Gas Price Check

Just so you know, yes, we really ran out of gas here in Nashville here's a quick summary of what happened.

During the summer months Nashville stations have to provide a cleaner burning type of fuel, the date for that requirement to end was approaching and stations were letting their inventory of the higher priced fuel dwindle so they could replace it with the cheaper fuel.

When hurricane Ike hit, some refineries were shut down, some lost power and I hear a few were actually damaged. Since there's still power outages and disruption there, our pipeline isn't giving what it normally does.

A couple of stations miscalculated and ran out of gas. Word of this spread and set of a mini-panic, so everyone went and got gas. A LOT of gas. This made almost all (85% or so) of stations run out on Friday. Long lines were seen at the remaining stations that had gas.

By Sunday, a few more stations had gas. Today (wednesday) about 60% have gas. We are expecting additional shipments from elsewhere (I hear NY) and expect to be up and running as normal soon.

Also, today, the gas stations that DO have gas don't have lines. Everyone apparently filled up everything they had over the weekend .

Price of gas in Nashville (where you can find it) is 3.95-4.09.

Maybe we can help...I heard this morning that Pilot Oil Co. based here in Knoxville is sending several thousand gallons of gas to NC to keep some of their schools open. Hell! We've got so much that it's pooling up in the streets! Seriously, it's at about $3.50/gal right now.

Lowest O saw today was $3.28 for 89 octane, what the heck is goin on in TN?

Western Kentucky went down to $3.68 yesterday.

NE Texas is at $3.47

the good news behind all of the doom and gloom...

Gas hit $3.12 for regular in North Central Indiana

Here in NJ $2.98 - $3.03 for 87 octane, it seems the worse of the doom and gloom,the faster gas prices fall. Could we see $2.00 a gallon again, and if so, could that fix the problem??

Actually saw $2.96 yesterday...
I may not be able to retire because my 401K has lost a third of it's paper value, but at least I can drive more...

Gotcha beat, $2.94 in NJ lowest I saw. My 401K has lost half in six months!

quote:

Originally posted by Art Post:
Could we see $2.00 a gallon again, and if so, could that fix the problem??

Which problem?

the problem with the economy. $20.00 a barrel may happen, predicted by Warren B. Just a gut feeling if oil goes that low, it may get us back on track.

Anyhow, as we spoke about in the summer, oil is dropping like a rock right before the elections. Go figure.

Oh, and best price seen today was $2.84 for 87 octane!

it hit $2.65 today

Western Kentucky finally went below $3.00 this weeken, to $2.95 this morning.

Saw $2.74 here in NJ

$2.74 this morning in Western Kentucky

I think if the DOW keeps going lower, so will gas, with that the saving grace for the econonmy maybe lower gas prices.

With talking with a CEO of a frieghtliner dealer, sales have been dismal, and to many truckers not making money with the high cost of fuel. However in the last month, profits are back, and consolidation of routes are helping to squeeze additional profit. He and I agreed that if the DOW goes to 4500 so goes a barrell oil to $20. Thus that will be the economic stimulus that everyone needed.

$2.65 in jersey over the weekend

VIENNA, Austria – While oil prices rose Monday with an OPEC production cut later this week all but certain, the price of gasoline in the United States continued to tumble.

Gasoline has fallen more than a dime a gallon since Friday, hitting a national average of $2.92 Monday, according to auto club AAA, the Oil Price Information Service and Wright Express.

Chakib Khelil, president of the Organization of Petroleum Exporting Countries, said Sunday that members plan to announce a "substantial" cut at a meeting that begins Oct. 24 in Vienna.

Khelil, who is also Algeria's energy minister, said OPEC may cut output again at a meeting in December, and that the group considers the oil market oversupplied by about 2 million barrels a day, Khelil said.

Light, sweet crude for November delivery rose $1.45 to $73.30 a barrel on the New York Mercantile Exchange by noon in Europe. The contract Friday gained $1.53 to settle at $71.38.

Venezuelan President Hugo Chavez said Sunday he would like prices between $80 and $90 a barrel.

