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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Number43 Champion Author Lexington Posts:3,497 Points:677,150 Joined:Oct 2008	Message Posted: Jul 3, 2009 3:51:18 AM Ignore Number43 Report Abuse Take that you no good greedy Speculators. I hope you lose it all.
UTOrangeMan Champion Author Atlanta Posts:3,949 Points:555,250 Joined:Mar 2008	Message Posted: Jul 3, 2009 3:48:41 AM Ignore UTOrangeMan Report Abuse There is no law of supply and demand with petroleum.
mandoid Champion Author Colorado Springs Posts:2,886 Points:611,570 Joined:May 2008	Message Posted: Jul 3, 2009 3:42:00 AM Ignore mandoid Report Abuse good comment lonelyshark!
eromitlab Champion Author Huntsville Posts:3,993 Points:815,765 Joined:May 2008	Message Posted: Jul 3, 2009 3:34:46 AM Ignore eromitlab Report Abuse And yet, the prices don't go down. Isn't that funny? Hahahaha.
garthfanok1 Veteran Author Indiana Posts:404 Points:98,935 Joined:Jan 2004	Message Posted: Jul 3, 2009 3:34:05 AM Ignore garthfanok1 Report Abuse ours is going upright now......someone throw us a life preserver!!!!!
twobroke61 Champion Author Michigan Posts:3,433 Points:618,760 Joined:Sep 2008	Message Posted: Jul 3, 2009 3:32:23 AM Ignore twobroke61 Report Abuse with the high unemployment rate in the U.S. no one can afford too travel and then they wonder why they have a big reserve on hand with there expectations being low they do not see the whole picture of this economy and its affects on everything
lonelyshark Champion Author Colorado Posts:4,040 Points:695,000 Joined:Jun 2008	Message Posted: Jul 3, 2009 3:31:10 AM Ignore lonelyshark Report Abuse Swimming in Gasoline Supplies? Sounds dangerous!
Powerstroke73L All-Star Author Sacramento Posts:800 Points:333,920 Joined:Jul 2008	Message Posted: Jul 3, 2009 3:13:01 AM Ignore Powerstroke73L Report Abuse I just ran across an article that said that a run-up on crude priced last week was attributed to a trader in Europe that did something stupid and cost his company and all of us a LOT of money. It's all a game for traders. We pay the price and nothing changes because our 'leaders' don't give a flying F. and we can't stop it ourselves.
vibdata Champion Author Massachusetts Posts:1,762 Points:386,720 Joined:Nov 2005	Message Posted: Jul 3, 2009 3:08:00 AM Ignore vibdata Report Abuse The EIA. Extremely Idiotic Agency. Have no CLUE as to what is going on. They really aren't the govt, just an arm of the oil companies.
HawaiianGuy Champion Author Idaho Posts:4,586 Points:2,109,420 Joined:May 2003	Message Posted: Jul 3, 2009 3:05:23 AM Ignore HawaiianGuy Report Abuse Pray to the Anointed One to fix this. After all, Bush and his oil cronies are gone now, right?
FASTR1 Champion Author Michigan Posts:5,250 Points:834,595 Joined:May 2007	Message Posted: Jul 3, 2009 3:02:04 AM Ignore FASTR1 Report Abuse Wow, they keep telling us the reserves are low, now we are swimming in it, jeesh, can't they make up their minds.
carlsonguitars Champion Author Portland Posts:4,210 Points:697,070 Joined:Jan 2008	Message Posted: Jul 3, 2009 2:50:51 AM Ignore carlsonguitars Report Abuse THIS IS WHAT I HAVE BEEN SAYING!!! We are paying TOO MUCH for gas, and supplies are at an all time high, so why are prices NOT reflected as such?!?!
gass12 Champion Author Omaha Posts:3,605 Points:1,338,540 Joined:Oct 2005	Message Posted: Jul 3, 2009 2:50:27 AM Ignore gass12 Report Abuse Our gas droped to 2.31 a gallon yesterday.
52MPG Champion Author Dayton Posts:2,303 Points:767,110 Joined:Apr 2006	Message Posted: Jul 3, 2009 2:49:51 AM Ignore 52MPG Report Abuse As more technology is put in cars the demand for gas will probably keep dropping.
mvosevich Champion Author St. Louis Posts:4,305 Points:870,610 Joined:Aug 2004	Message Posted: Jul 3, 2009 2:48:48 AM Ignore mvosevich Report Abuse And big oil is swimming in money.
Kamakani Champion Author Hawaii Posts:1,864 Points:573,540 Joined:Oct 2008	Message Posted: Jul 3, 2009 2:47:58 AM Ignore Kamakani Report Abuse Our gas went up 33¢ in the past two weeks and no signs of going down.
granitestater Champion Author New Hampshire Posts:4,086 Points:633,550 Joined:Oct 2008	Message Posted: Jul 3, 2009 2:34:10 AM Ignore granitestater Report Abuse The law of gravity has yet to be repealed. Selling product at below cost is still the best way to go out of business. The oil companies still have to make a profit. Demand may be down, but the base price of the oil feedstock still must be covered in order to pay the bills.
takethe_point Champion Author Omaha Posts:1,161 Points:68,505 Joined:Apr 2008	Message Posted: Jul 3, 2009 2:30:29 AM Ignore takethe_point Report Abuse U.S. Swimming In Gasoline Supplies, but fuel still climbing.
