[Driver72]

The modi operandi for the big oil/gas companies in the past 8 years has always been, "quick to rise, slow to retreat" when it comes to gas prices.
Meaning, when the oil prices go up, gas prices go up QUICKLY thereafter, but when oil prices drop, they are SLOW to drop gas prices.

So now that oil prices are almost back down to $100 a barrel, I'm curious how much the national average gas price WAS when we first hit $100 a barrel early this year (or was it late last year) and how much the national average is now that we are close to the $100 a barrel rate again.

Anybody know where to find that info.?

Thanks

[RedGT3]

Less than today.

[m3power13]

The first time oil hit $100 a barrel was in Jan of 2008 and the price of gas at that time was $3.05. However in December of 07 oil was around $90, hit $100 in Jan 08 and then by Feb of 08 was back down below $90. So, I don't think that $3.05 is a good reference for $100 oil. There was a massive spike and the market didn't really have time to compensate. I'd say around $3.20-$3.30 is where we should be.

[!Xoible]

3.05? so cheap

[Crimson92]

Originally Posted by ///Mantis

3.05? so cheap

+1 id kill for 3.50

[Driver72]

Originally Posted by m3power13

The first time oil hit $100 a barrel was in Jan of 2008 and the price of gas at that time was $3.05. However in December of 07 oil was around $90, hit $100 in Jan 08 and then by Feb of 08 was back down below $90. So, I don't think that $3.05 is a good reference for $100 oil. There was a massive spike and the market didn't really have time to compensate. I'd say around $3.20-$3.30 is where we should be.

Just curious where did you find this info.?

If it was $3.06 a gallon in January 2008 when oil was $100 a barrel, but bouncing between $90 and $100, there is no way that gas would be $.15-.25 a gallon higher if it was a steady state $100 a barrel.

But again, the point is, when it DID rise to $100 a barrel, the national gas price per gallon was $3.06, is that correct?
The next logical thing would be then, when the national average went ABOVE $3.06 a gallon, to say $3.08 per gallon, what was the price of oil then?

Either way, oil is around $103 a barrel now (as of today) and $105-107 a barrel in the last week or so, and what's the average price of gas now?

My observations seemed to be correct, the oil companies aren't dropping the price of gas back down as fast as the oil prices, but were happy to jack the prices up as fast as they could as soon as oil prices went up.
I remember seeing gas stations raising the prices .25-35 per WEEK in some cases a few months ago, though oil prices might of gone up $3-4 a barrel that SAME week.

[jlstyle]

i remember filling up the my mom's wagon with gas price at .95 cents a gallon back in '97. I didn't know anything about octane back then so I thought octane number posted was what the price was.
Also I remember regular fill up in my first car (jetta) cost me only $25.

[MrSteak]

Originally Posted by jlstyle

i remember filling up the my mom's wagon with gas price at .95 cents a gallon back in '97. I didn't know anything about octane back then so I thought octane number posted was what the price was.
Also I remember regular fill up in my first car (jetta) cost me only $25.

Ha yeah, the good ol days. In 97' I was delivering pizza in a 1989 Prelude. Cost $20 to fill up at a little less than $1 a gallon. Figures, that by the time we could afford fast/powerful cars, gas is 4x more.

[Blake]

my first car was a chevy tahoe that cost less than $30 to fill up. 30 gallons at that! i don't think that would be too much fun today.

[m3power13]

Originally Posted by Driver72

Just curious where did you find this info.?

If it was $3.06 a gallon in January 2008 when oil was $100 a barrel, but bouncing between $90 and $100, there is no way that gas would be $.15-.25 a gallon higher if it was a steady state $100 a barrel.

But again, the point is, when it DID rise to $100 a barrel, the national gas price per gallon was $3.06, is that correct?
The next logical thing would be then, when the national average went ABOVE $3.06 a gallon, to say $3.08 per gallon, what was the price of oil then?

Either way, oil is around $103 a barrel now (as of today) and $105-107 a barrel in the last week or so, and what's the average price of gas now?

My observations seemed to be correct, the oil companies aren't dropping the price of gas back down as fast as the oil prices, but were happy to jack the prices up as fast as they could as soon as oil prices went up.
I remember seeing gas stations raising the prices .25-35 per WEEK in some cases a few months ago, though oil prices might of gone up $3-4 a barrel that SAME week.

