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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mazdaboy Champion Author Portland Posts:1,619 Points:857,550 Joined:Aug 2003	Message Posted: Jul 3, 2009 3:55:32 AM Ignore mazdaboy Report Abuse Not to mention that people are still losing jobs.
Number43 Champion Author Lexington Posts:2,034 Points:395,645 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:555,025 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:1,715 Points:353,760 Joined:May 2008	Message Posted: Jul 3, 2009 3:42:00 AM Ignore mandoid Report Abuse good comment lonelyshark!
eromitlab Champion Author Huntsville Posts:2,560 Points:533,735 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:372 Points:94,545 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:1,965 Points:337,480 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:2,569 Points:447,285 Joined:Jun 2008	Message Posted: Jul 3, 2009 3:31:10 AM Ignore lonelyshark Report Abuse Swimming in Gasoline Supplies? Sounds dangerous!
Powerstroke73L Veteran Author Sacramento Posts:320 Points:163,500 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:1,489 Points:334,580 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:3,171 Points:1,830,855 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:3,740 Points:550,770 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:3,058 Points:484,555 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:2,146 Points:1,056,585 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 All-Star Author Dayton Posts:863 Points:486,865 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:2,945 Points:595,555 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:1,139 Points:315,585 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:2,317 Points:352,390 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:1,060 Points:55,505 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:900 Points:468,335 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:7,460 Points:917,350 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:2,290 Points:448,120 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:2,929 Points:339,475 Joined:Dec 2008	Message Posted: Jul 3, 2009 2:22:22 AM Ignore ChannelIslands Report Abuse Steady here. Waiting!!!
MDTDriver Champion Author California Posts:3,561 Points:904,935 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:2,034 Points:446,775 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:4,935 Points:970,045 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:179 Points:231,390 Joined:Dec 2008	Message Posted: Jul 3, 2009 2:15:05 AM Ignore HYEgasCA Report Abuse hot dog
findcheap Champion Author Los Angeles Posts:3,231 Points:748,995 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:123,765 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:1,499 Points:1,227,540 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:768 Points:200,590 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:1,542 Points:613,510 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:3,670 Points:717,900 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:20 Points:343,825 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:1,296 Points:904,260 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:441 Points:165,160 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:2,805 Points:589,410 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:1,523 Points:389,535 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
krisli Champion Author San Francisco Posts:1,455 Points:668,330 Joined:Apr 2007	Message Posted: Jul 3, 2009 1:28:48 AM Ignore krisli Report Abuse Gas prices are still above $3 a gal.
JoeKR Champion Author New Jersey Posts:3,673 Points:897,050 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:1,251 Points:269,705 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:830 Points:269,875 Joined:Oct 2006	Message Posted: Jul 3, 2009 1:25:41 AM Ignore bosrs Report Abuse what????
gougenator Champion Author Dallas Posts:19,587 Points:2,037,885 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:6,423 Points:1,745,160 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:21,861 Points:3,058,935 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:2,888 Points:562,425 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:3,189 Points:712,995 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:2,410 Points:572,795 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:15,381 Points:1,505,105 Joined:Mar 2005	Message Posted: Jul 3, 2009 1:09:36 AM Ignore movinon Report Abuse Well DUH
furiousfowl Champion Author Riverside Posts:10,340 Points:1,546,270 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:2,699 Points:1,218,345 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:3,427 Points:533,245 Joined:May 2008	Message Posted: Jul 3, 2009 1:01:30 AM Ignore pyndasky Report Abuse this will help keep 'em down a little