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2005-09-01 Home Front: Economy

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Posted by Dan Darling 2005-09-01 01:39|| || Front Page|| [3 views since 2007-05-07] Top

#1 ...We're being told by the local MSM that 'a' pipeline - no mention of which - is back up and running. There were long lines at gas stations up to about 2130 EST last night when I went home from work, and most - but not all - stations along the main drag here in Sumter had run out of regular. Extra and Premium were available, but rationed to $30 each (NOT a hell of a lot) and cash only. So far, everyone is taking it with good humor and patience.
The gouging is clear and blatant - we are being charged for fuel that is not even being shipped, much less in the tanks at the stations yet. Prices stopped here at roughly $2.99/gal for regular last night, but of course everyone expects higher.

Mike

Posted by Mike Kozlowski 2005-09-01 07:04|| 2005-09-01 07:04|| Front Page Top

#2 $3.10/gal for Regular in Cincinnati, Ohio yesterday afternoon. But Kroger gives $0.10 off per gallon for loyal customers at its own pumps. Long lines there already last week.

Posted by trailing wife 2005-09-01 07:15|| 2005-09-01 07:15|| Front Page Top

#3 Here in East Tennessee there was panic buying yesterday. Gas at $2.95 for regular with long lines. Today nearly all stations are out of everything. Gasolene futures are slightly down from yesterday so maybe this panic will end. People were filling everything they could fill.

Posted by Deacon Blues">Deacon Blues 2005-09-01 08:03|| 2005-09-01 08:03|| Front Page Top

#4 But Kroger gives $0.10 off per gallon for loyal customers at its own pumps. Long lines there already last week.

There have been lines at Cincinnati Kroger gas pumps all summer.

Posted by Robert Crawford">Robert Crawford 2005-09-01 08:06|| http://www.kloognome.com/]">[http://www.kloognome.com/] 2005-09-01 08:06|| Front Page Top

#5 2.59 gallon in TLH except for BP which (for awhile :>) was 3.19

Posted by Shipman 2005-09-01 08:28|| 2005-09-01 08:28|| Front Page Top

#6 You can relax, there are no lines in my neck of South Carolina. Not at $3.50 per gallon ($3.30 if you want the cheap stuff). Economics at work!

Posted by Curt Simon 2005-09-01 09:15|| 2005-09-01 09:15|| Front Page Top

#7 $2.40 regular (87 octane) and no lines in my neck of the woods.

Posted by ed 2005-09-01 09:24|| 2005-09-01 09:24|| Front Page Top

#8 $2.99/gal for regular here in the Charlotte NC area. Nuts. Most stations I've gone by are out of regular now. It really didn't help matters that this is Labor Day weekend. One of the biggest travel weekends what with people doing their end of summer vacations. My brother is coming up from eastern NC this weekend. Hope he can find some gas on Monday to get back home!

Posted by AllahHateMe 2005-09-01 09:26|| 2005-09-01 09:26|| Front Page Top

#9 2.55 Sunday, 2.65 today up here. No lines. Yet.

Posted by tu3031 2005-09-01 09:30|| 2005-09-01 09:30|| Front Page Top

#10 All we need is some governor Canute to put price caps or "anti-gouging" legislation and watch the whole state come to a halt.

Posted by Jackal">Jackal 2005-09-01 10:04|| home.earthlink.net/~sleepyjackal/index.html]">[home.earthlink.net/~sleepyjackal/index.html] 2005-09-01 10:04|| Front Page Top

#11 Here in the fly over zone (west. Ks.) the price is $2.99 when and where you can get it. Plenty of Diesel so your food producing economy is still working.

Posted by bman">bman 2005-09-01 10:29|| 2005-09-01 10:29|| Front Page Top

#12 Yesterday I saw a range of 2.89 to 3.09 for 87, 3.30 to 3.59 for 93 (Mass); haven't ventured out yet to see if it got any worse today...

Posted by Raj 2005-09-01 11:03|| 2005-09-01 11:03|| Front Page Top

#13 For the first time since the 1970's, gasoline lines reappeared yesterday in some corners of the country.

That comment struck me as odd, as I remember panic-induced gas lines after the start of Gulf War I, the 9/11 attacks, and the start of the Iraq invasion.

Or ... did I just imagine that?

Posted by ExtremeModerate 2005-09-01 11:07|| 2005-09-01 11:07|| Front Page Top

#14 ..and would relax environmental standards nationwide so that refiners could produce more - but dirtier - gasoline.

This is indicative of a situation where there are multiple formulations of gasoline. This needs to be stopped, and one formulation made (and air quality rules adjusted if need be) so that a supply disruption in one area can be met by other suppliers in other parts of the country without worrying if the fuel is up to snuff.

Posted by Bomb-a-rama 2005-09-01 12:07|| 2005-09-01 12:07|| Front Page Top

#15 As of now - 1340 EST - the price seems to have stabilized at about $2.99/gal for regular, and there are no lines. The drumbeat here is, 'don't panic, fuel is on the way', but it will be 6-8 weeks until supply is back to normal.

Mike

Posted by Mike Kozlowski 2005-09-01 13:30|| 2005-09-01 13:30|| Front Page Top

#16 I'm in Franklin co GA , northeast right on SC border yesterday gas went up around .70 cvents in an hour $3.40 here now at stations that aren't out

Posted by Thraing Hupoluper1864 2005-09-01 13:46|| 2005-09-01 13:46|| Front Page Top

#17 Thanks for the clarification, Robert. Finance, both macro and micro, is one of my blind spots, much to Mr. Wife's decades-long befuddlement ("But you're reasonably intelligent! How could you not notice that it's cheaper at Kmart than WalMart?!?").

