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Oil, oil everywhere!

GasBuddy Blog -- With the summer here many of us are hard-wired to believe that gasoline prices must be going up. With many American families hitting the road for the annual summer vacations, if they're fortunate to be able to take them, the increased consumer demand for gas must push prices up...

But in reality that couldn't be further from the truth. Today the national average price of gas is $3.64 per gallon, down 16 cents in the past month, and we anticipate that price to go incrementally lower, at least for the short term.

Why is retail gasoline going lower? Certainly the key factor pushing prices lower is the glut of oil. We have oil everywhere and the crude oil inventory reported earlier today at 384.7 million barrels, is at the...

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Submitted May 31, 2012 By: PD

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ManOfLeisureII Champion Author Philadelphia Posts:1,874 Points:454,750 Joined:Jan 2012	Message Posted: Jun 1, 2012 11:40:28 AM Ignore ManOfLeisureII Report Abuse Ok
jmdk721 Champion Author Missouri Posts:1,184 Points:574,580 Joined:Jul 2011	Message Posted: Jun 1, 2012 11:38:53 AM Ignore jmdk721 Report Abuse ok
checkum Champion Author St. Louis Posts:7,596 Points:1,474,365 Joined:Jan 2008	Message Posted: Jun 1, 2012 11:36:24 AM Ignore checkum Report Abuse for those of us that don't have a wallet full of cash, "Why aren't gas prices below $3 dollars a gallon???"
svspyda Champion Author San Jose Posts:1,671 Points:339,920 Joined:May 2012	Message Posted: Jun 1, 2012 11:33:50 AM Ignore svspyda Report Abuse ok
briinnc Champion Author North Carolina Posts:2,705 Points:834,820 Joined:Jan 2010	Message Posted: Jun 1, 2012 11:33:46 AM Ignore briinnc Report Abuse But not so much refined gas
tomklo Champion Author Fort Worth Posts:2,447 Points:2,594,745 Joined:Jul 2002	Message Posted: Jun 1, 2012 11:33:03 AM Ignore tomklo Report Abuse Some people would still bitch and moan if fuel was $1 or $5
cableman31 Champion Author New York Posts:8,833 Points:2,016,800 Joined:May 2004	Message Posted: Jun 1, 2012 11:32:20 AM Ignore cableman31 Report Abuse True there is oil most everywhere and those fat assed grubby SPECULATORS got their slimey hands on it before it comes out of the ground.
joezIN Champion Author Gary Posts:1,663 Points:331,810 Joined:May 2011	Message Posted: Jun 1, 2012 11:32:12 AM Ignore joezIN Report Abuse still way too high
firechief Champion Author New York Posts:3,441 Points:2,066,150 Joined:Mar 2004	Message Posted: Jun 1, 2012 11:31:06 AM Ignore firechief Report Abuse and not a drop to drink lol
mageetp Champion Author British Columbia Posts:3,210 Points:625,960 Joined:Aug 2011	Message Posted: Jun 1, 2012 11:30:45 AM Ignore mageetp Report Abuse No help here.
OldMan322 Champion Author Illinois Posts:5,155 Points:1,594,740 Joined:Jul 2008	Message Posted: Jun 1, 2012 11:30:04 AM Ignore OldMan322 Report Abuse "MN1" Yes, its great
gvan Champion Author Chicago Posts:21,533 Points:2,836,290 Joined:Dec 2004	Message Posted: Jun 1, 2012 11:28:47 AM Ignore gvan Report Abuse "Drill baby Drill!" While increased oil and gas drilling in the United States may create good-paying jobs, reduce reliance on foreign oil and lower the trade deficit, it will have hardly any impact on gas and oil prices. That's because the amount of extra oil that could be produced from more drilling in this country is tiny compared to what the world consumes. Plus, any extra oil the country did produce would likely be quickly offset by a cut in OPEC production.
carlm5 Sophomore Author Washington Posts:230 Points:142,705 Joined:Feb 2011	Message Posted: Jun 1, 2012 11:26:29 AM Ignore carlm5 Report Abuse They have not seen WA state. Price have been increasing constantly. Except for diesel, which is good
MN1 Champion Author Twin Cities Posts:3,359 Points:650,590 Joined:Jun 2011	Message Posted: Jun 1, 2012 11:24:22 AM Ignore MN1 Report Abuse Oil everywhere and prices at the pump are through the roof... Big Oil & and speculators, what a combo, gotta love 'em.