Raider44 All-Star Author Allentown Posts:975 Points:724,015 Joined:Apr 2008	Message Posted: Jul 3, 2009 2:29:48 AM Ignore Raider44 Report Abuse One or more factors in the supply chain will reduce output to prop up prices.
IamWhoIam Champion Author San Francisco Posts:11,920 Points:1,197,455 Joined:Jan 2007	Message Posted: Jul 3, 2009 2:27:23 AM Ignore IamWhoIam Report Abuse If this is so then supply bears no coorelation to actualy prices asked.
915Chief Champion Author San Diego Posts:3,630 Points:712,025 Joined:Aug 2008	Message Posted: Jul 3, 2009 2:25:03 AM Ignore 915Chief Report Abuse This shouldn't really be a shock; the economy is still sucking...
ChannelIslands Champion Author Ventura Posts:4,688 Points:622,485 Joined:Dec 2008	Message Posted: Jul 3, 2009 2:22:22 AM Ignore ChannelIslands Report Abuse Steady here. Waiting!!!
MDTDriver Champion Author California Posts:4,953 Points:1,187,610 Joined:Jul 2006	Message Posted: Jul 3, 2009 2:22:22 AM Ignore MDTDriver Report Abuse In Riverside County,S. Ca. pump price dropped a few cents this week but the pump price is still over $2.85 in most stations.
saveongasNC Champion Author North Carolina Posts:3,287 Points:721,750 Joined:Aug 2008	Message Posted: Jul 3, 2009 2:17:33 AM Ignore saveongasNC Report Abuse They starting to go down here!
Slyguy1060 Champion Author Michigan Posts:6,520 Points:1,252,225 Joined:Feb 2007	Message Posted: Jul 3, 2009 2:15:24 AM Ignore Slyguy1060 Report Abuse And yet stations in northern michigan seem to be holding out at about 2.699.
HYEgasCA Sophomore Author Fresno Posts:233 Points:323,870 Joined:Dec 2008	Message Posted: Jul 3, 2009 2:15:05 AM Ignore HYEgasCA Report Abuse hot dog
findcheap Champion Author Los Angeles Posts:4,648 Points:1,030,665 Joined:Apr 2007	Message Posted: Jul 3, 2009 2:14:20 AM Ignore findcheap Report Abuse oil supply & demand theory was discredited long ago
SurreySidekick Veteran Author Vancouver Posts:282 Points:138,765 Joined:Jun 2009	Message Posted: Jul 3, 2009 2:13:06 AM Ignore SurreySidekick Report Abuse Keep going down is GOOD.
judgemobile Champion Author Ohio Posts:2,741 Points:1,485,010 Joined:Nov 2005	Message Posted: Jul 3, 2009 2:12:28 AM Ignore judgemobile Report Abuse unemployment hits new high, oil prices DOWN almost 3 dollars a barrel Thurs, wholesale gas down 7 cents , and pump prices still way to high. Even the analysts on FOX business news say oil should be in the low TWENTIES right now. What part of RECESSION don't the oil companies understand ?
blink25 All-Star Author Missouri Posts:783 Points:210,390 Joined:Nov 2008	Message Posted: Jul 3, 2009 2:04:44 AM Ignore blink25 Report Abuse FYI to those who choose to be blind and not want to see or accept the truth......YES the government is just as much to blame for the high oil and gas prices as the big oil companies,,,,,,my sympathies to all the misguided self blinded individuals who would rather not see the world for what is really is......harsh
rwm1 Champion Author Iowa Posts:1,940 Points:841,205 Joined:Oct 2007	Message Posted: Jul 3, 2009 2:04:04 AM Ignore rwm1 Report Abuse What part of a recession do these economic geniuses not understand? High gas prices equal staycations and limited driving. People have been saying that since last year. Because we're too busy just trying to get to work, buy food, medicine and well....live. Just like the stock market plummeted due to unanticipated jobless rates. Don't these economists and bureacrats ever look at the common people instead of numbers?
RLH68 Champion Author Orlando Posts:3,961 Points:732,000 Joined:Jun 2007	Message Posted: Jul 3, 2009 2:03:08 AM Ignore RLH68 Report Abuse Duramax04, I hope you're right.
Duramax04 Rookie Author Phoenix Posts:28 Points:422,360 Joined:Mar 2007	Message Posted: Jul 3, 2009 2:00:53 AM Ignore Duramax04 Report Abuse With unemployment hitting another high (9.5% today, a 25 yr high), it makes sense that the demand for gasoline is down. If patterns are similar to past summers, prices will drop even more starting around July 10th as vacations wind down and families start getting ready for school to start.
