gas prices today $2.59 gallon

[renovation]

it was just $2.59 a gallon for reg. this is just the start of the summer driving season were will it be by the end :(

[DarkFury]

Honestly, since it's nowhere near $4 per gallon, I'm not crying over it.

This feeling will change of course if gas goes over $3 into the $3.75 range.

[VTGreg]

it was just $2.59 a gallon for reg. this is just the start of the summer driving season were will it be by the end :(

Gas always runs up for memorial day and then subsides some for the better part of the summer. It will then run up some more prior to labor day. Happens every year.

[Chgoman]

Unfortunately it will stay up as long as OPEC hordes supplies to increase oil prices. Their goal is to keep oil in the $75-$80 range, so they are cutting back on oil shipments in order to increase prices.

[zippyjuan]

There are tankers sailing around the ocean already loaded up with oil and noplace to unload it because storage facilities are getting completely full and OPEC has not cut production that much yet.

http://marketplace.publicradio.org/display/web/2009/05/19/pm_full_fuel_tanks/
Portions:

Kai Ryssdal: If you subscribe to the oil prices as economic indicator school of thought, traders in New York had good news for you today. Crude closed above $59 a barrel this afternoon, a sign -- perhaps -- that the recession has given us its worst. Or, perhaps, those traders have it completely wrong. There are huge crude surpluses sloshing around out there. And they could keep prices under pressure for some time to come. As Marketplace's Stephen Beard reports from London.


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STEPHEN BEARD: The offices of Lloyds List, the oldest shipping journal in the world. Energy Editor Martin Wingrove peers into his computer screen. He's tracking the movement of large oil tankers around the globe.

MARTIN WINGROVE: This one is now moored off Malta. There you go. That looks like it's gonna have two million barrels, a very large crude carrier.

He says don't be fooled by the rising price of oil, or the recent dip in U.S. inventories. The world is awash with crude.

WINGROVE: There is plenty of supply. And all the onshore storage is filling up. And is likely to be full in the very near future.

Within a couple of weeks, according to the Goldman Sachs. The bank reckons that every major onshore oil storage facility will be full by June. Simon Wardell of Global Insight says the world has never had more oil in reserve.

SIMON WARDELL: It's 2.9 billion barrels at the moment, which is about as high as it's ever been, certainly in terms of absolute numbers.

Oil producers have cut their output. But demand has fallen even more. Faced with the growing reservoir of unwanted crude, with onshore storage tanks bursting at the seams, oil companies have taken their product offshore. They're storing it at sea. Axel Busche is with the Energy Intelligence Group.