Yahoo, $2.99 gas price seen tonight...

[fedupinwaukegan]

Out driving tonight and saw $2.99 at Thortons on the corner of Sunset and Greenbay.

Sad, but I had to do a double-take and then shouted 'yahoo!'

[Blackdiamond]

Unfortunately I have to go places where they will pump for you, and the only one I know is in NC. I went to one on Grand and Jackson, and someone named "Moses" said it would cost me $2 for him to pump it. (I will not repeat what I said to him). A lot of Stations have the handicapped logo but I always get, "I'm sorry, I'm working alone". (Usually there are no customers). I paid over $3 for the gas in NC--I told the guy I didn't notice the difference in the price I paid BEFORE and NOW. (He just shrugged his shoulders) :cry:

[Guest]

Take a little trip to Harlingen, Texas. Reg gas is $2.25.

Oil is at $80 barrel, reg-gas here (60085) should be about $2.20 Gal. That includes the NORMAL cost of living increase.
Shows how much we're STILL getting ripped off. :evil:

[guest300]

just_us Wrote:Take a little trip to Harlingen, Texas. Reg gas is $2.25.

Oil is at $80 barrel, reg-gas here (60085) should be about $2.20 Gal. That includes the NORMAL cost of living increase.
Shows how much we're STILL getting ripped off. :evil:

I was thinking that same point last night while driving home. Here we have seen the per barrel price for crude drop dramatically over the past few weeks, yet the price at the pump has not seemed to drop in relation to the lower crude price. Something doesn't seem right, but I'm sure the "experts" would have a bunch of BS reasons for that not happening.

[Danno]

If you figure a cost of $80 per barrel that equals a cost of about $1.90 per gallon for the cost of the crude out of the ground. Add refiner, transportation, marketing, retail profit costs of about $.55 cents per gallon and taxes of about $.47 per gallon and the price is closer to $2.92 per gallon. Oh, I forgot the special formulation for Chicago so add a few more cents and you get $3.00 a gallon.

[guest300]

Danno Wrote:If you figure a cost of $80 per barrel that equals a cost of about $1.90 per gallon for the cost of the crude out of the ground. Add refiner, transportation, marketing, retail profit costs of about $.55 cents per gallon and taxes of about $.47 per gallon and the price is closer to $2.92 per gallon. Oh, I forgot the special formulation for Chicago so add a few more cents and you get $3.00 a gallon.

All of the data, spreadsheets, and industry information I find generally tells us that a $1 change (up or down) in the price per barrel of crude translates to a
change of 2-2.4 cents per gallon of gas at the pump.

[Guest]

Danno Wrote:If you figure a cost of $80 per barrel that equals a cost of about $1.90 per gallon for the cost of the crude out of the ground. Add refiner, transportation, marketing, retail profit costs of about $.55 cents per gallon and taxes of about $.47 per gallon and the price is closer to $2.92 per gallon. Oh, I forgot the special formulation for Chicago so add a few more cents and you get $3.00 a gallon.

The $1.90 per gallon already has all the costs built into it.... or you looking to double your profits?
Todays closing 10/15/2008 (Nymex Crude Future), oil price dropped to $73.23. That equates a gallon of gas should be "about" $1.98 here in Waukegan. This $1.98 includes the NORMAL cost of living increase over the past 6 months. About 6 months ago, when oil was just under $80 a barrel, gas here was $1.79 gallon. (All prices quoted are for Regular grade, not Premium)

And DANNO, the pump price always includes all the extraction, raw oil delivery, refineing, raw gas delivery and resale costs, but not you pumping your own fuel. The oil industry has to cut costs somewhere.

[Danno]

just_us Wrote:

Danno Wrote:If you figure a cost of $80 per barrel that equals a cost of about $1.90 per gallon for the cost of the crude out of the ground. Add refiner, transportation, marketing, retail profit costs of about $.55 cents per gallon and taxes of about $.47 per gallon and the price is closer to $2.92 per gallon. Oh, I forgot the special formulation for Chicago so add a few more cents and you get $3.00 a gallon.

The $1.90 per gallon already has all the costs built into it.... or you looking to double your profits?
Todays closing 10/15/2008 (Nymex Crude Future), oil price dropped to $73.23. That equates a gallon of gas should be "about" $1.98 here in Waukegan. This $1.98 includes the NORMAL cost of living increase over the past 6 months. About 6 months ago, when oil was just under $80 a barrel, gas here was $1.79 gallon. (All prices quoted are for Regular grade, not Premium)

And DANNO, the pump price always includes all the extraction, raw oil delivery, refineing, raw gas delivery and resale costs, but not you pumping your own fuel. The oil industry has to cut costs somewhere.

A barrel of CRUDE OIL is 42 gallons. $80.00 for a barrel of CRUDE OIL divided by 42 equals $1.904 per gallon of CRUDE OIL. Adding the taxes of $0.47 per gallon to that figure comes to $2.374 per gallon without any refining or transportation costs. Using those figures (even accounting for different tax rates) it would seem that those folks in Texas who are selling gasoline at $2.25 a gallon are paying their customers to buy their gasoline. What am I missing?

[kellyann1293]

Danno Wrote:

just_us Wrote:

Danno Wrote:If you figure a cost of $80 per barrel that equals a cost of about $1.90 per gallon for the cost of the crude out of the ground. Add refiner, transportation, marketing, retail profit costs of about $.55 cents per gallon and taxes of about $.47 per gallon and the price is closer to $2.92 per gallon. Oh, I forgot the special formulation for Chicago so add a few more cents and you get $3.00 a gallon.

The $1.90 per gallon already has all the costs built into it.... or you looking to double your profits?
Todays closing 10/15/2008 (Nymex Crude Future), oil price dropped to $73.23. That equates a gallon of gas should be "about" $1.98 here in Waukegan. This $1.98 includes the NORMAL cost of living increase over the past 6 months. About 6 months ago, when oil was just under $80 a barrel, gas here was $1.79 gallon. (All prices quoted are for Regular grade, not Premium)

And DANNO, the pump price always includes all the extraction, raw oil delivery, refineing, raw gas delivery and resale costs, but not you pumping your own fuel. The oil industry has to cut costs somewhere.

A barrel of CRUDE OIL is 42 gallons. $80.00 for a barrel of CRUDE OIL divided by 42 equals $1.904 per gallon of CRUDE OIL. Adding the taxes of $0.47 per gallon to that figure comes to $2.374 per gallon without any refining or transportation costs. Using those figures (even accounting for different tax rates) it would seem that those folks in Texas who are selling gasoline at $2.25 a gallon are paying their customers to buy their gasoline. What am I missing?

A barrel of CRUDE OIL only yields about 20 gallons of gasoline. The stuff left over from refining CRUDE OIL into gasoline is not discarded; rather it is turned into various lubricating oils, other types of fuels, plastics, etc. You can't just divide 80 by 42 to get the cost of raw materials.

[Blackdiamond]

I don't know what CRUDE OIL is, I just want the $hit to stay down.