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Gasoline's usual factors don't quite apply

Market Watch -- SAN FRANCISCO (MarketWatch) -- The summer driving season is about to come to an official end this Labor Day weekend, but gasoline prices have been falling for weeks -- along with supply and demand.

Average retail prices for regular gasoline have dropped 11% from a record high of $4.114 per gallon set on July 17, data from the Oil Price Information Service showed. They stood at $3.66 on Thursday.

The price declines come as no surprise given the recent drop in crude-oil prices and fuel demand, but gasoline supplies have been dropping too.

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Submitted Aug 29, 2008 By: JT

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mfeldstein Champion Author Ottawa Posts:6,117 Points:1,523,560 Joined:Feb 2007	Message Posted: Aug 30, 2008 9:42:14 PM Ignore mfeldstein Report Abuse Not only the oil companies and OPEC; the refineries also control supply and pricing.
JoeKR Champion Author New Jersey Posts:7,243 Points:1,415,465 Joined:Feb 2006	Message Posted: Aug 30, 2008 1:31:26 PM Ignore JoeKR Report Abuse Business as usual! Hope this is the speculators last hurrah and the stations that have jumped their prices with no corresponding rise in their cost are left holding the bag.
weenerdog Champion Author Detroit Posts:7,334 Points:1,437,635 Joined:Jan 2008	Message Posted: Aug 30, 2008 1:13:39 PM Ignore weenerdog Report Abuse They're surprised that gasoline supplies have been dropping too? If the demand is dropping and the supplies are also dropping, it's probably because companies have responded to the drop in demand by cutting back on production. No company is going keep piling on more surplus to their inventories, no matter what product they make.
billy44bo Champion Author Mobile Posts:5,183 Points:1,042,810 Joined:Feb 2008	Message Posted: Aug 30, 2008 12:15:45 PM Ignore billy44bo Report Abuse they are going up on they gulf coast and some station are out of gas
dabuzman Champion Author Seattle Posts:4,399 Points:1,427,200 Joined:Apr 2006	Message Posted: Aug 30, 2008 12:05:11 PM Ignore dabuzman Report Abuse Yap!
letmathe Champion Author Chicago Posts:12,416 Points:2,730,115 Joined:May 2001	Message Posted: Aug 30, 2008 12:02:33 PM Ignore letmathe Report Abuse ditto
mrkel Champion Author Cincinnati Posts:7,171 Points:1,929,010 Joined:Apr 2006	Message Posted: Aug 30, 2008 11:58:24 AM Ignore mrkel Report Abuse I'm surprised gas prices did not shoot up before the weekend and with the threat of Gustav causing possible havoc on the Gulf operations.
LeeFree Champion Author Pittsburgh Posts:6,819 Points:1,781,925 Joined:Jun 2005	Message Posted: Aug 30, 2008 11:55:33 AM Ignore LeeFree Report Abuse That's because gasoline prices were artificially high and still are.
travelzonecente Champion Author Riverside Posts:3,486 Points:808,515 Joined:Jun 2008	Message Posted: Aug 30, 2008 11:50:58 AM Ignore travelzonecente Report Abuse It will go back up as soon as the elections are over.
REVLAW Champion Author San Antonio Posts:8,022 Points:1,539,190 Joined:Jul 2007	Message Posted: Aug 30, 2008 11:49:46 AM Ignore REVLAW Report Abuse A poor guy was walking down the street the other day with a penny in his hand. Strange, a rich man was following closely watching the penny.
woos777 Champion Author Washington Posts:2,611 Points:864,055 Joined:Sep 2006	Message Posted: Aug 30, 2008 11:46:51 AM Ignore woos777 Report Abuse Whatever it takes. Keep them falling
HawaiianGuy Champion Author Idaho Posts:7,171 Points:2,617,065 Joined:May 2003	Message Posted: Aug 30, 2008 11:40:38 AM Ignore HawaiianGuy Report Abuse Supply and demand doesn't seem to work anymore, at least not around hereabouts.
pricechecker08 Champion Author Ohio Posts:5,525 Points:1,236,850 Joined:Jan 2008	Message Posted: Aug 30, 2008 11:40:22 AM Ignore pricechecker08 Report Abuse I STILL SEE PRICES OVER 4 DOLLARS IN CALIFORNIA
dreamweaver7050 Champion Author Louisiana Posts:1,174 Points:574,390 Joined:Sep 2006	Message Posted: Aug 30, 2008 11:37:58 AM Ignore dreamweaver7050 Report Abuse going up
GasholeMI Champion Author Lansing Posts:7,768 Points:1,250,615 Joined:Jul 2008	Message Posted: Aug 30, 2008 11:34:47 AM Ignore GasholeMI Report Abuse They went up here a tiny bit and they are dropping already.
