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Year after year, time after time, the gas goes up around the holidays (when the most people travel of course). Sometimes a little, sometimes a lot. There's always a story. They're retooling for the summer blend. Recent unrest is causing uncertainty about oil prices. There's a refinery offline for maintenance and it's causing supply issues. They're pining for the fjords. Once the holiday passes the prices gradually settle back down. (I assume it has no relation to the presidential election price drop) I'm confident it's just an amazing coincidence, but still, it sure is funny, huh?

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70%7 votes

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Comment Preferences

  •  Tip Jar (3+ / 0-)
    Recommended by:
    absdoggy, TrueBlueMajority, MRA NY

    when I see a republican on tv, I always think of Monty Python: "Shut your festering gob you tit! Your type makes me puke!"

    by bunsk on Thu Aug 29, 2013 at 08:50:12 PM PDT

  •  Gas prices have gone down in the last 2 weeks (2+ / 0-)
    Recommended by:
    kevinpdx, Ageing Hippie

    In the past 2 weeks leading up to Labor Day, gas prices have gone down.

    The same was true in the 2 weeks leading up to July 4 last month.

    So, I'm not sure why you think this?

    Retooling for the summer blend is a real phenomenon, especially in California. Refineries have to switch their production over, and a temporary dip in supply results, which of course leads to higher prices during that period.

    The same is true for Unscheduled maintenance/repair of a refinery.  The market is based on a certain estimate of supply, and does take into account the regular maintenance shutdown periods that refineries must take, but if an unscheduled shutdown occurs, this affects supply, which affects price.

    The same is true for unrest in certain oil producing nations: if it is significant enough, then estimates of supply will drop, which leads to an increase in prices.

    Now, if you want to rant: all of the above is not to say that there is a perfect correlation between these events and the price of oil, or in the end, the price of gas. Because one thing they NEVER talk about affecting the price is the speculation by commodities traders, hedge funds, etc. which causes more volatility and breaks the true market based supply and demand relationship.  I think it fair to say that a consensus is that 5% of the price of gas is due to this market speculation, so a good $.15 to $.20 of what you pay at the pump is going in the pockets of some hedge fund manager.

    Liberalism is trust of the people tempered by prudence. Conservatism is distrust of the people tempered by fear. ~William E. Gladstone, 1866

    by absdoggy on Thu Aug 29, 2013 at 09:03:27 PM PDT

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