Gas Prices

[susyq]

I was out yesterday morning & Gas was $116.9 at most stations. About an hour later, the price had jumped to $128.9.....What is the reason for a 12 cent jump in gas prices?? Not just in Kelowna, but Lake Country & Vernon hiked the price also.... Oil prices this morning are down almost $2.00 a barrel!!!

[KL3-Something]

I was out yesterday morning & Gas was $116.9 at most stations. About an hour later, the price had jumped to $128.9.....What is the reason for a 12 cent jump in gas prices?? Not just in Kelowna, but Lake Country & Vernon hiked the price also.... Oil prices this morning are down almost $2.00 a barrel!!!

Because they can. Because they don't have to answer to anyone as to why. And because there is *bleep* any of us can do about it.

[mexi cali]

That sums it up KL-3. What a great business to be in. Can't you just picture the boardroom of one of these juggernaut oil companies? All of them spit balling ideas and one of them says "hey, let's raise the price today for like a week or so. That should take care of last quarters profit loss and, what the heck, we can so why not?".

What other business can arbitrarily and contrary to the price of the raw commodity jack it up at will? All with the knowledge and security that they won't lose even a single customer.

Oh, I guess booze and cigs fall into that category to. Same logic.

[Bubalouie]

We lucked out after work yesterday, Esso on 97 was still at 116........we had to wait in line......but that's ok.......
wish there was a way we could get these companies to stop gouging us.......but as previously stated, they can do what they want..........

[crookedmember]

Because crude prices are up.

[ford150]

Because crude prices are up.

Then how come in December the prices at the pump remained between 125 and 132 while crude prices were the lowest they have been since September 2011.
They go up when crude rises but when crude goes down, not so much.

Also did every single station have their underground tanks filled with this new higher cost fuel yesterday at about 1:00 pm?
13% increase?

[underscore]

I saw the huge lineups last night and just went to another station. Waiting in line for a half hour nearly getting into fender benders isn't worth $4.

$143.9 for 91 in February sucked though.

[Jimbo Jones]

The reason for increases is limited supply due to refineries shutting down for maintenance. Superstore had an awesome deal where you saved on gas depending how much you spent in the grocery store, but I think it ended yesterday

[crookedmember]

Then how come in December the prices at the pump remained between 125 and 132 while crude prices were the lowest they have been since September 2011.
They go up when crude rises but when crude goes down, not so much.

Also did every single station have their underground tanks filled with this new higher cost fuel yesterday at about 1:00 pm?
13% increase?

1.) There was a fire at a large refinery in northern California that knocked out a big chunk of the North American gasoline supply and kept prices up.

2.) Gasoline is a commodity and people will cross the street to save a cent a litre. That's why outlets in the same area keep their prices the same.

At any rate, if you're waiting for gas prices to go down in the long run, it's not gonna happen. Best thing to do is to buy a vehicle that uses less gas.

[Catri]

It's called price fixing, but the oil companies do it in such a stealthy way that the only people who can see it going on are, well, most everyone really, but since politicians and bureaucrats have looked into it and apparently can't see it, it doesn't exist.

[ford150]

2.) Gasoline is a commodity and people will cross the street to save a cent a litre. That's why outlets in the same area keep their prices the same.

Oh I see so when the first station had to fill their tanks with this new expensive fuel they had to raise their price. Then the station across the street that still had several thousand liters of the chaeper fuel in their underground tanks thought, oh boy I had better raise my price or everyone will go over there????????????

[crookedmember]

2.) Gasoline is a commodity and people will cross the street to save a cent a litre. That's why outlets in the same area keep their prices the same.

Oh I see so when the first station had to fill their tanks with this new expensive fuel they had to raise their price. Then the station across the street that still had several thousand liters of the chaeper fuel in their underground tanks thought, oh boy I had better raise my price or everyone will go over there????????????

How do you know it's not the last station that raises the price which permits the others to finally follow?

The simple fact is oil and gasoline are commodities, and in a free market, those commodities sell for whatever the market will bear. If you're selling your house, you sell it for the highest price you can get, not the lowest.

Gas is not going to get any cheaper no matter how much you complain. Smart thing to do is buy a vehicle that uses less of it.

[Phoenix Within]

Jumped 10 cents in Kelowna, but went up 15 cents in Winfield to match Kelowna prices. Explain to me again how there's no price fixing?

[ford150]

How do you know it's not the last station that raises the price which permits the others to finally follow?
Because I was not born yesterday. Its pure greed and we all know it

The simple fact is oil and gasoline are commodities, and in a free market, those commodities sell for whatever the market will bear. If you're selling your house, you sell it for the highest price you can get, not the lowest.
When buying a home people have options they could buy a condo rent a suite, live in a bus. I cant just demand the same price as the house across the street. People must buy gas you cant rent it.

Gas is not going to get any cheaper no matter how much you complain. Smart thing to do is buy a vehicle that uses less of it.[/quote]
If everyone bought smart cars tomorow the gas companies would just charge even more as their bottom line must remain constant if not increasing. If everyone bought electric cars tomorrow the electric companies would jack up their rate. That is how the 1% operate.

The last time their unbridled greed ran away the economy went into a resession remember?

[Takin it easy !]

Don't 'We" the people own the natural gas and oil in this Country ?
I'm not a staunch supporter of controlling free enterprise but something needs to be done here I don't care what big oil company has been allowed to extract the resource but they should figure it out that it belongs to the people that goes for the Government as well !
Ah but we are such lay downs.