$120 Crude Oil

Yeah, I got to go dig up some of the old doomsday reports about the end of oil. Makes you think.

Just wait until it is priced in Euros instead....

Radio in truck this morning: "The price of a gallon gasoline rose 40 cents over the weekend, financial animalist say this can be attributed to problems at the BP refinery in Whiting Indiana".

Does BP supply all gasoline in the northern Illinois area, or are the other brands, which have raised their prices accordingly, following suit?

I just caught it: financial animalist. I wonder what they would look like?

"Does BP supply all gasoline in the northern Illinois area, or are the other brands, which have raised their prices accordingly, following suit?"

There are like three oil companies in the US (all the other ones were bought out and only exist as brand names to promote the illusion of competition), and they all use similar algorythms for their price-setting computers, these programs look not only at supply, demand, and refinemant capacity, but also the price the other two companies are charging. So when Exxon bumps up the price of gas by a nickel a gallon, PB and Amaco follow suit within seconds.

It's technically not a 'collusion' or a 'trust,' since there has been no explicit agreement to price-fix, but it has become, in effect, a 'virtual trust,' since it has the outcome of a trust without anyone doing anything actually illegal. Not even corporate expionage, since they all look at each others publically posted prices, which are, as the label says, public information. The programs that set the prices have such similar results because the forces that shaped them were identical, despite being designed independantly. It's like how all cars started getting that same 'mutant potato' shape after computer modeling replaced wind tunnel tests on clay models. Same forces (aerodynamics) shaped all the designs, and all cars were being tweaked for 'efficency,' weather to improve MPG, or to improve acceleration and top speed. Same forces, same rough goals, simmilar outputs.

Thank you for the clarification.

I had suspected that there was some sort of electronic wheel-of-stupid-excuses for raising prices involved. But you have set me straight. Now the only thing left to be wary of is the gas pump that checks your wallet to determine tolerance level.

The price of oil is going down and the price of gasoline is going up??? WTF???

The last time crude sold for $40.00/bbl, gas was $1.80/gal.

I can see BP has problems, I went to the refinery sometime back to repair a gang welder generator. It was a shock to see guys welding in the gasoline fumes.

Was that before or after taxes? There have been significant increases in federal and state gasoline taxes to pay for "infrastructure improvements".

After taxes, I think. But that was 1970 something.

Inflation and the CPI have gone through the roof since then.

Not to mention speculation and futures buying that artificially drive prices up even higher, but add no value.

the greenish line is 40 bucks. around 2000-2002 it tagged it.

AUG21, check out the headline,a break BELOW $40! wheres my dollar a gallon gas??

39?!?!