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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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IMIrish Rookie Author Detroit Posts:33 Points:1,007,110 Joined:Jul 2003	Message Posted: Jul 3, 2009 12:56:27 AM Ignore IMIrish Report Abuse So supplies are up & demand is down yet prices in Detroit have gone up by 16 cents in the last few days - go figure.
Chasms Champion Author Orange County Posts:20,308 Points:1,690,150 Joined:Aug 2005	Message Posted: Jul 3, 2009 12:53:42 AM Ignore Chasms Report Abuse I'M SIMPLY AMAZED!! For ~ONCE~ gasoline prices have _DROPPED_ here in CA (the GOUGE-YOU state!)!! In 3 days, most CA residents have seen a 7-10 Cent DROP! Maybe the stations secretly are planning an old fashioned "Gas War" for the holiday! Anyone who is unaware of the term, just ask someone aged older than 50!! It costs me $0.00 to HOPE; so I am doing exactly that!!!
ach All-Star Author Illinois Posts:654 Points:331,125 Joined:Jun 2008	Message Posted: Jul 3, 2009 12:53:20 AM Ignore ach Report Abuse Gas up 14 cent here today.
pbc2001 Champion Author Dallas Posts:2,311 Points:416,430 Joined:Feb 2009	Message Posted: Jul 3, 2009 12:52:49 AM Ignore pbc2001 Report Abuse This will be helpful in July.
no25 Champion Author Wisconsin Posts:2,727 Points:576,710 Joined:Oct 2008	Message Posted: Jul 3, 2009 12:51:57 AM Ignore no25 Report Abuse good news
ctu7771 Sophomore Author New York City Posts:179 Points:590,440 Joined:Jul 2008	Message Posted: Jul 3, 2009 12:50:36 AM Ignore ctu7771 Report Abuse no surprised.keep falling.
LuvEd08 All-Star Author Georgia Posts:784 Points:171,225 Joined:Apr 2008	Message Posted: Jul 3, 2009 12:47:46 AM Ignore LuvEd08 Report Abuse keep conserving, less oil imports, no shortages
Vette1967 Champion Author Albany Posts:1,389 Points:327,170 Joined:Jun 2009	Message Posted: Jul 3, 2009 12:43:03 AM Ignore Vette1967 Report Abuse Surprised by falling demand.....give me a break. High fuel cost taught us to conserve, job losses kept us at home (if we still have one) and environmentalist made us feel guilty if we weren't using alternate fuels, etc. So what's next? Big Oil will have to raise the cost of a gallon of gasoline to make up the difference....What else!!!! Those executives have to eat too.
EOCSSEABEE All-Star Author Detroit Posts:735 Points:210,120 Joined:Oct 2008	Message Posted: Jul 3, 2009 12:40:11 AM Ignore EOCSSEABEE Report Abuse Demand is falling and the price is still a little high. I may not vacation this year to Florida.
juniorh Rookie Author Orlando Posts:1 Points:495 Joined:Jul 2009	Message Posted: Jul 3, 2009 12:38:41 AM Ignore juniorh Report Abuse Demand falling because people are trying to survive in such kind of slow economy.
BartBuzz Champion Author Atlanta Posts:3,918 Points:806,010 Joined:Aug 2006	Message Posted: Jul 3, 2009 12:37:41 AM Ignore BartBuzz Report Abuse High supply and low demand doesn't faze prices. Keep conserving.
spike1zz Champion Author Indiana Posts:5,160 Points:643,570 Joined:Oct 2008	Message Posted: Jul 3, 2009 12:36:22 AM Ignore spike1zz Report Abuse Burn the gougers
donzo00 Champion Author Nevada Posts:4,125 Points:672,720 Joined:Sep 2008	Message Posted: Jul 3, 2009 12:35:21 AM Ignore donzo00 Report Abuse hopefullly back to $160 a gallon soon
MrBear502 Champion Author Virginia Beach Posts:3,817 Points:783,370 Joined:Jan 2006	Message Posted: Jul 3, 2009 12:34:17 AM Ignore MrBear502 Report Abuse Gas Prices have dropped 4 cents a gallon her in the last 2 days.
Splinter Champion Author Twin Cities Posts:21,055 Points:3,321,085 Joined:May 2001	Message Posted: Jul 3, 2009 12:33:00 AM Ignore Splinter Report Abuse Gas prices have gone down slightly over the past week, right before the holiday which is highly unusual.
GryphonX Champion Author Nevada Posts:2,871 Points:729,205 Joined:Nov 2007	Message Posted: Jul 3, 2009 12:25:52 AM Ignore GryphonX Report Abuse I wish we'd see the prices drop around here ....
