The price of a gallon of unleaded gasoline has been dropping.
Don Good from the Good Oil Company in Winamac says the prices will continue to drop.
“For the foreseeable near future, the trend is to continue down,” said Good. “We’re probably going to bottom out not too far from here. There are a lot of places that are starting to get under three dollars. That’s kind of under cost for some of them, but they’re trying to beat that three dollar mark. For the long term, we should be under three dollars and unless there’s a world event that changes that we’ll probably stay in that range for a while.”
Prices for a gallon of unleaded gasoline have taken a plunge and Don Good from the Good Oil Company in Winamac said the trend could continue.
“It looks like we could even see some really good drops coming up here through August,” said Good. “One of the top analysts suggested we could see a 20 percent drop in prices if everything lines up as it is. It came a little later than anticipated. We thought it would come a little earlier in the season, but it looks like it’s going to be pretty significant. That’s good news.” Continue reading →
Gas prices spiked this week but according to Don Good from the Good Oil Company, we should be seeing lower prices for a gallon of gasoline soon.
Good said the recent spike has to do with the continuation of the fuel turnaround.
“Every time this time of the year rolls around they deplete the tanks to meet the new standards and that always creates – I’ll call it a ‘pricey opportunity’ for the speculators to buy product and then sell it at an increased cost so we always have some upward pressure this time when they go into turnaround, commented Good.”
Gas prices spiked in the area yesterday and Don Good from the Good Oil Company says the incident with BP this week could be part of the cause.
“Every little thing that’s an emotion causes this stuff to spike in the Midwest because we’re kind of vulnerable right now and just the way the supply lays out so I’m sure that had something to do with it.” (don good 08-25 #1)
If you’ve filled up your gas tank lately, you might have noticed it was a bit less painful than usual. With the average price of gas in Indiana down to $3.40, now might seem like the best time to stock up on gas – but Don Good of the Good Oil Company says prices could very well continue to decrease.
Good explained that prices have lately been driven more by the world and US economies than by supply and demand, which is why gas prices have been dropping this summer rather than rising alongside the temperature. He says that for the last six months, supply has been very good, and when looking at the world forecast for economy and fuel demand, the demand for fuel has been decreased.
Gas prices are still causing concern, especially with the summer months upon us and vacation plans taking shape. Don Good from the Good Oil Company says after the Memorial Day weekend, prices should be level and not as high.
“Overall the trend is going to be down,” said Good. “There’s a lot of volatility where it bounces up and down so I think you’re going to see it moving at about a ten or fifteen cent range up and down, but the general trend will be down.”
Frustrated with gasoline prices? Don Good, a gasoline distributor in Winamac Indiana talks about where gas prices are going.
“The general wisdom is that we are going to see it up for a little while longer,” Good replied. “We are, though, approaching the top. There is not only a demand degradation here, but China is starting to slow down also. So it kind of appears that we are approaching the top.”
Anger, suspicion and frustration are only three of the words used to describe the public’s reaction to the gasoline prices.
“Everybody is frustrated with it. An up market just absolutely kills everyone. You just can’t move it to the street fast enough when it moves like this. We’re seeing 10-15 cent jumps a night with no reason,” Good said.
He’s said it before, and he’ll say it again, if we could only get the speculators out of the market we could stabilize these prices.
“Here’s the thing. We’ve been pushing the oversight on the commodities market for several years. We’re trying to get the speculation slowed down. Here’s something to consider: there is at least 56 cents a gallon minimum in speculation.”
Good said don’t be surprised that when the market breaks, prices will go down rapidly.
The talk about gasoline prices and what’s driving the market has overshadowed the fact that huge oil finds have been discovered in the United States. According to Don Good, of Good Oil in Winamac, we are able to get to the product with new technology.
Don talked to us recently about the Bakken Shale Oil Field which stretches from Canada into Montana and North Dakota. This field could hold over four billion barrels of oil reserves, and the Arctic Natural Wildlife Refuge in Alaska could potentially hold up to 10 billion barrels of oil.
