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Oil prices continue to take beating, gas prices to fall

GasBuddy Blog -- Oil prices continued to shed value to start a new week today, as oil prices were seen dropping over $1/bbl to $97/bbl and change for a barrel of West Texas Intermediate. Brent crude oil meanwhile fell just half of that, to $112/bbl this morning. Many regions also saw declining spot prices, which should lead to lower pump prices.
Gasoline prices meanwhile dropped nearly 3-cents per gallon in the last week, and now stand 16-cents per gallon under their year ago values. Americans will spend roughly 1.38 billion dollars on gasoline today, down from a daily tally of 1.43 billion dollars just a month ago, meaning Americans have 50 million dollars per day more to spend than a month ago.

I expect gasoline prices to continue dropping...

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Submitted May 07, 2012 By: PD

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heydano67 Champion Author California Posts:1,671 Points:358,510 Joined:Feb 2012	Message Posted: May 13, 2012 12:35:04 PM Ignore heydano67 Report Abuse Still waiting, but not holding my breath
Donatelo Champion Author Dayton Posts:1,124 Points:293,545 Joined:Apr 2011	Message Posted: May 13, 2012 10:05:08 AM Ignore Donatelo Report Abuse ok
albert2008 Champion Author Winnipeg Posts:7,357 Points:1,481,985 Joined:Sep 2008	Message Posted: May 13, 2012 7:36:51 AM Ignore albert2008 Report Abuse not here
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: May 13, 2012 7:23:00 AM Ignore honda0105 Report Abuse falling but not very fast. Diesel doesn't fall at all.
txrojo2005 All-Star Author Austin Posts:767 Points:480,475 Joined:May 2011	Message Posted: May 12, 2012 1:24:07 PM Ignore txrojo2005 Report Abuse Good. It seems like prices jump up and feather down.
Donatelo Champion Author Dayton Posts:1,124 Points:293,545 Joined:Apr 2011	Message Posted: May 12, 2012 10:16:55 AM Ignore Donatelo Report Abuse ok
sabob Champion Author Pennsylvania Posts:12,501 Points:1,128,270 Joined:Dec 2008	Message Posted: May 12, 2012 8:40:57 AM Ignore sabob Report Abuse Can't come down fast enough to suit me!!!
albert2008 Champion Author Winnipeg Posts:7,357 Points:1,481,985 Joined:Sep 2008	Message Posted: May 12, 2012 7:55:00 AM Ignore albert2008 Report Abuse not here yet
VikingWoman Champion Author Washington Posts:1,275 Points:252,640 Joined:May 2012	Message Posted: May 12, 2012 2:28:14 AM Ignore VikingWoman Report Abuse Gas went up 6 cents a gallon while I pumped May 11 and I didn't see a fuel delivery truck on site. Love the pic for the article - I should save it and frame it because I haven't seen $2.49/gallon in a long --s time. I paid $3.91 a gallon today and the dude changed the board to $3.97 before I drove away. Last week we were seeing $3.81/gallon. By the way - these are West Coast prices and I hear it is a different ball game. I'll put it this way: I don't like this game one bit.
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: May 11, 2012 11:02:12 PM Ignore honda0105 Report Abuse stail waiting on DIESEL to drop. That's going to have the biggest impact.
Vette1967 Champion Author Albany Posts:5,972 Points:1,276,975 Joined:Jun 2009	Message Posted: May 11, 2012 9:59:57 PM Ignore Vette1967 Report Abuse Not fast enough.
CapriceWagon All-Star Author Washington Posts:944 Points:480,045 Joined:Feb 2008	Message Posted: May 11, 2012 10:07:13 AM Ignore CapriceWagon Report Abuse I'm still waiting, we've only dropped a nickel since it peaked in April
albert2008 Champion Author Winnipeg Posts:7,357 Points:1,481,985 Joined:Sep 2008	Message Posted: May 11, 2012 7:54:01 AM Ignore albert2008 Report Abuse hopefully prices will fall
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: May 11, 2012 4:44:14 AM Ignore honda0105 Report Abuse demand for oil based products (from distillates to plastics to detergents) is not as high anymore.
Jkent1953 Champion Author Salt Lake City Posts:1,996 Points:441,910 Joined:Dec 2011	Message Posted: May 10, 2012 9:59:58 AM Ignore Jkent1953 Report Abuse Until the election.
The3rd Champion Author Jacksonville Posts:2,871 Points:828,210 Joined:Jul 2004	Message Posted: May 10, 2012 7:36:08 AM Ignore The3rd Report Abuse As November gets nearer
Bridge2012 All-Star Author Kansas Posts:913 Points:271,290 Joined:Jan 2012	Message Posted: May 10, 2012 7:20:49 AM Ignore Bridge2012 Report Abuse I see now
Donatelo Champion Author Dayton Posts:1,124 Points:293,545 Joined:Apr 2011	Message Posted: May 9, 2012 8:07:01 AM Ignore Donatelo Report Abuse ok
albert2008 Champion Author Winnipeg Posts:7,357 Points:1,481,985 Joined:Sep 2008	Message Posted: May 9, 2012 7:30:04 AM Ignore albert2008 Report Abuse not yet in canada
Ahking Champion Author Orange County Posts:3,507 Points:603,450 Joined:May 2011	Message Posted: May 8, 2012 11:52:21 PM Ignore Ahking Report Abuse gas price has already been going up for more than 1 week.