WebGabe Champion Author Pennsylvania Posts:2,369 Points:496,620 Joined:Jun 2007	Message Posted: Jun 1, 2012 11:22:39 AM Ignore WebGabe Report Abuse Ok.
SUPERQUACK Champion Author Sacramento Posts:6,121 Points:1,910,855 Joined:Jun 2007	Message Posted: Jun 1, 2012 11:22:14 AM Ignore SUPERQUACK Report Abuse YES .... 2 CENTS IS NOTHING
myambro Champion Author Sacramento Posts:3,204 Points:1,052,925 Joined:Mar 2005	Message Posted: Jun 1, 2012 11:21:26 AM Ignore myambro Report Abuse 2 cents a gallon doesn't even buy half a soda at the mini-mart - not even 1/2 a refill.
bbthegun Champion Author San Diego Posts:5,983 Points:1,681,190 Joined:Sep 2006	Message Posted: Jun 1, 2012 11:21:00 AM Ignore bbthegun Report Abuse Good! Although we shouldn't rest until we receive no more overseas oil and fix our dollar which has taken a major crap with Obummer's glut of Euro-Sosh spending.
pecos Champion Author Columbus Posts:7,725 Points:2,112,285 Joined:Jul 2005	Message Posted: Jun 1, 2012 11:20:52 AM Ignore pecos Report Abuse Yet gas prices stay sky high.
dlr17 Champion Author Twin Cities Posts:7,922 Points:1,452,550 Joined:Aug 2003	Message Posted: Jun 1, 2012 11:19:43 AM Ignore dlr17 Report Abuse Big Oil will somehow twist this and use it to raise prices.
rd2000 Champion Author Florida Posts:3,571 Points:686,995 Joined:Jul 2007	Message Posted: Jun 1, 2012 11:18:00 AM Ignore rd2000 Report Abuse this can only be good
REVLAW Champion Author San Antonio Posts:10,435 Points:2,006,495 Joined:Jul 2007	Message Posted: Jun 1, 2012 11:17:52 AM Ignore REVLAW Report Abuse So the "Yarber Principle of Economics" is alive and well.
bobsalwaysmt Champion Author Long Island Posts:4,655 Points:265,590 Joined:Oct 2007	Message Posted: Jun 1, 2012 11:17:15 AM Ignore bobsalwaysmt Report Abuse Oil & Gasoline should both be ALOT lower.
ramshot412 Champion Author Riverside Posts:20,148 Points:2,465,635 Joined:Apr 2004	Message Posted: Jun 1, 2012 11:16:29 AM Ignore ramshot412 Report Abuse Dropped another 2 cents a gallon today, around here.
Jamer Champion Author Las Vegas Posts:8,759 Points:1,636,260 Joined:Jul 2002	Message Posted: Jun 1, 2012 11:15:27 AM Ignore Jamer Report Abuse Not very many people can afford to take a trip this summer.
LJGP_MO95 Champion Author Missouri Posts:1,753 Points:478,980 Joined:Jun 2005	Message Posted: Jun 1, 2012 11:15:23 AM Ignore LJGP_MO95 Report Abuse ...and yet the price is basically stagnate.
Tsalagiman Sophomore Author Atlanta Posts:123 Points:143,810 Joined:May 2009	Message Posted: Jun 1, 2012 11:13:48 AM Ignore Tsalagiman Report Abuse Gas prices in the Cartersville, GA area are climbing again, no doubt ahead of the summer vacation traffic. Prices always rise BEFORE a major holiday or summer, not during when the demand is actually there. The old "charge as much as the traffic will stand" is still true.
gasper Champion Author Edmonton Posts:4,488 Points:1,368,495 Joined:Mar 2002	Message Posted: Jun 1, 2012 11:12:02 AM Ignore gasper Report Abuse Keep refineries open and start refining oil into fuels and much needed by products. I say students need jobs and summer brings tourism up and helps students pay down their loans so I sure hope that gasoline goes down so that will create must needed jobs for students.
mlinder Sophomore Author Dayton Posts:144 Points:11,630 Joined:May 2008	Message Posted: Jun 1, 2012 11:09:19 AM Ignore mlinder Report Abuse Wait till OPEC does a massive production cut, be ready it will happen! If gas goes lower we can repeat 2008 where people for most part did nothing and look what happened. I for one will never buy another new vehicle unless it gets over 40-45MPG!
Jeepmon All-Star Author San Jose Posts:941 Points:1,313,250 Joined:Jul 2006	Message Posted: Jun 1, 2012 11:08:11 AM Ignore Jeepmon Report Abuse Wholesale gas is falling like a rock.. pump gas isnt..
NanookAK Champion Author Anchorage Posts:7,253 Points:1,441,015 Joined:Nov 2007	Message Posted: Jun 1, 2012 11:06:59 AM Ignore NanookAK Report Abuse We are still in a depression. Wait until November.
