IceShark

A BP refinery just blew up in Texas City. Crude oil at an all time high and now this.

MPD47

Premium is already at 2.40+ in most areas around here.

luckett

or you could just buy oil/gas equities, futures and/or options to hedge your price exposure so you wont have to go shopping for a 42000 gallon fuel can.

hitbyastick

I payed 2.75 for diesel just two days ago. That to me is crap.

luckett

ummm... actually light,sweet crude peaked at 55.67 last Oct. It closed today at 51.15.

unleaded peaked at 1.1436 and close today at .8366.

Red1

They were in the middle of a shutdown. Contractors all over the place. The refinery wasn't due to go back online for another three weeks, or so I've been told.

I think at this point they're saying four dead and several still missing.

flamingeye

You wouldn't like it over here (UK) then. From near empty to full in the 944 it costs about seventy quid. What do you guys pay?

My brother hired a new Mustang while on holiday in Arizona last week. Cost him twelve quid to fill it up, that is peanuts.

RMills944

I payed 2.18 for diesel Saturday and Premium is about 2.15 around Memphis

IceShark

Are those futures contracts? I think the Merc had already closed when the news came through. Anyway, I'm not sitting watching prices like a hawk as that is not my biz. But I think we will see retail prices go up. And I don't have a 42,000 gallon tank to load up, so just fill up the vehicles and jugs.

Red1, well maybe that make things a little better, except for the poor guys that died. But it certainly doesn't help having a refinery blow up rather than just doing maintenance.

ernestedward

I'm not sure of the conversion, but isn't gasoline well over $5 a gallon in most of Europe?

IceShark

The UK and continental Europe is crazy when it comes to fuel costs as you load on so many taxes. A good rule of thumb from last time I was there is you get a litre and we get a gallon, for the same cost. Sounds like it is still about the same, your cost is almost 4 times higher.

Red1

No question the ripple effect will hit the pump. This will delay bringing the plant online, for sure.

NeedPorscheSpeed

Thanks for the tip, Iceshark. Since I'm going on a trip tomorrow, I'm going to fill up right now.

I agree with the rest of you: these gas prices are getting out of control. The Federal Reserve Board recently expressed concerns over inflation. They also stated that the increase in energy prices have not impacted consumer goods YET. Well, give it a couple more weeks, and the increase in consumer goods and services (such as UPS and FedEx) will occur. It is inevitable. To think that we will also be going through the annual summer price hike, as well, leaves me guessing that we will be paying close to $3.00 for premium this summer. Yikes!

NeedPorscheSpeed

Hmmm... I thought that just last week, crude hit a new peak at $57.40 per barrel... It is nice to know that it closed today at $51.15, however.

ttwitc9516

OPEC has said all along that the increase in the price of gas in the US isn't a product so much of the price of crude as it is the refining capacity in the US. That refining capacity just decreased. The oil companies posted approx a 25% increase in profits last year. If the cost of inputs was going up proportionately to the cost of products, then there should be no increase in profits. It's going to get significantly worse. Every auto manufacturer in the world is trying to figure out how to sell cars in China, the worlds fastest growing market. We're talking about several million cars a year. All burning a share of the same relatively finite production of crude. Guess who's enjoying this. The price of crude is up only 10-15%. That will change also. Why the hell aren't we burning more ethanol and telling OPEC, BP, and Amoco, et.al. to all go to hell. Ethanol is grown in the US and will significantly change our balance of trade. I know it isn't the best for our cars, but my wifes minivan (along with most of the other 5 billion cars in the US) will never know the difference.