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: May 8, 2012 11:22:03 PM Ignore Agarre Report Abuse ok
5kvdave All-Star Author Los Angeles Posts:688 Points:350,000 Joined:May 2011	Message Posted: May 8, 2012 10:57:35 PM Ignore 5kvdave Report Abuse Well when's it suppose start coming down????
Garyallman Veteran Author Honolulu Posts:308 Points:6,705 Joined:Apr 2012	Message Posted: May 8, 2012 9:28:28 PM Ignore Garyallman Report Abuse I'm gonna take the chevy out on a cruise, just to celebrate.
Garyallman Veteran Author Honolulu Posts:308 Points:6,705 Joined:Apr 2012	Message Posted: May 8, 2012 9:26:48 PM Ignore Garyallman Report Abuse Yeah! That's what America is all about, horsepower, heh,heh, it's about time gas got cheaper!
Garyallman Veteran Author Honolulu Posts:308 Points:6,705 Joined:Apr 2012	Message Posted: May 8, 2012 9:24:53 PM Ignore Garyallman Report Abuse Hah! My Chevy can burn 4 times what my Prius can! And I really miss that horsepower, will be great to blow up alot of gas, now that it's cheaper!
Garyallman Veteran Author Honolulu Posts:308 Points:6,705 Joined:Apr 2012	Message Posted: May 8, 2012 9:22:09 PM Ignore Garyallman Report Abuse Now that gas is cheap, I can get back into heavy throttle practice while listening to Ozzy osborne, yahoo, rock and roll baby! I can't drive 55 either yahoo! That's what I'm talking about!
Garyallman Veteran Author Honolulu Posts:308 Points:6,705 Joined:Apr 2012	Message Posted: May 8, 2012 9:17:24 PM Ignore Garyallman Report Abuse Cool gas prices are coming down, that's great! Now I can park the prius and jump into the chevy, YAHOO! Horsepower here I come!
tutaw Champion Author Kentucky Posts:3,600 Points:843,495 Joined:Sep 2008	Message Posted: May 8, 2012 3:50:39 PM Ignore tutaw Report Abuse Good news
Ticobird Champion Author Huntsville Posts:3,236 Points:1,116,990 Joined:Oct 2009	Message Posted: May 8, 2012 12:49:17 PM Ignore Ticobird Report Abuse Don't get me wrong I'm glad prices are dropping. Why are they dropping? The speculators drove prices up on the possibility of world tensions getting worse which would theoretically hamper the distribution of worldwide supplies. Well world tensions did not get as bad as some thought, think "the sky is falling" and so voila the price drops. Crazy, isn't it? [Edited by: Ticobird at 5/8/2012 1:49:42 PM EST]
sparky808 Champion Author Honolulu Posts:3,008 Points:599,685 Joined:Sep 2011	Message Posted: May 8, 2012 12:32:55 PM Ignore sparky808 Report Abuse Thank you for posting.
Tomeboy Champion Author Twin Cities Posts:3,774 Points:560,640 Joined:Apr 2009	Message Posted: May 8, 2012 12:12:53 PM Ignore Tomeboy Report Abuse A lot of California posters have been posting the price of gasoline in their area is on the rise. Some of those California posters commented they don't know the reason why the price of gasoline is increasing in their area while prices are falling elsewhere. Here is a post from blargolis expressing that very concern. Earlier post from: blargolis Riverside, CA Message Posted: May 8, 2012 9:20:50 AM blargolis comment: Gas prices continued to RISE here in California, and nobody has released even an excuse for the rise in prices. Locally, +8 cents in the past week, +4 in last 48 hours. ---------------------------------------------- blargolis... this should help explain why prices have been going up in your part of the country. May 7, 2012, 8:58 a.m. REFINERY CLOSURES END STREAK OF GAS PRICE DECLINES IN CALIFORNIA California's streak of seven straight weeks of gasoline price declines has ended, victimized by widespread refinery maintenance shutdowns that have reduced fuel supplies by nearly a third compared with a year ago, according to state statistics. Four of the 12 refineries in California that produce the state's expensive blend of gasoline have been in temporary shutdown, mostly for maintenance, according to state petroleum statistics. As of April 27, that situation had left the state with about 4.46 million gallons of gasoline, compared with about 6.61 million gallons a year earlier, according to the California Energy Commission's Fuels Watch Report. In California, the average price of a gallon of regular gasoline was $4.21 a gallon, up 0.1 cents overnight and up 4.7 cents since last week, according to the AAA Fuel Gauge Report. Maintenance has affected, for example, Tesoro Corp.'s 166,000 barrel-a-day Golden Eagle refinery in Martinez, ConocoPhillips' 139,000 barrel-a-day refinery in Wilmington, and Shell Oil Co.'s 156,000 barrel-a-day refinery in Martinez. [Edited by: Tomeboy at 5/8/2012 1:13:50 PM EST]
labombaOH Veteran Author Ohio Posts:432 Points:128,885 Joined:Nov 2007	Message Posted: May 8, 2012 11:59:41 AM Ignore labombaOH Report Abuse Refinery FIRE by this evening.............Problem solved.