032946 Champion Author Twin Cities Posts:19,860 Points:4,044,045 Joined:Oct 2001	Message Posted: Jun 1, 2012 11:06:21 AM Ignore 032946 Report Abuse See My Yesterdays Post
Bud122CA Champion Author California Posts:7,466 Points:1,605,850 Joined:Jul 2008	Message Posted: Jun 1, 2012 11:05:51 AM Ignore Bud122CA Report Abuse I bet travel is down. People can't afford extras right now.
wang91554 Champion Author San Jose Posts:3,165 Points:1,200,830 Joined:May 2009	Message Posted: Jun 1, 2012 11:02:48 AM Ignore wang91554 Report Abuse need it refined
bowler360 Champion Author Illinois Posts:1,975 Points:499,775 Joined:Jun 2011	Message Posted: Jun 1, 2012 11:01:50 AM Ignore bowler360 Report Abuse Keep pumping boys!
lesabreAZ Champion Author Phoenix Posts:1,691 Points:412,455 Joined:Nov 2011	Message Posted: Jun 1, 2012 11:01:45 AM Ignore lesabreAZ Report Abuse Crude is down 20%, gas down 5%
kuma2000 Champion Author Honolulu Posts:3,223 Points:674,150 Joined:Jun 2011	Message Posted: Jun 1, 2012 11:01:32 AM Ignore kuma2000 Report Abuse $3.64 per gallon ; cheapest price here is $4.269 per gallon.
TRAIN RIDER Champion Author San Bernardino Posts:9,082 Points:2,757,820 Joined:Oct 2004	Message Posted: Jun 1, 2012 11:00:22 AM Ignore TRAIN RIDER Report Abuse The glut of oil but the refineries are shutting down so they keep the supply of gas tight and keep the prices up.
saleboss Champion Author Phoenix Posts:3,929 Points:1,177,875 Joined:Feb 2006	Message Posted: Jun 1, 2012 10:58:37 AM Ignore saleboss Report Abuse This was yesterday's article - why is up here again?
cosmickid2012 Sophomore Author Connecticut Posts:113 Points:295,695 Joined:Feb 2012	Message Posted: Jun 1, 2012 10:56:49 AM Ignore cosmickid2012 Report Abuse It should be a lot lower with the weak economy and lack of demand
BrucePen Champion Author Ontario Posts:6,601 Points:1,361,840 Joined:Sep 2008	Message Posted: Jun 1, 2012 10:56:28 AM Ignore BrucePen Report Abuse Drill baby Drill!
GAS1251 Champion Author Texas Posts:5,148 Points:1,626,230 Joined:Jun 2008	Message Posted: Jun 1, 2012 10:55:58 AM Ignore GAS1251 Report Abuse Should be lower
rippinusoff Champion Author Lexington Posts:7,403 Points:1,487,775 Joined:May 2007	Message Posted: Jun 1, 2012 10:55:19 AM Ignore rippinusoff Report Abuse we know this
SUSANCK Champion Author Chicago Posts:3,642 Points:708,455 Joined:Apr 2011	Message Posted: Jun 1, 2012 10:54:48 AM Ignore SUSANCK Report Abuse No.
CapriceWagon All-Star Author Washington Posts:939 Points:479,070 Joined:Feb 2008	Message Posted: Jun 1, 2012 10:53:47 AM Ignore CapriceWagon Report Abuse Forgive me for not getting excited, but the price at the pump here is only down 2 cents from our record in 2008
fenster66 Champion Author Pittsburgh Posts:3,350 Points:674,090 Joined:May 2011	Message Posted: Jun 1, 2012 10:53:43 AM Ignore fenster66 Report Abuse interesting..
bcfuelsaver Champion Author Vancouver Posts:1,623 Points:246,270 Joined:Jul 2011	Message Posted: Jun 1, 2012 10:53:12 AM Ignore bcfuelsaver Report Abuse oil is 83.01 a barrel, a drop of 15.00 and still gas prices are staying the same or going higher.... this is purely gas gouging!!
Car54BC08 Champion Author British Columbia Posts:4,254 Points:1,510,340 Joined:Jun 2008	Message Posted: Jun 1, 2012 10:52:33 AM Ignore Car54BC08 Report Abuse The demand and barrel are both down and so should the price at the pumps
Martillo Champion Author Dallas Posts:1,599 Points:730,135 Joined:Nov 2008	Message Posted: Jun 1, 2012 10:52:31 AM Ignore Martillo Report Abuse Good news!
JENNYHK Champion Author Chicago Posts:3,641 Points:713,545 Joined:Apr 2011	Message Posted: Jun 1, 2012 10:51:45 AM Ignore JENNYHK Report Abuse ok.
5Golfer8 Champion Author Tucson Posts:2,143 Points:301,625 Joined:Jun 2011	Message Posted: Jun 1, 2012 10:50:13 AM Ignore 5Golfer8 Report Abuse Yeah if you do not refine it you create an artificial shortage and keep prices high. Gas is still three times what it should cost.
sciotosix Champion Author Dayton Posts:2,749 Points:666,125 Joined:Apr 2011	Message Posted: Jun 1, 2012 10:50:07 AM Ignore sciotosix Report Abuse Where are the lower gas prices?