GasBuddy News Article

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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:2,193 Points:621,715 Joined:Jun 2008	Message Posted: Jul 5, 2009 7:59:07 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:5,117 Points:1,081,630 Joined:Jun 2007	Message Posted: Jul 5, 2009 6:06:49 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 5, 2009 1:54:35 AM Ignore Tarzan05 Report Abuse it could happend.
alterman156 Champion Author New York Posts:2,480 Points:579,875 Joined:Dec 2008	Message Posted: Jul 3, 2009 10:10:02 PM Ignore alterman156 Report Abuse Will falling demand mean lower prices?
EVBuddy Champion Author Nevada Posts:11,694 Points:2,057,210 Joined:Sep 2004	Message Posted: Jul 3, 2009 9:31:11 PM Ignore EVBuddy Report Abuse That doesn't mean we have to burn it!
Blue48 Champion Author Illinois Posts:2,635 Points:667,845 Joined:Feb 2007	Message Posted: Jul 3, 2009 9:13:15 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:3,051 Points:663,450 Joined:Sep 2008	Message Posted: Jul 3, 2009 9:01:28 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:1,281 Points:369,735 Joined:Nov 2008	Message Posted: Jul 3, 2009 6:07:32 PM Ignore pigmanTX Report Abuse Prices are still too high based on these supply levels.
REDROCKER55 All-Star Author Dayton Posts:941 Points:157,345 Joined:Feb 2009	Message Posted: Jul 3, 2009 8:59:14 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:9,711 Points:1,701,650 Joined:May 2005	Message Posted: Jul 3, 2009 8:56:36 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:5,117 Points:1,081,630 Joined:Jun 2007	Message Posted: Jul 3, 2009 8:10:55 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:852 Points:227,095 Joined:Sep 2008	Message Posted: Jul 3, 2009 8:10:53 AM Ignore BamaPack Report Abuse Demand may start catching up with supply a little during the summer travel season
RichardoB Champion Author Fayetteville Posts:2,954 Points:1,063,410 Joined:Jun 2007	Message Posted: Jul 3, 2009 8:01:07 AM Ignore RichardoB Report Abuse Perhaps the analysts would learn something from reading the forums on this site.
largobob Champion Author Tampa Posts:12,873 Points:2,400,085 Joined:Dec 2003	Message Posted: Jul 3, 2009 7:45:43 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:4,399 Points:861,925 Joined:Jan 2008	Message Posted: Jul 3, 2009 7:02:24 AM Ignore rtw777 Report Abuse Why surprised? The economy is not getting better for most Americians.
graceman Champion Author Baltimore Posts:1,268 Points:427,700 Joined:Jun 2008	Message Posted: Jul 3, 2009 6:47:49 AM Ignore graceman Report Abuse Just another gauge job at holiday time
Chazzy12 Champion Author Massachusetts Posts:2,093 Points:428,955 Joined:Dec 2008	Message Posted: Jul 3, 2009 6:41:23 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:2,536 Points:629,925 Joined:Oct 2008	Message Posted: Jul 3, 2009 6:39:16 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:4,900 Points:1,078,010 Joined:Jun 2003	Message Posted: Jul 3, 2009 6:37:43 AM Ignore racerdj Report Abuse Prices once again have been fixed.....and we have lost again.
bigredhill Champion Author Lincoln Posts:2,779 Points:684,720 Joined:Dec 2007	Message Posted: Jul 3, 2009 6:36:45 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:4,369 Points:1,142,770 Joined:Oct 2006	Message Posted: Jul 3, 2009 6:35:57 AM Ignore Marson Report Abuse If wse keep conserving, it will get even better.
SheRides Veteran Author Louisiana Posts:473 Points:1,050,280 Joined:Jan 2006	Message Posted: Jul 3, 2009 6:33:20 AM Ignore SheRides Report Abuse Prices have not dropped here yet??
Paw5X Champion Author Gary Posts:5,699 Points:1,540,395 Joined:May 2005	Message Posted: Jul 3, 2009 6:32:10 AM Ignore Paw5X Report Abuse Outstanding question Rick01.
outlaw49 Champion Author Michigan Posts:3,488 Points:367,760 Joined:Jan 2009	Message Posted: Jul 3, 2009 6:31:54 AM Ignore outlaw49 Report Abuse JUST A RIP OFF
cigarman409 All-Star Author Massachusetts Posts:821 Points:875,995 Joined:Jul 2007	Message Posted: Jul 3, 2009 6:31:18 AM Ignore cigarman409 Report Abuse $$ prices do not indicate that?
