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(Tech Times)   In case you haven't noticed, and judging from this morning's commute, you have, gas has dropped nine cents in the past week and is threatening to actually start following the law of supply and demand   (techtimes.com) divider line 172
    More: Spiffy  
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5148 clicks; posted to Main » on 28 Jul 2014 at 11:52 AM (8 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-07-28 11:01:46 AM
No. The report of unrest in Libya ruined that today.
 
2014-07-28 11:02:55 AM
Really?

[tries Googling]

Christ, I can't find it. The HELL with it.
 
2014-07-28 11:54:10 AM
Like the ideal gas law free markets are just a hypothetical perfect case
 
2014-07-28 11:54:54 AM
I'm confused - are we to believe that people decide whether or not to commute based on the price of gas, subby?
 
2014-07-28 11:56:26 AM
sure itll drop... then jump another .20 in a day.

farking oil.
 
2014-07-28 11:56:45 AM
Thanks Obama
 
2014-07-28 11:57:48 AM
Funny, gas is more expensive today than it was yesterday which was more expensive than the day before
 
2014-07-28 11:59:14 AM
Dear Subby,

You so gurriburr!
 
2014-07-28 11:59:53 AM
Supply and Demand related to gasoline:  Supply goes up, price goes up.  Demand goes up, price goes up.  Oil execs need to eat too ya know.
 
2014-07-28 11:59:58 AM

GRCooper: I'm confused - are we to believe that people decide whether or not to commute based on the price of gas, subby?


In the short term? No. In the long term, people make their job and living location choices based upon what they can afford.

//Move in 2008 because I could no longer afford the $5 gas, 1 week before the economy crashed and it went back down to $2. FML
 
2014-07-28 12:03:45 PM
In a new item on the BBC about a rise oil prices after the usual roll-of-the-8-ball event the announcer asked the expert: "So why is the price of natural gas also going up if supplies are not affected?" and got the reply "Well the market felt it should go up too."

Market forces - it's all about emotion not supply and demand
 
2014-07-28 12:03:52 PM

GRCooper: I'm confused - are we to believe that people decide whether or not to commute based on the price of gas, subby?


DERP

Suppliers choose to buy when it looks like they will make a profit. Soon, all the suppliers have stocked up in anticipation of making profit. Now there is an oversupply that drives prices down and suppliers tend to run less supply which gradually leads to prices rising again.

The end consumer has almost nothing to do with it except during events like holidays where there is a spike in demand expected and even then it's a business decision to try to capitalize on the temporary demand.
 
2014-07-28 12:04:09 PM
Just. Check the wholesale price of unleaded gasoline and add $.70. You can even predict future prices that way.

I mean: evil oil company CEO pieces of shiat!!!!!
 
2014-07-28 12:05:06 PM
If you don't believe that gas prices follow supply and demand, then there's an easy solution.  You can't really affect the supply, but you can easily change your personal demand.

Stop.

Buying.

Gas.

Let me know how that works out for you.
 
2014-07-28 12:05:21 PM
www.cxoadvisory.com
 
2014-07-28 12:06:37 PM

Bonkthat_Again: No. The report of unrest in Libya ruined that today.


I read that as "Unrest in Labia"
 
2014-07-28 12:07:09 PM
Don't expect much price elasticity when it comes to oil. There will always be buyers.
 
2014-07-28 12:07:37 PM

tnpir: Really?

[tries Googling]

Christ, I can't find it. The HELL with it.


+ eleventy internets to you
 
2014-07-28 12:09:33 PM
Not here yet....
 
2014-07-28 12:11:47 PM

Gordian Cipher: [www.cxoadvisory.com image 576x384]


I don't get it.

You're using an arbitrary time period with arbitrary scaling on both values.  The lines sometimes follow each other, but sometimes don't.

It seems pretty inconclusive - almost as if it's more complicated.
 
2014-07-28 12:13:13 PM

MindStalker: GRCooper: I'm confused - are we to believe that people decide whether or not to commute based on the price of gas, subby?