On Monday, trader and analyst Stephen Schork called those comments "oddly conciliatory."

"Unfortunately for Venezuela ... and the rest of OPEC, $80 might not be enough for the bears ... at least in the short run," Schork said in his daily publication, The Schork Report. "After all, the people ... who (initially) denied the existence of the bubble and who have subsequently been telling us since $110 that the floor in oil is in ... are the same people who are now telling us oil cannot last below $80."

Americans radically changed their behavior after gasoline prices spiked above $4 over the summer. There are signs that emerging economies like China have begun to slow.

Analysts say almost any OPEC action has already been priced in by investors.

"The market is factoring in a big cut. It will likely be as much as 2 million barrels," said Mark Pervan, senior commodity strategist with ANZ Bank in Melbourne. "I think they will go pretty large just to change the sentiment."

Investors largely ignored an OPEC output reduction of about 520,000 barrels a day last month, focusing instead on weakening demand.

Vienna's JBC Energy suggested that — beyond an OPEC cut of at least 1 million barrels a day — a surprise in the form of Russia also reducing output in coordination with the Organization of Petroleum Exporting Countries — may be in the offing.

"The likelihood of such a move should not be underestimated, as Moscow has recently been seen putting more emphasis on its relationship with OPEC, having sent Vice Premier (Igor) Sechin to attend the last meeting in September," it said in a research note.

In Paris, Nobuo Tanaka, the head of the International Energy Agency, urged OPEC not to cut production so as not to stifle the still-growing economies of countries like China, India and Brazil.

"Providing enough oil for those countries is a very important element of maintaining global economic prosperity," Tanaka told reporters. "We think that the current level of prices are still very very high and the market very tight. At the end of the year, if OPEC continues current production, we will have a good level of stocks so the market will ease." he said.

In its monthly report last week, the Paris-based energy watchdog cut its forecast for oil demand this year by 240,000 barrels per day, and slashed its 2009 forecast by 440,000 barrels per day amid the global financial crisis.

But Tanaka said "there is no evidence at the moment of a slowdown" in developing countries such as China, India and Brazil.

Fears that turmoil in global financial markets will spark an economic slowdown in developed countries has helped push prices down from a record $147.27 in July.

Last week, news of rising U.S. oil inventories, falling retail sales and slowing housing starts fueled concerns that the world's largest economy may face a major recession that will undermine demand for crude.

"Oil demand in the U.S. will be a bellwether," Pervan said. "If the US, Europe and Japan go into a major recession, there's no reason we can't see $35, $40 a barrel."

I hope oil gets this low. We hit $2.64 this morning.

$2.56 in NJ for 87 octane!!!!!

Gas is around $2.69 in Nashville, but I did fill up for $2.55 at a station in West Tennessee.

Paducah Kentucky went down to $2.49 late yesterday.

Saw $2.48 on the way to work this morning!

Paducah had $2.30 as the lowest price this morning.

Whoa! The best I saw in Central NJ was $2.37, I think gas maybe down to $2.00 by the end of the week, and fancy that right before the election!

Paducah started the day between $2.35 to $2.39, but late this afternoon we were down to $2.25. Do I hear $1.95?

personally I believe we should have kept the prices near or above $4.00 a gallon. When the price of oil dropped then we could have taken the difference of $1.50 to $1.75 a gallon right now and given it to those less fortunate than us. Call it the "Obamanation What's In It For Me" social equivilancy program.

Oh, he'll get it...what's to stop him?

$2.19 and going lower

heard on the radio that Indianapolis is the midst of a gas was.....$1.80 for regular unleaded

WHAT???? Im getting ripped off here in NJ

$2.11 as of Thursday evening.

Been hanging around $2.34 to $2.44 in metro-Knoxville.

Best I saw today was $2.25 for 89 octane

Knoxville is down to $2.25 too.

Paducah went down to $2.02 late Monday.

$1.98 came Tuesday afternoon.

$2.19 down around the corner today.

I gotta move to Tennesse, I mean cheaper gas, red state, probably a lot more good things also!