Confused by gas prices. Please help. - Chicagoland Sportbikes
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post #1 of 18 (permalink) Old 09-30-2008, 03:40 PM Thread Starter
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Confused by gas prices. Please help.

Crude oil for November delivery is trading at $100 / barrel. A huge difference from record high of $147a barrel mid summer. But yet we are still paying almost the same at the pumps. WTF What's the reasoning for this. No hurricanes nor WMD found lately. Just wondering.
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post #2 of 18 (permalink) Old 09-30-2008, 03:46 PM
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post #3 of 18 (permalink) Old 09-30-2008, 03:50 PM
 
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It's come down alot since the peak depending where you look. That said it still needs to drop another dollar or so before we're back to around reasonable.
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post #4 of 18 (permalink) Old 09-30-2008, 04:23 PM
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I don't get it either, I paid $3.81/gallon for premium in Hales Corners, WI on Sunday, regular was in the $3.60 range saw some lower, some higher, all over WI it's like this, as soon as you cross the state line back into IL it jumps to what we are paying now.

I do recal our prices being lower and then right before Ike hit TX the prices jumped up to $4.19/ gal and up from there, taking it along time to come back from that

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post #5 of 18 (permalink) Old 09-30-2008, 04:23 PM
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The gas prices are a bunch of bull shit. Today I paid 4.100 Dinar for 40.345 liters of petrol. This equates to $1.02/gallon. This went into a Nissan Tiida (Versa in the states). It comes with a 1.8L rat motor. I paid much much more to top off the tank (4 gallons) on my bike than I do with this car.

*end 'o' rant - Wife is still in Joliet getting hammered on gas prices.
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post #6 of 18 (permalink) Old 09-30-2008, 04:34 PM
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gas prices are REALLY confusing these days..
I'm seeing regular at 30 cents or more difference between Deerfield IL / Evanston IL and Chicago IL... and what's worse, it's not the way you'd think!
Deerfield is still over $4.00/gal while near my place (Edgewater Chicago IL) it's under $3.80!
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post #7 of 18 (permalink) Old 09-30-2008, 04:36 PM
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Sad to say the winter blend is around the corner and that is way cheaper for them to produce, we may see 5 percent of there savings. Its not the gas stations, but the big oil companys.
Sad to say prices very by .20 + from town to town.
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post #8 of 18 (permalink) Old 09-30-2008, 04:38 PM
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Quote:
Originally Posted by merlin72875 View Post
gas prices are REALLY confusing these days..
I'm seeing regular at 30 cents or more difference between Deerfield IL / Evanston IL and Chicago IL... and what's worse, it's not the way you'd think!
Deerfield is still over $4.00/gal while near my place (Edgewater Chicago IL) it's under $3.80!
The Mobil on Saunders & Deerfield rd was always a rip off

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post #9 of 18 (permalink) Old 09-30-2008, 04:52 PM
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Quote:
Originally Posted by .:K2:. View Post
The Mobil on Saunders & Deerfield rd was always a rip off
yeah I'm referring to the Shell and BP at Lake Cook and Waukegan, and everywhere else around the area lol.. it just shocks me that the burbs are MORE expensive than the city proper, and even Indiana is more expensive than downtown Chi last week!
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post #10 of 18 (permalink) Old 09-30-2008, 05:57 PM
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It's typically 25-30 cents cheaper in Ottawa, IL also.

Shit, it's 15 cents cheaper in Minooka than it is in Joliet. It's like 5 miles.
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post #11 of 18 (permalink) Old 09-30-2008, 06:01 PM
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I saw a report from Georgia last night on the news, stations have run out of gas and are limiting purchases to customers to only a few gallons. something to do with the texas refineries still being down.




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post #12 of 18 (permalink) Old 09-30-2008, 06:09 PM
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Picked up my new Sprinter on Wed. of last week from Florida. Most of the gas stations around FL and GA were out of most of their gas when I filled up. Glad I made it back OK.

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post #13 of 18 (permalink) Old 09-30-2008, 06:15 PM
 
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There is a delay in the downtime from the hurricanes in Texas, it takes a while for a refinery to get back up to full capacity, and then it takes a while to get that gas delivered. Generally speaking, the majority of the refineries in the US are located on the east coast (Jersey), here, in the Gulf and California, so there have been shortages in the southeast because after the Gulf shutdowns it takes a while to physically get the gas into the area (even by pipeline it can take a couple of days to get gas by pipeline from the Gulf to the southeast terminals, and then more time for that gas to be picked up by truck and delivered to stations), and because there was a drop in refining capacity overall, producers will try to spread their product around as much as possible to try to avoid shortages in any one area, so even though there may not be a shortage here, the supply demand ratio overall has changed because of the temporary loss of refining capacity, meaning prices stay high or go up despite a drop in crude price. Also, we are in the "turnaround" period when refineries have to switch from summer to winter formulations, which means refining capacity drops a bit as they change their equipment to produce winter formulas. And drops in crude prices take a while to translate into lower gas prices because it takes a while for that crude to be bought, shipped refined and then delivered. So basically any event that affects either refining capacity (turnarounds, hurricanes) or the price of raw materials (crude oil prices) can take a couple of weeks before it translates to a price difference at the pump.
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post #14 of 18 (permalink) Old 09-30-2008, 06:20 PM
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Quote:
Originally Posted by Luvin' Twins View Post
The gas prices are a bunch of bull shit. Today I paid 4.100 Dinar for 40.345 liters of petrol. This equates to $1.02/gallon. This went into a Nissan Tiida (Versa in the states). It comes with a 1.8L rat motor. I paid much much more to top off the tank (4 gallons) on my bike than I do with this car.

*end 'o' rant - Wife is still in Joliet getting hammered on gas prices.
...don't they put oil in their cereal over there though? Or fill their swimming pools with it?

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post #15 of 18 (permalink) Old 09-30-2008, 06:21 PM
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Congress BP. Worst prices in town.

wah wah, we bitch and complain yet we can't do jack shit about it. It's gonna jump to $6 and we still can't do shit about it.
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post #16 of 18 (permalink) Old 09-30-2008, 06:31 PM
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Quote:
Originally Posted by MoTo178 View Post
... Or fill their swimming pools with it?
I'll run down and check the pool with my handy dandy torch and report back
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post #17 of 18 (permalink) Old 09-30-2008, 07:40 PM

 
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Don't get me started on gas prices.

Ok, I'll start with one little point. Didn't read the thread because as someone who's educated in business, there are thosands of reasons why the gas prices aren't accurate, and too many people out there allowing this to happen.

Anyway, if oil sells for $10 barrell...its loaded on a ship and shipped here. Takes about a month. If it sells for $8 a week later, that oil thats on the boat was bought at $10 and will be sold at that higher price.

However, if oil is bought for $8 and put on a ship, and a week later the oil price goes up to $10...that oil on the ship, and all oil/gas in the system, automatically adjusts up.

So, they adjust the price up, but never down. Imagine that!!
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post #18 of 18 (permalink) Old 09-30-2008, 09:37 PM
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I saw it for $3.35/gallon here in Peoria, and most stations are at $3.39-$3.49/gallon. One good thing about being in the middle of cornfields I would have thought prices had also started to drop in Chicago too, guess not.
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