bluebird1 Champion Author Toronto Posts:15,735 Points:3,108,900 Joined:May 2004	Message Posted: May 8, 2012 11:33:22 AM Ignore bluebird1 Report Abuse Beat on I say...however, last 2 days our gas has not changed but has dropped to $5.80 + change /gal....still not exactly a fair price.
QualTekGuy Champion Author Illinois Posts:3,071 Points:734,825 Joined:Feb 2007	Message Posted: May 8, 2012 11:29:54 AM Ignore QualTekGuy Report Abuse Like I have said for months, speculators make money on the movement not the direction.
BudsterMO Champion Author Kansas City Posts:3,715 Points:704,155 Joined:Aug 2009	Message Posted: May 8, 2012 10:25:15 AM Ignore BudsterMO Report Abuse The latest speculator spin for this week.
Tutootin Champion Author Toronto Posts:10,126 Points:3,078,405 Joined:Jun 2004	Message Posted: May 8, 2012 10:20:29 AM Ignore Tutootin Report Abuse Yesterday's article...AGAIN!!!!
Harry813 Champion Author Iowa Posts:3,005 Points:662,315 Joined:Jul 2011	Message Posted: May 8, 2012 10:17:23 AM Ignore Harry813 Report Abuse Lower pump prices??? Hope so......
rippertoo Champion Author Tacoma Posts:5,760 Points:1,142,810 Joined:Jan 2010	Message Posted: May 8, 2012 10:12:53 AM Ignore rippertoo Report Abuse SO?
Gascapade Champion Author Fort Worth Posts:3,022 Points:482,680 Joined:Mar 2009	Message Posted: May 8, 2012 10:11:03 AM Ignore Gascapade Report Abuse Unfortunately, most speculators rarely take a beating, as now they are shorting crude oil market on the downslide, after fleecing America by rampantly speculating the price upward on the Iran "issue", and they will rocket it up again on the next manufactured world "event". Enjoying the roller coaster ride that is hardly conducive to economic recovery in tough times? Contact your imbecile congress puppets and insist they end the idiocy....
TXGasPriceSpy Champion Author Fort Worth Posts:7,815 Points:1,473,250 Joined:Sep 2008	Message Posted: May 8, 2012 10:10:18 AM Ignore TXGasPriceSpy Report Abuse Gas prices won't stay down very long.
grammamNV Champion Author Nevada Posts:2,335 Points:372,425 Joined:Mar 2011	Message Posted: May 8, 2012 10:05:47 AM Ignore grammamNV Report Abuse so, gas will start coming down????
waynemustang Champion Author Indiana Posts:6,381 Points:1,665,990 Joined:Nov 2006	Message Posted: May 8, 2012 10:04:55 AM Ignore waynemustang Report Abuse Obama campaigned on $5 gasoline. Another failed promise.
gws2980 Champion Author Philadelphia Posts:2,186 Points:502,090 Joined:Oct 2010	Message Posted: May 8, 2012 10:01:40 AM Ignore gws2980 Report Abuse How far down will it come, not enough
Car54BC08 Champion Author British Columbia Posts:4,259 Points:1,511,315 Joined:Jun 2008	Message Posted: May 8, 2012 10:01:24 AM Ignore Car54BC08 Report Abuse This is a repeat and crude is down again today.
briinnc Champion Author North Carolina Posts:2,705 Points:834,820 Joined:Jan 2010	Message Posted: May 8, 2012 10:01:21 AM Ignore briinnc Report Abuse Hope the speculators are taking a beating.
farn1958 All-Star Author Twin Cities Posts:886 Points:183,385 Joined:Feb 2011	Message Posted: May 8, 2012 10:00:57 AM Ignore farn1958 Report Abuse and more of yesterdays nrws
ARCO Champion Author Pittsburgh Posts:2,353 Points:2,378,345 Joined:Sep 2005	Message Posted: May 8, 2012 10:00:13 AM Ignore ARCO Report Abuse WHEN
Beboper Champion Author Virginia Posts:8,732 Points:2,164,765 Joined:Oct 2005	Message Posted: May 8, 2012 9:55:06 AM Ignore Beboper Report Abuse lets wait and see
IMLURCH Champion Author Minnesota Posts:2,189 Points:1,104,155 Joined:Mar 2009	Message Posted: May 8, 2012 9:54:48 AM Ignore IMLURCH Report Abuse Old Story
snappytom2 Champion Author Corpus Christi Posts:3,552 Points:274,840 Joined:Jul 2008	Message Posted: May 8, 2012 9:54:33 AM Ignore snappytom2 Report Abuse Too bad, so sad.