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U.S. Swimming In Gasoline Supplies

consumeraffairs.com --
July 2, 2009

Market surprised by falling gasoline demand

At the start of July, the U.S. has plenty of gasoline and diesel fuel on hand, which should continue to put downward pressure on prices at the pump.

On Thursday the average price of gasoline is $2.629 a gallon, down every day since peaking at $2.70 11 days ago. The average price of diesel is also $2.629 a gallon.

On Wednesday the U.S. Energy Information Administration reported that, for the week ending June 26, gasoline inventories rose 2.3 million barrels. That took industry analysts by surprise, since they anticipated an increase in summer driving would draw inventories down by two million barrels.

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Submitted Jul 02, 2009 By: zornave

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jjjleblanc Champion Author Rochester Posts:4,349 Points:1,100,475 Joined:Jun 2008	Message Posted: Jul 5, 2009 5:59:07 AM Ignore jjjleblanc Report Abuse Big differences in station prices. Some are clinging on to the high prices as long as possible.
the1roadhog Champion Author Atlanta Posts:7,713 Points:1,595,680 Joined:Jun 2007	Message Posted: Jul 5, 2009 4:06:49 AM Ignore the1roadhog Report Abuse A particle of good news on the nation's Independence Day.
Tarzan05 Rookie Author Los Angeles Posts:24 Points:21,340 Joined:Jul 2009	Message Posted: Jul 4, 2009 11:54:35 PM Ignore Tarzan05 Report Abuse it could happend.
alterman156 Champion Author New York Posts:5,090 Points:1,091,850 Joined:Dec 2008	Message Posted: Jul 3, 2009 8:10:02 PM Ignore alterman156 Report Abuse Will falling demand mean lower prices?
EVBuddy Champion Author Nevada Posts:14,343 Points:2,569,615 Joined:Sep 2004	Message Posted: Jul 3, 2009 7:31:11 PM Ignore EVBuddy Report Abuse That doesn't mean we have to burn it!
Blue48 Champion Author Illinois Posts:4,965 Points:1,173,195 Joined:Feb 2007	Message Posted: Jul 3, 2009 7:13:15 PM Ignore Blue48 Report Abuse Here in Peoria Il, yesterday AM gas prices spiked up .15c-.20c from $2.49/gal to $2.65 to $2.69/gal HAPPY 4TH OF JULY! [Edited by: Blue48 at 7/3/2009 10:17:10 PM EST]
FordF2502001 Champion Author Mississippi Posts:5,685 Points:1,155,695 Joined:Sep 2008	Message Posted: Jul 3, 2009 7:01:28 PM Ignore FordF2502001 Report Abuse a sad shame prices aren't lower, with all the obama economic woes we are suffering some relief would be appreciated.
pigmanTX Champion Author Houston Posts:1,282 Points:370,730 Joined:Nov 2008	Message Posted: Jul 3, 2009 4:07:32 PM Ignore pigmanTX Report Abuse Prices are still too high based on these supply levels.
REDROCKER55 Champion Author Dayton Posts:1,132 Points:167,115 Joined:Feb 2009	Message Posted: Jul 3, 2009 6:59:14 AM Ignore REDROCKER55 Report Abuse If it would have been the other way around (inventories dropped) then the price of gas would have gone up $.10-$.20 cents immediately on the report. Why doesn't the price go down when the inventories go up??????
bicycler Champion Author Ontario Posts:12,697 Points:2,208,370 Joined:May 2005	Message Posted: Jul 3, 2009 6:56:36 AM Ignore bicycler Report Abuse largobob; The oilbarons do not have any other reason to raise the price of gas. Some of their reasons seem to be the need for a new car, home,cottage trips or just a whim!
the1roadhog Champion Author Atlanta Posts:7,713 Points:1,595,680 Joined:Jun 2007	Message Posted: Jul 3, 2009 6:10:55 AM Ignore the1roadhog Report Abuse When the folk are out of work or worried about being fired, driving and using gas is down the priority list. No big surprise here.
BamaPack All-Star Author Atlanta Posts:868 Points:250,590 Joined:Sep 2008	Message Posted: Jul 3, 2009 6:10:53 AM Ignore BamaPack Report Abuse Demand may start catching up with supply a little during the summer travel season
RichardoB Champion Author Fayetteville Posts:5,630 Points:1,538,010 Joined:Jun 2007	Message Posted: Jul 3, 2009 6:01:07 AM Ignore RichardoB Report Abuse Perhaps the analysts would learn something from reading the forums on this site.