DerHahn Champion Author Illinois Posts:11,145 Points:1,653,000 Joined:May 2004	Message Posted: Aug 30, 2008 11:34:20 AM Ignore DerHahn Report Abuse what does apply when it comes to gas? demand has dropped drastically yet prices have only "slipped" from the highs they reached.
patbob56 Champion Author Colorado Springs Posts:2,890 Points:588,410 Joined:Apr 2006	Message Posted: Aug 30, 2008 11:33:43 AM Ignore patbob56 Report Abuse prices are rising here
ironbox_sara Champion Author Albany Posts:7,240 Points:1,781,015 Joined:Mar 2006	Message Posted: Aug 30, 2008 11:33:16 AM Ignore ironbox_sara Report Abuse Keep dropping.
qwikss Veteran Author Phoenix Posts:253 Points:82,745 Joined:May 2006	Message Posted: Aug 30, 2008 11:24:34 AM Ignore qwikss Report Abuse Old story
Cuzilla Champion Author Indianapolis Posts:10,638 Points:1,967,610 Joined:Sep 2005	Message Posted: Aug 30, 2008 11:23:26 AM Ignore Cuzilla Report Abuse Drop, drop, drop!!! Drill, drill, drill!!! Drill here, drill now, pay less!!!
rbrowdersr Champion Author Detroit Posts:4,192 Points:1,405,505 Joined:Aug 2006	Message Posted: Aug 30, 2008 11:23:25 AM Ignore rbrowdersr Report Abuse Gas prices will rise by whatever means.
coke_kid Champion Author Chicago Posts:1,339 Points:294,990 Joined:Nov 2005	Message Posted: Aug 30, 2008 11:18:43 AM Ignore coke_kid Report Abuse Nice thought duriarte but too late at this point...I wish.. gas is no where near dropping fast or enough to please any of us..way tooooooo high.. still a buck higher than last year when we were upset over 3 bucks and still are..The US is in danger! while we let gas co corrupt us in the pocket..
kevski Champion Author Oregon Posts:4,910 Points:788,740 Joined:Feb 2008	Message Posted: Aug 30, 2008 11:16:22 AM Ignore kevski Report Abuse big oil will find a way to jack prices
murdershewrote Champion Author Riverside Posts:7,257 Points:2,143,685 Joined:Mar 2005	Message Posted: Aug 30, 2008 11:15:44 AM Ignore murdershewrote Report Abuse lets see what happens now with ol' gustav...say he's a howling
baddog58 Champion Author Texas Posts:1,101 Points:555,710 Joined:May 2007	Message Posted: Aug 30, 2008 11:14:48 AM Ignore baddog58 Report Abuse Labor Day weekend + start of school year will reverse the falling of prices...at least temporarily.
duriarte Champion Author Utah Posts:1,454 Points:770,215 Joined:May 2008	Message Posted: Aug 30, 2008 11:10:46 AM Ignore duriarte Report Abuse We as a country are in big trouble if we think either of these political yahoos are going to do anything to help the common person. I think we need to start a grass roots movement to Vote For NONE OF THE ABOVE. Lets get some new candidates in there to run! And if we don't like them, then we will keep voting NONE OF THE ABOVE until we get the right people to run. Our Constitution states "WE THE PEOPLE", we need to take back this political process form the politicians [Edited by: duriarte at 8/30/2008 11:15:19 AM EST]
RdHogg Champion Author Houston Posts:20,487 Points:2,436,170 Joined:Jun 2004	Message Posted: Aug 30, 2008 11:08:19 AM Ignore RdHogg Report Abuse OK?
Razzincain Champion Author Kansas Posts:1,341 Points:667,420 Joined:Aug 2005	Message Posted: Aug 30, 2008 11:05:07 AM Ignore Razzincain Report Abuse Lets all request a $1200 check in the mail like the Governor in Alaska did for her people. Then maybe all of us could take a short vacation.
Wolfwings Champion Author Delaware Posts:6,398 Points:1,312,115 Joined:May 2004	Message Posted: Aug 30, 2008 11:03:59 AM Ignore Wolfwings Report Abuse Last year, the price was $2.581. This year, almost $1.00 higher. When my social security check comes it does not reflect this jump. I will remember this each time I hear another lie from either of the politicians PROMISING to make MY life better in the next four years. I PROMISE!
evasilion All-Star Author Virginia Beach Posts:701 Points:132,320 Joined:Mar 2008	Message Posted: Aug 30, 2008 11:03:58 AM Ignore evasilion Report Abuse What?
DTape Rookie Author Houston Posts:98 Points:519,540 Joined:Dec 2005	Message Posted: Aug 30, 2008 10:59:57 AM Ignore DTape Report Abuse Hmm again I agree this is OLD NEWS, but the reason SUPPLY has been FALLING is that REFINERIES HAVE BEEN CUTTING BACK ON PRODUCTION to try to sustain the higher prices.
Prodaddy Champion Author Houston Posts:6,058 Points:1,431,020 Joined:May 2007	Message Posted: Aug 30, 2008 10:59:35 AM Ignore Prodaddy Report Abuse maakes sense
HEBster Champion Author Kentucky Posts:6,474 Points:1,915,715 Joined:May 2006	Message Posted: Aug 30, 2008 10:58:30 AM Ignore HEBster Report Abuse What else is new???
