What is up with diesel prices?

[belfert]

I noticed on my drive home that diesel prices skyrocketed overnight!  One station went from $2.95 to $3.09.  The next station was at $3.19 and they were also at $2.95 yesterday.

At this rate we'll be paying $7.00 in a year or two if the economy turns around a bit.

[white-eagle]

all of them are gradually working there way up into our minds and our pockets. they've got me so i'm happy to pay $2.50 now! .  our last fill was$2.89 at a citgo with pilot at $3.19 across the way. geesh.

[belfert]

The most I've ever paid for diesel for the bus was just over $4 around labor day 2008.  4 weeks later the price was down to somewhat under $4.

Last year it cost us each $300 for trip in the bus with quite a few people.  This year it will probably cost $400 to $500 each the way things are going.  We may have to start going every other year to save money.

[billy6941]

We already pay $3.81 and we live 25 miles from th refinery!!!!!

[PP]

Hey Billy, Welcome to the board  . What type of bus do you have and where do you hail from? And if you don't have a bus yet, what type is in your future? LOL Today 3.81 sounds high, tomorrow we wish we had filled the tanks when we're looking at 5.00 and more.
Will

[Len Silva]

In a way, increasing fuel prices might be a good thing.  The only thing driving oil prices up today is speculation, not demand, not capacity.
The good part of that is that the speculators must believe that the economy will improve and demand will increase.  Hope they are right.

[belfert]

In a way, increasing fuel prices might be a good thing.  The only thing driving oil prices up today is speculation, not demand, not capacity.
The good part of that is that the speculators must believe that the economy will improve and demand will increase.  Hope they are right.

How much is the economy really going to improve if oil and thus fuel prices go through the roof and end up at $4 or $5 a gallon (or more) for gas and more for diesel?

We already know from experience that a lot of drivers pretty much stay home when fuel is $4 to $5 a gallon.  People don't go to festivals, don't go on vacation, don't shop, and don't go to movies and restaurants when fuel prices are high.

[Len Silva]

I didn't mean that high oil prices are a good thing, only that the speculators seem to think improvement is coming.  Personally, I think commodity speculation should be outlawed.

[RickB]

There was talk awhile back that they were going to limit oil speculation only to traders that had storage facilities but when oil lobbyists started hearing that talk seriously being considered they did two things. They "allowed" oil to adjust itself back down to what supply was really demanding but holiday weekends and summer overwhelm their self preservation tact and all "bets" are off.
Len,
These guys were proven wrong over 90% of the time over the last 4 years. Did Nigeria have another coup? No
Did the 2009 hurricane predictions even remotely meet oil speculators bets? Nope
Did Russia and China come online with the 20-25% increase in damand Nah they missed it there by a whopping 94% but that didn't stop them from running up oil prices with their so called knowledge based predictions and projections.
The three most disturbing facts of the "oil" runup are:

1. Even speculators say it has nothing to do with actual supply and demand anymore
2. The hedge funds that trade these commodities are almost completely funded by our own 401 k's and pension funds
So, that means they are using our money to bet against us with the idea that we are gonna be too stupid to know what they are doing and then they are sticking it to us again at the pump all the while giving out billions in bonuses to themselves.
Welcome to the "new" capitalism.
3. They have identified the Connecticut based group and the individual responsible for feeding our media false information to create little "scares" that result in our little hedge fund managers running to oil that they have no way to store and they give this guy awards as a great business man.

Nice work guys.

One of these days people are gonna figure out what these folks are doing and I have a feeling they're gonna be angry.

But not as long as they keep us arguing that this is or isn't capitalism.

My revenge is gonna be a life better lived, by being a better dad and husband and friend than these folks could ever dream of being.

Please don't misread my rant as anything against the blog or it's inhabitants. I kinda like being poor and in search of a 3 cent difference in diesel with y'all. It beats being like the folks on Wall Street. Hell, they patented over 10,000 of our genes while we weren't looking. There is a 75% chance that they "own" your cancer if you're unlucky enough to have it.
Where did common sense and decency go friends?

Rick

[cody]

Diesel hit 3.09 here yesterday, I got my ribs untaped yesterday in time to find out i can't afford to celebrate lol. The fine folks up here are saying that if we're really lucky it may hit 4 by the end of the month, oh joy, oh happiness, oh crap.

[billy6941]

We are new to the board. We currently own 1957 PD-4104-2476. We live in Soldotna, Alaska. I hail from Western NC, originally, but have been in Alaska 40 years. I drive for a tour company in Anchorage and plan on this year and then to completely retire next year. I worked 32 and 1/2 years controlling air traffic. May be looking for a newer coach this fall..Bill

[Chopper Scott]

If I was concerned about fuel prices I sure wouldn't have bought a bus!!!

[belfert]

If I was concerned about fuel prices I sure wouldn't have bought a bus!!!

Fuel prices were a fair bit lower when I bought my bus in 2006.  Nobody was predicting diesel hitting almost $5 a gallon two years later.

I can afford to travel at $3.09 a gallon.  I'm more concerned about the future in another year or two when potentially $5 a gallon could seem cheap.

[cody]

I think it was my fault, I bought my bus in 2002 and on the way home the increases started, I'll take the blame.

[DaveG]

I think it was my fault, I bought my bus in 2002 and on the way home the increases started, I'll take the blame.

Really....how's about starting with a refund for us po folk?