Don Good from the Good Oil Company in Winamac has said this week that you can forget what you may have read about the laws of supply and demand when it comes to gasoline prices. The supply of oil and gasoline is higher today than it was three years ago when a gallon of gasoline sold for $1.90.
There is a culprit – Wall Street speculators. A decade ago they controlled 30% of the oil futures market. Today they control 80%.
As gasoline prices go up dramatically at the pump, everyone is considering how to absorb the extra cost of driving.
With gasoline consumption down to the 1989 level, it looks like gasoline prices should be going down. According to Don Good from the Good Oil Company in Winamac, the speculators are holding the prices in the higher price range. There’s something else coming soon that will impact prices, too.
Good news for the beginning of 2012—gas prices aren’t expected to spike come the New Year. Don Good of Good Oil in Winamac said that current oil prices are, as of now, driven heavily by the world economy, and with the possibility of an economic slowdown in China, Good expects prices to stabilize or even come down early 2012.
In a unanimous decision by the Pulaski County Commissioners, Pulaski County now has at least some form of zoning regulation now with the Commissioners’ approval of the land-use ordinances and maps as presented by the planning commission.
According to Planning Commission President Don Good, the documents are based primarily on how the land is being used in terms of businesses, cemeteries, residential areas, and agricultural areas. Good also indicated that the land-use ordinances and maps will not require people to go through a lot of “red tape,” but are instead focused on protecting landowners.
As one of a handful of counties north of Indianapolis still without zoning regulation, Pulaski County is under some pressure to get their zoning under control. As a solution, the Planning Commission has put together a presentation of all the planning documents, including maps of Pulaski County that detail how the land is being used in terms of businesses, cemeteries, residential areas, and agricultural areas.
Have you been pleased that gasoline prices have dipped recently? Do you think it’s because consumption is down around the country? Don Good, at Good Oil in Winamac, says gasoline prices have been disconnected from supply and demand for a long time.
“Everything is driven off the markets,” said Good. “I think when China started coming out and saying that they were intentionally slowing down their economy, and then rumblings started about the Greek debt crisis and the European debt crisis. The stock market started to fall and gas prices went right with it.”
The gas prices are dropping and Don Good from the Good Oil Company in Winamac gives us his analysis of the current trend.
“Part of it is that this time of year, we go into what they call the turn around on the terminals which is an environmental requirement,” explained Good. “All the refineries pull their inventory down to put the summer-grade gas in and that always creates some glitches, but it also creates some opportunities for the speculators. I think there has been some economic news that has come out that kind of spooked them a little bit. There’s actually been a drop in demand so that spooks the speculators a little bit and when they leave the market, prices are going to come down now. This is the most volatile time I’ve ever seen. In this industry, we’ve seen where one night it goes up twenty cents and the next night it comes down fifteen cents. Usually, it takes some type of disaster to create that kind of volatility, but right now it’s just mainly the speculators jumping in.”
Speculators and the unrest in the Middle East continue to drive gas prices in the United States. We talked to Don Good from the Good Oil Company about the current gas price situation.
“You’d think we’d be losing some steam on this,” said Good. “It’s pretty much speculation that is driving prices. The good news is unemployment is down and the bad news is, the economy is going to heat up, petroleum is going to go up, use is going to go up so that’ll probably keep it from going down too much. As long as the Middle East is in turmoil, there’s more support there. I’m going to guess that we should see it leveling off very soon, but to be honest with you, I never thought we’d get to four dollars either.”
The second greatest jump in regular gasoline at the pump has occurred the last two weeks. The jump has been 33 cents a gallon.
“The oil companies are not the culprit, they are the beneficiary,” said Don Good of the Good Oil company in Winamac. “They benefit from all this and I don’t think that you’ll find the oil executives sitting around the table crying over $100, $130 crude because they will just make a lot of money off of it. They aren’t the ones driving that market, but they’re more than happy to ride along.”