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Gasoline prices jumping as we speak

GasBuddy Blog -- I'll delay our last part of our series on car insurance- we'll cover that tomorrow. Back to the topic!

Supply? High. Economy? Lousy. Demand? Virtually flat. So what's driving the increase in wholesale prices today? One little report... about jobless numbers.

Jobless claims dropped more than expected and apparently that means that demand will increase, supply will somehow drop even while driving season is nearing its conclusion, and that the economy will grow at double digit rates. Oh wait- but its highly unlikely that any of that will even happen. We're in the midst of another knee jerk reaction by traders- buying at the first sign of promise... only to be let down later by another bad economic report.

Wholesale...

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Submitted Aug 26, 2010 By: PD

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brbaritone Champion Author Virginia Posts:1,069 Points:1,269,755 Joined:Jan 2007	Message Posted: Aug 27, 2010 11:54:00 PM Ignore brbaritone Report Abuse "We're in the midst of another knee jerk reaction by traders- buying at the first sign of promise... only to be let down later by another bad economic report." The price jumps at the first sign of an uptick, but never drops by much when the news is bad. The price of oil remains in a narrow band between $70 and slighly above $80. The blogger recognizes that prices do not reflect economic fundamentals. I suggest another factor called 'manipulation.'
DavisSta Veteran Author San Francisco Posts:490 Points:2,081,625 Joined:Jun 2004	Message Posted: Aug 27, 2010 9:40:07 PM Ignore DavisSta Report Abuse So far the increases seem to be confined to the Speedway states. The overall price trend across the U.S. is downward.
honda0105 Champion Author Tallahassee Posts:15,259 Points:1,141,225 Joined:Nov 2008	Message Posted: Aug 27, 2010 7:02:25 PM Ignore honda0105 Report Abuse No reason to raise prices.. oh wait, yes there is... greed!
rbrowdersr Champion Author Detroit Posts:4,192 Points:1,405,505 Joined:Aug 2006	Message Posted: Aug 27, 2010 12:40:46 PM Ignore rbrowdersr Report Abuse No reason is needed to rqise gas prices.
ENORMS Champion Author Colorado Posts:3,014 Points:1,171,335 Joined:Sep 2006	Message Posted: Aug 27, 2010 7:17:07 AM Ignore ENORMS Report Abuse Up 10 cents one day and then drops 10 cents. I don't understand it.
honda0105 Champion Author Tallahassee Posts:15,259 Points:1,141,225 Joined:Nov 2008	Message Posted: Aug 27, 2010 6:06:58 AM Ignore honda0105 Report Abuse DustyHorse: by then, no one can afford any cars though.
honda0105 Champion Author Tallahassee Posts:15,259 Points:1,141,225 Joined:Nov 2008	Message Posted: Aug 27, 2010 6:05:25 AM Ignore honda0105 Report Abuse new and not so new houses have been at their lowest sales figures... July's durable good orders are down. And now you hear people start talking about double-dip recession. Yea, gas prices going up is really helpful. Thanks Pig Oil!
honda0105 Champion Author Tallahassee Posts:15,259 Points:1,141,225 Joined:Nov 2008	Message Posted: Aug 27, 2010 6:03:34 AM Ignore honda0105 Report Abuse hmm... one article says "gas goes up" the other says "may go down to 1.34 / gallon by year's end." Which is true...? As always, the truth probably lies somewhere in the middle.
NekoSJG Champion Author San Jose Posts:3,230 Points:570,055 Joined:Jun 2010	Message Posted: Aug 27, 2010 4:09:58 AM Ignore NekoSJG Report Abuse Jobless claims do not reflect the number of unemployed considering the claims expire and some jobless give up..
mynt Champion Author Ottawa Posts:2,940 Points:606,205 Joined:May 2010	Message Posted: Aug 27, 2010 2:09:50 AM Ignore mynt Report Abuse pump prices are up for 2 days in a row now :(
JoeKR Champion Author New Jersey Posts:7,243 Points:1,415,465 Joined:Feb 2006	Message Posted: Aug 27, 2010 12:37:38 AM Ignore JoeKR Report Abuse Hardly prescient! Prices in NJ have dropped more than 5 cents in the week.
