Gas Prices Surge To Highest Ever On This Day At Fastest Pace In Four Years

Tyler Durden's picture




 

Despite being weeks away from the start of the driving season proper, gas prices - at the pump - have been surging recently. With premium now over $4 nationwide (over $5 in SoCal - up 25 days in a row), this is the most expensive gas has ever been for the second week in February despite gasoline being relatively well supplied. Gasoline futures have ripped higher as unplanned maintenance, refinery closings, and rising crude oil prices (seemingly more central bank liquidity-driven than middle-east tensions) have impacted wholesale price expectations (and thus retail). The 44c rise is the fastest in four years and the year-to-date surge over 12% (outpacing stocks) is almost four times faster than average. What is more worrisome is the fact that seasonally the next month or two are when the biggest price spikes occur - which coupled with the tax-hike drag, will inevitably eat into people's spending habits and sentiment.

Gas Prices at the pump are the highest on record for this time of year...

 

With the last month seeing the biggest rise in almost four years...

 

and far in excess of the average seasonal shift - which is set to start...

 

And in Southern California, $5 gas prices are now the norm!!

 

Charts: Bloomberg

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Mon, 02/18/2013 - 12:50 | 3253189 nmewn
nmewn's picture

Unexpected.

Mon, 02/18/2013 - 12:53 | 3253206 NotApplicable
NotApplicable's picture

Walkin' in LA?

Mon, 02/18/2013 - 12:55 | 3253215 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

RoboTrader is.

Mon, 02/18/2013 - 13:12 | 3253293 Yen Cross
Yen Cross's picture

 Buying new Diapers, and laughing at Z/H... He knows the shitstorm is coming. (Robo Tard)

