posted on June 13, 2004 08:28:23 PM new
U.S. Gas Prices See First Drop of Year
By PAUL CHAVEZ, Associated Press Writer
LOS ANGELES - A boost in gasoline production and a dip in oil prices have led to the first nationwide drop this year in gas prices at the pump, an industry analyst said Sunday.
The weighted national average price for all three grades of gasoline was $2.04 per gallon on Friday after rising more than 59 cents since mid-December, said Trilby Lundberg, who publishes the biweekly Lundberg Survey, which regularly polls nearly 8,000 gas stations across the United States.
The average price for all grades on the last survey in May was slightly above $2.10 a gallon.
"Whether for the rest of the summer gas prices will continue to trend down depends on OPEC (news - web sites)'s follow-through to increase oil output and how strong our gasoline demand turns out to be," Lundberg said Sunday. "We always consume the most in June, July and August."
The drop at the pump also reflects an effort by refiners to maximize their gasoline production and increase supply to meet summer driving demand.
The Organization of Petroleum Exporting Countries, which supplies more than a third of the world's crude, announced earlier this month that it would raise its official daily production quota by more than 2 million barrels to 26 million barrels and, if necessary, by an additional 500,000 barrels on Aug. 1.
Crude oil prices, which have been hovering above $40 a barrel in recent weeks, settled at $38.45 a barrel Thursday on the New York Mercantile Exchange.
The national weighted average price of a gallon of gasoline at self-serve pumps on Friday, including taxes, was about $2.01 for regular, $2.11 for midgrade and $2.20 for premium.
Tulsa, Okla., had the lowest average price of any city, with self-serve regular selling for about $1.75. The highest prices were found in the San Francisco Bay area, at $2.32, Lundberg said.
posted on June 13, 2004 11:32:56 PM new
What did you want us to do Linda? I'm thrilled that finally the OPEC nations efforts to bring down the price finally started to succeed. I wonder if that also had something to do with last weeks announcement that current oil reserves are the highest they have ever been in our history. Kinda put a big ding in the oil industry claims that prices were rising in answer to the threat of looming shoratages.
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If it's really "common" sense, why do so few people actually have it?
As far as the reserves go....we're at war - no good reason to use that source nor not to continue to fill it - only to save pennies a gallon when conservation would work much better.
World demand has gone up for oil.....especially in China which causes the price to rise. China - where not only are they consuming more, but they've started their own 'reserve'.
posted on June 13, 2004 11:47:46 PM new
Twelve - I guess this was the same one as yours. Sorry
Now that one of our 2 carx lost it's transmission we don't need to worry about the price of gas. I have so much to do that maybe that is a good thing stay home and hit the eBay boxes.
[ edited by Libra63 on Jun 13, 2004 11:52 PM ]
posted on June 14, 2004 12:07:16 AM new
Linda - I swear that sometimes I think that if big business stated shooting people in the street you would try to find a justifaction for it based on the war.
What is gods name does a war that we have declared over and an occupation that we claim to be ending in two weeks have to do with the oil industry reserves and falsly jacking up the price of gas?
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If it's really "common" sense, why do so few people actually have it?
posted on June 14, 2004 12:20:29 AM new
Well....you'd be wrong then.
Seriously though....we are in a war on terrorism. If anything should happen here in our country or even say in Saudi Arabia and our fuel source was cut off or very much reduced....what would we do without a reserve? We'd be shut down as a nation.
It's wise to keep the reserves there for the very reason they were created in the first place....emergencies.
It's not like binladen's AQ and ilk have said they've decided to call a halt to their mission.....look to what happened before the elections in Spain. There is no guarantee that won't/can't happen to us.
Have you read that our overall consumption of gasoline has decreased even with these high prices? I haven't. I've read that we're using more than we were.
A reserve system that was formed for emergencies should ONLY be used for emergencies.
posted on June 14, 2004 06:18:19 AM new
Linda, you may be right about hte elections in November... and Spain... I hope not.
OPEC did do this to jack up the prices and for those who think President Bush was behind this... who benefited the most? Kerry... They want Kerry in office... however fenix is right when the oil industry was shown to have enourmous reserves their game was up and they had to do something.
Gas will probably never be below $2.00/gal in some areas of the country again, but there is answers and more fuel efficient vehicles out there, save the SUV's for the weekends...
posted on June 14, 2004 06:25:32 AM new
MORE GOOD NEWS: I just saved a lot of money on my car insurance by switching to Gieco.
Re-defeat Bush
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June is Gay Pride Month
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All animals are created equal, but some are more equal than others.
Change is constant. The history of mankind is about change. One set of beliefs is pushed aside by a new set. The old order is swept away by the new. If people become attached to the old order, they see their best interest in defending it. They become the losers. They become the old order and in turn are vulnerable. People who belong to the new order are winners.
James A Belaco & Ralph C. Stayer
posted on June 14, 2004 06:29:21 AM new It's not just gas prices. The 'stealth' issue of this election year is the rising cost of living and its devestating effect on working families.
The High Cost of Everything
There's a stealth issue in this presidential campaign that could go far in determining the election results. I'm talking about the rising gas, phone, electricity, milk and cable prices that are damaging millions of hard-working families struggling to live in George W. Bush's America. In addition to paying $2-plus per gallon prices at the pump, consumers are getting squeezed at the supermarket—shelling out as much as $4 per gallon for milk.
Other staples are going through the roof. Since 1996, cable rates have risen 56 percent, besting inflation by nearly a factor of three. Sen. John McCain recently pointed out that consumers are getting bilked: "When it comes to purchasing cable channels, consumers have all the choice of a Soviet election ballot. One option: Take it or leave it."
According to an exhaustive study by the Federal Energy Regulatory Commission, Enron and other electricity giants manipulated California energy markets to boost wholesale electricity and natural gas prices to make a financial killing. In 2001, electricity prices soared in the western United States, as blackouts became routine and millions of consumers got gouged. Looking ahead and perhaps no farther than next week, phone rates may well rise now that a federal appellate court has scuttled regulations that had saved consumers $11 billion annually on their phone bills. Bush has refused to appeal the phone rate court ruling, a decision that will virtually guarantee higher phone bills for nearly 50 million customers.
posted on June 14, 2004 08:11:16 AM new
Tweleve: Gas will probably never be below $2.00/gal in some areas of the country again, but there is answers and more fuel efficient vehicles out there,
High gas prices should be expected from now on. Days of paying $1.50/gal are probably gone. There are more fuel efficient vehicles are there, but the government is also responsible for getting the auto makers to produce more efficient vehicles instead of catering to the demands of the auto-makers. If they can make a car that gets 50 miles to a gallon they should be able to produce larger vehicles with similar results.
Re-defeat Bush
------------------------------
June is Gay Pride Month
------------------------------
All animals are created equal, but some are more equal than others.
Change is constant. The history of mankind is about change. One set of beliefs is pushed aside by a new set. The old order is swept away by the new. If people become attached to the old order, they see their best interest in defending it. They become the losers. They become the old order and in turn are vulnerable. People who belong to the new order are winners.
James A Belaco & Ralph C. Stayer
posted on June 14, 2004 09:16:27 AM new
Linda - thhe site is up and running now and just going thru the grind of daily upkeep and inventory additions as I firm up new sources. It's somewhat exhausting but at the same time a lot of fun. Thank you very much for asking
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If it's really "common" sense, why do so few people actually have it?
