More new records for oil, gasoline prices

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GasBuddy News Article

More new records for oil, gasoline prices Thursday, July 03, 2008
Oil Marketer -- Crude oil prices reached yet another new high Wednesday after the US Energy Information Administration reported that crude oil stockpiles in the United States fell more than expected last week. According to the EIA, inventories of crude oil dropped 2 million barrels in the week ending 27 June to 299.8 million barrels, while gasoline stockpiles were up more than expected in adding 2.1 million barrels while distillates in storage, including heating oil and diesel fuel, were up 1.3 million barrels in the week. The gains in gasoline and distillates pointed to a possible erosion of demand in the wake of record high pump prices for gasoline and diesel.
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	Thursday, July 03, 2008 Oil Marketer -- Crude oil prices reached yet another new high Wednesday after the US Energy Information Administration reported that crude oil stockpiles in the United States fell more than expected last week. According to the EIA, inventories of crude oil dropped 2 million barrels in the week ending 27 June to 299.8 million barrels, while gasoline stockpiles were up more than expected in adding 2.1 million barrels while distillates in storage, including heating oil and diesel fuel, were up 1.3 million barrels in the week. The gains in gasoline and distillates pointed to a possible erosion of demand in the wake of record high pump prices for gasoline and diesel. Visit Oil Marketer for full article

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Don20 Champion Author Oklahoma City Posts:1,170 Points:941,955 Joined:Mar 2005	Message Posted: 7/4/2008 10:48:27 AM	Ignore Don20 Report Abuse
	Check out this web site. Explains the high price of gas. You have to copy & Paste to your browser. http://video.google.com/videoplay?docid=3340274697167011147
ladyjj All-Star Author Tennessee Posts:807 Points:87,665 Joined:Apr 2008	Message Posted: 7/4/2008 10:33:54 AM	Ignore ladyjj Report Abuse
	Oh Big oil are not going to lose a thing if anyone loses it will be the people.
BMWer Sophomore Author Calgary Posts:199 Points:374,925 Joined:Dec 2003	Message Posted: 7/4/2008 10:28:11 AM	Ignore BMWer Report Abuse
	Oil companies keep making money...them and the banks.
Netscaper113 Champion Author New York City Posts:5,233 Points:1,023,050 Joined:Aug 2005	Message Posted: 7/4/2008 10:23:33 AM	Ignore Netscaper113 Report Abuse
	It figures.. just in time to kill 4th of July business....
NOWAYMAN13 Rookie Author El Paso Posts:14 Points:35,605 Joined:May 2008	Message Posted: 7/4/2008 10:23:32 AM	Ignore NOWAYMAN13 Report Abuse
	we have two gas refineries in our own backyard, you would think that the gas would be cheaper!!!
design_guy06 Champion Author Ontario Posts:3,675 Points:721,350 Joined:Aug 2006	Message Posted: 7/4/2008 10:18:01 AM	Ignore design_guy06 Report Abuse
	yawn
SLAPSHOT351 Rookie Author Long Island Posts:90 Points:21,260 Joined:Jul 2008	Message Posted: 7/4/2008 10:17:42 AM	Ignore SLAPSHOT351 Report Abuse
	All high inventory means is that were obviously not using as much, but the price still wont drop because the oil was still purchased at a record price. It's not like it will go bad sitting on a shelf like milk. No one is going to have an end of summer blow out sale on gas to get rid of the old supply to make room for the new stuff.
buckoMD Champion Author Maryland Posts:1,495 Points:367,520 Joined:Jul 2007	Message Posted: 7/4/2008 10:17:14 AM	Ignore buckoMD Report Abuse
	That's a telling statistic, Fuzzy.
knuckels08 Rookie Author Kentucky Posts:96 Points:18,695 Joined:Jun 2008	Message Posted: 7/4/2008 10:16:23 AM	Ignore knuckels08 Report Abuse
	why cant they put a cap on this, and go in debt like we do for war.
