Mountain Home, AR

#1 Oct 16, 2009
What is up with the gas prices today? I got gas at Kroger this morning and with my $0.10 discount, I paid $2.19 a gallon. This afternoon, it is up over $2.40 a gallon and I hear it is over $2.50 a gallon in Bald Knob.
tough times

United States

#2 Oct 16, 2009
greed, pure and simple greed

Oak Hill, WV

#3 Oct 16, 2009
It's called supply and demand, retards.

Branson, MO

#4 Oct 16, 2009
The barrel price went about $75 i think it was yesterday. At the gas station on the corner of Southwest and Parker its $2.49. At the gladiola on harrisburg it's $2.39

Since: Aug 08

Location hidden

#5 Oct 16, 2009
duh wrote:
It's called supply and demand, retards.
Call it whatever you want to, it's greed pure and simple.
Common Sense

Lake Charles, LA

#6 Oct 16, 2009
It has not went up at Kroger as of 4:15

Oak Hill, WV

#7 Oct 16, 2009
Only simpletons such as yourselves can't understand the simple concepts of economics. Congratulations, you fail.

United States

#8 Oct 16, 2009
Just came back from a trip along the Blue Ridge Parkway and the most we paid for gas was $2.19/Gal

United States

#9 Oct 16, 2009
duh wrote:
It's called supply and demand, retards.
This is incorrect. Gas use to be based off supply and demand. Currently we have low demand for oil and inventories of oil in the U.S. Go look at the charts for yourself. Watch how the price of oil follows with the stock market. As the market took a nose dive late last year, so did the oil. As the market has come back, so has the price for a barrel of oil without the demand. It is based on speculations that the economy is improving, while in reality it is not. Oil closed today at 78.67, on October 8th oil was trading at 69.57. That is over a 13% increase in 6 business days.

Has the demand for oil gone up 13% over the past week? I don't believe so. So you have a bear market rally driven by speculation along with a rally in oil driven by the same speculation that if the economy is improving, then people will begin to use more oil accordingly in the future. It is not based on supply and demand or gas would still be lower based on our supplies(and when I mean lower I am talking about $1.40-$1.60 per gallon range). Instead, we use futures to regulate how we can price in a commodity to make sure investors can earn top dollar...also known as greed.

Commodities are based on speculation, not for the value or demand of a particular item. The price is simply what certain individuals THINK the oil, gold, rice, etc. will be worth in 3 months based on what certain individual THINK the demand will be at that time.

United States

#10 Oct 16, 2009
tough times wrote:
greed, pure and simple greed
Yep, they get rich off the poor
gas going up again

United States

#11 Feb 24, 2010
The Billion-Dollar Equation
There are the four main components that determine the gas prices we pay:
Crude Oil + Refining Process + Retail Sales/Distribution + Taxes = Gas Price
These components don't contribute equally to the gas prices at the pump.
Crude oil -- 57%
Finding the crude oil
Getting the crude oil out of the ground
Transporting the crude oil to the refinery
Maintaining a reserve capacity of crude oil
Refining the crude oil into gasoline -- 18%
Producing special blends of gasoline to meet local clean air government regulations
Transporting the gasoline to the gas station
Selling the gasoline at a station -- 11%
Operational costs
Marketing costs
Taxes, federal and state -- 14%
Hurricane Katrina wiped out major drilling operations and refineries on the Gulf Coast. Gas prices shot up because the balance between supply and demand changed. Katrina's wrath caused a significant drop in gasoline production, but demand stayed constant, resulting in higher gas prices in the U.S. and across the globe. In the months after Katrina, as the wells in the Gulf of Mexico and the huge refineries along the Gulf Coast came back on line, gas prices came down because supply increased to meet demand. Gas prices then moderated globally. If you live in a major metropolitan area affected by the Clean Act, look for mild gas price swings heading into this fall. This is when refineries serving your geographic area have to change their fuel blending process to produce the government-mandated "boutique" gasolines that help reduce vehicle emissions over the colder winter months. These changeovers temporarily reduce supplies, causing modest and short-lived price increases. As soon as the refineries are back up to capacity after the blend shift, prices edge back down. Maintenance at refineries and on oil pipelines can also temporarily reduce supplies, causing localized price jumps. In the 1960s gas prices were about 25 cents a gallon. Adjusted for inflation, that works out to be about $1.63 per gallon today. However, adjusted for inflation, gas prices between 1984-2001 were even lower. Today, we're definitely paying more than we used to, with the national average around $3.00 per gallon.
Taxes drive gas prices up further
State and federal gasoline taxes account for about 20 percent of the cost at the pump.(Earlier this year, it was only 13 percent.) This 20-percent figure equates to a national average of about 60 cents per gallon. As you can understand, states with percentage-based sales tax make considerably more on each gallon as gas prices rise (6 percent of $3 is twice as much as 6 percent on $1.50).
Raising taxes will cause a non-market driven decrease in oil consumption. This decrease in demand will drive down the world price of oil, making it tougher for alternative energy sources to gain market share. Until alternative sources of energy are profitable to produce on an even playing field compared to gasoline, they won't get to market on a large scale. Many energy experts do not support raising taxes because of this economic reality.
What about higher mandated fuel economy standards?
Robert Lutz, GM's vice chairman, believes "if fuel efficiency is the goal, making it impossible for consumers to buy full-size trucks and SUVs because of mandated fuel economy standards won't help. This will hurt the economy and decrease the demand for fuel, causing lower prices, thereby increasing demand (for fuel)."
Bob gets it. His point is that Americans should drive what they want until they decide the price of fuel is so important that it makes them choose a more efficient vehicle. If one assumes that gas prices will remain high, these elevated gas prices will encourage alternate energy development. Legislating larger vehicles out of existence isn't the answer. Hey Washington, are you listening?

United States

#12 Mar 2, 2011
Why don't the media interview our local politicians to see what they have done to lower oil prices. I guess they haven't because there would be nothing said. I wish kait would start interviewing them

United States

#13 Mar 2, 2011
I find it interesting that obama received millions from exxon as a part of his election funds.

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