Sunday, September 14, 2008

The Ike Spike - Shame on EXXON - 9-14-08

I interrupt this hockey blog to get angry at something I was witness to today. Gas gouging. Or so it seems. But I'd like to understand why the EXXON stations (you know the guys who made billions of dollars in profits) seem to have made the bold move of increasing their gas prices to about $4.09 a gallon for regular while other gas stations have only increased their prices by about .05 a gallon to about $3.79.

I actually bought gas at HESS for $3.69.9 a gallon ON CREDIT. No difference between cash or credit. So please explain to me why there is a 50 cent per gallon spike? Last I heard Texas was only responsible for about 10% of the production. So if only 10% could be effected by Hurricane Ike, how can they in clear conscious raise the price by 50 cents in one day?

Disgusting isn't it? I think so.


Anonymous said...

They raise the price because they can, Dee. Our gas prices in Indy are around $4.199 today, even though the price of a barrel of oil is under $100.

Tom Liodice said...

Since I work in the oil/gas'd think I can give you a reasonable I'll do my best...

There was a spike in the RBOB gasoline contract on the NYMEX exchange around Friday-Saturday in the wake of Ike approaching the gulf coast, hence, stations felt the need to raise the prices expontentionally in some areas. It has varied from city to city, and station to station, so it's a bit nutso.

Right now, the gasoline contract on the markets have plunged on the mercantile exchange by about 18-20 I wouldn't be surprised if gasoline prices would go down soon, because its the lowest the contract has been since I started :)

Hope you can figure out what the hell I'm talking about! LOL but that's my reasoning :)

Christopher Logan said...

We need to drill for our own oil and start using more nuclear energy. Like France who gets almost 80% of their electricity from nuclear plants. Also we can never truly fight Islamofascism until we confront the Saudis.