DustyHorse Champion Author Virginia Posts:4,016 Points:978,340 Joined:Oct 2008	Message Posted: Aug 27, 2010 12:35:16 AM Ignore DustyHorse Report Abuse Let the speculators run up the prices. Eventually they will realize that the market is against them and the price will come crashing down and they will lose lots of money.
furiousfowl Champion Author Riverside Posts:14,615 Points:2,322,800 Joined:May 2005	Message Posted: Aug 27, 2010 12:35:14 AM Ignore furiousfowl Report Abuse and to think they were dropping here
divebomber Champion Author Nebraska Posts:3,709 Points:1,344,340 Joined:Jun 2007	Message Posted: Aug 27, 2010 12:34:56 AM Ignore divebomber Report Abuse OK!
JohnofGB Champion Author Flint Posts:3,075 Points:631,320 Joined:Feb 2010	Message Posted: Aug 27, 2010 12:30:35 AM Ignore JohnofGB Report Abuse And the point of this article is???????????
traindude Champion Author Virginia Beach Posts:5,614 Points:1,245,330 Joined:Jun 2007	Message Posted: Aug 27, 2010 12:29:56 AM Ignore traindude Report Abuse prices are falling here in VA. should I be filling some gas cans?
preacherjohn Champion Author Modesto Posts:2,381 Points:1,498,440 Joined:May 2006	Message Posted: Aug 27, 2010 12:29:10 AM Ignore preacherjohn Report Abuse Our prices have stayed @ $3 or higher.
LoneGuy Champion Author Lansing Posts:6,143 Points:1,855,705 Joined:Aug 2005	Message Posted: Aug 27, 2010 12:27:20 AM Ignore LoneGuy Report Abuse In Mid Michigan it went up from 2.54 to 2.69. Not too bad yet. I think the reason jobless rates fell is that many have given up.
TBONE3 Champion Author Pennsylvania Posts:6,388 Points:1,510,745 Joined:Mar 2005	Message Posted: Aug 27, 2010 12:25:22 AM Ignore TBONE3 Report Abuse That may be BUT the DOW CLOSED BELOW 10,000 today! Things aint that great!!!
Toppers Champion Author Atlanta Posts:6,673 Points:2,006,475 Joined:Mar 2005	Message Posted: Aug 27, 2010 12:23:26 AM Ignore Toppers Report Abuse Till after labor day...
joel27nc Champion Author Raleigh Posts:8,157 Points:1,392,445 Joined:Mar 2008	Message Posted: Aug 27, 2010 12:23:20 AM Ignore joel27nc Report Abuse Maybe we should let markets set prices rather than having speculators set the prices!
faulkc05 All-Star Author Atlanta Posts:562 Points:193,540 Joined:Jun 2008	Message Posted: Aug 27, 2010 12:22:55 AM Ignore faulkc05 Report Abuse Same story, different day, week, month.
rollma2 Champion Author Montreal Posts:1,181 Points:261,125 Joined:Jul 2009	Message Posted: Aug 27, 2010 12:21:56 AM Ignore rollma2 Report Abuse not surprised....
dirt girl Champion Author Twin Cities Posts:33,165 Points:2,620,155 Joined:Oct 2004	Message Posted: Aug 27, 2010 12:20:50 AM Ignore dirt girl Report Abuse Jobless claims dropped because so many people don't qualify for unemployment anymore. :(
Price_Patrol Champion Author Cincinnati Posts:13,230 Points:1,618,810 Joined:Jun 2007	Message Posted: Aug 27, 2010 12:19:15 AM Ignore Price_Patrol Report Abuse Speedways monopoly on gas prices in the Midwest caused a 20 cent increase in gas prices here today and in several other Midwest states.
