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Southsider2k12
post Jul 26 2013, 12:11 PM
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Gas prices now as low as $3.62 around MC. With futures still around $3.04 this is on the very low end of about where prices should be. I wouldn't be surprised to see an early week spike back to the $3.89 to $3.99 range.
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Southsider2k12
post Aug 13 2013, 08:41 AM
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GasBuddy
Spotters reporting a price hike may be underway in MI, IN, and OH! Watch out IL, WI, KY, MO, MN!
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Southsider2k12
post Aug 19 2013, 09:17 AM
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Gas futures are sitting at $2.96 currently, and prices around town are in the $3.45 range. That is on the pretty low end of things, so don't be surprised to see a mid-week spike.
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diggler
post Aug 20 2013, 03:27 AM
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QUOTE
Egypt is a key bottleneck in the global oil industry. Should the current turmoil in the North African country get any worse, a potential oil spike could damage any nascent economic recovery.

http://bit.ly/1cRGC19
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Southsider2k12
post Aug 27 2013, 09:24 AM
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Just as a heads up... Oil Prices are soaring today. They are up over $3 a barrel on the news out of Syria. Gasoline futures are up over 7 cents a gallon, and are back over $3.00 a gallon. It is my feeling that we are probably going to see a price spike coming in the next few days, and it wouldn't shock me if that level is around $4.00 a gallon at the pumps. Usually news like this leads to those sorts of price spikes. If I were you, I would top off my tank within the next day.
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diggler
post Aug 27 2013, 10:47 AM
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Could get friggin ugly in the coming days ahead.
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diggler
post Aug 28 2013, 10:04 AM
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Oil: Syria threat could hike gas prices, pull in 'entire Middle East'

By Ricardo Lopez

August 28, 2013


The threat of a U.S. strike on Syria is roiling global oil markets and could cause temporary price increases at the pump.

The price of October U.S. crude oil continued to rally Wednesday, rising to $110.34 a barrel -- a 1% increase. Brent crude oil was up $1.95 at one point, reaching nearly $116 a barrel.

Oil prices have been rising since July, when tensions in Egypt escalated into a crackdown on supporters of now-ousted president Mohamed Morsi. But prices jumped this week as the Obama administration weighed taking military action against the Syrian military for apparently launching a chemical attack against civilians.


Though Syria is not a large oil producer, the fear is that the conflict could spread across the region.

"The entire Middle East could become involved in this," said Patrick DeHaan, a senior petroleum analyst with GasBuddy.com. "The concern becomes that the supply chain could develop a kink."

DeHaan said higher crude oil prices are expected to translate into higher gas prices for consumers.

The average price of gas in the U.S. is $3.57 a gallon. In California, the average price is $3.78. If the conflict in Syria continues, those prices could rise by as much as 20 cents, DeHaan said.

In California, "prices could flirt with $4 a gallon," he said.

With Labor Day unofficially ending the summer driving season, demand should drop and price increases are expected to be temporary, analysts said.
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Ang
post Aug 28 2013, 11:50 AM
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[soapbox]What the Syrians did is atrocious, but why is it our business to attack them? I just don't understand why we have to meddle in the affairs of other countries. Our money should be spend improving our own way of life. If we minded our own business, I firmly believe 9/11 and other terrorist attacks would have never happened. We are not the Rulers of the World and we need to stop trying to be.
Just my two cents.....[/soapbox]


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Southsider2k12
post Sep 24 2013, 12:04 PM
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http://www.nwitimes.com/business/local/gas...640c25e27d.html

QUOTE

Average gas prices

Per gallon of regular fuel Monday Week ago Month ago Year ago Northwest Indiana $3.466 $3.485 $3.633 $3.891 Chicago metr… Read more

Gas prices have been dropping and could be 20 to 25 cents lower by Halloween.

The average retail gasoline price in the Gary metropolitan area fell 2.4 cents per gallon last week to $3.45 a gallon, according to GasBuddy.com's daily survey of more than 300 area gas stations.

Motorists can fill their tanks for as little as $3.31 a gallon in Burns Harbor, and for $3.33 a gallon in Hammond, Lake Station and East Chicago.

Prices have been falling and should decline further because the summer driving season is over, demand is dropping off and refineries are switching to a cheaper winter blend, said Patrick DeHaan, a Chicago-based senior petroleum analyst for GasBuddy.

"Kids are back in school, and people aren't taking vacations or doing as much discretionary spending," he said. "In Northwest Indiana, people aren't spending as much time on their boats in Lake Michigan. There's less vacation travel, and people aren't going to visit their lake cottages."

Gas prices traditionally decline in the fall, but retail prices are even lower this year because the hurricane season has largely passed without inflicting much damage to Gulf Coast oil refineries, DeHaan said.

The average price Sunday in the Gary metro area was 17.8 cents a gallon lower than a month ago and 41.7 cents a gallon lower than a year ago.

Indiana has has one of the biggest year-over-year drops in the country, Gasbuddy chief oil analyst Tom Kloza said. Gas has even fallen below $3 a gallon in Terre Haute.

Recent history suggests gas should get even cheaper between now and Halloween, by another 20 to 25 cents a gallon, Gasbuddy's analysts predict. A hurricane, escalation of the conflict in Syria, or several other factors could however abruptly halt the downward slide, DeHaan said.

"Indiana prices have been on a roller coaster," DeHaan said. "Prices should reverberate between $3.15 to $3.35 by Halloween, but that's just the range."

Downward pressures on gas prices should keep the upper hand over the upward pressures for the foreseeable future, but the balance can shift daily, he said.

Given the cost of oil, a few refineries for instance might struggle to make money on the current retail gasoline prices and throttle back on production, which would prop up what motorists pay at the pump and restore their margins, DeHaan said.
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Southsider2k12
post Oct 3 2013, 02:25 PM
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A bit good news on the gas price front locally. Now that the Syria news seems to have faded from the front page, futures prices have fallen into the low $2.60's and the prices at the pump have fallen accordingly. Locally we have gotten down to as low as $3.16 with all of the other towns in the Region around the same area of pricing. Price levels are sustainable in this area, so unless we fall towards $3, I wouldn't expect any price spikes in the short term. The wild card in this is the government shutdown. If it lasts for a longer period of time, we could actually see prices fall as economic activity slows. This information is also subject to the usual caveats about world news and refinery outages causing quick price spikes.
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Southsider2k12
post Oct 15 2013, 08:06 AM
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I haven't seen a warning from GasBuddy, but this morning prices in Valpo have spiked from $3.22 to the $3.49-$3.55 area. I don't know if this is a local spike, or if it just means our prices will spike later in the day, but I thought people might want the heads up.
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Southsider2k12
post Nov 13 2013, 09:30 AM
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Bad News at the pump... Looks like it is gas price spike day today. Prices appear to be jumping to $3.29 around The Region. If you see a price in the $2.90's fill up soon, because it won't last.
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Ang
post Nov 13 2013, 12:48 PM
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Thanks for the heads up! I went out at lunch and managed to get my gas at Knoll Bros for $2.93/gal. While I was filling up, they increased the price to $3.27/gal. So, thanks to you, I beat the increase! biggrin.gif


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MCRogers1974
post May 28 2014, 05:31 PM
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Gas Buddy reports a price spike up to $3.99 very shortly.
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