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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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honda0105 Champion Author Tallahassee Posts:18,610 Points:1,608,545 Joined:Nov 2008	Message Posted: Jun 3, 2012 7:06:46 AM Ignore honda0105 Report Abuse with India and China's economies slowing down, there's less oil needed, so the markets are flooded w/ oil.
1006 Champion Author Birmingham Posts:1,105 Points:1,354,315 Joined:Apr 2008	Message Posted: Jun 2, 2012 7:38:57 AM Ignore 1006 Report Abuse is that right,
skybiker Champion Author South Carolina Posts:7,292 Points:1,559,415 Joined:Jul 2008	Message Posted: Jun 1, 2012 10:14:11 PM Ignore skybiker Report Abuse Price of crude today is $2 a gallon...Why is gas so high?
BurtB Champion Author Los Angeles Posts:5,164 Points:1,366,090 Joined:Jun 2006	Message Posted: Jun 1, 2012 8:18:54 PM Ignore BurtB Report Abuse Dropping slowly in so.Cal. The speculators are driving the price down. They think world economic activity is gonna slow in the next 3-6 months. Seems to be directly related to EU out of control spending, Greece unable to pay their debt, and Spanish banks starting to trend toward a Greek bailout type agreement. US unemployment going from 8.1 to 8.2% does not help for a world hoping for economic growth. [Edited by: BurtB at 6/1/2012 9:18:57 PM EST]
regasaz Champion Author Phoenix Posts:5,775 Points:1,280,880 Joined:Dec 2006	Message Posted: Jun 1, 2012 6:12:15 PM Ignore regasaz Report Abuse So why are we getting all of these repeated/old articles all of a sudden?
CivicMA Champion Author Boston Posts:1,892 Points:535,095 Joined:Jun 2011	Message Posted: Jun 1, 2012 2:39:49 PM Ignore CivicMA Report Abuse They need to go a LOT lower before I'll consider it "low".
DeeLA Champion Author Los Angeles Posts:4,813 Points:1,364,355 Joined:Nov 2008	Message Posted: Jun 1, 2012 1:27:41 PM Ignore DeeLA Report Abuse I hope it keeps going down for quite awhile.
rodzilla123 Champion Author San Diego Posts:4,395 Points:1,033,390 Joined:Jul 2008	Message Posted: Jun 1, 2012 1:21:42 PM Ignore rodzilla123 Report Abuse Yep!!!
F81M Champion Author Indiana Posts:1,494 Points:786,160 Joined:Aug 2008	Message Posted: Jun 1, 2012 1:21:14 PM Ignore F81M Report Abuse Crude oil is now down below $83.00 so maybe gas will keep going down.
DozenSpeed Champion Author St. Louis Posts:1,293 Points:391,550 Joined:Sep 2011	Message Posted: Jun 1, 2012 1:21:11 PM Ignore DozenSpeed Report Abuse Blah Blah Blah
Barfood Champion Author St. Louis Posts:3,296 Points:1,016,705 Joined:Jun 2009	Message Posted: Jun 1, 2012 1:19:55 PM Ignore Barfood Report Abuse None in my backyard :(
Beboper Champion Author Virginia Posts:8,722 Points:2,162,815 Joined:Oct 2005	Message Posted: Jun 1, 2012 1:18:53 PM Ignore Beboper Report Abuse old news
BigBob12345 Champion Author Gasbuddy Posts:1,521 Points:304,730 Joined:Aug 2011	Message Posted: Jun 1, 2012 1:15:35 PM Ignore BigBob12345 Report Abuse old news
BeaconLite Champion Author Ottawa Posts:1,937 Points:369,275 Joined:Sep 2009	Message Posted: Jun 1, 2012 1:15:18 PM Ignore BeaconLite Report Abuse Who says we have an oil shortage.
CorvairHaven Champion Author Cleveland Posts:4,349 Points:1,452,965 Joined:Sep 2008	Message Posted: Jun 1, 2012 1:15:02 PM Ignore CorvairHaven Report Abuse "I would be happy to pay the Nat. average, lower would be better " Then don't vote for Obama.
dieselme2011 Champion Author Vancouver Posts:2,594 Points:602,840 Joined:Mar 2011	Message Posted: Jun 1, 2012 1:14:28 PM Ignore dieselme2011 Report Abuse Still a $1.47 a litre here this morning, thats $5.35 a US gallon
Teddy95 Champion Author Dayton Posts:41,145 Points:2,696,125 Joined:Oct 2005	Message Posted: Jun 1, 2012 1:12:57 PM Ignore Teddy95 Report Abuse Hmmm...
