WTF is going on with gas?

[Melvin]

December 31, 2012 crude was trading just shy of $92/barrel. Today it is at $98. We are in the midst of winter. Demand is low and no major disasters have befallen refineries, so what's with a 35c hike in less than a week?

[waxthis]

Hang on, they are expecting to hit $150....

[Sawin]

Hang on, they are expecting to hit $150....

source?

[StreetDoctor]

Went from $2.49 at Walmart to 3.03 as of today! It's because I just bought a V8 truck lol

[Rucker61]

Supply, demand, etc.

http://www.nbcnews.com/business/gaso...year-1B8210243

[waxthis]

source?

One of many sources....

BadNews

[Ronin13]

Went from $2.49 at Walmart to 3.03 as of today! It's because I just bought a V8 truck lol

Dammit, it's all your fault! You buy that sweet new Ram and it just all goes down hill... thanks, jerk.

[Melvin]

U.S. oil prices could sink to $50

By Steve Hargreaves @CNNMoney December 11, 2012: 9:57 PM ET

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NEW YORK (CNNMoney)
U.S. oil prices could sink to $50 a barrel at some point over the next two years, according to analysts at Bank of America Merrill Lynch.

But don't expect a corresponding drop in gas prices.

http://money.cnn.com/2012/12/11/news...ces/index.html

[Ingman]

Oil producer Hess announced earlier this week that it is shutting its refinery in Port Reading, N.J., by the end of February. That refinery accounts for about 7.5 percent of oil production on the East Coast at about 70,000 barrels per day. Philadelphia Energy Solutions is also set to begin planned maintenance at its 335,000 barrel per day Philadelphia refinery.

Add in political instability (see Ankara and Syria) and you have the recipe for higher prices.

[Sawin]

Add in political instability (see Ankara and Syria) and you have the recipe for higher prices.

so if 70,000 bpd = 7.5%, then 405,000 bpd = ~35% (of east coast production).... Depending on how long the Philly refinery is offline for their planned maintenance, it is really going to suck in that part of the country, and necessarily increase prices here too (although, hopefully not nearly as much). Sorry StreetDoctor.