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* Gas futures fall 8% on report of less driving - 3 messages, 3 authors
http://groups.google.com/group/alt.autos/t/936e4d9375d40d15?hl=en
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TOPIC: Gas futures fall 8% on report of less driving
http://groups.google.com/group/alt.autos/t/936e4d9375d40d15?hl=en
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== 1 of 3 ==
Date: Fri, May 13 2011 10:37 pm
From: billzz
On May 13, 5:44 am, "Elmo P. Shagnasty" <el...@nastydesigns.com>
wrote:
> In article
> <afa8c813-ba62-4bb6-8f5e-8da7c4434...@p23g2000vbl.googlegroups.com>,
-stuff snipped-
> > > "When we get a car that can get two hundred miles per gallon, that
> > > gallon will cost two hundred dollars." - William Heyman- Hide quoted text -
>
> > > - Show quoted text -
>
> > THAT is one of the basic truths of human economy.
>
> ...as is people who can't trim posts.
I don't mind trimming posts, but I have also been critiqued for doing
so, because the reader wanted to see the previous posts and not have
to look them up. No good deed goes unpunished!
== 2 of 3 ==
Date: Sun, May 15 2011 12:20 pm
From: "Guv Bob"
"Charles Grozny" <n5hsr@comcast.net> wrote in message news:tvudnTZvGIgNG1HQnZ2dnUVZ_rGdnZ2d@giganews.com...
>
> "Fatter Than Ever Moe" <HardTimes@TheFarm> wrote in message
> news:4dcc3a49$0$15859$bbae4d71@news.suddenlink.net...
> > C. E. White wrote:
> >> http://www.freep.com/article/20110512/BUSINESS07/105120480/Gas-futures-fall-8-report-less-driving
> >>
> >> NEW YORK -- Gasoline futures tumbled almost 8% Wednesday after a
> >> government report showed the strongest evidence yet that higher pump
> >> prices are forcing Americans to drive less.
> >> Oil also dropped back below the $100 mark.
> >>
> >> The Energy Information Administration said that U.S. gasoline demand
> >> dropped 2.4% last week, the largest drop in seven consecutive weeks of
> >> declines. Analysts said motorists are buying less gas with pump prices
> >> close to a national average of $4 per gallon.
> >>
> >> "That $4 number is not just having a psychological impact, but a direct
> >> impact on drivers," energy consultant Jim Ritterbusch said. "Normally,
> >> with the economy recovering, you'd expect gasoline demand to go up, but
> >> that's not happening."
> >>
> >> With Memorial Day less than three weeks away, analysts now expect that,
> >> at most, motorists will use about as much gasoline this summer driving
> >> season as they did in 2010.
> >>
> >> "My opinion is that they started cutting back when prices hit $3.50" per
> >> gallon, oil analyst Andrew Lipow said. "We haven't seen the full effect
> >> of that just yet."
> >>
> >> The national average for a gallon of regular reached $3.50 on March 6.
> >> It's now at $3.96 after reaching $3.98 per gallon last week. Gas rose
> >> mostly because of higher oil prices, but also because of refinery
> >> outages.
> >>
> >> The EIA data showed that gasoline supplies increased by 1.3 million
> >> barrels last week even with a decline in refining activity around the
> >> country. Gasoline for June delivery plunged, losing 25.69 cents to settle
> >> at $3.1228 per gallon on the Nymex.
> >>
> >> The CME Group, which owns the Nymex, suspended trading in energy
> >> contracts for five minutes after the gasoline contract dropped by more
> >> than 25 cents.
> >>
> >> Gas supplies typically decline in the spring as refineries purge their
> >> stocks of winter fuels. This year, supplies fell more than expected as
> >> fires, power outages and other problems temporarily knocked refineries
> >> out of commission.
> >>
> >> Gasoline futures had risen Tuesday on concerns that flooding could impact
> >> some refineries along the lower Mississippi River, analysts said.
> >
> > Supply/demand somethings don't change.
>
> But Gas prices haven't dropped a penny here.
>
> Charles Grozny
Dropped about 10 cents in S Calif in the past 2 weeks.
== 3 of 3 ==
Date: Sun, May 15 2011 4:57 pm
From: "Charles Grozny"
"Guv Bob" <guvbob2003@YAHOOOOOOOOEY.com> wrote in message
news:_vqdnSM9D70XhE3QnZ2dnUVZ_u2dnZ2d@earthlink.com...
"Charles Grozny" <n5hsr@comcast.net> wrote in message
news:tvudnTZvGIgNG1HQnZ2dnUVZ_rGdnZ2d@giganews.com...
>
> "Fatter Than Ever Moe" <HardTimes@TheFarm> wrote in message
> news:4dcc3a49$0$15859$bbae4d71@news.suddenlink.net...
> > C. E. White wrote:
> >> http://www.freep.com/article/20110512/BUSINESS07/105120480/Gas-futures-fall-8-report-less-driving
> >>
> >> NEW YORK -- Gasoline futures tumbled almost 8% Wednesday after a
> >> government report showed the strongest evidence yet that higher pump
> >> prices are forcing Americans to drive less.
> >> Oil also dropped back below the $100 mark.
> >>
> >> The Energy Information Administration said that U.S. gasoline demand
> >> dropped 2.4% last week, the largest drop in seven consecutive weeks of
> >> declines. Analysts said motorists are buying less gas with pump prices
> >> close to a national average of $4 per gallon.
> >>
> >> "That $4 number is not just having a psychological impact, but a direct
> >> impact on drivers," energy consultant Jim Ritterbusch said. "Normally,
> >> with the economy recovering, you'd expect gasoline demand to go up, but
> >> that's not happening."
> >>
> >> With Memorial Day less than three weeks away, analysts now expect that,
> >> at most, motorists will use about as much gasoline this summer driving
> >> season as they did in 2010.
> >>
> >> "My opinion is that they started cutting back when prices hit $3.50"
> >> per
> >> gallon, oil analyst Andrew Lipow said. "We haven't seen the full effect
> >> of that just yet."
> >>
> >> The national average for a gallon of regular reached $3.50 on March 6.
> >> It's now at $3.96 after reaching $3.98 per gallon last week. Gas rose
> >> mostly because of higher oil prices, but also because of refinery
> >> outages.
> >>
> >> The EIA data showed that gasoline supplies increased by 1.3 million
> >> barrels last week even with a decline in refining activity around the
> >> country. Gasoline for June delivery plunged, losing 25.69 cents to
> >> settle
> >> at $3.1228 per gallon on the Nymex.
> >>
> >> The CME Group, which owns the Nymex, suspended trading in energy
> >> contracts for five minutes after the gasoline contract dropped by more
> >> than 25 cents.
> >>
> >> Gas supplies typically decline in the spring as refineries purge their
> >> stocks of winter fuels. This year, supplies fell more than expected as
> >> fires, power outages and other problems temporarily knocked refineries
> >> out of commission.
> >>
> >> Gasoline futures had risen Tuesday on concerns that flooding could
> >> impact
> >> some refineries along the lower Mississippi River, analysts said.
> >
> > Supply/demand somethings don't change.
>
> But Gas prices haven't dropped a penny here.
>
> Charles Grozny
Dropped about 10 cents in S Calif in the past 2 weeks.
It looks like they may be going up again tomorrow another 7 cents here in
Illinois.
BOHICA.
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