What are gas prices today? (Cary: to buy, store, oil)

[StoneOne]

Originally Posted by rfb

All it really shows is that panic-buying caused all the gas in some station's tanks to be depleted. It doesn't necessarily mean that there isn't sufficient gas being pumped along the delivery pipes from the refineries. This is similar to how bread gets bought off the shelves when there is the hint of an ice storm coming. Grocery stores don't jack the cost up by 30%, and once the delivery trucks make it to the grocery store with bread the shelves will be full once again.

Apples and oranges.

Ice storms don't threaten the entire bread factory and supply infrastructure in the same way that hurricanes threaten the refining and supply infrastructure for gasoline. The store owners know exactly what the price will be on the next delivery and they know that there is no threat of supply disruption. If a natural disaster destroyed or even threatened the country's bread-making industry, then I can guarantee you prices would shoot up - especially when there's a run on product like there was with gasoline on Friday.

[Asheville Native]

Originally Posted by StoneOne

If people are stupid enough to line up to fill their tanks like they were doing yesterday, then station owners have every right to spike prices as extra compensation for dealing with the thick masses.

Greed and the "me, me, me, me, me" mentality that is all to pervasive in our society. I have seen a guy in Asheville filling up 10, 2.5 gallon plastic gas cans and hauling them in a tiny hatch back car.

[rfb]

Originally Posted by StoneOne

Apples and oranges.

Ice storms don't threaten the entire bread factory and supply infrastructure in the same way that hurricanes threaten the refining and supply infrastructure for gasoline. The store owners know exactly what the price will be on the next delivery and they know that there is no threat of supply disruption. If a natural disaster destroyed or even threatened the country's bread-making industry, then I can guarantee you prices would shoot up - especially when there's a run on product like there was with gasoline on Friday.

If the refineries are damaged, then yes, there will be an increase in the cost. Increasing the cost before you find out if there will be any damage, though, is what raises people's blood pressure. W.r.t. Hurricane Ike, it looks as though there won't be any significant damage (and perhaps none), and there will only be a small impact to the flow of gas. Charging an extra $1.50 to $2.00 because of a temporary shortage is at best taking advantage of the situation, and at worst illegal.

[StoneOne]

Originally Posted by rfb

Charging an extra $1.50 to $2.00 because of a temporary shortage is at best taking advantage of the situation, and at worst illegal.

The station owners could argue that it was insurance against future unknowns - supply disruption or just higher wholesale prices.

In any event, not every station was charging those kinds of prices. As my earlier post demonstrates, those who charged too much had to bring their prices down to be competitive. If Carrboro is any indication of the Triangle as a whole, gasoline prices have gone up by about $0.30 -- not $1.50-2.00.

If somebody paid $5.00 for gas on Friday, that's his choice as a consumer.

[North_Raleigh_Guy]

Well, I had no problems getting gas yesterday and today for my trip to and from Virginia. I paid $3.89 on the way out of Raleigh at a BP in Durham off of I-40 and today I paid $3.85 on my way back into town when I stopped in Winston Salem. The prices were actually higher in Roanoke, VA where I was staying. I noticed prices from $3.99 all the way to $5.25 in Virginia!

[adlnc07]

The gas station up the street from me was charging $4.79 yesterday (Saturday) and $4.09 today. Costco was around $3.70 today.

[JJingle]

Sept. 14 (Bloomberg) -- Crude oil fell to a six-month low in New York and gasoline tumbled amid signs that refineries along the Gulf of Mexico coast will soon resume operations after escaping major damage from Hurricane Ike.

[Gatornation]

Originally Posted by rfb

All it really shows is that panic-buying caused all the gas in some station's tanks to be depleted. It doesn't necessarily mean that there isn't sufficient gas being pumped along the delivery pipes from the refineries. This is similar to how bread gets bought off the shelves when there is the hint of an ice storm coming. Grocery stores don't jack the cost up by 30%, and once the delivery trucks make it to the grocery store with bread the shelves will be full once again.

We can all thank those that watch the foolish local media and live in fear for empty stations.

[Asheville Native]

CBS News said a bit ago that gas prices have risen $0.07 nationwide.

Prices in Asheville have risen 40 - 50 cents, overall, and in the cases of those stations gouging the public have risen $1.00 to $1.20. $3.99 is the absolute lowest price I have seen, and that at stations there were $3.61 a couple of days ago.

Sounds like plenty of gas in the Raleigh area, but on an outing Saturday, fully 75% of the stations had NO GAS, and the few with gas were selling premium grades only.

[dansdrive]

Looks like gas stations were pretty empty today around the Wake Forest area. Now that the prices are up 40 to 50 cents per gallon things are getting back to normal.

Now the only question I have is did we witness gouging? I felt gouged like a fresh container of Ice Cream when that first scoop is taken out.

The jury will be out to see if the 40 to 50 cents comes off 'overnight' once the refineries get back 'refining' their excuse and press releases on why the price should not come down any time soon.....

Top 5 reasons prices won't come down:

#5. Ike caused Major, Minor, intermediate damage to the oil infrastructure. Pick one. Reports of damage may take days, weeks, and/or months...
#4. Distribution lines filled with sea water, someone forgot to close the values.
#3. Electric grid is down and no back ups at the refineries.
#2. The refinery is out of crude oil. Ships can't come in.

...and

#1. Overnight Profits are up throughout the oil distribution and retail outlets. Why change a good thing......