Fuel Prices in your area?

addict3

I am curious as to what gasoline and diesel prices are around the country, and the world for that matter. Do you think lybia has that much influence with oil production as to affect a significant price increase? What is the cause of this increase, in your opnion?

Prices in my area jumped yesterday, from $2.97 to $3.10 for a gallon of regular unleaded gasoline, and diesel fuel was @ $3.50 per gallon this morning on my way to work. Any thoughts or comments?

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hellc@mst

Unleaded and Premium fuels are $2NZD per litre which equates to $6USD per gallon. Diesal is cheaper in NZ than Premium and Unleaded and normally tracks at around 3/4 the price of Unleaded( $1.50 per litre) The cost of fuel is much more expensive here because we are geographicaly isolated. Shipping costs must ultimately be absorbed by the consumer.

The American share of the Libyan fossil fuel market( which only represents a small percentage of global oil production) is very small( less than 10%) and there are still many more reliable and secure supplies from other oil producing countries. How the crisis in Libya translates into disproportionate fuel price increases here in NZ, the US and the rest of the world is a mystery to me.

I only have a laymans understanding of global economics. At a guess i can see how the Libyan crisis can motivate speculative energy markets to stockpile the available oil from secure sources( North Sea, Gulf of Mexico, Middle East) in anticipation of a much larger energy crisis. The increased competition for the remaining, available supply drives up the barrel prices which are inevitably reflected at the local pumps.

Libya is the 9th largest producer of fossil fuels and the largest source of crude oil in the African continent. Any threat to this supply( however small and inconsequential on the global scale) is enough of a catalyst to drive up fuel prices everywhere. Europe(France 33%, UK 15%, Austria 10%,) is by far the largest consumer of Libyan oil and therefore more vulnerable to the impact of any threat to this source .

The cynic in me imagines fat energy moguls rubbing their hands in gleeful anticipation of increased revenues caused through the suffering of innocent people in oil producing nations. The current Libyan crisis is justification for Energy Giants to increase the price of their own stockpiles/reserves which they purchased at normal, pre crisis value for post crisis,inflated prices. The increase is never proportionate to the percieved risk or the true cost to them. I dont understand how a $3-$4 rise in the value of a barrel of crude translates into a 20-25 cent increase per litre at the pump.

So, i can see how the crisis in Libya can cause fuel prices to increase, i just believe the increases are extortionate and not an accurate reflection of the true cost to the mammoth energy giants. It is a boon for them, sponsored by the lowly consumer.

Fuel Prices in your area?

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