Rick01 Champion Author Utah Posts:4,015 Points:1,409,865 Joined:Sep 2005	Message Posted: Jul 3, 2009 6:29:42 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:237,190 Joined:Sep 2008	Message Posted: Jul 3, 2009 6:28:06 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 6:25:49 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:3,489 Points:1,838,425 Joined:May 2004	Message Posted: Jul 3, 2009 6:23:18 AM Ignore kookiwoogi Report Abuse Keep conserving so that we all can afford to drive to the grocery store.
turbosaab Champion Author Cleveland Posts:9,083 Points:1,433,690 Joined:Sep 2006	Message Posted: Jul 3, 2009 6:22:21 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 6:22:20 AM Ignore granma3xnow Report Abuse So drop the pump prices already!
goldilox88 Champion Author Montreal Posts:2,238 Points:621,555 Joined:Jun 2008	Message Posted: Jul 3, 2009 6:20:42 AM Ignore goldilox88 Report Abuse hoarding?
sduyck Champion Author Oregon Posts:1,459 Points:124,965 Joined:Sep 2003	Message Posted: Jul 3, 2009 6:20:04 AM Ignore sduyck Report Abuse staying home wont cost me a dime for gasoline
Bus561 Champion Author Lexington Posts:11,472 Points:2,239,600 Joined:May 2004	Message Posted: Jul 3, 2009 6:19:41 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:330,785 Joined:May 2004	Message Posted: Jul 3, 2009 6:15:35 AM Ignore mdmtnbiker Report Abuse Good, maybe prices will come down.
gascon Rookie Author Ontario Posts:52 Points:42,665 Joined:Sep 2005	Message Posted: Jul 3, 2009 6:13:54 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 6:13:13 AM Ignore foxups Report Abuse prices should be at under 2.00 a gallon
biza4u Champion Author New Haven Posts:3,601 Points:655,455 Joined:Jan 2007	Message Posted: Jul 3, 2009 6:11:17 AM Ignore biza4u Report Abuse While the oil companies are swimming in profits
Doubleeez Champion Author Connecticut Posts:2,732 Points:544,215 Joined:Sep 2005	Message Posted: Jul 3, 2009 6:09:25 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:7,385 Points:1,523,040 Joined:Apr 2006	Message Posted: Jul 3, 2009 6:08:36 AM Ignore lpj Report Abuse some stations down 5 cents wednesday back up 5 cents thursday !!
tankneverfull Champion Author Charlotte Posts:4,222 Points:826,470 Joined:Apr 2008	Message Posted: Jul 3, 2009 6:04:58 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:2,927 Points:500,160 Joined:Apr 2008	Message Posted: Jul 3, 2009 6:04:42 AM Ignore Ringmaster2008 Report Abuse I wish our prices were dropping like that
trcscout Veteran Author Georgia Posts:284 Points:36,185 Joined:Feb 2009	Message Posted: Jul 3, 2009 6:02:14 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:1,308 Points:532,330 Joined:Nov 2007	Message Posted: Jul 3, 2009 5:59:05 AM Ignore dave364 Report Abuse and the price of deisel fuel is what!!!
nb52 Champion Author Grand Rapids Posts:2,862 Points:576,990 Joined:Nov 2008	Message Posted: Jul 3, 2009 5:57:59 AM Ignore nb52 Report Abuse The "market" is never surprised...writer's are surprised.
olcowboy14 Champion Author Spokane Posts:4,658 Points:739,535 Joined:Jul 2007	Message Posted: Jul 3, 2009 5:57:56 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 Veteran Author Michigan Posts:368 Points:317,625 Joined:May 2007	Message Posted: Jul 3, 2009 5:56:48 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:1,590 Points:923,895 Joined:May 2004	Message Posted: Jul 3, 2009 5:56:13 AM Ignore epf Report Abuse Price still going up in West MI
DTGas Champion Author Ontario Posts:2,126 Points:427,360 Joined:Feb 2008	Message Posted: Jul 3, 2009 5:56:04 AM Ignore DTGas Report Abuse Well then what about the prices?
Weirdomania1 Champion Author Orange County Posts:2,789 Points:515,390 Joined:Jan 2008	Message Posted: Jul 3, 2009 5:55:12 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...