Saw yesterday that gas ’round these parts is three dollars a gallon.
Three fuckin dollars.
Remember when two bucks worth of gas would get you through a day, day and a half? Now, two bucks might not even get you to the next gas station.
I could get a gallon of Fahrenheit for three bucks a gallon.
Quick econ lesson for the unwashed–reports have circulated that gas prices will increase exponentially over the next couple of days. As a result, firms will likely supply less gasoline in the short run as they anticipate the price increase. As a result, the equilibrium price has increased.
Translation–all the folks rushing to buy gas now are contributing to price increases, assuming you buy into basic theories of market efficiency. At the same time, I can’t blame anybody. Prices would shoot up no matter what. I’m just glad I’m sittin’ on 3/4 of a tank.
Here’s what’s crazy, though. I’ve said that if gas prices keep going up, I have to move back to Atlanta pronto. My life here involves too much driving. In Atlanta, at the very least, I could drive five minutes to the train station and play it from there if I needed to go downtown. I can get a monthly on the MARTA for the price of a tank of gas, and Durham has no train system.
But our good friend Ben sent me a picture of a gas station in suburban Atlanta that showed gas prices to be $5.87/gallon. Six fuckin’ dollars? I can definitely get some Fahrenheit for that price.
Six bucks? Governor Perdue is supposed to be trying to crack down on that, but googly, man. I might be living in Durham forever.
Now, the suffering caused by high gas prices is nothing compared to having to wade through waters with critters large and small, but it’s a serious concern to a lot of people. No good affects the rest of th economy like gasoline, and this situation is gonna leave a lot of people ass out. That’s crucial, folks, even if it pales in comparison.
BTW, oil companies are reporting higher profits than ever.
At least European gas prices are so high because they tax the gas hard. I think the tax on gas in GA is about thirty-seven cents a gallon. What’s the other thirty dollars, huh? Huh?
Huh?
Either way, I’ve decided one thing–the next Bomobile will be a hybrid. Even if the thing runs like an ’85 Snapper, I’m gettin’ on it. This is just nuts.
One good thing, if you’re interested–prices on Hummers are falling. Now that it costs about ten bucks to go twenty miles, the game has changed.
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Unpopular Opinion of the Day: It’s not gonna be as bad as people think (nothing could be), and it’s not going to last forever. Also, the market is working properly.
Oil is not a public good. The price is escalating because it costs more to produce (increasing restrictions on additives, emissions, etc.), and because people are demanding more of it, not just domestically, but all over the world. Yes, oil companies are making a shitload of money. I’m not thrilled about it either, but they’re corporations – that’s what they’re SUPPOSED to do.
It’s fucked up, but gas is expensive precisely because it is so important. $3 a gallon now means that you can be reasonably sure it’s there when you need it later, rather than finding out it’s gone because people pissed it away like water when it was $1 a gallon. If that means a few less road trips or a walk to the grocery store, well so be it. I get 20 mpg on a good week, and I drive about 20 miles to work, one way. All in all, the jump from $1.50 to $3.00 costs me about $100 a month max when you figure in other driving besides to work. It sucks, and $100 a month can be an awful lot of money depending on what you got to give, but it’s not insurmountable, and it doesn’t qualify as out and out thievery. Could prices be lower? Yes, but considering how few sizable oil companies there really are, and how hard it is to get to oil in the damn ground, they could be a hell of a lot higher too.
I agree Kirk my cars not exactly the best at fuel economy(souped up mustang) so i plan on getting gas soon and gas will get rediculous in the short-run but i think after a month of rediculous prices, the fact that it will be fall will mean less gas being purchases for vacations and most Americans arent heating their houses so Oil/Gas prices will come down. Oil companies will find a way to make it cheaper, I mean if they keep it up they will suffer eventually the longer people have to “suck it up” at the pump the more it means to them when they drive somewhere. I also heard rumors that Bush was thinking about tapping into America’s supply of Oil, so one way or another this consequence of Katrina will get sorted out.
Put me down as a socialist then.
It’s obscene that gas prices would jump so high and so fast, especially when you consider that companies like ExxonMobil recently posted the largest quarterly profits ever and were subsequently given multi-billion dollar tax breaks by their man, W.
I’m buying at Citgo. Maybe Chavez’ll come through on that promise of cheap gas.
