon or 30.5%, with the result that the combined product value (gasoline + heating oil) increased almost $26 a barrel or 30.3%, while the cost of crude oil increased only $3 a barrel or 4.4%, leading to an increase in the crack spread (the gross operating margin) of about $22 a barrel or 162.3%.
For comparison purposes, the price of feed corn increased $1.16-3/4 a 56-lb. bushel or 22.4% and the price of gold increased $341.70 a troy ounce or 26.4%
At the end of Friday's, September 23, trading, wholesale prices (gasoline and heating oil is in $/gallon, combined product value, crack spread and crude oil is in $/42-gallon barrel and natural gas is in $/mmBtu) were:
[ 1 ] The above calculation of the crack spread (gross refinery operating margin) assumes that each 42-gallon barrel of crude oil yields 25.2 gallons of gasoline and 16.8 gallons of heating oil and other distillates, such as diesel and jet fuel.
[ 2 ] Also, please note that 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 $2.52/gallon would indicate a retail price of $3.27 to $3.77/gallon, depending on where in the U.S. the retail pump might be located.
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