javadoc Posted May 5, 2006 Report Share Posted May 5, 2006 (edited) Did anyone take an economics course in college?"Prices can only be as high as the market will bear."You may not like the price, but if it's so bad, people would do something meaningful about it. Edited May 5, 2006 by javadoc Link to comment Share on other sites More sharing options...
850R Sleeper Posted May 5, 2006 Report Share Posted May 5, 2006 I'm an economics major and I understand the gas prices. The reason that the rice in prices sucks so much is because it's come on so suddenly. If you go back and look at the prices of gas in the 1970's it's probably not that far off from what it was in the late 90's and up to a few years ago. This is kind of rediculous if you really think about it. Think about the rate of inflation and how the price of everything else has gone up over the years. If gas prices had risen from the 70's along with the inflation rate like everything else in the market, we would be looking at prices upwards of $7 - $8 PER GALLON now.....you know what though....we're not. So I guess we should be happy with the prices now and hope it takes some time before prices go up even more.Prices are still stupid! Link to comment Share on other sites More sharing options...
javadoc Posted May 5, 2006 Report Share Posted May 5, 2006 DING! We've been living with deflated fuel prices for years. :) Link to comment Share on other sites More sharing options...
Boomin850 Posted May 5, 2006 Report Share Posted May 5, 2006 Did anyone take an economics course in college?"Prices can only be as high as the market will bear."You may not like the price, but if it's so bad, people would do something meaningful about it.We already are trying...well kinda. Aren't they doing an investigation to see if this is just another case of price gouging? (probably spelled that wrong) Everyone knows that no matter what we have to pay it soooo yea. I wasn't really happy with the price of course tho.Latest check on prices76 station87 - $3.3589 - $3.4991 - $3.59 Link to comment Share on other sites More sharing options...
javadoc Posted May 5, 2006 Report Share Posted May 5, 2006 One interesting idea... the Gas Bank. It was pure genius! Link to comment Share on other sites More sharing options...
Boomin850 Posted May 5, 2006 Report Share Posted May 5, 2006 One interesting idea... the Gas Bank. It was pure genius!? ? Explain Link to comment Share on other sites More sharing options...
javadoc Posted May 5, 2006 Report Share Posted May 5, 2006 We already are trying...well kinda. Aren't they doing an investigation to see if this is just another case of price gouging? (probably spelled that wrong) Everyone knows that no matter what we have to pay it soooo yea. I wasn't really happy with the price of course tho.Latest check on prices76 station87 - $3.3589 - $3.4991 - $3.59Mike,It's not price gouging, persay. In early 1999, oil prices dropped like a rock, to nearly $10/bbl at one point. Nominal fuel prices at the pump were $1.62/gallon then. Now we're at $70/bbl but the price at the pump is only about double that $1.62/gallon figure. At $70/bbl, the cost of the crude is roughly $1.50/gallon once it gets to the refinery, plus refining ($0.70 to $1.00/gallon), and then you pile on all the various taxes involved. Link to comment Share on other sites More sharing options...
shaun Posted May 5, 2006 Report Share Posted May 5, 2006 (edited) I'm an economics major and I understand the gas prices. The reason that the rice in prices sucks so much is because it's come on so suddenly. If you go back and look at the prices of gas in the 1970's it's probably not that far off from what it was in the late 90's and up to a few years ago. This is kind of rediculous if you really think about it. Think about the rate of inflation and how the price of everything else has gone up over the years. If gas prices had risen from the 70's along with the inflation rate like everything else in the market, we would be looking at prices upwards of $7 - $8 PER GALLON now.....you know what though....we're not. So I guess we should be happy with the prices now and hope it takes some time before prices go up even more.Prices are still stupid!in adjusted dollars we are just now passing the 70's price of gas. gas is still very cheap in the u.s.. how about that! other western industrialized nations tax fuel very heavily and subsidise public transit and civic projects with the $$$. is that good or bad? it depends on what you want to spend money on!http://www.coyoteblog.com/photos/uncategor.../gasprice_1.png Edited May 5, 2006 by shaun Link to comment Share on other sites More sharing options...
javadoc Posted May 5, 2006 Report Share Posted May 5, 2006 ? ? ExplainOh the Gas Bank? I actually only just heard about it. I wish I'd heard about it in the '80s. I believe it's set up in Minnesota, and people would make a deposit of money into the "Gas Bank" and then they've basically bought that much fuel at the prevailing pump price at the time they make their deposit. So, if it was 1988, and you deposited $20,000, you got about 20,000 gallons of fuel, at $1.00/gallon. So even in today's prices, these folks can go and pump gas at a dollar a gallon, assuming they hadn't used up their deposit yet. Link to comment Share on other sites More sharing options...
Boomin850 Posted May 5, 2006 Report Share Posted May 5, 2006 Oh the Gas Bank? I actually only just heard about it. I wish I'd heard about it in the '80s. I believe it's set up in Minnesota, and people would make a deposit of money into the "Gas Bank" and then they've basically bought that much fuel at the prevailing pump price at the time they make their deposit. So, if it was 1988, and you deposited $20,000, you got about 20,000 gallons of fuel, at $1.00/gallon. So even in today's prices, these folks can go and pump gas at a dollar a gallon, assuming they hadn't used up their deposit yet. Wow...those people could be living it up right now. Id just sell it for 10c less then the regular price and reap the benefits Link to comment Share on other sites More sharing options...
javadoc Posted May 5, 2006 Report Share Posted May 5, 2006 Wow...those people could be living it up right now. Id just sell it for 10c less then the regular price and reap the benefitsThe thing of it is, the avg gas station makes about 6 to 8cents a gallon over their costs. Link to comment Share on other sites More sharing options...
javadoc Posted May 5, 2006 Report Share Posted May 5, 2006 If anyone wants to really get paranoid... go and read The Daily Reckoning.<Laughs Maniacally> Link to comment Share on other sites More sharing options...
Patrick. Posted May 6, 2006 Report Share Posted May 6, 2006 87- 2.8791-2.9993-3.07those were the prices at the shell station that I just drove past.... a bit weird since the same station was selling 93 for 3.15 yesterday (which I filled up with) Link to comment Share on other sites More sharing options...
1997850T5R Posted May 6, 2006 Report Share Posted May 6, 2006 I really don't mind paying the 3.05 for premium here... because i understand the conversions from the 70's to now, and the fact that other countries pay so much but... If the oil companies have reported bigger gains than ever in the past few months... I don't understand why it continues to go up. They get enough profit... They should be able to at least stabilize prices. Link to comment Share on other sites More sharing options...
_continental Posted May 7, 2006 Report Share Posted May 7, 2006 In Monterey we pay average 3.50 a gallon for 91.And we don't even get 93. Stupid Nor-Cal. Link to comment Share on other sites More sharing options...
Recommended Posts