HEBster Champion Author Kentucky Posts:6,474 Points:1,915,715 Joined:May 2006	Message Posted: Aug 27, 2010 12:18:39 AM Ignore HEBster Report Abuse Up 17 cents 2day N Ky...
camel1 Champion Author Minnesota Posts:6,045 Points:1,815,440 Joined:Jul 2006	Message Posted: Aug 27, 2010 12:14:49 AM Ignore camel1 Report Abuse Sounds like an over reaction to a small improvement (if any) in economic news
Doosie All-Star Author Anchorage Posts:786 Points:513,010 Joined:Jul 2007	Message Posted: Aug 27, 2010 12:14:17 AM Ignore Doosie Report Abuse A bunch of crock! Seems that if tomorrow it rained it might have an affect on gas prices...because we'll have to drive verses walk to work or school or play. ARG
Bubba44612 Champion Author Ohio Posts:5,178 Points:1,419,995 Joined:Aug 2005	Message Posted: Aug 27, 2010 12:12:00 AM Ignore Bubba44612 Report Abuse Oil should be $20 a barrel and gas at $1.50 a gal. We are still getting screwed. They jacked up the price today $.25 a gal.
Bonito Champion Author Dayton Posts:13,046 Points:2,546,425 Joined:Jun 2004	Message Posted: Aug 27, 2010 12:11:33 AM Ignore Bonito Report Abuse This is BULL and called Price Fixing! USA is in a Depression because of jurks like these!
tomok Champion Author Portland Posts:24,637 Points:1,878,610 Joined:Aug 2006	Message Posted: Aug 27, 2010 12:11:11 AM Ignore tomok Report Abuse Supply and demand does not work for the price of fuel at the pump in this very crappy and ‘need more jobs’ economy, But big oil, refineries, greed and those speculators are a whole other story.
OilHo Champion Author Ontario Posts:8,722 Points:1,702,230 Joined:Jul 2006	Message Posted: Aug 27, 2010 12:10:21 AM Ignore OilHo Report Abuse It's an outrage
Blue_Cruzer Champion Author Lexington Posts:5,152 Points:1,202,725 Joined:Mar 2007	Message Posted: Aug 27, 2010 12:09:38 AM Ignore Blue_Cruzer Report Abuse No rhyme or reason for the big jump in prices today.
miser709 Veteran Author Grand Rapids Posts:405 Points:632,545 Joined:Mar 2004	Message Posted: Aug 27, 2010 12:08:11 AM Ignore miser709 Report Abuse Prices drop over 2 days and increase over 2 weeks. Sounds about right.
CumminsFanOH Champion Author Columbus Posts:1,670 Points:827,990 Joined:Jan 2009	Message Posted: Aug 27, 2010 12:06:56 AM Ignore CumminsFanOH Report Abuse Gas prices jumped over $0.20 / gallon in Ohio today.
tedjm1 Champion Author New York Posts:3,540 Points:389,685 Joined:Dec 2006	Message Posted: Aug 27, 2010 12:06:33 AM Ignore tedjm1 Report Abuse The consumer is being played by these traders.
bbreff Champion Author Atlanta Posts:7,642 Points:2,127,990 Joined:Jun 2005	Message Posted: Aug 27, 2010 12:06:15 AM Ignore bbreff Report Abuse Labor Day is coming.
rxman1 Champion Author Toledo Posts:6,996 Points:1,396,195 Joined:Nov 2007	Message Posted: Aug 27, 2010 12:06:08 AM Ignore rxman1 Report Abuse The speculators are just stupid and the rest just follow. I hope they lose big bucks in this display of dumb.
CobraLeader Champion Author New Jersey Posts:267,902 Points:1,200,750 Joined:Apr 2007	Message Posted: Aug 27, 2010 12:05:37 AM Ignore CobraLeader Report Abuse ... The Speculators are aware that next weekend in Labor Day Weekend. ...
Quick68 Champion Author Columbus Posts:4,832 Points:757,825 Joined:Dec 2009	Message Posted: Aug 27, 2010 12:04:35 AM Ignore Quick68 Report Abuse Just think the government, the people that you voted for is letting go on.
CobraLeader Champion Author New Jersey Posts:267,902 Points:1,200,750 Joined:Apr 2007	Message Posted: Aug 27, 2010 12:04:26 AM Ignore CobraLeader Report Abuse ... Prices decreased / remained the same today in Southern New Jersey. ...