Parif Champion Author Virginia Posts:1,123 Points:205,015 Joined:May 2008	Message Posted: Aug 30, 2008 10:57:34 AM Ignore Parif Report Abuse everyone says this
chas_commuter All-Star Author South Carolina Posts:838 Points:232,195 Joined:Mar 2008	Message Posted: Aug 30, 2008 10:56:50 AM Ignore chas_commuter Report Abuse Blah blah blah, this is old news
C4U Champion Author Salt Lake City Posts:6,853 Points:1,328,000 Joined:May 2008	Message Posted: Aug 30, 2008 10:56:46 AM Ignore C4U Report Abuse The drop is because as consumers continue to use less they buy less so if speculator want to speculate higher prices to get rich the consumer just buys less.
ardmoretoday Champion Author Oklahoma Posts:1,424 Points:569,265 Joined:May 2007	Message Posted: Aug 30, 2008 10:48:38 AM Ignore ardmoretoday Report Abuse Old news
Don20 Champion Author Oklahoma City Posts:7,287 Points:2,152,095 Joined:Mar 2005	Message Posted: Aug 30, 2008 10:46:46 AM Ignore Don20 Report Abuse If demand is down, so should the price.??
WestsideGuyIN All-Star Author Indiana Posts:875 Points:188,745 Joined:Aug 2007	Message Posted: Aug 30, 2008 10:46:26 AM Ignore WestsideGuyIN Report Abuse Where did this person get her degree? This is one of the most poorly written articles I've ever read. Where's the flow and continuity leading to the conclusion? In the end, usual factors do apply. Gas is expensive, people stop buying it. When companies artificially depress supply, people get angry and purchase even less. At some point, somethings gotta give. I for one believe the consumer will ultimately win.
bbreff Champion Author Atlanta Posts:7,642 Points:2,127,990 Joined:Jun 2005	Message Posted: Aug 30, 2008 10:46:11 AM Ignore bbreff Report Abuse OK
Lengas Champion Author Gary Posts:11,074 Points:2,250,550 Joined:Nov 2004	Message Posted: Aug 30, 2008 10:44:25 AM Ignore Lengas Report Abuse Its 25 to 30 cents a gloon cheaper in PA than at home.
cantonbill All-Star Author Atlanta Posts:532 Points:130,525 Joined:Mar 2008	Message Posted: Aug 30, 2008 10:43:19 AM Ignore cantonbill Report Abuse I've always wondered why people will go to more expensive gas station when cheaper gas is right next door.
rjb21760 Champion Author Chicago Posts:2,097 Points:669,210 Joined:Oct 2006	Message Posted: Aug 30, 2008 10:42:41 AM Ignore rjb21760 Report Abuse How do you factor in greed from speculators?
EXTREMESNOW Champion Author Medford Posts:7,047 Points:1,452,490 Joined:Jul 2006	Message Posted: Aug 30, 2008 10:41:47 AM Ignore EXTREMESNOW Report Abuse THEY HAVE CUT BACK ON PRODUCTION TO KEEP PRICES FROM PLUMMETING AT THE SAME RATE AS OIL.
bluebird1 Champion Author Toronto Posts:13,418 Points:2,653,005 Joined:May 2004	Message Posted: Aug 30, 2008 10:40:56 AM Ignore bluebird1 Report Abuse Well cantonbill, I guess your prices haven't hit hard enough there then. You don't see that happening much anymore up here (except in case on discount cards) but we are at $5.85 /gal Cdn....and no our prices haven't been falling consistently at all & only 6-7 cents a Liter from the summer highs (high of 1.36/L, currenty 1.297/L).
TTPDX Sophomore Author Portland Posts:231 Points:43,395 Joined:Jan 2008	Message Posted: Aug 30, 2008 10:38:59 AM Ignore TTPDX Report Abuse Since when was the 'free' market really free? The oil industry has been dominated by oligarchy since the 19th century-- whether in the West or the Middle East.
mwhals Champion Author Charleston Posts:11,512 Points:1,981,285 Joined:Jun 2006	Message Posted: Aug 30, 2008 10:37:22 AM Ignore mwhals Report Abuse There is no real rhyme or reason as to how gas prices are calculated any more.
cantonbill All-Star Author Atlanta Posts:532 Points:130,525 Joined:Mar 2008	Message Posted: Aug 30, 2008 10:34:20 AM Ignore cantonbill Report Abuse People are stupid about buying the cheapest gas. We had a $.13/gallon differential in price between a name brand and a discount brand right next to one another and people were still filling up at the more expensive name brand station.
cantonbill All-Star Author Atlanta Posts:532 Points:130,525 Joined:Mar 2008	Message Posted: Aug 30, 2008 10:31:56 AM Ignore cantonbill Report Abuse Why have supplies been falling if demand is down? This strikes me as an attempt to create artificial shortage and keep prices high.
GasaHawg All-Star Author Texas Posts:665 Points:140,795 Joined:Nov 2005	Message Posted: Aug 30, 2008 10:31:43 AM Ignore GasaHawg Report Abuse And why are the gas supplies dropping with less demand. So much for a free market.