Me and my brother both work at local gas stations and I am hearing rumors of a $1.50 rise in gas prices over night. This would put gas prices at over 5 dollars a gallon. Thoughts?
There's a funny thing about predictions in economics. If someone predicts that the price of a good will go up in the near future, then people will start buying a lot of that now, either to avoid the higher price or to make a profit off of the difference. When people then start buying a lot of that good, the price goes up. It's a self-fulfilling prophecy. And spreading rumors isn't going to do anyone much good........
I can see that, however, this was not a prediction, it apparently was what my boss said the price was being changed too at the end of the second shift. I also recieved a call from friends who live a little south of me saying that prices there had already shot up and that we needed to buy our gas now. I see what you are saying about the self fufilling prophecy. But if this is true what does everyone think this means for the election and the country?
I was in Panama in June and gas was 5.25 for premium. Our price was high at the time as well, I think premium was around 4.80. Now, consider the fact that the minimum wage in Panama is $300 per month and it puts it in perspective how expensive gas really is for them. It did for me. A minimum wage earner simply does not drive a personal vehicle much in Panama. A lot of bicycles, walking and busing. One thing I noticed on the roads was that the only traffic was public transportation, commercial vehicles and a very small percentage of private vehicles. Traffic was extremely light. Situations, like those in Panama, make me suck it up a bit and realize that someone else usually has it worse than I.
Again, I agree, we have it much better than many other countries. The other day a man from England told me he liked the price of gas. I asked him what he was talking about and he said gas prices were roughly doubled in the UK. But, if this is true, and I still am not sure that it is, what does this mean for the country? You have to think that this is going to scare consumers into less spending. First time I have seriously considered this but could we be on the way to a depresion?
Well, the story over here is that becuase of the Huricane, refineries are having to be evacuated and shut down. Without that production the price could skyrocket overnight. The rumor I am hearing is that in someplaces the price has already jumped 75 cents, just like that.
Thats roughly $4.61 (U.S. dollars) a gallon. See you guys are used to it we arn't, I don't know how we will handle this. Plus it's happening fast. Imagine gas going up 50 (Australian cents) a litre overnight. That is the equivelent of what could be happening here.
Meh, the oil rigs survived the last hurricane and it was a lot stronger in wind intensity than Ike. Hell, oil on the markets went down the next day too. I wouldn't be too worried about it.
Its time for people to adapt. Go buy a Prius, get on your bycicle, go look up your local bus routes. Gas will continue to increase exponentially because of its expanded use in areas like China and India. The demand for gasoline will only get higher, meaning OPEC is going to do what it can to maximize the price of oil per barrell.
No, the national elections haven't occurred yet. We are going to be O Kay for this hurricane season. Don't cross your fingers next year, gas will go up when the storms hit.
Yeah, but since gas is more-or-less an elastic commodity, the rate of consumption does not change much with price levels. This means that the average rate of gas consumption will not change much, and even if a run on gas stations causes a dramatic rise, the ensuing drop in consumption will push them right back down again
In Sweden right now gas is up to $8.3 per gallon. I am very glad we have a very nice mass transit system Since higher gas prices lead to other products increasing in price, the mass transit helps at least alleviate some of the costs associated and frees up money to pay for the OTHER things you MUST have (like food) that are also costing more due to those higher gas prices.
Right now we're in election season special, but I think if McCain gets elected, $5 gas at the end of 2009 is an absolute reality. don't know with Obama
Same thing that happened during Katrina. Refineries shut down during the storm, quickly repaired the damage, and took the shut down time to do a turnaround so they don't have to do it later. Prices will go back down, and I don't think they will jump up that much.
Based upon the declining value of the dollar between 1965 and 2007 a gallon of gasoline should cost roughly $4.75/gal. This price would be the fair market value based upon the increase in the money supply by the Federal Reserve relative to the nation's GDP. So while many complain about the high cost of gasoline we're really not seeing that from a money supply perspective. Gasoline is actually less expensive relatively speaking than it was in the 1960's.
I will see what I can pull up for you. But I have a friend on the gulf coast, and I talked to him a few moments ago. he said that fuel is at 5 a gallon right now. But he has been know to be a BSer in the past. Here in Jacksonville, the price at some stations is as 3.99, others it is at 3.62, Yesterday most all the stations had prices ranging between 3.59 and 3.64.
I'm still not sure if the reports are true. However, this morning they said on the radio to expect $5 gallon gas by days end. Also, gas has jumped up 30 cents already.
Gas rose from $3.49 to $3.74 near where I live this morning. Good thing I filled the tank yesterday. Also, I don't care. Also, the reason for this particular rise is because of Hurricane Ike threatening US oil refineries. http://www.msnbc.msn.com/id/12400801/ And an earlier rise was because of an accident in Turkey which closed down that pipeline for a while. Things we cannot control like the weather or an accident will always affect these sorts of things much more than we can.
