Price of gas?

Question

With supplies near record levels and OPEC still pumping the max each day, why do you think gas prices are still going up? I know alot of factors go into setting the price but I think the American people are getting screwed. Someone is makeing a killing off of everyone of us who drive. I think if America would not buy gas 2 days out of the week, that would send a stong signal to big oil that enough is enough.

Answer 1

you are correct -- how do you think all these Middle Eastern countries are getting the money to purchase up all of these US assets that they've been buying for the last 25 years.



I think that America needs to get back on the 'rid ourselves of mid-east oil' kick that we had in the mid to late 70s. For our own economic protection, we NEED to get alternatives -- nuclear, non-fossil, solar, wind, etc.

Answer 2

In 1976 the average cost for a gallon of gas was $.59



Adjusted for inflation that same gallon should cost $2.35 today.



Now about OPEC pumping at the max each day, I think you are mistaken. OPEC tries to pump just enough crude oil to satisfy demand but still keep the price up. They try to maximize the price and therefore income without putting the world into a massive recession.



People in the US don't seem to realize that the demand for crude oil is driven more by the two largest populations in the world and not the US. Those two populations are China and India both of which are having a lot of growth.



Finally with supply and demand more or less balanced, not buying gasoline for 2 days a week isn't going to do anything. It will just have more people buying gas on the other 5 days of the week.

Answer 3

That is a nice dream. However, semi trucks use diesel which comes from oil, and they have to keep driving and buying gas. Would you like to no longer get your food or supplies at the grocery store and have the shelves empty for two days a week? Airplanes are the same way. I guess the world could stop flying for two days. Oil is also used in the manufacture of all plastics and many other compounds. Stop buying all forms of plastic and you'll help too.



Oil is not an easy problem. Prices are controlled by futures traders who spook easily right now. The EPA has also added a new fuel requirement to make diesel and gas burn cleaner so they pollute less. There aren't enough refineries to refine surplus oil when it comes. They run at full capacity 7 days a week. That is why Katrina did so much damage to oil prices, because refiners lost 20% of their refining capacity, so we lost 20% of our oil each day.



Get ready for a sticker shock, because we are going to see close to $3 a gallon gas this summer when supply picks up, and nothing is going to stop it. Also, if we are dumb enough to attack or sanction Iran, they will sell all of their oil to China instead of us, and our gas prices will probably hit $6+ dollars a gallon. I bet that would kill the stupid SUV market pretty quickly. In addition, if another few hurricanes hit the gulf, gas prices will skyrocket.



Sorry there isn't a nice answer for this, there isn't. You can't change the driving habits of 180 million people. No matter what that silly forward you got from your friends says, we can't boycott oil, we are all too dependent on it.



It will all come crashing down on us eventually, but there isn't much to do about it for now. Sorry.

Answer 4

I suggest you to buy a car with a Diesel Engine (Volkswagen has several models) and never buy gasoline again.

Answer 5

Price of gas North of Pittsburgh is between $2.33 and $2.39 right now.

Answer 6

$2.39 in Lenoir, North Carolina! Be blessed!!