US gas prices jump 13 cents a gallon; could go higher (2-8-15)

[Omaha Steve]

http://apnews.excite.com/article/20150208/us-gas-prices-4cf01236f9.html

Feb 8, 6:14 PM (ET)

CAMARILLO, Calif. (AP) — The average price of a regular gallon of gas jumped 13 cents in the past two weeks to $2.20, ending a sustained drop.

Industry analyst Trilby Lundberg said Sunday that a rebound in the price of crude oil caused the run-up at the pump.

However, the price is $1.10 below the mark a year ago, on Feb. 7, 2014.

FULL story at link.

[ProdigalJunkMail]

1. hasn't there also been a reduction in refinery capacity?

it was my understanding they were rolling back some of the refining as well as there was a strike by refinery workers that also played into this quick run-up.

sP

[Omaha Steve]

3. Refinery strikes unlikely to move gasoline, oil prices

http://fuelfix.com/blog/2015/02/01/refinery-strikes-unlikely-to-move-gasoline-oil-prices/

Posted on February 1, 2015 at 2:39 pm by Collin Eaton

HOUSTON – Steelworker strikes that began Sunday at seven U.S. oil refineries and two chemical plants have a slim chance of pumping up gasoline or crude prices dramatically in the near future, analysts say.

Talks between the United Steelworkers union and big oil companies led by Royal Dutch Shell broke down Saturday after the two groups couldn’t reach an agreement on – among other contractual issues – the overtime that workers have to take when others are called away to train new recruits, a point “when the fatigue sets in,” union spokeswoman Lynn Hancock said.

But the refineries, analysts said, can keep running using automated processes with a skeleton crew of managers and employees from other parts of the companies – a factor that will likely keep U.S. gasoline supplies intact for the most part.

“I’ve never seen a strike impact supply,” said Tom Kloza, chief oil analyst at Oil Price Information Service in New Jersey. “There may be a generation of traders that react to it because they think refiners are going to cut back. But I think we’ll see a consistent level of demand from refineries.”

FULL story at link.

[ProdigalJunkMail]

5. dig it... n/t

[Omaha Steve]

9. Well FOX said..."GAS PAINS? Union strike could spell end of $2 gas"

Seems FAUX wants to take an anti-union shot any chance it gets. Profits in the billions even after the price of oil dropped!


http://www.foxnews.com/us/2015/02/02/workers-strike-at-us-refineries-could-cause-raise-in-prices-at-pump/

Just when gas prices began slipping below $2 a gallon, a new issue is threatening to bring back pain at the pump.

Members of the United Steelworkers Union at refineries that produce nearly 10 percent of U.S. gasoline, diesel and other fuels, were on strike for a second day on Monday as they pushed for a new national contract with oil companies covering laborers at 63 plants, The Wall Street Journal reported. If a new deal isn't reached and the strikes continue, drivers at the pump could take a hard hit.

"You can forget about $2 gasoline," Carl Larry, director of oil and gas at consulting firm Frost & Sullivan, told the newspaper. "It’s going to be a big deal. People are going to be freaked out."

"You can forget about $2 gasoline."
- Carl Larry, director of oil and gas at consulting firm Frost & Sullivan

FULL story at link. Video: http://video.foxnews.com/v/4027955391001

[Loge23]

2. The trough is open!

The pigs will come roaring back to the trough with a vengeance now.
Gotta love the propaganda the oil gang threw out: that the price of oil was so low that it hurts the economy! Beautiful!
The only true hope for the planet and the economy is to minimize the influence of Big Oil. In the meantime, who knows what the price is?

[ProdigalJunkMail]

6. there are people that made a truckload of $$$ on the way UP

there are people that made a truckload of $$$ on the way DOWN

and those same people will make ANOTHER truckload of $$$ on the way BACK UP...

the rest of us just have to deal with it.

sP

[hobbit709]

4. Around here it's closer to 35 cents a gallon.

You could find it in the $1.55 range here two weeks ago, now you're lucky to find it under $1.90

[magical thyme]

7. I got 150 gallons of heating oil exactly when it hit rock bottom...

I almost waited a week to squeeze in another 50 gallons, but the blizzard was coming so I decided I'd better not wait. $2.45/gallon...lowest I've seen in some time.

There was 1 gas station in my area that briefly went under $2.00/gal for gas...that lasted just a week or two.

[ProdigalJunkMail]

8. love it when you hit the low on a purchase... nt