TDIdave Champion Author California Posts:2,802 Points:775,200 Joined:May 2006	Message Posted: Aug 27, 2010 12:03:14 AM Ignore TDIdave Report Abuse hmmm.
danreino Champion Author Twin Cities Posts:6,275 Points:1,143,170 Joined:Mar 2008	Message Posted: Aug 27, 2010 12:01:40 AM Ignore danreino Report Abuse Some places here went up 20 cents + today while others stayed the same at a more tolerable $2.48. I hope the gougers (Super America/Speedway) lose their ass.
judgemobile Champion Author Ohio Posts:5,245 Points:1,983,145 Joined:Nov 2005	Message Posted: Aug 26, 2010 11:58:38 PM Ignore judgemobile Report Abuse bargain hunting after big drop
MiniFan Champion Author California Posts:2,223 Points:749,050 Joined:Nov 2008	Message Posted: Aug 26, 2010 11:58:26 PM Ignore MiniFan Report Abuse not good
HELLRAZOR Champion Author Las Vegas Posts:3,611 Points:621,675 Joined:Jan 2010	Message Posted: Aug 26, 2010 11:57:43 PM Ignore HELLRAZOR Report Abuse I THOUGHT THEY WERE GOING DOWN...:(
regasaz Champion Author Phoenix Posts:3,656 Points:841,685 Joined:Dec 2006	Message Posted: Aug 26, 2010 11:57:18 PM Ignore regasaz Report Abuse One post says they're up..... next post says they're down. So what is going to be?
1988MR2guy Champion Author California Posts:4,398 Points:714,665 Joined:Oct 2009	Message Posted: Aug 26, 2010 11:55:39 PM Ignore 1988MR2guy Report Abuse Makes no matter what the data may say. Traders will do what traders do. Manipulate, maneuver, and steal. Yes, steal. From you, from me, from everyone out here in the Real World trying to make ends meet as the traders play with the price of our gasoline, our electric power, our food, and the very fabric of our society. It does no good to speak out against it. The government is not listening, and does not care even if they DO hear what we are saying. If the government listened; if the government cared, we would not have Obamacare; we would not be suffering under the anti-capitalist, anti-business Marxist environment that has a stranglehold on our economy and our daily lives while the President of the United States plays golf, takes vacations every other week, flies where he can be driven, ignores the plight of the American people and continues to wallow in his arrogant self-centered disregard for everything that is not himself. Did you know that you are allowed to claim up to NINE personal exemptions on your W-4 at work and increase your take-home pay accordingly? Why do this?? 1. put the money in YOUR savings account and not that of the IRS. 2. DO NOT PAY YOUR FEDERAL INCOME TAX until the DAY IT IS DUE. DO NOT give THEM the use of YOUR money until legally required so to do. Note: I am NOT advocating tax evasion (illegal) or even tax avoidance (legal). Just do what the law PERMITS YOU TO DO and keep AS MUCH of YOUR money in YOUR pocket as the law will allow, and DO NOT PAY THEM UNTIL LEGALLY REQUIRED (normally April 15 each year for the preceding tax year for most individual and joint personal income tax filers). Yes. It's a bit of a protest. Sort of like this: TO THE GOVERNMENT -- IF YOU WON'T DO WHAT WE THE PEOPLE PAY YOU TO DO AND WHAT WE THE PEOPLE (YOUR EMPLOYER!) WANT YOU TO DO, THEN WE THE PEOPLE ARE NOT GOING TO PAY YOU UNTIL THE LAST POSSIBLE INSTANT. It will be a start.
DustyHorse Champion Author Virginia Posts:4,016 Points:978,340 Joined:Oct 2008	Message Posted: Aug 26, 2010 11:55:16 PM Ignore DustyHorse Report Abuse That is good news. Hopefully, the speculators will lose lots of money that they will not be able to put in the market later when condition really do improve.
OGW Champion Author London Posts:3,342 Points:1,112,955 Joined:Sep 2005	Message Posted: Aug 26, 2010 11:51:04 PM Ignore OGW Report Abuse What could you expect. All markets were down today but oil went up.