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Even as oil drops, gas prices rise

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WILMINGTON, NC (WWAY) -- Even as oil prices drop, Gas prices continue to climb. The national average is now $3.97 a gallon for regular unleaded. In many places across the country the price has already passed four dollars.

Here in our area it's getting close.

"It's terrible," retiree Celia Ferrier said as she filled up in Wilmington. "I filled up today and am just glad I don't have to drive very much. People that work, I have a daughter in California that drives an hour each way to work, so for working people it's terrible. Something should be done.

The US summer driving season from late May to early September is often a period of peak oil and gas demand, where we are likely to see the highest prices.

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You all really need to do a

You all really need to do a little homework before you post stuff like this.

The current price of gas is based upon the price of oil futures that were purchased in the past. For instance if a gas company bought their oil futures at $115.00 per barrel back in April, then the price of gas will be based on the price of those futures when exercised,

The current oil price that most people track are Brent Oil Futures for JUNE Delivery not the current price of oil.

If we really want to bring down the cost of gas, Americans need to demand that the EPA relax is current moratorium on the building of new refineries. With an extremely limited number of refineries the output is limited and the gas companies can charge more as demand for a limited product goes up.

You are way too smart for us

You are way too smart for us common folks that only see that gas prices are rising everyday. Thanks for talking down to everyone. DIP!!!

In addition....

This is the time of year that the refineries start changing over to the 52 different "blends" as required by the various state mandates. As a result, more changeovers means more downtime which results in a loss of economies of scale.

Also, don't forget that NC has the highest state gas tax at 29.95 cents/gal.

Here's the other SE states per gallon:
WV: 27 cents
VA: 18.1 cents
KY: 21 cents
TN: 21.4 cents (and no State income tax!!)
SC: 16.75 cents
AL: 18 cents

is it a one way street?

I'm not arguing against your point, I'm really asking. If today's price is based upon the price of the futures purchased in the past, why will the price spike immediately to an event or disaster? The answer I always heard was the gas stations need to start collecting money to pay for that next more expensive shipment. Shouldn't the next few shipments be normal prices since the futures were purchased a time back before the disaster/event happened?

It definitely seems like a one way street where prices are quick to rise, but take a long time to fall back when all indications in the market point that way.

What should be done?

Inquiring minds want to know.

I can not believe you, of all people

asked the rhetorical question. I wonder how many will read this and wonder what rhetorical is. Answer -- it is not the full first name for Rhett Butler.

1. Cut out the free cell phones.

2. Limit Section 8 housing to 12 months unless the recipient is permanently disabled.

3. Limit Food Stamps to 12 months unless the recipient is permanently disabled. Eliminate Food Stamps for any recipient who uses them to purchase smokes or alcohol.

4. Eliminate Medicaid for all illegal immigrants or aliens.

5. No bennies, of any type, for baby machines who have babies without the benefit of an identifiable Father or husband. IN fact, eliminate entitlements with the third pregnancy.

6. Eliminate Medicaid benefits after 12 months for those physically able to work who choose not to.

7. Require ALL entitlement recipients, other than those physically disabled, to perform 40 hours per week of public service. Be a school bus monitor; work in the school cafeteria; help maintain school and public building grounds. Oh, no paid vacation or sick leave or paid holidays.

8. If your underage child is a thug wannabe and a threat or disturbance in school or works the streets as a Dealer and is convicted, the Parents immediately lose all entitlements.

There's a 8 Point Plan.

Uh....Tom.....

I was asking in response to the woman in the story who said that "something should be done" about high gasoline prices.

I was setting an ambush for liberal nutjobs to get in and start talking about nationalization of the oil companies, price controls, etc.

Now I have to go hunting somewhere else....

(BTW, in regard to #4, it should be shortened to read simply, "Eliminate Medicaid.")

Common

eliminate Medicaid all together and the state might have a balanced bydget annually. Of course there's still $2.4 Billion in borrowed funds which the state owes the Feds. Most liberals will forget the borrowing by Mike & Bev to keep Medicaid afloat. When the teachers have to pony up for health care, let them wail at Bev for all of that indiscriminate borrowing.

Look to Washington

the dollar is weakened, internationally, by all the Federal Government borrowing. Takes more dollars.

Watch what happens in mid May when the Federal deficit ceiling is hit and the free spending democrats can not print any more money.

You have not seen anything.

I think you're wrong about

I think you're wrong about your mid May prediction, at least I hope you are but we'll wait and see.

Back it up

back up your position with fact.

Right now, the Feds are wheeling & dealing; moving funds from one department to another to keep all government agencies afloat.

Heck, watch the media or read the paper. Speaker of the House, this week, confirmed the House will not approve any increase in the national debt unless there is a corresponding reduction in government spending. Barrack & the Senate Democrats are not yet taking him seriously.

The wheeling & dealing, the smoke & mirrors are temporary illusions.

They buy a little time. But that's all, a temporary postponement.

In the absence of an increase in the debt ceiling, the Federal Government will come to a screaching halt.

Did you not see how close it came 2 weeks ago?

& NC is not far behind if her Majesty does not get serious and listen to both houses of the Legislature.