9C1 Champion Author Chicago Posts:17,679 Points:3,276,645 Joined:Jul 2001	Message Posted: Jul 3, 2009 12:24:17 AM Ignore 9C1 Report Abuse And before the holiday the price of gas will go ???
96sc1 Champion Author El Paso Posts:5,548 Points:726,740 Joined:Mar 2008	Message Posted: Jul 3, 2009 12:24:01 AM Ignore 96sc1 Report Abuse I'm a desert dog - I don't swim.
250FORD Champion Author Minnesota Posts:7,666 Points:1,233,185 Joined:Feb 2007	Message Posted: Jul 3, 2009 12:23:59 AM Ignore 250FORD Report Abuse I'll bet gas won't come down this week.
Benzeen Champion Author San Diego Posts:2,520 Points:575,245 Joined:Jul 2004	Message Posted: Jul 3, 2009 12:23:58 AM Ignore Benzeen Report Abuse Funniest thing I read today.
kcboy Champion Author Utah Posts:1,116 Points:818,755 Joined:Jun 2005	Message Posted: Jul 3, 2009 12:23:45 AM Ignore kcboy Report Abuse At least the gas prices stop going up for now.
swartzrora Champion Author South Carolina Posts:3,465 Points:422,285 Joined:Jul 2008	Message Posted: Jul 3, 2009 12:22:36 AM Ignore swartzrora Report Abuse ain't it great.
djoumy All-Star Author New York Posts:872 Points:385,950 Joined:Sep 2008	Message Posted: Jul 3, 2009 12:20:22 AM Ignore djoumy Report Abuse this is the summer time.
Rudy Champion Author Detroit Posts:28,363 Points:2,836,315 Joined:Aug 2002	Message Posted: Jul 3, 2009 12:18:45 AM Ignore Rudy Report Abuse funny how supply and demand works. Plenty of supply, low demand, but prices at the pump going up!!!!!
mwhals Champion Author Charleston Posts:8,644 Points:1,467,860 Joined:Jun 2006	Message Posted: Jul 3, 2009 12:12:06 AM Ignore mwhals Report Abuse They say when inventory is down, prices go up, but with inventory up, they don't fall. It looks like a double headed coin to me.
grouch311 Champion Author Illinois Posts:4,039 Points:670,980 Joined:Jun 2007	Message Posted: Jul 3, 2009 12:11:34 AM Ignore grouch311 Report Abuse why would they be surprised at falling demand? no money to go anywhere!
cutter1330 Champion Author Oklahoma Posts:3,121 Points:717,335 Joined:Jul 2005	Message Posted: Jul 3, 2009 12:11:04 AM Ignore cutter1330 Report Abuse and price will start down when?
john382 Champion Author Illinois Posts:7,536 Points:1,511,800 Joined:Aug 2005	Message Posted: Jul 3, 2009 12:05:29 AM Ignore john382 Report Abuse Well then why are prices not falling?
Helms Champion Author Fort Worth Posts:4,234 Points:1,223,750 Joined:Jun 2005	Message Posted: Jul 3, 2009 12:05:23 AM Ignore Helms Report Abuse just a reason to raise or keep prices up!!
CPR54 Champion Author Austin Posts:5,554 Points:1,336,550 Joined:Jul 2006	Message Posted: Jul 3, 2009 12:03:43 AM Ignore CPR54 Report Abuse lying pigs no shortage
GasMiserAZ Champion Author Phoenix Posts:12,082 Points:700,150 Joined:Aug 2008	Message Posted: Jul 2, 2009 11:55:53 PM Ignore GasMiserAZ Report Abuse LOL. Funny stuff, philthethrill.
GasMiserAZ Champion Author Phoenix Posts:12,082 Points:700,150 Joined:Aug 2008	Message Posted: Jul 2, 2009 11:53:27 PM Ignore GasMiserAZ Report Abuse Ken2OD, companies hoarded the stuff away until the price of gas increases. The Problem for the oil companies is that gas price increases have stalled, and it just keeps costing them more and more to pay rent on those tankers. If we Americans keep the driving down, and it looks good so far, they are going to have to take their losses and start using the hoarded oil. That means they would be buying less from OPEC for a few weeks, which will make the price of crude plummet, for a little while anyway. The secret to the whole show is stop driving except for necessities.
lachtna Champion Author Louisville Posts:6,123 Points:961,545 Joined:May 2006	Message Posted: Jul 2, 2009 11:49:52 PM Ignore lachtna Report Abuse inventories are up, the news here reports that there will be less holiday travel this year yet the price goes up 16 cents.
sammy09 Veteran Author Twin Cities Posts:277 Points:333,790 Joined:May 2009	Message Posted: Jul 2, 2009 11:49:01 PM Ignore sammy09 Report Abuse vacation close to home is the norm - enjoy
Tenshot All-Star Author Quad Cities Posts:610 Points:972,975 Joined:May 2005	Message Posted: Jul 2, 2009 11:47:23 PM Ignore Tenshot Report Abuse Prices have dropped 10 cents here in last week
bruce725 Champion Author Dallas Posts:5,367 Points:613,840 Joined:Dec 2008	Message Posted: Jul 2, 2009 11:47:18 PM Ignore bruce725 Report Abuse so why aren't the prices coming down more
k99w Champion Author Tallahassee Posts:2,984 Points:656,585 Joined:Feb 2008	Message Posted: Jul 2, 2009 11:46:42 PM Ignore k99w Report Abuse Yet prices here keep going up.....