largobob Champion Author Tampa Posts:15,598 Points:2,914,985 Joined:Dec 2003	Message Posted: Jul 3, 2009 5:45:43 AM Ignore largobob Report Abuse Same old story...must be time to increase prices...seems to be the result when inventory is high.
rtw777 Champion Author Florida Posts:7,038 Points:1,376,425 Joined:Jan 2008	Message Posted: Jul 3, 2009 5:02:24 AM Ignore rtw777 Report Abuse Why surprised? The economy is not getting better for most Americians.
graceman Champion Author Baltimore Posts:3,235 Points:820,115 Joined:Jun 2008	Message Posted: Jul 3, 2009 4:47:49 AM Ignore graceman Report Abuse Just another gauge job at holiday time
Chazzy12 Champion Author Massachusetts Posts:2,599 Points:641,985 Joined:Dec 2008	Message Posted: Jul 3, 2009 4:41:23 AM Ignore Chazzy12 Report Abuse When refiners and wholesalers lower the price they charge for product and stations replace the expensive fuel they have already bought and paid for, you will see it start to drop after this weekend. There is too much competition between stations for them to not lower prices whenever costs will allow and it can give them an edge. Seem reality is finally slapping the speculators in the face.
Skipper52 Champion Author Massachusetts Posts:5,064 Points:1,132,300 Joined:Oct 2008	Message Posted: Jul 3, 2009 4:39:16 AM Ignore Skipper52 Report Abuse Good job folks. Just keep driving to a minimum and we can have even more impact.
racerdj Champion Author Indianapolis Posts:7,480 Points:1,591,610 Joined:Jun 2003	Message Posted: Jul 3, 2009 4:37:43 AM Ignore racerdj Report Abuse Prices once again have been fixed.....and we have lost again.
bigredhill Champion Author Lincoln Posts:5,166 Points:1,179,065 Joined:Dec 2007	Message Posted: Jul 3, 2009 4:36:45 AM Ignore bigredhill Report Abuse no kidding..... with gas running up to $2.60 a gallon you don't think people would just keep driving did you??
Marson Champion Author Scranton Posts:6,697 Points:1,625,325 Joined:Oct 2006	Message Posted: Jul 3, 2009 4:35:57 AM Ignore Marson Report Abuse If wse keep conserving, it will get even better.
SheRides All-Star Author Louisiana Posts:535 Points:1,419,045 Joined:Jan 2006	Message Posted: Jul 3, 2009 4:33:20 AM Ignore SheRides Report Abuse Prices have not dropped here yet??
Paw5X Champion Author Gary Posts:7,754 Points:1,880,120 Joined:May 2005	Message Posted: Jul 3, 2009 4:32:10 AM Ignore Paw5X Report Abuse Outstanding question Rick01.
outlaw49 Champion Author Michigan Posts:6,683 Points:763,235 Joined:Jan 2009	Message Posted: Jul 3, 2009 4:31:54 AM Ignore outlaw49 Report Abuse JUST A RIP OFF
cigarman409 Champion Author Massachusetts Posts:2,092 Points:1,363,675 Joined:Jul 2007	Message Posted: Jul 3, 2009 4:31:18 AM Ignore cigarman409 Report Abuse $$ prices do not indicate that?
Rick01 Champion Author Utah Posts:6,644 Points:1,910,265 Joined:Sep 2005	Message Posted: Jul 3, 2009 4:29:42 AM Ignore Rick01 Report Abuse All that oil sitting around and the pump prices are staying very high, WHY??
JustjoeWI Veteran Author Milwaukee Posts:400 Points:275,315 Joined:Sep 2008	Message Posted: Jul 3, 2009 4:28:06 AM Ignore JustjoeWI Report Abuse So prices should go down. Right?
BH24 Champion Author Arkansas Posts:4,930 Points:1,116,675 Joined:May 2005	Message Posted: Jul 3, 2009 4:25:49 AM Ignore BH24 Report Abuse It is precisely this kind of cicumstance that prompts a false sense of security causing Congress to put energy needs on the back burnner
kookiwoogi Champion Author Indiana Posts:5,444 Points:2,329,605 Joined:May 2004	Message Posted: Jul 3, 2009 4:23:18 AM Ignore kookiwoogi Report Abuse Keep conserving so that we all can afford to drive to the grocery store.
turbosaab Champion Author Cleveland Posts:14,947 Points:1,947,065 Joined:Sep 2006	Message Posted: Jul 3, 2009 4:22:21 AM Ignore turbosaab Report Abuse Considering the oversupply, prices should be much lower.
granma3xnow Champion Author Indiana Posts:1,998 Points:410,675 Joined:Dec 2008	Message Posted: Jul 3, 2009 4:22:20 AM Ignore granma3xnow Report Abuse So drop the pump prices already!