In the short term? No. In the long term, people make their job and living location choices based upon what they can afford.

//Move in 2008 because I could no longer afford the $5 gas, 1 week before the economy crashed and it went back down to $2. FML


Subby implies that this morning's commute was heavier than a week ago because gas prices have dropped.

I believe subby's writing skills are matched to his skills in logic.

/"In case you haven't noticed" also adds no information, as subbys point would be exactly the same if I had noticed. But that's covered under the "bad logic/bad writing" point as well ...
 
2014-07-28 12:15:00 PM
The demand for gasoline is pretty much inelastic. People might not do a road trip or something if gas goes up too much, but they're not going to stop driving to work, the store, the doctor's office, and school. People would still buy gas if it went up to $10/gal, because what else are they going to do?

What the oil companies need to worry about isn't whether or not people will stop buying gas if the price goes up - they won't. What they need to worry about is whether or not people will start really caring about alternative energy sources if gas gets too expensive. There is a tipping point where people will start writing to their congressperson and talking about alternative fuels as a real possibility, and that is what Exxon is scared of.

Of course, humans being the fickle creatures that they are, all that would have to happen is for Exxon to raise the price to the point where people starting caring about alternative energy in a serious way, and then drop the price down five cents, and suddenly people would think oil is going to last forever.
 
2014-07-28 12:19:13 PM
It has?

It was $5.24/gallon in Brothers, Oregon over the weekend.
 
2014-07-28 12:19:24 PM
Yeah, not so much Subby. If you'd said "past three weeks", you'd have been right. In the last week, my gas prices have come down three cents. (And they actually rose slightly today.)

img.fark.net
Also, even if they'd come down nine cents in a week, that would only be a 2.6% drop. Hardly cause for a party, given that we're near record highs.img.fark.net

Even accounting for inflation, the cost of gas is up ~75% from 15 years ago. In dollar terms, it's up more like 140%.
 
2014-07-28 12:20:43 PM

thedumbone: If you don't believe that gas prices follow supply and demand, then there's an easy solution.  You can't really affect the supply, but you can easily change your personal demand.

Stop.

Buying.

Gas.

Let me know how that works out for you.


Fabulously. Well, its worked out pretty well on the power tools stand point. Haven't had to buy gas for mower/trimmer/power washer/etc in 3 years. Besides the lack of gas runs, not having to purchase    fuel stabilizer or rebuild carburetors 1-2 times a year due to ethanol induced gunk has been a savings as well.  On top of that, our newer cars are getting 40-50 MPG.

Mind you these were things we would have purchased anyway. They weren't purchases solely to reduce gas consumption.
 
2014-07-28 12:23:12 PM
Actually, I did notice that it was improbably low over the weekend. Has it fallen further?
 
2014-07-28 12:24:25 PM
itsatrap.jpg
 
2014-07-28 12:26:24 PM
sort of related thread jack:

My gas station now has E10 gasoline for 20 cents cheaper than regular 87. Would you save the money and use it in your car and risk it, or just pay the higher price for the straight 87 and STFU?
 
2014-07-28 12:27:32 PM
Don't worry, tomorrow's headline will be "30% of refineries are closing for maintenance, gas prices to rise."
 
2014-07-28 12:27:42 PM
I was informed that math wouldn't be involved; just pump what you need and pay what they tell you.
 
2014-07-28 12:28:01 PM

Lord Dimwit: The demand for gasoline is pretty much inelastic. People might not do a road trip or something if gas goes up too much, but they're not going to stop driving to work, the store, the doctor's office, and school. People would still buy gas if it went up to $10/gal, because what else are they going to do?


Demand is not inelastic, but it has a very slow reaction time. You aren't going to stop buying gas, but you may cancel non-essential trips you'd have otherwise made (especially longer ones), and you may reduce your demand months or years down the road when you next purchase a vehicle.

