Gas hits $3.88 per gallon

Discussion in 'Community Discussion' started by johneaston, Apr 29, 2011.

  1. johneaston macrumors regular

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  2. Fubar1977 macrumors 6502a

    Fubar1977

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    #2
    As the US now imports more then it produces watch US prices rise to match in the near future.

    Also: used Escalades gonna get very cheap soon...
     
  3. iLucas macrumors 6502

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    #3
  4. Abstract macrumors Penryn

    Abstract

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    Location Location Location
  5. SactoGuy18 macrumors 68020

    SactoGuy18

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    #5
    Here's the rub: there are no significant supply or storage issues with petrol (gasoline) here in the USA. The high price is being driven most by futures market speculators taking full advantage of the circa 7% minimum margin requirement (MMR) to trade in crude oil and unleaded gasoline futures at the Chicago Mercantile Exchange and related New York Mercantile Exchange.

    If the CME were to institute a 15% MMR and require actual delivery of the product for the buyer, watch the price of crude oil plummet back to US$75-US$80 per barrel in no time flat, which would cut the price of petrol in the long run by US$1.00/gallon or more.

    Anyway, one problem for the oil companies right now is that with the price crossing US$4.00/US gallon at the retail level, demand for petrol is starting to fall as consumers cut back like mad non-commuter driving. This could start to result in the oil companies "holding the bag" on way too much expensive crude oil and petroleum products, and they may have to start dumping in on the open market at a huge financial loss.
     
  6. Melrose Suspended

    Melrose

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    Dec 12, 2007
    #6
    Boofreakinhoo. It's been $4 here in New York for a week already. And summer ain't even started.

    *buys moped • looks stupid • saves dollars*
     
  7. GFLPraxis macrumors 604

    GFLPraxis

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    #7
    Yeah, you'd be amazed how much we Americans cry about it. It was way higher when I lived in the Netherlands, and I just laugh when Americans whine about gas prices.
     
  8. OutThere macrumors 603

    OutThere

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    NYC
    #8
    I don't feel entitled to low gas prices, I just feel guilty about driving around when I know it's going to cost $70 instead of $50 to fill up the tank. :eek:
     
  9. heehee macrumors 68020

    heehee

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  10. TheGenerous macrumors 6502a

    TheGenerous

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    #10
    ...yeah, but I use a malibu classic :(
     
  11. jav6454 macrumors P6

    jav6454

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    #11
    I whine mainly because I have too drive and my pay isn't going up to compensate for gas.
     
  12. Synchromesh macrumors 6502a

    Synchromesh

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    SF
    #12
    Agree with this 100%. I hate those behemoths that clutter my view. I also don't care for their drivers that often behave like kings of the road. Hope to see them gone soon.

    On the other hand, that WRX I want gets V8 mileage so now I'm thinking about it twice. :)
     
  13. notjustjay macrumors 603

    notjustjay

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    Canada, eh?
    #13
    Gas is $1.33 per liter in my city in Canada. Apparently in Montreal it's closer to $1.50 per liter.

    That's close to $5-6/gallon in American pricing.
     
  14. ucfgrad93 macrumors P6

    ucfgrad93

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    #14
    It is around $3.60 in Colorado. My daughter tells me that it is around $4.25 in Los Angeles.
     
  15. Mousse, Apr 29, 2011
    Last edited: Apr 29, 2011

    Mousse macrumors 68000

    Mousse

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    #15
    Well, if that's how you guys feel about SUV's, I guess I won't be buying that Canyonero I've been eying.;)

    Good thing I got my new Civic (paid $3500 below invoice price with all the incentives:)) before the gas prices started climbing.:cool: Fuel efficient cars are gonna be in short supply once prices start hitting the $5-6 mark. I've already saved over $150 in fuel after only a month's ownership.:):):)

    I bet GM are feeling pretty stupid now for killing off the EV1.:mad:
     
  16. rdowns macrumors Penryn

    rdowns

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    #16

    Really? I don't think people who can't afford to pay $5+ for a gallon of gas are in a position to buy a new car.
     
  17. Lord Blackadder macrumors G5

    Lord Blackadder

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    #17
    It's been over $4.00 a gallon for several months in Alaska. At one point 87 octane was over $4.40 per gallon. It might even be higher now, I haven't bought fuel for over a week.

    Large pickup trucks are popular commuter vehicles up here. Outdoor recreation is obviously very popular as well, so many people also own snow machines, quads, boats and motorcycles. Many of the locals are very angry about the price of fuel, but at no point do any of them accept the idea that burning less fuel is part of the solution to high fuel prices. They want to both burn more fuel and pay less for it. Conservation and sustainability do not enter these peoples' minds, at least not when it comes to fuel policy.
     
  18. OutThere macrumors 603

    OutThere

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    NYC
    #18
    Perhaps not a new car, but I remember that the market demand for old crappy 3 cylinder Geo Metros was out of control a few years ago when gas prices almost hit $5.

    It's been over $4 for me for a while in the CT/NYC area.
     
  19. vincenz macrumors 601

    vincenz

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    #19
    It's getting to be a better and better idea to buy hybrids.
     
  20. rdowns macrumors Penryn

    rdowns

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    #20

    I live on Long Island. My car needs super. I've been paying over 4 bucks for over a month now.
     
  21. steadysignal macrumors 6502a

    steadysignal

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    #21
    or smaller cars, at least...
     
  22. Eidorian macrumors Penryn

    Eidorian

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    Indianapolis
    #22
    I am biking to work as many days as possible once more. It is currently $4.05-4.17 here.


    I can not imagine people getting burned again after 2008. I remember entire car dealers going from small-midsize cars to nothing but Escalades and SUVs.
     
  23. notjustjay macrumors 603

    notjustjay

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    Canada, eh?
    #23
    Well, if people are buying large, fuel-consuming vehicles as part of a "lifestyle" choice then they're going to have to suck it up and pay the accompanying fuel costs. Just like you pay a lot more for "brand name" suits and clothing which in the end aren't really necessary.

    I do, however, feel for those who really do need to pay for higher gas prices in fuel-sucking vehicles: truckers, farmers, etc.

    I've been eyeing a compact SUV (like a Ford Escape, Honda CRV, etc.) for some time now, but haven't really made the jump yet due to my finances. High gas prices are a consideration too. I "need" a small SUV for camping, towing, hauling lots of stuff to/from the campsite and also because I'm 6'4" so I like a tall driving view. I'm going to have to balance those "needs" (which are, really, just "wants") with the cost of everyday work commuting.
     
  24. RedReplicant macrumors 6502a

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    #24
    I enjoy my 40-45MPG while still being able to do 0-100mph in the 6ish second area.
     
  25. Lord Blackadder macrumors G5

    Lord Blackadder

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    Sod off
    #25
    The problem is, if enough Americans want to burn more fuel and pay less for it, they will vote in politicians who will be willing to drill the nation dry and fight more foreign wars to appease those people. We are already in that mire now, and some people want to accelerate the process. Gas is God.

    You might consider a wagon - The Jetta SportWagen TDI is a good choice for camping expeditions. Plenty of space inside, perfect for light towing duty and fuel economy is excellent at 30/42mpg. The Escape Hybrid is several thousand dollars more expensive and doesn't necessarily give you better fuel economy (especially on the highway), but if you are dead-set on an SUV and must have AWD then it may be your best option. If you are looking at a gasoline-only option, get a Subaru. Of course, when Subaru's diesel engine finally makes it to the USA, it will be my recommendation for this class of vehicle.

    Full disclosure - I like wagons, I don't like SUVs.
     

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