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calendar   Monday - August 03, 2015

Still Waiting

What Goes Up, Must Come Down. Unless It’s Gas Prices.

Hey, remember early this Spring, when the price of gas dropped like a rock for a few weeks, and you could actually get a tank or two of regular for $1.89/gallon? That was because the price of crude dropped below $50/bbl. Then the oil price rose again, and we heard about scheduled maintenance, and the usual seasonal BS about switching from winter blend to summer blend, even though the switch is actually done in mid-May, not early April.

Right. But crude for under $50, right? You mean, like right now?

image

Ok. Gas prices have dropped a bit here, from around $2.69 to about $2.39 for a gallon of regular. But they’re not dropping anywhere near as fast nor as far as they did in the Spring, when crude actually cost a bit more.

Why? Who knows? Which crock of crap would you like to hear this time?

Follow this link for a whole basket full of well reasoned petro-bromides, none of which I believe for a second. The price of gas isn’t falling because they’ve got you by the shorties, and you’ll pay. Period. So take a spoonful of petro-bismol and shut up.

Oh, and have you noticed that it’s only Regular (which is the 87 octane crap they used to call Economy, but worse; at least old school Economy gave you 87 octane from gasoline. Today’s “87 octane” “Regular” derives at least 5 points from all the ethanol in it [damn you Booosh!!], so the gasoline part of it is utter piss) 87 octane gas that’s cheap? Step up a miniscule 2 points to 89 octane Plus and the price jumps 15¢. Yikes. It’s only half that to take the next step to 91 octane Super, and another nickel or so to reach lofty 93 octane Premium, which is going for around $2.75 at even the discount stations.

$1.49 for 87, $1.59 for 89, $1.79 for 91, and $1.94 for 93. With no ethanol in any of them.  That’s what gas ought to cost.

UPATE Looks like my crystal ball still works. Headline today at Drudge: Oil Falls Below $50

Oil sinks to six-month low amid weak data, slump in gasoline
Oil sank to six-month lows on Monday with Brent crude falling below $50 a barrel on sluggish U.S. and Chinese economic data and bets for weaker gasoline consumption in the United States after tearaway demand earlier in the summer.

Evidence of growing global oversupply and a stock market collapse in China, the world’s largest energy consumer, have weighed on oil for weeks, leading in July to U.S. crude futures’ largest monthly decline since the 2008 financial crisis.

On Monday, the rout deepened as U.S. gasoline fell its most in a day in 10 months.

Supply worries aside, traders pinned the latest losses on sluggish U.S. and Chinese data.

U.S. consumer spending advanced at its slowest pace in four months in June as demand for automobiles softened. Growth in Chinese manufacturing, meanwhile, unexpectedly stalled in July.

“Economic weakness has set the tone,” said Matt Smith, director of commodity research at ClipperData, a New York-based energy database.

“But the gasoline crack spread is also unraveling,” Smith said, referring to the difference between gasoline and U.S. crude prices, which sets the profit margin for refiners.

Brent , the global benchmark for crude, was down $2.35, or 4.5 percent, at $49.86 a barrel by 2:05 p.m. EDT. Brent’s session bottom of $49.52 was the lowest since Jan. 30.

U.S. crude was down $1.75, or 3.7 percent, $45.37.
...
Gasoline fell about 5 percent, its most in a day since Sept. 2. The gasoline crack, or spread with U.S. crude , narrowed to below $26, its lowest in more than a week.

So now we can add “Chinese stock market crash” to the other floaters in the big crock of reasons.

image

The market is still open so the daily graphs aren’t up yet. But the price is down. Time to start watching the pumps?


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Posted by Drew458   United States  on 08/03/2015 at 01:16 AM   
Filed Under: • Oil, Alternative Energy, and Gas Prices •  
Comments (3) Trackbacks(0)  Permalink •  
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Oh, and here's some kind of visitor flag counter thingy. Hey, all the cool blogs have one, so I should too. The Visitors Online thingy up at the top doesn't count anything, but it looks neat. It had better, since I paid actual money for it.
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