I Want to know the exact date on which oil and gas prices rise in june 2008?

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December 2, 2008





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It might seem strange, but despite the fact that prices at the pumps are down — drastically — most gasoline stations are actually making a better profit margin now on the cost of a gallon of gas than they were over the summer, when prices topped out well above $4.





“Absolutely. There’s no doubt about it,” said Eugene Guilford, executive director and CEO of the Independent Connecticut Petroleum Association, which represents the majority of the state’s fuel dealers, when asked to confirm this odd phenomenon. “Retailers never passed on the full extent of their wholesale cost increases this past summer when gas was up to $4.25 a gallon. If they did, it would have been substantially higher than that. Retailers ate the difference then.”





Now, Guilford said, in large part thanks to the global economic downturn and a dramatic drop in the cost of crude oil, retailers have been able to adjust their margins and reap a better profit per gallon, whereas this summer, simply to stay competitive, most stations were selling at cost or sometimes even at a loss.





“It’s much more sort of business as usual right now. We get to actually make money for what we do for lower prices, and customers are happy,” Guilford said. “It’s absolutely a win-win situation. Retailers always want prices to be lower. They get to make more normal margins.”





Anwar Afrede, the owner of the EZ Mart CITGO station at 271 East Main St. in Meriden, agreed. Over the summer, Afrede complained that, despite record prices at the pumps, his station was making barely any profit at all on a gallon of gas.





Now, he said Wednesday, with a price of $1.73 at his station, “things are back to normal,” and he’s even able to bring in “a little bit more in savings.”





According to figures released by the American Automobile Association Tuesday, the cost of a gallon of regular gasoline in Connecticut was $1.88, down from $2.36 in November, and prices have dropped for five straight months after peaking at $4.39 a gallon on July 9. Last year at this time, the average price in the state for a gallon of regular was $3.23.





“We have never seen anything like this before,” said Steven Guveyan, executive director of the Connecticut Petroleum Council, a statewide association that represents the oil and natural gas industry. “It’s extraordinary.”





But according to the Associated Press, rumors that Saudi Arabia would significantly cut its oil production led to a volatile day of crude oil trading Wednesday, with prices swinging upward as high as 10 percent before finally settling at $43.52 a barrel.





The price of a gallon of crude oil is directly tied to the price of a gallon of gasoline, according to the American Petroleum Institute, a national industry trade association. Crude reached a 2008 low of $40.50 a barrel last week.





“The cost of crude oil really is a proxy for the economy,” Guveyan said. “When the economy booms, prices are up; when the economy tanks, it takes oil down with it.”





And right now, said Matt Rafferty, an economics professor at Quinnipiac University, the global economy is most certainly in the tank.





“… There’s been a global collapse in economic activity, which lowers the price in oil, which affects a lot of other goods and services,” Rafferty said.





The effects of this tumultuous gas market and the current economic crisis can be glimpsed locally in a number of area stations that have closed in the past year, including a CITGO on Chamberlain Highway in Meriden where the windows are boarded up and the cost of a gallon of regular remains fixed at $4.37, a holdover from the summer.





Guilford said that his organization does not keep statistics on station closings, and that he is not aware of a dramatic increase in that area.





“I can’t say that I’ve noticed there’s an unusually different number (of stations closing) this year than last or in previous years,” Guilford said.





Despite a better profit margin, Afrede said that he still considers things far from normal, both in the gasoline retail business and the economy in general, and noted that a sluggish economy tends to lead to motorists pumping less gas, no matter how low it might be priced.





“Right now, it’s a recession. People have no money - the volume is about the same as it was when it was near five dollars a gallon this summer,” he said. “Thank God it’s lower at this time of year; people can breathe a little and think about Christmas.”





But Kevin Danby, owner of A1 Auto Services farther down East Main Street, said prices have already started to rise.





“As of today, it’s tightened up a bit,” Danby said Wednesday.





That’s not surprising, Rafferty said, noting that, based on economic history, motorists should not expect these bargain-basement prices to last forever.





“My guess is that when the global economy moves towards recovery, oil prices will begin to rise again,” he said. “As loI Want to know the exact date on which oil and gas prices rise in june 2008?
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