Saturn93 Champion Author Salt Lake City Posts:4,220 Points:1,010,765 Joined:Oct 2006	Message Posted: Jul 2, 2009 11:44:17 PM Ignore Saturn93 Report Abuse We've had plentiful supplies for many months, causing the refineries to cut back on production, still the price keep rising.
Blue_Cruzer Champion Author Lexington Posts:2,988 Points:769,385 Joined:Mar 2007	Message Posted: Jul 2, 2009 11:35:46 PM Ignore Blue_Cruzer Report Abuse Down to low as $2.38 a gallon for regular unleaded around here
Don1222 Champion Author Michigan Posts:6,197 Points:761,105 Joined:Jul 2008	Message Posted: Jul 2, 2009 11:35:40 PM Ignore Don1222 Report Abuse Alternative fuels.
rxman1 Champion Author Toledo Posts:4,340 Points:906,405 Joined:Nov 2007	Message Posted: Jul 2, 2009 11:35:28 PM Ignore rxman1 Report Abuse Maybe the fact that the economy is still bad in spite of the stimulus package is a factor in many of us making the decision not to drive. Ya think. Duh!
vulcan96 Champion Author Ohio Posts:17,913 Points:2,127,070 Joined:Aug 2004	Message Posted: Jul 2, 2009 11:34:36 PM Ignore vulcan96 Report Abuse the big price jumps around caused everybody to cut back !! -- imagine that !
NavyEOD Champion Author Los Angeles Posts:5,139 Points:1,058,540 Joined:Jul 2007	Message Posted: Jul 2, 2009 11:32:19 PM Ignore NavyEOD Report Abuse It's not going down everyday out here.
Ticoman54 Champion Author Miami Posts:2,596 Points:582,420 Joined:Oct 2008	Message Posted: Jul 2, 2009 11:31:21 PM Ignore Ticoman54 Report Abuse So, when are pump prices going to fall?
Signfool Champion Author Omaha Posts:3,059 Points:715,030 Joined:May 2008	Message Posted: Jul 2, 2009 11:30:49 PM Ignore Signfool Report Abuse Sounds good to me.
GaryG7 Champion Author New Jersey Posts:8,893 Points:1,732,650 Joined:Aug 2005	Message Posted: Jul 2, 2009 11:30:38 PM Ignore GaryG7 Report Abuse So why aren't gas prices dropping?
greatscot08 All-Star Author Columbus Posts:944 Points:187,460 Joined:Jun 2008	Message Posted: Jul 2, 2009 11:30:14 PM Ignore greatscot08 Report Abuse Surprise, Surprise!!!!!! Weak economy + High unemployment = No Money.......No money + No jobs = nobody is going anywhere.........Conservation + Nobody going anywhere = We don't need your stinkin' gasoline = Big GLUT of overstocked, OVERPRICED gasoline supplies.............AW-W-W-W-W-W-W [Edited by: greatscot08 at 7/3/2009 12:32:10 AM EST]
DarthDadJr Champion Author Virginia Posts:3,318 Points:642,210 Joined:Jul 2008	Message Posted: Jul 2, 2009 11:28:44 PM Ignore DarthDadJr Report Abuse The experts keep saying we are at a interim peak, hopefully this will translate to some lower prices at the pump.
dl72 Champion Author Los Angeles Posts:2,457 Points:451,660 Joined:May 2009	Message Posted: Jul 2, 2009 11:26:07 PM Ignore dl72 Report Abuse That is good. Hopefully prices will stabilize.
jiamusi45 Champion Author Calgary Posts:1,315 Points:102,765 Joined:May 2009	Message Posted: Jul 2, 2009 11:24:01 PM Ignore jiamusi45 Report Abuse The prices will never fall because this is a tradition to gouge the vacationer in the summer time, evan if we have to much.
dannyshouse Champion Author San Francisco Posts:1,461 Points:663,850 Joined:Apr 2008	Message Posted: Jul 2, 2009 11:20:47 PM Ignore dannyshouse Report Abuse can't afford to go anywhere and they won't drop it enough to a fair price so one can drive somewhere on vacation