Ain't this chart pretty? (Gas prices)

Gilligan

Gilligan

#*! boat!
PREMO Member
I'm getting stoked now. Diesel is finally under 3...gas under 2...prices are almost back to where they were when we routinely hauled our rigs 12 and 14 hours each way to attend off-roading events up and down the east coast. Had to give that up when the cost of fuel got so high.:yahoo:
 
Tilted

Tilted

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I hesitate to do this. The last time I suggested we were near a bottom (in oil) - albeit privately, not in public - I was off by a little. Like $45 or something.

But... though I have reservations about it... I think we've probably seen the near-term bottom in wholesale gas and are right now, or will very soon, see the near-term bottom in pump prices. I'd expect to see them start creeping back up over the next few weeks. Hopefully they don't climb much before finding a nice cozy range they remain happy to rest in for a while.
 
Tilted

Tilted

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I just noticed that the price at the closest gas station to me is now $2.139, it was $2.079 (IIRC) a couple days ago. :frown:

Heating oil (i.e. off-road diesel) at that station is also up to $2.519 from $2.449 (IIRC) last week.

RBOB gas (for March) is now up to about $1.55 after having hit a low of about $1.26 a couple weeks ago.

Oh, and WTI crude is back above $50 while Brent Crude is around $56.
 
Tilted

Tilted

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Anybody done the research on what's required to store a large amount of gasoline on one's property? I assume there are regulations about the tank and how it has to be set-up and what not.

And pricing, what kind of costs am I looking at to for, say, a thousand gallons of storage capacity? :lol:
 
Tilted

Tilted

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desertrat said:
So with the price of gas down, why have retail prices not followed? Most everything is shipped by truck and rail.
Click to expand...

A couple general reasons, though when it comes to particular things there can be particular reasons why prices go up or down (or don't go up or down).

For one, there can to some degree be a ratchet effect - once people get used to paying more for something, there's sometimes less need to bring its price down in response to decreasing input costs than there originally was to raise its price in response to increasing input costs. For another, sometimes it takes a while (especially in light of that ratchet effect) for decreasing costs to have an effect on prices.

That said, in December we did see a slightly negative change in the Core CPI (though it was small enough that, rounded to one decimal place as it gets reported, the change was 0.0 rather than a negative number). That measure is for everything other than food and energy. Including food and energy, we of course had price deflation for December and even November - food prices were up some in aggregate but energy prices in aggregate were down considerably.

Going forward I don't know that I'd expect much in the way of price deflation, other than with regard to particular things (e.g. beef), as the deflationary effect of lower transportation costs might be offset by price inflation that occurs for other reasons. Prices on the whole might be flatter, in other words, rather than necessarily move down.
 
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