ANOTHER gas price increase...

Tarah716

Watch out! Gas prices could be jumping in Detroit! Warn your friends. Forward this email.

Projected Price $4.29-$4.39

Attention all Buddies... as a result of a huge increase in wholesale prices Friday, I am expecting gasoline prices to rise to new record highs in your area. A refinery in Joliet, IL had an unexpected problem late Friday, boosting worries about supply. A hike to $4.29-$4.39 is very likely in the next 48 hours. The odds of this prediction being correct is 85%. Thanks, The Gasbuddy Team

spence2007

UGH! WTF??????  I guess I'm glad I filled up yesterday but seriously this is getting ridiculous.

KBabySmiles

It's only the beginning. We better get used to it. The prices always go up in the summer.

MrsRenee

I've actually seen some stations coming down in price.  The one was $4.11 yesterday morning and later in the day had dropped to $3.99

mardoll10

KBabySmiles:

It's only the beginning. We better get used to it. The prices always go up in the summer.

This.  It definitely sucks, but I am not surprised at all.

Tarah716

The economy is just going to tank again if this continues - we're JUST starting to repair and this will send us downward again.  I truly hope they're happy.

ballerina06

Tarah716:

The economy is just going to tank again if this continues - we're JUST starting to repair and this will send us downward again.  I truly hope they're happy.

Who do you mean?  You do realize that the price of oil is determined not only by a US Index, but by a European Index as well.  Right now there is a large gap (the US Index is actually lower), and because of that the price has gone up.  Also, right now the oil companies have to use more oil to make fuel because they cannot put in the same additives as in the winter.  It's not the oil companies fault, despite what everyone thinks.

 

jesss10

my own little frustration - we buy all our gas at meijer and use our card to get 5 cents off each gallon. because of the price increase, after going out of my way to get to a meijer last night, i found out the limit on my card isn't high enough to accommodate the amount we have to spend on gas now. frowny face.

Tarah716

ballerina06:

Tarah716:

The economy is just going to tank again if this continues - we're JUST starting to repair and this will send us downward again.  I truly hope they're happy.

Who do you mean?  You do realize that the price of oil is determined not only by a US Index, but by a European Index as well.  Right now there is a large gap (the US Index is actually lower), and because of that the price has gone up.  Also, right now the oil companies have to use more oil to make fuel because they cannot put in the same additives as in the winter.  It's not the oil companies fault, despite what everyone thinks.

 

I found this article - which explains a lot about gas pricing and why the price changes so much.  In case any one else is interested.

KBabySmiles

Tarah716:

I found this article - which explains a lot about gas pricing and why the price changes so much.  In case any one else is interested.

Some parts of that article are correct, but they don't simply "restrict and tighten how much oil they release" to raise the prices. It's MUCH more complicated than that.

Yes prices are getting ridiculous, but the oil companies aren't just doing it because they feel like it.

spence2007

I will be the first to admit I am not very knowledgable on how/why the prices go up but I think what's frustrating is when it's all over the news that oil companies are reporting billion dollar profits.  I don't know how we can NOT be frustrated with the price increases after hearing this!