Somis1 Champion Author Ventura Posts:4,486 Points:994,525 Joined:Jul 2005	Message Posted: 7/4/2008 10:15:46 AM	Ignore Somis1 Report Abuse
	At least the recent increases seem smaller and harder for the speculators to pull off. I hope.
SLAPSHOT351 Rookie Author Long Island Posts:90 Points:21,260 Joined:Jul 2008	Message Posted: 7/4/2008 10:13:56 AM	Ignore SLAPSHOT351 Report Abuse
	there will never be any real competition for oil as long as BIG OIL MEN run the country. I find it amazing that GE has a diesel locomotive that can move one ton of frieght 400 miles on one gallon of diesel, and we can't make a 4000lb pick-up truck get 200 mpg!!!
Fuzzy2008 All-Star Author St. Louis Posts:711 Points:74,950 Joined:Jun 2008	Message Posted: 7/4/2008 10:13:18 AM	Ignore Fuzzy2008 Report Abuse
	It looks like the high priced fuel at the pumps is finally being noticed at the inventory level with crude being down 2 Million and refined fuel being up 3.4 Million.
bug27 Champion Author Kentucky Posts:1,598 Points:1,101,250 Joined:Apr 2005	Message Posted: 7/4/2008 10:11:52 AM	Ignore bug27 Report Abuse
	Ok.
dopster Veteran Author Toledo Posts:460 Points:823,830 Joined:Aug 2004	Message Posted: 7/4/2008 10:10:36 AM	Ignore dopster Report Abuse
	Time to tune up the old bicycle...
hblee Sophomore Author Ontario Posts:164 Points:200,155 Joined:May 2004	Message Posted: 7/4/2008 10:10:21 AM	Ignore hblee Report Abuse
	Even if us folks in the US and Canada complaint about the higher prices, the rest of the world is still buying. So the prices will never go down. Seems like we have to adjust our lifestyle and turn our love of cars into more of an expensive hobby instead of one of dependency.
Masercal Champion Author Michigan Posts:1,131 Points:269,635 Joined:Oct 2007	Message Posted: 7/4/2008 10:08:35 AM	Ignore Masercal Report Abuse
	Plan on seeing continued record fuel prices until oil gets some real competition.
kidmikey37 All-Star Author Nevada Posts:502 Points:128,630 Joined:Apr 2008	Message Posted: 7/4/2008 10:08:25 AM	Ignore kidmikey37 Report Abuse
	thats funny,supplies increased, but 1 station here diesel went up 22 cents yesterday
mrkel Champion Author Cincinnati Posts:1,420 Points:741,105 Joined:Apr 2006	Message Posted: 7/4/2008 10:08:12 AM	Ignore mrkel Report Abuse
	we can't win...wave the white flag of surrender
SLAPSHOT351 Rookie Author Long Island Posts:90 Points:21,260 Joined:Jul 2008	Message Posted: 7/4/2008 10:07:08 AM	Ignore SLAPSHOT351 Report Abuse
	It doesn't matter how much we conserve because all that happens is china and india just suck it right up. We save 2 million barrels they buy an extra 2 million.
bbreff Champion Author Atlanta Posts:1,710 Points:953,765 Joined:Jun 2005	Message Posted: 7/4/2008 10:07:04 AM	Ignore bbreff Report Abuse
	old news
Egor Champion Author Regina Posts:1,062 Points:518,215 Joined:Aug 2005	Message Posted: 7/4/2008 10:06:40 AM	Ignore Egor Report Abuse
	Everyone is talking about drilling more and building more refineries. From this story, there is a big stock pile of gas and a lower stockpile of oil. They keep refining it but no one is buy the fuel. Sounds to me like they need to shut down some refineries or there will be not place to put the gas that is made. This story is so stupid. It just shows that they will make up any excuse to say why oil prices are up. Like it says, stockpiles of oil are down, but stockpiles of fuel are up. This just means that no one is buying any new oil at the outrageous price. As well, no one is buying fuel at the outrageous price. To me that mean demand is down. If this is supply and demand, the price should come down to get people buying. Instead the prices goes up. How about a good excuse next time!!!!
cajnldy63 Rookie Author Tennessee Posts:1 Points:1,270 Joined:May 2008	Message Posted: 7/4/2008 10:06:10 AM	Ignore cajnldy63 Report Abuse
	if everyone stopped complaining about gas prices and started complaining about something else we would live in a better world. This year it is gas prices, a few weeks ago it was tomatoes, few years ago it was the war with Iraq, and 911. We are in the last days before HIS return, study your bible and you will see what is to happen.