Mon, 02/18/2013 - 13:37 | 3253404 francis_sawyer
francis_sawyer's picture

@LH

~~~

Nice 'double entendre'... [because Robo is, in fact]:

- a MISSING PERSON

- & prolly 'Walking in LA' as we speak

http://www.youtube.com/watch?v=R_UpLtGEWoY

Mon, 02/18/2013 - 13:45 | 3253433 Talleyrand
Talleyrand's picture

Or jackin' it in San Diego.

Mon, 02/18/2013 - 14:01 | 3253489 true brain
true brain's picture

"the biggest price spikes occur - which coupled with the tax-hike drag, will inevitably eat into people's spending habits and sentiment."

 

Spending habits and sentiment: you're kidding right. How about eating habit? The relentless, merciless decline in oil productiion will be too obvious in the next few years and people will worry about food not spending on chinese made junks. Peak oil is here. but wait, shale oil and canadian sand oil will save us all. Then why is the price stubbornly around $100 a barrel. Hmm.

 

The good news is that Tibetans will soon have their freedom back.

Mon, 02/18/2013 - 14:37 | 3253633 fourchan
fourchan's picture

but ben sayz there aint no inflation. i dont get it?

Mon, 02/18/2013 - 14:40 | 3253643 Enslavethechild...
EnslavethechildrenforBen's picture

Five dollars a gallon is nothing. Wait till the price starts to go up. Fifty dollar a gallon gas is right around the corner.

Mon, 02/18/2013 - 15:11 | 3253740 steve from virginia
steve from virginia's picture

 

 

$50/gallon from a black marketeer ... 20% water in the gas.

 

(Already a daily occurance in Yemen, America's model country.)

 

Gas should cost $1,500 per gallon, its worth measured in human labor. Nobody would waste gas @ that price.

 

Nobody would burn a Picasso to keep warm.

 

Don't worry, Mr Economy will crash and take the boo-boo away. Oops! Won't have a job, no job-no money at all. 50 cent gas may as well cost $1,500. 

 

That's how the paradigm works: energy deflation ... coming to a suburb near you.

 

Peak oil is a bitch.

Mon, 02/18/2013 - 16:31 | 3253820 TruthInSunshine
TruthInSunshine's picture

 I insist that the U.S. Treasury print even larger batches of debt so that the Federal Reserve can purchases an even larger % of them in secondary markets from primary dealer banking entities than it is already purchasing, in response to rising energy, oil and gasoline prices.

 

--Dr. Paul Krugman, Ph.D. in the most fail-dismal science

Emeritus Douchebag

Mon, 02/18/2013 - 16:35 | 3253971 giggler123
giggler123's picture

Yep Dr. Paul Krugman has a PHD in home economics - That's cooking to me and you!

Mon, 02/18/2013 - 19:50 | 3254430 TruthInSunshine
TruthInSunshine's picture

Higher energy, oil & gasoline prices are highly stimulative to the economy (just ask consumers & most businesses), and as such, one can only hope that they head much, much higher, especially at a time of real wage declines, extremely high real unemployment and underemployment, and increased taxation.

Real inflation good.

Real deflation bad.

No matter what. Forever & ever.

Dogma.

Mon, 02/18/2013 - 21:44 | 3254628 Enslavethechild...
EnslavethechildrenforBen's picture

You could raise minimum wage to $100 an hour and it wouldn't stop this ship from sinking.

Because only 1 in 100 people have a job.

This ship is going down.

Man the lifeboats

Mon, 02/18/2013 - 13:46 | 3253436 Fredo Corleone
Fredo Corleone's picture

"You didn't refine that."

Mon, 02/18/2013 - 14:12 | 3253483 Yen Cross
Yen Cross's picture

  She was a hottie in her day.  francis_sawyer. I'm Australian, and have been very open with my intentions.  Cali can fall into the Pacific for all I care.  I LOVE MY FAMILY, AND THAT IS THE ONLY TIE TO THAT SHITHOLE!

Mon, 02/18/2013 - 14:40 | 3253645 scam_MERS
scam_MERS's picture

Meanwhile, on the news here in LA last night, there was video of libtard protesters against the Keystone Pipeline...guess they all love the over $5.00 gas here! I saw every kind of loony tune out there: Black families (WTF?), Hippies, Gays, Lesbians, Sierra Club...every envirowacko within a hundred miles of Downtown LA was out protesting.

From the article: "Hundreds of protesters marched on Los Angeles City Hall on Sunday as part of a nationwide demonstration designed to pressure President Obama into rejecting a Canadian pipeline that would bring oil into the United States."

http://latimesblogs.latimes.com/lanow/2013/02/la-protesters-join-nationwide-campaign-against-canadian-oil-pipeline.html

Mon, 02/18/2013 - 14:59 | 3253705 Meat Hammer
Meat Hammer's picture

And then they all got in their cars and drove home.

Mon, 02/18/2013 - 20:50 | 3254532 knukles
knukles's picture

And awed and ooowwwed over those beautiful Chemtrails at sunset.