19sheldon43 Champion Author Los Angeles Posts:3,979 Points:843,010 Joined:Jul 2009	Message Posted: Jun 1, 2012 1:12:08 PM Ignore 19sheldon43 Report Abuse As of today NO change in my corner station's price $4.14 for reg. I would be happy to pay the Nat. average, lower would be better
velomac Rookie Author Greensboro Posts:45 Points:1,311,605 Joined:Nov 2008	Message Posted: Jun 1, 2012 1:11:38 PM Ignore velomac Report Abuse "GasBuddy Blog -- With the summer here…" Check your calendar - summer begins on June 20. Not June 1. Not Memorial day. And summer ends on September 22. Not Labor day.
naiiawah Champion Author Boise Posts:2,390 Points:689,100 Joined:Mar 2011	Message Posted: Jun 1, 2012 1:11:29 PM Ignore naiiawah Report Abuse Not at any of the pumps around here!
Ripstor Sophomore Author Indiana Posts:108 Points:13,835 Joined:Apr 2008	Message Posted: Jun 1, 2012 1:09:37 PM Ignore Ripstor Report Abuse Dropping slowly here in Indiana. Hope it keeps it up. [Edited by: Ripstor at 6/1/2012 2:08:58 PM EST]
Feud Champion Author Ontario Posts:2,081 Points:306,265 Joined:Feb 2007	Message Posted: Jun 1, 2012 1:08:35 PM Ignore Feud Report Abuse I'm hoping the price of gas drops too.
Rigel Rookie Author Bakersfield Posts:5 Points:325 Joined:Jun 2012	Message Posted: Jun 1, 2012 1:08:00 PM Ignore Rigel Report Abuse Nice that gas prices are declining. Will probably be short lived. The future is a blinding mirage as far as when the U.S. will achieve oil independence. Hopefully it will occur in our lifetime.
CatMan623 Champion Author Houston Posts:16,362 Points:2,343,795 Joined:Aug 2006	Message Posted: Jun 1, 2012 1:07:39 PM Ignore CatMan623 Report Abuse The price of oil and the Dow have been tracking each other pretty well for the last few years. No economic confidence = lower stock prices = lower oil prices.
dynamouse Champion Author Michigan Posts:4,503 Points:1,749,850 Joined:Dec 2006	Message Posted: Jun 1, 2012 1:07:25 PM Ignore dynamouse Report Abuse drill,drill drill get obama out
TFowler513 Champion Author Memphis Posts:3,824 Points:1,413,110 Joined:Mar 2008	Message Posted: Jun 1, 2012 1:05:16 PM Ignore TFowler513 Report Abuse It is an election year. The administration is pulling out all the stops to prop up all the smoke and mirrors.
carrollcreek Champion Author Minnesota Posts:3,107 Points:874,720 Joined:Jun 2008	Message Posted: Jun 1, 2012 1:05:02 PM Ignore carrollcreek Report Abuse The economy is still in trouble. You can have all the economist in the world saying the world is getting out of it's slump, but the facts are the facts, and many small businesses would tell you that the money is still not flowing out of peoples pockets.
underbird10 Sophomore Author Atlanta Posts:166 Points:21,075 Joined:Jan 2009	Message Posted: Jun 1, 2012 1:00:36 PM Ignore underbird10 Report Abuse Well, well... Supply/demand huh? Another lie exposed. Oil down 25% in the last 6 weeks, gas down 6%. Still getting ripped-off. Notice that every one of these "things couldn't be better for the consumer" posts have one thing in common. Every single one of them puts that "for now" caveat in their predictions. As soon as another excuse can be created, we'll be right back at $4. Oil company monopolies, collusion, price-fixing, refinery utilization rates below anytime in the last 20 years.... these are the real-world facts behind prices.
Jmac2008 Champion Author Missouri Posts:2,274 Points:881,140 Joined:Dec 2008	Message Posted: Jun 1, 2012 12:59:48 PM Ignore Jmac2008 Report Abuse and it is not getting refined so the gas prices stay high.
Tehbob Champion Author California Posts:2,291 Points:456,630 Joined:Jan 2012	Message Posted: Jun 1, 2012 12:59:14 PM Ignore Tehbob Report Abuse according to many Repubs "we have Obama to thank for this".
rick_evans Champion Author Boston Posts:3,720 Points:1,032,755 Joined:Aug 2005	Message Posted: Jun 1, 2012 12:58:46 PM Ignore rick_evans Report Abuse "But in reality that couldn't be further from the truth. " Nonsense. The run-up happened early. -$0.16 is a mild correction. And, we still have Independence and Labor days.