I've done exactly that. I take far fewer spontaneous road trips than a decade ago, and I've already replaced one of my two vehicles with on that gets close to triple the mileage. The other is likely to be replaced with a similarly-efficient vehicle in the next year or two. At that point, my gas consumption will be less than a third of what it used to be. And yes, overall demand won't ever decrease that way because we're adding new people with new vehicles and new demand for gas all the time, but that's another story entirely.
 
2014-07-28 12:28:14 PM

GardenWeasel: Fabulously. Well, its worked out pretty well on the power tools stand point. Haven't had to buy gas for mower/trimmer/power washer/etc in 3 years. Besides the lack of gas runs, not having to purchase    fuel stabilizer or rebuild carburetors 1-2 times a year due to ethanol induced gunk has been a savings as well.


what kind of mower and trimmer do you have that isn't running on gas?

If anyone else is having a problem with their trimmer or chainsaw try using this stuff:
www.stihlusa.com

it's premixed and it has no ethanol.
 
2014-07-28 12:28:28 PM
Its almost as if all those high prices we've paid in the last decade were artificially inflated or something ...

i.chzbgr.com
 
2014-07-28 12:31:44 PM

Lord Dimwit: People would still buy gas if it went up to $10/gal, because what else are they going to do?


Quoted for truth.
 
2014-07-28 12:31:46 PM
Woohoo!!!  Canyoneros for Everyone!
 
2014-07-28 12:31:48 PM
Won't last long, someone is coughing in Brazil so that should make prices go up again.
 
2014-07-28 12:32:47 PM

iron_city_ap: itsatrap.jpg


What does an ancient Persian governor have to do with anything?
 
2014-07-28 12:34:14 PM

Headso: what kind of mower and trimmer do you have that isn't running on gas?


There are plenty of battery operated electric mowers and trimmers on the market
 
2014-07-28 12:34:18 PM
Uh-huh, and it wouldn't have anything at all to do with the fact that gas prices always _always_ drop a few months before an election, until the week following, where it goes right back up again, only twenty cents higher.
 
2014-07-28 12:34:25 PM

meat0918: It was $5.24/gallon in Brothers, Oregon over the weekend.


Brothers OR, part of the Bend OR statistical area (appx 20 miles)
shows gas prices yesterday ranging from 3.85 to 4.09.

Do you get a hand job with each gallon purchased in Brothers?

http://www.oregongasprices.com/Bend/index.aspx
 
2014-07-28 12:35:46 PM

gweilo8888: Lord Dimwit: The demand for gasoline is pretty much inelastic. People might not do a road trip or something if gas goes up too much, but they're not going to stop driving to work, the store, the doctor's office, and school. People would still buy gas if it went up to $10/gal, because what else are they going to do?

Demand is not inelastic, but it has a very slow reaction time. You aren't going to stop buying gas, but you may cancel non-essential trips you'd have otherwise made (especially longer ones), and you may reduce your demand months or years down the road when you next purchase a vehicle.

I've done exactly that. I take far fewer spontaneous road trips than a decade ago, and I've already replaced one of my two vehicles with on that gets close to triple the mileage. The other is likely to be replaced with a similarly-efficient vehicle in the next year or two. At that point, my gas consumption will be less than a third of what it used to be. And yes, overall demand won't ever decrease that way because we're adding new people with new vehicles and new demand for gas all the time, but that's another story entirely.


I've been assured by top men (TOP. MEN.) that we've hit peak traffic.

Warning - extremely myopic US centric viewpoint that has his peak traffic right before the run up in oil prices and the subsequent recession.
 
2014-07-28 12:36:37 PM

Bonkthat_Again: No. The report of unrest in Libya ruined that today.


Uhhh nah.

http://www.bloomberg.com/energy/
 
2014-07-28 12:36:44 PM

busy chillin': sort of related thread jack:

My gas station now has E10 gasoline for 20 cents cheaper than regular 87. Would you save the money and use it in your car and risk it, or just pay the higher price for the straight 87 and STFU?