Posted by trailing wife 2005-09-01 14:34|| 2005-09-01 14:34|| Front Page Top

#18 We need to do 3 things:

1) drill more off the coast of CA and Florida.

2) build more refineries, 1 on the west coast, 2 on the east coast, 1 in the midwest (via pipelines) [enough to increase national capacity to run normally at 95% with 3-4 plants down for maint or any reason, 80% during normal times].

3) Kick any liberal/envrio who fights 1 & 2 above square in the teeth until they shut up.

This is a matter of national security and economic survival.

Explore and drill the coasts and ANWR. Build the refineries to process that new crude.

And get the nuclear-power/hydrogen-fuel-cell economy moving NOW.

Posted by Oldspook 2005-09-01 14:46|| 2005-09-01 14:46|| Front Page Top

#19 drill more off the coast of CA and Florida.

You fascist bastard! That would destroy Florida's Hotel based economy. There are thousands and thousands of $9.00/hr. jobs which are dependent on an absolutely clear view of the horizon. OldSpook indeed, you know nothing of Florida or it's fast food based marketing scheme.

What we should do is freeze or better yet roll back retail gas prices to 1998 levels give everyone who owns a hybrid 10,000 free flyer miles and approve a green lottery.

Posted by Shipman 2005-09-01 15:11|| 2005-09-01 15:11|| Front Page Top

#20 Central PA has gone from $2.50 sunday to $3.10 today.

Posted by Mrs. Davis 2005-09-01 15:27|| 2005-09-01 15:27|| Front Page Top

#21 $2.99 - $3.10 in MoCo MD, no lines. I filled up Tuesday, when it was 'only' $2.86.

Posted by Seafarious">Seafarious 2005-09-01 15:35|| 2005-09-01 15:35|| Front Page Top

#22 Change in TLH situation, gas now 2.99 and many empty stations.

Posted by Shipman 2005-09-01 21:21|| 2005-09-01 21:21|| Front Page Top

#23 7$ a gallon in Germany

Posted by True German Ally 2005-09-01 22:48|| 2005-09-01 22:48|| Front Page Top

#24 At 4 dollars a gallon it is adjusted for inflation the same price as it was in 1972.

Posted by Sock Puppet OÂ´ Doom 2005-09-01 22:57|| 2005-09-01 22:57|| Front Page Top

#25 $3.67US/gal in Toronto Canada, just yesterday it was $2.99

Posted by Rafael 2005-09-01 22:59|| 2005-09-01 22:59|| Front Page Top

#26 Ship, just put a casino on every oil platform.
Problem solved.
And a dollhouse.
Problem so solved

Posted by True German Ally 2005-09-01 23:02|| 2005-09-01 23:02|| Front Page Top

#27 adjusted for inflation the same price as it was in 1972

And that's where we're headed, and probably beyond.

TGA, how bad is the fluctuation in Germany?

Posted by Rafael 2005-09-01 23:02|| 2005-09-01 23:02|| Front Page Top

#28 Went from 6 to 7$ a gallon (but the Euro rose, too) in the last days.

Of course gas taxes are much higher here. People still drive pretty much as before but cars consume less.

Posted by True German Ally 2005-09-01 23:08|| 2005-09-01 23:08|| Front Page Top

#29 What struck me as odd around here (Atlanta) yesterday was the sheer panic of it all. I'm even getting used to the high prices, but to see a 40 cents/gallon difference in price at 2 stations across the street is ridiculous. Someone severely screwed up here, because they were saying yesterday morning that we had a 10 day supply in Atlanta. By that afternoon, it was Katie bar the door. Of course, I'd filled up Tuesday night in my Civic and was laughing all the way home. The situation in Atlanta was of rationing 1 day, then complete lack of supply the next. Someone's gonna be in trouble over this one. I can't believe the NYT of all people finally nailed it...most of this is due to lack of refinery capacity in my mind. We have less than 50% (# wise) of the refineries we had in 1981. Combine that with the fact that those refineries combined have a capacity of almost 2 million bpd LESS than what we had in 1981, and you get to see the picture of the law of supply/demand in action (these were 2002 vs. 1981 numbers). We did it in 1981 (right after Jimmuh's crisis), we can do it after this one in my book. Personally, I believe it's not the supply of crude so much as the refinery capacity and the distribution system. For example, the main line from LA/TX runs through here in Atlanta, and we have a HUGE storage facility in Doraville. That line (actually, those lines, as 1 carries gas/the other carries jet fuel) runs from here up the entire eastern seaboard. Rumors yesterday of pumps being down in LA. If they are still down, someone needs to be called on the carpet. I heard Neal Cavuto on Hannity today, and he said he'd talked with "officials" and was told the military's moving in to the area and they "would break this bottleneck if needed." Those pumps should've been up and running the very next day in my mind (via generator if needed). Again, the refinery capacity is the issue though. Fewer/larger refineries in that area of the country is just asking for trouble (b/c the refineries are so big, each one individually could have an impact on price). Sorry, ranting over. Just my $.02.

Posted by BA 2005-09-01 23:40|| 2005-09-01 23:40|| Front Page Top

23:59 Gleregum Elmaimp9510
23:49 Jan
23:40 BA
23:37 Jan
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23:24 gromky
23:14 The Angry Fliegerabwehrkanonen
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23:08 True German Ally
23:02 Rafael
23:02 True German Ally
22:59 Rafael
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22:57 Sock Puppet OÂ´ Doom
22:54 Jackal
22:48 True German Ally
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22:33 boeboe
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