JXQW Champion Author Kansas City Posts:2,787 Points:683,425 Joined:Jul 2008	Message Posted: Jun 1, 2012 12:57:49 PM Ignore JXQW Report Abuse That is only when we can have a vacation.
ARCO Champion Author Pittsburgh Posts:2,343 Points:2,376,395 Joined:Sep 2005	Message Posted: Jun 1, 2012 12:57:18 PM Ignore ARCO Report Abuse HOW TRUE
Road-Runner Champion Author Denver Posts:7,046 Points:1,905,165 Joined:May 2004	Message Posted: Jun 1, 2012 12:53:47 PM Ignore Road-Runner Report Abuse Right. Oil oil everywhere, but not a drop...that's affordable!
OaklandInvaders Champion Author San Jose Posts:2,346 Points:567,580 Joined:Jul 2011	Message Posted: Jun 1, 2012 12:52:59 PM Ignore OaklandInvaders Report Abuse ok, gas gas everywhere!!;)
deaconjones Champion Author Cleveland Posts:2,129 Points:318,705 Joined:May 2006	Message Posted: Jun 1, 2012 12:51:15 PM Ignore deaconjones Report Abuse keep on glutting......
OnEmptyMO Champion Author St. Louis Posts:4,986 Points:1,487,640 Joined:Mar 2008	Message Posted: Jun 1, 2012 12:48:56 PM Ignore OnEmptyMO Report Abuse We have always had a "glut" of oil.
LostToo Champion Author Illinois Posts:4,392 Points:975,315 Joined:May 2009	Message Posted: Jun 1, 2012 12:48:49 PM Ignore LostToo Report Abuse Same Same...
NashGas Champion Author Nashville Posts:3,089 Points:663,930 Joined:Dec 2009	Message Posted: Jun 1, 2012 12:46:21 PM Ignore NashGas Report Abuse Cool!
nigelb Champion Author Virginia Posts:8,454 Points:1,390,780 Joined:Feb 2008	Message Posted: Jun 1, 2012 12:46:04 PM Ignore nigelb Report Abuse Yesterdays blog.
jalan25 Champion Author Indianapolis Posts:2,335 Points:569,970 Joined:Sep 2011	Message Posted: Jun 1, 2012 12:42:44 PM Ignore jalan25 Report Abuse As fuel hits the May changeover for summer blend, I have every faith prices will go back to rising again
divebomber Champion Author Nebraska Posts:6,073 Points:1,811,300 Joined:Jun 2007	Message Posted: Jun 1, 2012 12:41:49 PM Ignore divebomber Report Abuse YIPPEE!
Thinny1234 Rookie Author Ohio Posts:1 Points:245 Joined:Jun 2012	Message Posted: Jun 1, 2012 12:41:41 PM Ignore Thinny1234 Report Abuse $3.49 in my small town in Northwest Ohio, but one company owns all the gas stations in my county so... the price is the same wherever you go. I can't imagine what it would be like to have to live on the West Coast, paying over $4 per gallon. I don't think it has ever gone that high here.
OKRifle Champion Author Oklahoma City Posts:10,397 Points:1,809,310 Joined:Oct 2007	Message Posted: Jun 1, 2012 12:41:31 PM Ignore OKRifle Report Abuse Wow, bravo, foxtrot, delta!!!
PathTrack Champion Author Twin Cities Posts:1,202 Points:134,615 Joined:Jan 2005	Message Posted: Jun 1, 2012 12:41:07 PM Ignore PathTrack Report Abuse An oil glut... hmmm who'd have thought.
sammy518 Champion Author Austin Posts:2,589 Points:539,790 Joined:Dec 2010	Message Posted: Jun 1, 2012 12:40:03 PM Ignore sammy518 Report Abuse ok
esorsd Champion Author St. Louis Posts:5,733 Points:1,637,765 Joined:May 2005	Message Posted: Jun 1, 2012 12:39:56 PM Ignore esorsd Report Abuse Interesting.
adr47 Champion Author Saskatchewan Posts:5,667 Points:1,178,750 Joined:Nov 2008	Message Posted: Jun 1, 2012 12:38:14 PM Ignore adr47 Report Abuse ok
Thomtec Champion Author Nashville Posts:2,459 Points:607,170 Joined:May 2011	Message Posted: Jun 1, 2012 12:37:22 PM Ignore Thomtec Report Abuse We need to use LP.
unicornpmb Champion Author Buffalo Posts:8,491 Points:1,628,765 Joined:Sep 2005	Message Posted: Jun 1, 2012 12:33:48 PM Ignore unicornpmb Report Abuse What good is oil if you don't refine it into gas?