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Refinery fire at PA. Think gas price will go higher??

J

JD Seller

Well-known Member
Well it seems that every time gas prices start going down some refinery either has a fire or shuts down for "repairs". E-10 Gas just went down to $2.49 per gallon this week.

Really convenient for the gas companies. I wish I could do the same thing to keep prices up.
 
As a former president said ?never let a catastrophy go unused?. If gas prices don?t go up on the east coast they certainly will go up here in the Chicago area.
 
You are right, BUT, why would 1 refinery out of hundreds affect pump prices ? - Easy, because the Oil guys can say anything they want, Not good.
 
Don't want to get you upset but that refinery is where a whole lot of the railway cars from out that away go to. Was major enough to shut down several major interstate roads for a bunch of hours. Bet we will know about the price by tonight. To me that is price gouging but what can we do. Actually for the size of that refinery this is not too bad. I had just gone to bed a. I heard that explosion. Really big dull thud. Thought to myself something just blew someplace.
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Just like all this wet nasty weather. Corn Futures look the best since 2014. Too bad there are so many acres that won't be planted this year to reap the profits.---------Loren
 
Short term, yes.

Long term trend is down.

Absent real war with Iran, the Saudis and Russians are not going to be able to control crude prices.

Dean
 
I took no chances , came by local dollar store and was $1.99.9 for E 10 so filled up. Like you said they will uses any excuse they can to go up. We have had some low prices for the last 10 days here in our little town , both ways 15 miles from us it is 20 cents higher.
 
(quoted from post at 19:42:40 06/21/19) Crude has been going up a lot lately, caused by the instability in the middle east, thanks to djt.
Click to expand...

Really?? You think it takes anyone of us Americans to cause instability over there??.

I don't watch the news and I certainly don't keep track with the Prez, regardless of which side he's on. But you'd be hard-pressed to convince me that there has to be a "reason" for tensions over there. It's just their way of life. Very sad.
 
The fire 11 days ago on 6/10 at this same refinery did not raise gas prices enough so they blew up the refinery again today.
What a ludicrous thought.

While this may put a strain on gas supplies considering this is the largest refinery on the east coast; I think the tensions in Iran causing higher crude prices will effect the pump price more.
 
I never meant that they started the fire. I did mean they close plants down during lower prices to drive the price back up. Also the speculators use any excuse to drive the price up so they can take their short term profit.
 
I can tell you for a fact they have no idea what the price of gas will be at the time of a shut down.
Shut downs are planed months or even years in advance.

Take for instance a crane rental place I worked for in the past.
They wanted to buy a large 1000+ ton crane to use in refinery repair work.
The bank insisted they have a years worth of work lined up for this crane before they would lend them the money.

Gasoline is usually at its lowest price in the winter because demand is lower.
So naturally they shut down refineries in the winter when demand is low.
It just coincides with lower prices; again because demand is lower in the winter.
These low gasoline prices this time of the year when they are producing higher priced summer gas and demand is higher because of vacation is unusual. Mostly because crude is at a low price due to the fact we no longer really need middle east crude. Think fracking.

But yes speculators will grab short term profits off of fear news.
I suspect even you and other farmers do the same thing with grain futures.
 
You really need a good history book,there has been instability in the Middle East since Cain killed Able.Those folks have been trying to kill each other since the beginning of recorded history.
Problem now is the craziest group is about the get Nuclear Weapons.
 

Traditional farmer has it right. US is a free market economy. Oil companies need to buy oil before they can sell it. Everyday the buyer has to buy some. If they run short two weeks later because he didn't buy enough he is an idiot. He has to bid high enough to cover his projected orders.
 
If anyone in D.C. is unstable, they have a "D" after their name, or are members of the media! Just a few days ago, they were saying the president wanted to get us into a war. After he told our troops to stand down, because of his concerns over the loss of human life, those same folks are basically saying he's weak, because he didn't retaliate by bombing the crap out of them!

Personally, I'd probably have turned the whole place, with the exception of Israel, into a glass parking lot on 9/12/2001, but I don't have access to the intelligence info the president does!
 
You are right Traditional Farmer. Let's just think some--Farmers produce record crops when the money they get for the crop is below production cost! Are we idiots?
 
Back in the mid '70's wife and I went on vacation to Jamaica from Dallas. You'd be surprised how many oil tankers we flew over just bobbing around in the Gulf of Mexico.....no wake, just bobbing, some pairs, moored together....crew comfort probably. Wonder why they were doing that? Daaaaaaaaaaa.

I'm sure you recall the lines and 10 gallon fuel limit......if you could get fuel at all........
 
(quoted from post at 21:06:17 06/21/19) Just like all this wet nasty weather. Corn Futures look the best since 2014. Too bad there are so many acres that won't be planted this year to reap the profits.---------Loren
Click to expand...

I don't know but maybe the futures are looking so good due to all of the wet weather?
 
(quoted from post at 00:02:02 06/22/19) The fire 11 days ago on 6/10 at this same refinery did not raise gas prices enough so they blew up the refinery again today.
What a ludicrous thought.
Click to expand...

True but the news reports that refinery is or has been in "financial trouble" .
Perhaps the first fire was not bad enough to shutter the place and collect on the insurance policy.
 
Oil companies are not in business to see how cheap they can supply fuel,they are in business to make their stockholders money.Back in the 70's when there was a gas shortage we owned a gas station,we could get plenty of gas but at a higher cost than than we had been paying so with the Gov't price limit there'd be no profit in selling it.
 
Bob ..... I assume you are referring to the $2.65 per US gallon that was posted. Hmmm, my math tells me that $2.65 x's about 1.35 exchange rate doesn't end up being $5.36 Cdn per US gallon. What kind of
exchange rate are you using? My math tells me it's more like $3.58 Cdn per US gallon.
 
In Michigan, our Governor wants to raise gasoline .45 cents per gallon, as she puts it "Fix the damn roads", but only a small percentage of the money goes for road repair.
 
I'll bet you a dollar against a donut he didn't think the unrest from 1/20/09 to 1/19/17 was caused the the guy in the Oval Office at that time!
 
Know nothing about govt price limit on pump gasoline, never heard of it here in Tx., but do know that you could have charged what you desired around here and the customers would have been flocking to your door. What is required however is that you conspicuously post your price per gallon where the motoring public can see it before entering your premises.
 
"But yes speculators will grab short term profits off of fear news."

Yepper good old "fear" tactics. Keeps Wall Street a rocking.
 
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