goldilox88 Champion Author Montreal Posts:4,059 Points:1,000,000 Joined:Jun 2008	Message Posted: Jul 3, 2009 4:20:42 AM Ignore goldilox88 Report Abuse hoarding?
sduyck Champion Author Oregon Posts:1,530 Points:130,120 Joined:Sep 2003	Message Posted: Jul 3, 2009 4:20:04 AM Ignore sduyck Report Abuse staying home wont cost me a dime for gasoline
Bus561 Champion Author Lexington Posts:14,081 Points:2,754,080 Joined:May 2004	Message Posted: Jul 3, 2009 4:19:41 AM Ignore Bus561 Report Abuse Bring it on down, keep conserving, quit unnecessary driving and cruising around.
mdmtnbiker Champion Author District of Columbia Posts:1,619 Points:330,885 Joined:May 2004	Message Posted: Jul 3, 2009 4:15:35 AM Ignore mdmtnbiker Report Abuse Good, maybe prices will come down.
gascon Rookie Author Ontario Posts:52 Points:44,215 Joined:Sep 2005	Message Posted: Jul 3, 2009 4:13:54 AM Ignore gascon Report Abuse Why did our prices shoot up then? Oh silly me, we have a holiday. Gougers!
foxups Champion Author Toledo Posts:3,252 Points:645,060 Joined:Feb 2004	Message Posted: Jul 3, 2009 4:13:13 AM Ignore foxups Report Abuse prices should be at under 2.00 a gallon
biza4u Champion Author New Haven Posts:6,182 Points:1,165,935 Joined:Jan 2007	Message Posted: Jul 3, 2009 4:11:17 AM Ignore biza4u Report Abuse While the oil companies are swimming in profits
Doubleeez Champion Author Connecticut Posts:5,080 Points:908,695 Joined:Sep 2005	Message Posted: Jul 3, 2009 4:09:25 AM Ignore Doubleeez Report Abuse Doesn't seem the pump prices are reflecting the surplus supplies. Just more manipulation by the oil companies.
lpj Champion Author Macon Posts:8,583 Points:1,700,640 Joined:Apr 2006	Message Posted: Jul 3, 2009 4:08:36 AM Ignore lpj Report Abuse some stations down 5 cents wednesday back up 5 cents thursday !!
tankneverfull Champion Author Charlotte Posts:6,374 Points:1,301,065 Joined:Apr 2008	Message Posted: Jul 3, 2009 4:04:58 AM Ignore tankneverfull Report Abuse One day we have plenty the next day we don't, talk about market manipulation.
Ringmaster2008 Champion Author Ontario Posts:5,343 Points:843,255 Joined:Apr 2008	Message Posted: Jul 3, 2009 4:04:42 AM Ignore Ringmaster2008 Report Abuse I wish our prices were dropping like that
trcscout Veteran Author Georgia Posts:284 Points:36,585 Joined:Feb 2009	Message Posted: Jul 3, 2009 4:02:14 AM Ignore trcscout Report Abuse so finaly someone admits that we have a large supplies & which means the oil companies are ripping us off.
dave364 Champion Author Lansing Posts:3,206 Points:1,009,330 Joined:Nov 2007	Message Posted: Jul 3, 2009 3:59:05 AM Ignore dave364 Report Abuse and the price of deisel fuel is what!!!
nb52 Champion Author Grand Rapids Posts:5,424 Points:1,081,640 Joined:Nov 2008	Message Posted: Jul 3, 2009 3:57:59 AM Ignore nb52 Report Abuse The "market" is never surprised...writer's are surprised.
olcowboy14 Champion Author Spokane Posts:7,185 Points:1,029,295 Joined:Jul 2007	Message Posted: Jul 3, 2009 3:57:56 AM Ignore olcowboy14 Report Abuse We might be swimming in gasoline supplies but I am drowning in prices at 3 bucks (2.999) a gallon.
truck193 All-Star Author Michigan Posts:552 Points:382,830 Joined:May 2007	Message Posted: Jul 3, 2009 3:56:48 AM Ignore truck193 Report Abuse too late for the people that had planed a trip or just a ride this week-end. The price at the pump made it to almost $3.00 here.
epf Champion Author Grand Rapids Posts:3,951 Points:1,427,215 Joined:May 2004	Message Posted: Jul 3, 2009 3:56:13 AM Ignore epf Report Abuse Price still going up in West MI
DTGas Champion Author Ontario Posts:2,132 Points:428,680 Joined:Feb 2008	Message Posted: Jul 3, 2009 3:56:04 AM Ignore DTGas Report Abuse Well then what about the prices?
Weirdomania1 Champion Author Orange County Posts:3,128 Points:584,595 Joined:Jan 2008	Message Posted: Jul 3, 2009 3:55:12 AM Ignore Weirdomania1 Report Abuse and this means that they will probably raise prices because they are not making as much as they thought and the just can't be wrong. The money has to come from somewhere.... the simplest explanation is most likely the right one...