SLAPSHOT351 Rookie Author Long Island Posts:90 Points:21,260 Joined:Jul 2008	Message Posted: 7/4/2008 10:05:05 AM	Ignore SLAPSHOT351 Report Abuse
	The U.S will use it's own oil when everyone else has run out. And then they will rape everyone else like they are doing to us.
mwhals Champion Author Charleston Posts:4,409 Points:747,715 Joined:Jun 2006	Message Posted: 7/4/2008 10:04:15 AM	Ignore mwhals Report Abuse
	So distillates (diesel) in storage increased, but diesel still went up yesterday.
SLAPSHOT351 Rookie Author Long Island Posts:90 Points:21,260 Joined:Jul 2008	Message Posted: 7/4/2008 10:02:43 AM	Ignore SLAPSHOT351 Report Abuse
	yeah, use our own oil !!!
LuvEd08 Sophomore Author Georgia Posts:188 Points:57,820 Joined:Apr 2008	Message Posted: 7/4/2008 10:01:24 AM	Ignore LuvEd08 Report Abuse
	is there anything that can bring prices down?
Itsme Sophomore Author Pennsylvania Posts:239 Points:205,320 Joined:Mar 2003	Message Posted: 7/4/2008 9:58:36 AM	Ignore Itsme Report Abuse
	They attempt to satisfy their GREED with price GOUGING. They need to set a cap on oil prices and gasoline prices as well as stop the speculation.
SLAPSHOT351 Rookie Author Long Island Posts:90 Points:21,260 Joined:Jul 2008	Message Posted: 7/4/2008 9:58:35 AM	Ignore SLAPSHOT351 Report Abuse
	why does diesel always seem to go up in 10 cent increments?
Mazdaman7Q Champion Author South Carolina Posts:3,388 Points:717,540 Joined:Jun 2006	Message Posted: 7/4/2008 9:52:57 AM	Ignore Mazdaman7Q Report Abuse
	That's a surprise!
nd73 Veteran Author Grand Rapids Posts:338 Points:214,945 Joined:May 2007	Message Posted: 7/4/2008 9:49:31 AM	Ignore nd73 Report Abuse
	Don't they get tired of publishing the same "news" every day???
AlaRedNeck All-Star Author Kansas Posts:786 Points:137,500 Joined:Apr 2008	Message Posted: 7/4/2008 9:43:26 AM	Ignore AlaRedNeck Report Abuse
	cause they cut production when demand goes down. They got a good thing going and aren't going to let it go.
BoerneWatch Champion Author San Antonio Posts:5,915 Points:756,985 Joined:Oct 2005	Message Posted: 7/4/2008 9:42:17 AM	Ignore BoerneWatch Report Abuse
	Stockpiles are up during the peak season and still prices go up.
CheapoBob Champion Author Alabama Posts:1,062 Points:890,310 Joined:Apr 2005	Message Posted: 7/4/2008 9:40:44 AM	Ignore CheapoBob Report Abuse
	pocketbook goinmg broke
scrounger Champion Author Vancouver Posts:5,925 Points:1,615,640 Joined:Mar 2003	Message Posted: 7/4/2008 9:39:15 AM	Ignore scrounger Report Abuse
	records haven't yet been set
tazdriver Champion Author Alabama Posts:1,943 Points:498,380 Joined:Jan 2007	Message Posted: 7/4/2008 9:38:59 AM	Ignore tazdriver Report Abuse
	Won't it be nice when we become energy independent and can tell the king of Saudi Arabia to get lost we don't need your stinkin oil, we have more of our own that don't stink, won' that be nice. . . .
spunky4443 All-Star Author Washington Posts:786 Points:383,725 Joined:May 2005	Message Posted: 7/4/2008 9:36:52 AM	Ignore spunky4443 Report Abuse
	Good I hope that Oil Companies, get drowned in their oil.