The thing is oil wasn't bouncing between 90-100 in this time period. Gas shot up rapidly in Dec of 07 and then shot down rapidy below 90 practically the day after it hit 100. The market wasn't able to properly adjust to oil prices because of the extreme short term spike. My point being, I believe that 3.05 price is more of a reflection of $90 a barrel oil at that given time in the market

Regardless, as you stated in your OP it does seem that the market has been slow to react in as prices near $100 a barrel. We saw a quick drop in gas prices going from $150-120ish. So yeah I agree with you, we should be another 20-30 cents cheaper.

[Expired]

Originally Posted by jlstyle

I didn't know anything about octane back then so I thought octane number posted was what the price was.

lol, me too!!!

-Nathan

[Spec 1]

Originally Posted by jlstyle

i remember filling up the my mom's wagon with gas price at .95 cents a gallon back in '97. I didn't know anything about octane back then so I thought octane number posted was what the price was.
Also I remember regular fill up in my first car (jetta) cost me only $25.

Yup, when I bought the E30 I could fill the tank with premium for under $20. Now it costs about $48, down from $55.

[darkphantom]

Originally Posted by MrSteak

Ha yeah, the good ol days. In 97' I was delivering pizza in a 1989 Prelude. Cost $20 to fill up at a little less than $1 a gallon. Figures, that by the time we could afford fast/powerful cars, gas is 4x more.

yeah sad, ain't it? Gas was the last thing on my mind when I thought about buying nice sports cars...

[genesis]

This is from an article that came out on September 10th that's close to the price you're looking for....



What should motorists be paying based on the history of crude oil prices similar to Tuesday's oil market price of $103 a barrel?

24 Hour News 8 poured through Department of Energy crude oil price data dating back to 1983 to find the last time crude oil was at this price and compared it to the retail price.

On March 5, 2008, crude oil was selling at $105.45. According to GasBuddy.com, the average price at the pump in Grand Rapids was $3.15 a gallon.

Then on April 3, 2008, crude oil was at $103.92. Motorists paid an average of $3.47 at the pump.

Now, at $103 for a barrel, the average retail price for gas is $3.71.

"I'm surprised Big Oil continues to charge wholesalers and retailers as much as they are," Michigan Petroleum Association President Mark Griffin told 24 Hour News 8.

He said you only need to look at the wholesale price to see station owners are being overcharged.

Griffin said oil companies typically peg retail prices to that of crude oil. The wholesale price gas station owners paid is then passed on to motorists.

[Driver72]

Thanks for the above post.

However, it's only partially true.

Gas station owners price gouge us just as much as the oil companies.

Take this past weekend as an example.

Hurricane Ike hit the Gulf over the weekend, but JUST as it hit the Gulf, the gas stations spiked their prices up .20-.30 per GALLON the very next morning!!!
Why? The gas they have in their tanks was bought at a much lower price. On top of that, the first Monday AFTER Hurricane Ike hit the Gulf, oil prices dropped nearly $5 per barrel, then on Tuesday it dropped another $5 per barrel.

Gas stations sold their gas over the weekend and into the early days of this past week WAY above the price they paid for that gas.
Both the oil companies and the gas station attendants I spoke too said it went up BECAUSE of Hurricane Ike and the closing and power loss of those refineries.
That's interesting because from the reports I read, their were 10 oil refineries shut down from Ike.
10 of 1300 in the Gulf.
That's a mere .7% (yes, less than 1%)

But the spike in gas prices that very next morning went up 8-9% at most gas stations across the country. And oil prices dropped 10% over the next two days.

So the reality is, which most with brains have known for a few years now....both the oil companies AND the gas station owners are price gouging us!!

Funny too how the opponents of more oil drilling in Alaska and other places have said, "doing so won't bring down the price of oil"
.7% of the oil refineries in the Gulf region can shut down for a week or so and gas prices spike up 8-9% overnight, but drilling for more oil won't bring the prices down. Sound to me like the oil lobbyists are paying off those opponents to more drilling in the U.S. too in order to keep prices up.

[NaTuReB0Y]

just paid:

$3.99
91 Octane
SHELL

[scottwww]

Here it's $3.79 for Shell 92 octane.

I've been saying for months that I think we will get back down to $3.00. I still say that.

[hotsand5]

When IKE hit the golf coast, I was on a motorcycle trip in North Carolina. Gas jumped from (Premium) $4.59/ gallon to $5.19/ gallon!!!!!!!!!!!!!!!!!!!!!!!!!!!! The next day it was $4.49

[scottwww]

How do you all like it $2.11? Could you see $1.50 coming to a pump near you?

[nusevad]

regular is 1.85 here.

[leejoobin]

$1.74 here....

[Blake]

$1.58 cheapest here