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May 23, 2011 at 8:43 pm #599025
About 3 weeks ago, crude oil prices began to come down…..and yet, the gas prices at certain gas stations have not changed at all and remain at their high for the year. One culprit is the 7-11 station at 35th and Avalon. So I emailed 7-11 on Friday. The rep tried to tell me that oil prices had not come down and when I showed her that that was not true [crude is down from $114 to $98 per barre], she said that market data supported the current price. That was on Friday……by Sunday, the price had dropped $.07.
Here is a website that gives gas prices at different stations in Seattle………you might be surprised by the variation between stations:May 23, 2011 at 11:28 pm #724910
There are probably a range of factors that influence gas prices, including current inventories, refinery output, demand, etc. that might account for why retail prices do not immediately respond to crude prices.
It is also worth considering that, adjusted for inflation, current gas prices are essentially the same as they were in 1982. Not to mention the fact that we pay less than half of what Europeans pay for gasoline.
The best way to save money on gas is to drive a more fuel-efficient car and/or not drive so much.May 24, 2011 at 12:24 am #724911
The single largest driver of gas prices is speculation by commodity traders.
There should be a requirement for futures traders to take physical possession of at least a percentage of the commodity purchase.
“Saudi Arabia recently estimated that about $25 a barrel of speculation premium has been added to the current oil price. Separately, a study co-written by a CFTC commissioner, Bart Chilton noted that about 64 cents a gallon can be attributed to over-speculation, reported The Seattle Times.”May 24, 2011 at 1:03 am #724912
Not to mention the fact that we pay less than half of what Europeans pay for gasoline.
—Damn those Europeans. Always making us look bad with their high-speed trains and cheap-o jetliners and holier-than-thou jet-setting super-model marrying little politicians.
Damn damn damn damn DAMN!!!May 24, 2011 at 1:31 am #724913
Americans actually pay way MORE for gas than they think they do, given the billions in tax rebates and subsidies paid to big oil with our tax dollars. I think it would make much more sense to eliminate the corporate welfare and just pay the true price of gas – which would be much closer to the European cost. And as Christopher suggested, we should just use better common sense in regard to our driving addiction.May 24, 2011 at 3:27 am #724914
Honolulu is below $4 a gallon now.June 16, 2011 at 2:02 am #724915
The price of TX crude hit $95 today…….the lowest its been since February……and oil and gas inventories continue to build. Yet, gas prices at some stations in West Seattle have barely budged.
Posters here have made some good comments. Small cars, conservative driving habits, hybrids, etc are all ways to bring the price down. Another way is to avoid the gas stations that charge the most.
I also like DawsonCT’s comment that a lot of it has to do with oil traders manipulating crude prices. And there is truth to that statement. Margin requirements for oil traders are fairly low which allows traders to ‘lock up’ a lot of oil with little money. Many seasoned oil people believe that that has had a big impact on the current rise of oil prices as well as on the run up in 2008.
I again encourage everyone to go to stations where the prices are lowest. The consumer does have some clout. Personally, I go to the Arco station on Delridge and Morgan. They seem to have some of the lowest gas prices in West Seattle…..all grades are below $4 now……and its on my way to the gym.
Again, gasbuddy can give you the best prices near where you live:June 16, 2011 at 2:22 am #724916
Thanks for the link. When I was in Westwood last weekend the Roxbury Union 76 station had gas at $3.79, compared to Calif. Ave 76 at $3.95/gal.June 16, 2011 at 2:50 am #724917
dobroParticipantJune 16, 2011 at 3:18 am #724918
too much of America is in the business of speculation…
it’s earning big bucks for the select few..
the only problem is that the middle class is picking up the tabJune 16, 2011 at 3:55 am #724919
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