Mon, 02/18/2013 - 15:45 | 3253833 LFMayor
LFMayor's picture

sounded like a nice place to lay some Willy-Pete

Mon, 02/18/2013 - 16:04 | 3253890 secret_sam
secret_sam's picture

The pipeline isn't going to "bring oil into the United States" so much as "pipe oil THROUGH the United States."

I guess if you think the big oil refineries need more tax money, it's the right plan to support.

Mon, 02/18/2013 - 16:34 | 3253967 MrBoompi
MrBoompi's picture

As if we need an easier way for Canada to sell shitty oil to China so we can deal with the effects of burning it?  This libtard votes for wind and solar.

 

Mon, 02/18/2013 - 13:45 | 3253432 GrinandBearit
GrinandBearit's picture

Him and and that other bipolar idiot Rasputin.  These morons post the same nonsensical, hystrionic, anti-gold, pro-stock market posts day after day.  The exaggerate everything.  That Rasputin guy has a serious case of sellers remorse... after he sold all his gold at $1100, he's been hammering that board nonstop with anti-gold and anti-silver posts... every single day.  Robot Trader (captain hindsight) cherry picks high flying stocks and post charts everyday too.  These guys have some type of mental problem.  The mods there seem to like it though.

Example: http://wallstreetbear.com/board/view.php?topic=112248&post=411573

Mon, 02/18/2013 - 12:55 | 3253225 doomandbloom
doomandbloom's picture

Good thing they are hiking minimum wage.....sorted!

Mon, 02/18/2013 - 13:08 | 3253277 Lore
Lore's picture

...And thousands rally to protest against major pipeline projects.

Mon, 02/18/2013 - 13:10 | 3253287 walküre
walküre's picture

Good. Building pipelines is not the answer to our unsustainable and insatiable appetite for "cheap" energy.

Mon, 02/18/2013 - 13:17 | 3253315 hannah
hannah's picture

the pipeline will REMOVE PRODUCT FROM NORTH AMERICA AND DRIVE PRICES UP TO MATCH WORLD PRICES...MAN PEOPLE ARE STUPID.

Mon, 02/18/2013 - 13:24 | 3253349 adr
adr's picture

Like that matters, we have the highest stockpile of oil and gas in years, yet the price we pay has been skyrocketing. The market is oversupplied yet the price rises.

The only supply and demand fundamental in play is how may Jews want to touch the contract this month, and how much money they need to make back from being long Apple.

A survey could come out showing Americans didn't pump a gallon of gas for a whole week and oil would still shoot up 5%.

Mon, 02/18/2013 - 13:28 | 3253370 walküre
walküre's picture

oil execs and politicians are colluding with bankers to keep printing their own paycheques until the end of day.

can't come soon enough ... the end of day

Mon, 02/18/2013 - 15:33 | 3253805 CrashisOptimistic
CrashisOptimistic's picture

Maybe we don't really have those claimed stockpiles.

Mon, 02/18/2013 - 18:44 | 3254290 Totentänzerlied
Totentänzerlied's picture

"We" certainly don't. The US military and favored fedgov cronies do. Possession (and control of distrubtion) is the key.

Mon, 02/18/2013 - 21:40 | 3254625 clymer
clymer's picture

you beat me too it. I was going to say, "who is "we" fool?" (in my "what you talkin' bout willis" accent)

Mon, 02/18/2013 - 13:53 | 3253435 DaveyJones
DaveyJones's picture

It's almost as if...the players don't care about the locals

and the eroi is more crude than sweet

People are funny. Most will openly admit that oil companies (and countries addicted) would take advantage of people, destroy their land, hell invade them for their prize but at the same time, have a hard time thinking they would do it to them.  

Mon, 02/18/2013 - 13:26 | 3253356 blindfaith
blindfaith's picture

 

 

A wee bit of investigating on your part and you would know that the 'oil' is all to be exported...except for what spills on the gound in the USA.  THE ONLY ones who will benefit are the KOCK BROTHERS. ( spelling is delibert).

So, take your sound bite and disinformational comment and XXXX

Mon, 02/18/2013 - 14:55 | 3253688 Lore
Lore's picture

 

 

Interesting responses.

- Walküre drinks his Agenda 21 like a good boy, never asking who scripted the Green movement, or why. 
- Hannah thinks competition is stupid. 
- Some people on ZH blame Jews when their shoelace is untied. 

ADR is right.  The price mechanism is broken.  Smart producers will sell to buyers with good credit.  (From a Canadian standpoint, the longer Keystone gets put off, the better.) 

Tell you what, Walküre: Tear down all your pipelines, shut down the refineries, close all your factories, misallocate billions in "carbon tribute" toward ponzi scams like Solyndra, plant organic broccoli and raise a goat in your apartment, watch the skies for Unnatural Global Warming, wave to the Predator Drones, and see if you still feel smug at the end of your life. 