Put me down as a socialist then.
It’s obscene that gas prices would jump so high and so fast, especially when you consider that companies like ExxonMobil recently posted the largest quarterly profits ever and were subsequently given multi-billion dollar tax breaks by their man, W.
I’m buying at Citgo. Maybe Chavez’ll come through on that promise of cheap gas.
I’m wondering why the city of New Orleans offer to help evacuate their poor and disenfranchised?!? A NY Times online map showed that some of the poorest people lived next to the area where the levy was breached and I’m certain that city officials were well aware of that. They could have used city buses or chartered buses just like they’re using now. Things that make you go hmmmm….
Well at least the gas prices should open up some interstate space for the holiday weekend.
Well at least the gas prices should open up some interstate space for the holiday weekend.
Well at least the gas prices should open up some interstate space for the holiday weekend.
Well at least the gas prices should open up some interstate space for the holiday weekend.
I too have been thinking about a hybrid but thought it cost too much. But I’m with you. The next Mary (the name of my car) I get may have to be a hybrid. A dude in a Honda Insight pulled up next to me yesterday at the light and all I was thinking is “I bet he hasn’t seen a gas pump in days.”
Cologne huh? I was wondering if the cars could actually run on Golden Grain.
I get where you’re coming from Ben, but a socialist approach to oil markets wouldn’t be any better. History has shown that subsidies, regulation, and/or government control of supply rarely works the way they’re supposed to. The only way that the current situation will change is by either a massive increase in supply or a massive decrease in demand. In a weird way, it’s similar to cigarettes. When the state and federal govt’s started taxing the hell out of them, everyone said they were gonna quit, and very few did. Same thing with gas usage. It’s gonna have to get a whole lot worse if people are going to stop buying.
One side note: In California, tax on gas (state and feds combined) is somewhere around $0.80 a gallon last I saw. Not exactly European-style taxation, but not exactly a pittance either.
I get where you’re coming from Ben, but a socialist approach to oil markets wouldn’t be any better. History has shown that subsidies, regulation, and/or government control of supply rarely works the way they’re supposed to. The only way that the current situation will change is by either a massive increase in supply or a massive decrease in demand. In a weird way, it’s similar to cigarettes. When the state and federal govt’s started taxing the hell out of them, everyone said they were gonna quit, and very few did. Same thing with gas usage. It’s gonna have to get a whole lot worse if people are going to stop buying.
One side note: In California, tax on gas (state and feds combined) is somewhere around $0.80 a gallon last I saw. Not exactly European-style taxation, but not exactly a pittance either.
Tell that to the folks in Caracas who pay a whopping $0.12 a gallon.
Yeah, the rest of their lives are probably pretty much shit, but at least they don’t have fuel worries. Here a bunch of people’s lives are shit, ain’t gettin’ any better (Thanks, W; just love the stratification you got goin’) and now they can’t afford to fill up the piece.
I’ll keep high gas prices and let them have the shitty life any day.
I’ll keep high gas prices and let them have the shitty life any day.
FYI, some estimates for Venezuela, via the CIA Factbook. Even if one was to allow for suggested bias, consider the following: 17% unemployment, 47% below the poverty line, and 22% inflation. Ah, the good life!
FYI, some estimates for Venezuela, via the CIA Factbook. Even if one was to allow for suggested bias, consider the following: 17% unemployment, 47% below the poverty line, and 22% inflation. Ah, the good life!
No one’s saying that Venezuela’s a great place to live. I’m just saying they seem to have a pretty good handle on the whole “socialist” approach to gasolina.
Does this whole back and forth thing mean I need to get laid now?
I don’t know if you need to get laid or not, but don’t come asking me for no favors…
I don’t know if you need to get laid or not, but don’t come asking me for no favors…
so does this mean that ben and kirk are about to go at it?
i’ma need a large order of “pause” on aisle one, please…
anyway, kirk you are part of the fortunate minority that can scoff as they wave good bye to an extra 1200-1500/year.
many of us would like to do something other than pour into our tanks just to get to work.
so does this mean that ben and kirk are about to go at it?
i’ma need a large order of “pause” on aisle one, please…
anyway, kirk you are part of the fortunate minority that can scoff as they wave good bye to an extra 1200-1500/year.
many of us would like to do something other than pour into our tanks just to get to work.