NavyStore Champion Author Seattle Posts:2,681 Points:1,183,575 Joined:Aug 2005	Message Posted: Jul 3, 2009 1:58:56 AM Ignore NavyStore Report Abuse Well of course! They hold the supply and ration it out until they have a reason to jack the prices up. BTW, it's not the government you twits... It's BIG OIL that is doing it. Maybe you should read a book on macro-economics instead of relying on Glenn Beck or Rush Limbaugh to do your thinking.
wasmith85 Veteran Author Philadelphia Posts:450 Points:182,965 Joined:Apr 2008	Message Posted: Jul 3, 2009 1:44:45 AM Ignore wasmith85 Report Abuse wow a little unusal for summer. But, this isnt a usual summer either.
jadeusa Champion Author Dallas Posts:4,266 Points:871,410 Joined:Sep 2005	Message Posted: Jul 3, 2009 1:44:41 AM Ignore jadeusa Report Abuse Good - glad to see that the supply is over the demand so that there is downward pressure on the pump prices. Hope that some of the speculators betting on high crude took it in the shorts. Maybe if energy prices would go down some there might be a chance to see some economic recovery.
spiderjay Champion Author Little Rock Posts:2,250 Points:580,955 Joined:Oct 2005	Message Posted: Jul 3, 2009 1:44:00 AM Ignore spiderjay Report Abuse THE PRICE IS CREEPING DOWN HERE I SAW $2.37
JoeKR Champion Author New Jersey Posts:4,964 Points:1,109,355 Joined:Feb 2006	Message Posted: Jul 3, 2009 1:28:00 AM Ignore JoeKR Report Abuse Industry analysts surprised again! Seems like a weekly occurance.
applejoe Champion Author Twin Cities Posts:2,657 Points:551,015 Joined:May 2001	Message Posted: Jul 3, 2009 1:26:44 AM Ignore applejoe Report Abuse Don't anyone worry, our government will find a way to get the price jacked up and put us all in the poorhouse.
bosrs All-Star Author Seattle Posts:863 Points:399,235 Joined:Oct 2006	Message Posted: Jul 3, 2009 1:25:41 AM Ignore bosrs Report Abuse what????
gougenator Champion Author Dallas Posts:22,019 Points:2,311,980 Joined:Aug 2003	Message Posted: Jul 3, 2009 1:25:13 AM Ignore gougenator Report Abuse great lets see some $1 gas
007HS Champion Author California Posts:6,959 Points:1,852,135 Joined:Aug 2003	Message Posted: Jul 3, 2009 1:25:10 AM Ignore 007HS Report Abuse Who is the U.S. Energy Information Administration? Another CZARSHIP?
abfpat Champion Author Illinois Posts:23,273 Points:3,341,835 Joined:May 2001	Message Posted: Jul 3, 2009 1:21:38 AM Ignore abfpat Report Abuse Big Oil is keeping prices as high as they can for as long as they can.
bobdec Champion Author Florida Posts:4,264 Points:835,625 Joined:May 2008	Message Posted: Jul 3, 2009 1:20:13 AM Ignore bobdec Report Abuse Prices are rising just so the oil companies can earn higher profits, they could care less about the consumer
MUSTANGSRUS Champion Author Ontario Posts:4,719 Points:997,085 Joined:Sep 2006	Message Posted: Jul 3, 2009 1:20:08 AM Ignore MUSTANGSRUS Report Abuse If there is so much gas, why in heck are the prices so high?
jcurley Champion Author California Posts:3,392 Points:834,915 Joined:Dec 2007	Message Posted: Jul 3, 2009 1:16:34 AM Ignore jcurley Report Abuse So even though oil prices have been in the $60-$70 range for the last month or so, gas prices, ALL BY THEMSELVES, went up to $2.70. So speculators can drive up oil prices AND gas prices!?!? WTF!
movinon Champion Author Kansas City Posts:16,851 Points:1,788,785 Joined:Mar 2005	Message Posted: Jul 3, 2009 1:09:36 AM Ignore movinon Report Abuse Well DUH
furiousfowl Champion Author Riverside Posts:11,950 Points:1,822,620 Joined:May 2005	Message Posted: Jul 3, 2009 1:09:00 AM Ignore furiousfowl Report Abuse but gas is so high? why??
Toppers Champion Author Atlanta Posts:4,107 Points:1,499,340 Joined:Mar 2005	Message Posted: Jul 3, 2009 1:02:00 AM Ignore Toppers Report Abuse It's gone down about 12 cents/gallon the past week N the ATL...
pyndasky Champion Author Maryland Posts:4,930 Points:815,805 Joined:May 2008	Message Posted: Jul 3, 2009 1:01:30 AM Ignore pyndasky Report Abuse this will help keep 'em down a little
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!!!