Mon, 02/18/2013 - 15:14 | 3253750 hannah
hannah's picture

competition is stupid....ha! lets raise the costs in the usa to equal the world. bring it on. max the shit out of everything.

hope you have your preps done.....

Mon, 02/18/2013 - 17:29 | 3254095 Lore
Lore's picture

How does paying a fair price, in a stable currency, and not in IOUs, honoring contracts, and generally living within your means personally and as a nation, constitute "maxing the shit out of everything?" 

Mon, 02/18/2013 - 21:43 | 3254626 clymer
clymer's picture

me thinks you build a good straw man, and are also very very confused

Tue, 02/19/2013 - 00:07 | 3255008 Lore
Lore's picture

The other guy thinks Americans are somehow entitled to crude at discount prices, paid for with depreciating IOUs.  Words stronger than 'confused' come to mind.

Mon, 02/18/2013 - 17:32 | 3254108 walküre
walküre's picture

You're exaggerating of course.

Exaggerate to discredit any opponent to the energy lobby. Have you seen the tarsands in Northern Alberta? Do you realize how much energy is required to extract crude from bitumen? Does that still make sense to you once you see the devastation on the land, the pollution of the tailing ponds and the efforts required to dig up and process the tar?

Nobody in their right mind opposes convential oil rigs and using pipelines for transport in general. Ignore the loons. Al Gore is a very dangerous man and how he convinced the world to start trading hot air is still beyond me. It's a racket. China is polluting faster than the West could ever reduce emissions. 25% of carbon emissions are from China. Per capita means jack shit in that regard.

Why aren't we drilling in Alaska's ANWR? That's conventional oil exploration and there's plenty of it. Lybia has supposedly the 2nd largest proven oil reserves in the ground and fairly easy to access. Comparable to the Saudi Ghawar field.

http://en.wikipedia.org/wiki/Oil_reserves_in_Libya

Mon, 02/18/2013 - 13:08 | 3253280 walküre
walküre's picture

supply is up

demand is down

prices are higher .. just because the cartel needs to keep the lights on

Mon, 02/18/2013 - 13:19 | 3253327 GMadScientist
GMadScientist's picture

yup; no "refinery capacity" intentionally pulled offline...just the same old gouging of people who have to work for a living via their inflexible demand.

SoCal == required commuter hell.

Mon, 02/18/2013 - 13:25 | 3253355 walküre
walküre's picture

Suburbia is screwed

Mon, 02/18/2013 - 15:35 | 3253810 CrashisOptimistic
CrashisOptimistic's picture

All oil is not created equal.

The old refineries could refine sweet light crude.  Not so much heavier, viscous crude.  So the capacity is "pulled" because it no longer has feedstock.

Mon, 02/18/2013 - 19:06 | 3254347 Real Estate Geek
Real Estate Geek's picture

not true. Venezuela ships sour crude here to TX & LA refineries that are designed for that grade.

Mon, 02/18/2013 - 22:19 | 3254680 Flakmeister
Flakmeister's picture

And that would explain the loss of 2 mmbpd of loss of light sweet capcity in Europe over the past 5 years...

Or the closures of the older refineries in the US northeast...

And why stocks of gasoline are down in the NE, hint, it ain't coming from Europe anymore...

At least you are trying, unlike many here obsessed with conspiratorial ideation...

 

Mon, 02/18/2013 - 15:06 | 3253724 LongBalls
LongBalls's picture

We are exporting our oil production.

Mon, 02/18/2013 - 15:40 | 3253821 CrashisOptimistic
CrashisOptimistic's picture

Russia isn't:

 

http://www.kyivpost.com/content/russia-and-former-soviet-union/russian-o...

1.7% oil output decline from Russia in January.  Any declines at all have been rare, but the relevant folks have been waiting for Russia to crack.

Never ever forget, Russia, not Saudi Arabia, is the #1 oil producer.  If they can't hold flow rate, the world will be smashed.

Mon, 02/18/2013 - 15:55 | 3253862 CrashisOptimistic
CrashisOptimistic's picture

Russia isn't:

 

http://www.kyivpost.com/content/russia-and-former-soviet-union/russian-o...

1.7% oil output decline from Russia in January.  Any declines at all have been rare, but the relevant folks have been waiting for Russia to crack.

Never ever forget, Russia, not Saudi Arabia, is the #1 oil producer.  If they can't hold flow rate, the world will be smashed.

Tue, 02/19/2013 - 00:37 | 3255111 Colonel Klink
Colonel Klink's picture

Like that matters as much.  The election is over, no need to keep the price supressed any longer.  The messiah was reelected!

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