Ethanol does not provide as much energy as the regular gas components, so you will have to fill up sooner. You could track your mpg for that tank and see if it's worth it.
 
2014-07-28 12:37:31 PM

Lord Dimwit: The demand for gasoline is pretty much inelastic.


Your Fark handle says it all.  Where did you get your economics degree?  Hollywood Upstairs School of Business?
 
2014-07-28 12:38:13 PM

gweilo8888: Yeah, not so much Subby. If you'd said "past three weeks", you'd have been right. In the last week, my gas prices have come down three cents. (And they actually rose slightly today.)

[img.fark.net image 670x325]
Also, even if they'd come down nine cents in a week, that would only be a 2.6% drop. Hardly cause for a party, given that we're near record highs.[img.fark.net image 670x325]

Even accounting for inflation, the cost of gas is up ~75% from 15 years ago. In dollar terms, it's up more like 140%.


yesterday, here in maryville...it was 3.16 at weigles
 
2014-07-28 12:38:39 PM

PunGent: iron_city_ap: itsatrap.jpg

What does an ancient Persian governor have to do with anything?


img.fark.net
 
2014-07-28 12:38:46 PM
No it won't.  The same thing will happen like it always does.  The people we depend on for oil will drop production.  This will cause the price to stabalize again.
And then when it starts going up again, we will go and beg OPEC to drop the price.  They will (again) do what they did last time.  They will say "people are buying it, so why should we drop the price?"

Never assume that gas prices will follow any rules that have to do with fairness.
 
2014-07-28 12:39:24 PM

UsikFark: busy chillin': sort of related thread jack:

My gas station now has E10 gasoline for 20 cents cheaper than regular 87. Would you save the money and use it in your car and risk it, or just pay the higher price for the straight 87 and STFU?

Ethanol does not provide as much energy as the regular gas components, so you will have to fill up sooner. You could track your mpg for that tank and see if it's worth it.


I noticed when we bought our most recent car that they print how far you can get on a full tank of gasoline versus a full tank of E85. It was interesting information (though not useful since the vehicle we bought can't burn E85...).
 
2014-07-28 12:39:41 PM

Lord Dimwit: The demand for gasoline is pretty much inelastic. People might not do a road trip or something if gas goes up too much, but they're not going to stop driving to work, the store, the doctor's office, and school. People would still buy gas if it went up to $10/gal, because what else are they going to do?

What the oil companies need to worry about isn't whether or not people will stop buying gas if the price goes up - they won't. What they need to worry about is whether or not people will start really caring about alternative energy sources if gas gets too expensive. There is a tipping point where people will start writing to their congressperson and talking about alternative fuels as a real possibility, and that is what Exxon is scared of.

Of course, humans being the fickle creatures that they are, all that would have to happen is for Exxon to raise the price to the point where people starting caring about alternative energy in a serious way, and then drop the price down five cents, and suddenly people would think oil is going to last forever.


Well, if people would actually purchase a vehicle based on the function they need it to serve this wouldn't effectively cut demand by 20%.  The office commuters I drive past on the highway are in SUVs.  By themselves.

Oh you have two kids?  You don't need 3 rows of seating.  You need a damned sedan or a station wagon.  And both of you do not need an SUV.

Oh you work in an office, that's nice.  Why in the hell are you driving an F250 with "V-8 Powerstroke"?  Oh, I can't borrow your truck to move furniture because you don't want to scratch the bed, that's cute.

Hell, I feel like I drive too big of a car to work just because it's a 4-door.
 
2014-07-28 12:40:24 PM

busy chillin': sort of related thread jack:

My gas station now has E10 gasoline for 20 cents cheaper than regular 87. Would you save the money and use it in your car and risk it, or just pay the higher price for the straight 87 and STFU?


Google your model or look in the manual, it'll say for sure. I've ONLY used E10 in my Hyundai Tucson for 6 years without issues. There's always someone with a story about how Ethanol gums up your engine or something stupid like that... if the manufacturer says it's fine then it's fine.
 
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