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Re: Re: Re: Re: Re: Getting Ready For The Big Blow
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Posted by Slowpoke on September 17, 2003 at 21:46:01 from (209.247.137.142):
In Reply to: Re: Re: Re: Re: Getting Ready For The Big Blow posted by T_Bone on September 17, 2003 at 08:42:15:
T_Bone
Here is the reason the gas price jumped in Cal:
1) The blackout shut down eastern refineries.
2) A pipeline from Texas to Arizona broke.
3) California gas was shipped to Arizona.
4) California gas was being reformulated.
5) Ethanol had to be trucked to California.
6) Gas stocks were the lowest in 9 months.
7) Saudie Arabia cut production 25%.
I think most of the problem is due to NYC Mercantile Board traders bidding up prices on the slighest bit of negative news. Not one area station closed or rationed gas/fuel during the "shortage".
I heard that the bidding is in 10,000 gal contracts. If the wholesale price moves up 10¢, the trader pockets $1000. A Cal. refinery was making 26.5 cents/gal last spring; now they are making 67 cents/gal. A spokesman said the refinery's main obligation is to the shareholders.
The statement that gas is the same price as bread is meaningless. I can still buy bread for 99¢. Even if I pay $2 a loaf, I only buy one, not 12 or 15 every week.
There, now I feel much better!!! Slowpoke
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