HockeyLady All-Star Author New Jersey Posts:961 Points:867,935 Joined:Jun 2005	Message Posted: 7/4/2008 9:33:56 AM	Ignore HockeyLady Report Abuse
	DRILL! Hey--it's the summer driving season for vacations--you didn't think prices would go down, did you?
ILBCNU All-Star Author Michigan Posts:783 Points:294,795 Joined:Aug 2005	Message Posted: 7/4/2008 9:32:40 AM	Ignore ILBCNU Report Abuse
	They don't care...they have hooked us!
amearly Champion Author Michigan Posts:3,625 Points:790,165 Joined:Jan 2006	Message Posted: 7/4/2008 9:30:06 AM	Ignore amearly Report Abuse
	And yet after the fourth and drive was down again you still don't see any the price coming down.
jax1wec Rookie Author Jacksonville Posts:3 Points:385 Joined:Jul 2008	Message Posted: 7/4/2008 9:28:40 AM	Ignore jax1wec Report Abuse
	.
mosensible Sophomore Author Los Angeles Posts:160 Points:95,155 Joined:Mar 2008	Message Posted: 7/4/2008 9:28:18 AM	Ignore mosensible Report Abuse
	This type of article really has nothing useful to the ordinary consumer.
s6sputnik Champion Author Austin Posts:1,857 Points:373,100 Joined:Jun 2007	Message Posted: 7/4/2008 9:22:41 AM	Ignore s6sputnik Report Abuse
	Olympic Gold goes to .....Crude Oil in a new WR :(
bluebird1 Champion Author Toronto Posts:6,973 Points:1,425,475 Joined:May 2004	Message Posted: 7/4/2008 9:18:03 AM	Ignore bluebird1 Report Abuse
	Ours only went up a little over a cent/L today....of course that's because this isn't our long weekend it was last weekend, where it did jump up before & only eased back toward the end.
mysub All-Star Author Las Vegas Posts:687 Points:645,430 Joined:Apr 2006	Message Posted: 7/4/2008 9:17:38 AM	Ignore mysub Report Abuse
	The price is still holding and in most cases, going down a little here in Vegas.
mrpc90 Champion Author Illinois Posts:1,271 Points:324,555 Joined:Dec 2004	Message Posted: 7/4/2008 9:14:34 AM	Ignore mrpc90 Report Abuse
	More new records due to the long 4th of July holiday weekend... Gas went up here 20 cents a gallon on Wednesday afternoon.
mhoward20 Sophomore Author Virginia Beach Posts:192 Points:40,130 Joined:May 2008	Message Posted: 7/4/2008 9:11:46 AM	Ignore mhoward20 Report Abuse
	How high will they go?! Nobody knows!!!
Toppers All-Star Author Atlanta Posts:512 Points:784,725 Joined:Mar 2005	Message Posted: 7/4/2008 9:11:25 AM	Ignore Toppers Report Abuse
	Ya think?
AnObserver Champion Author New Jersey Posts:1,263 Points:791,040 Joined:Sep 2005	Message Posted: 7/4/2008 9:08:47 AM	Ignore AnObserver Report Abuse
	Not exactly a record that we can cherish
waterman71 Veteran Author Michigan Posts:322 Points:56,965 Joined:Dec 2007	Message Posted: 7/4/2008 9:07:05 AM	Ignore waterman71 Report Abuse
	Good point
Martinman Champion Author Mississippi Posts:2,379 Points:480,720 Joined:Sep 2005	Message Posted: 7/4/2008 9:04:21 AM	Ignore Martinman Report Abuse
	How about the more than 1.5 MILLION gallons of fuel we waste EACH DAY in Iraq, while Iraq works to increase the 70 BILLION DOLLARS in crude oil exports they "reported" for 2007.