Gas now at 3.54 a Gallon
Up 8 cents a gallon from yesterday and about 25 cents in the last few weeks. They say its due to the change to summer fuel blends. The food prices are also skyrocketing but the government says inflation remains in check. Funny they removed energy and food prices from the inflation index years ago. We keep on getting squeezed from all sides. The paycheck isin't keeping up with this so called low inflation. Enough already.
kb2755 Don't worry, they will raise the price more and more, and, then, will drop them a little. And all of us will fill much better!
Pyc Move to Europe and see what your food and fuel costs are. Gas is still cheap at $3.54. That amount is equal to about 55 cents in 1970 dollars to put it in perspective. And gas went above 50 cents a gallon in 1974 for the first time. So, in reality, with inflation......the price is.... about the same (the embargo notwithstanding of course). What other staple product can you say that about?: Well, Milk was $1.57 in 1974 (equal to 9.71 in 2014 dollars). So milk is actually cheaper today, but that's a different case because it's heavily subsidized by the government. US has some of the cheapest food in the developed world. A lot of it's crap, but that's for another thread.
Saying prices are skyrocketing without any reference or perspective is misleading. You may 'feel' that way, but we've been conditioned to think that $3 gas is 'expensive'. Go to the UK or Italy and tell me our gas and food are expensive.
MeisterNJ 
Blackcat I'm at a point where $3.25 to $3.75 for regular is just the norm. I don't think we'll ever see sub-$3/gallon gas anymore.
As MNJ pointed out, it's on par with inflation. I think what makes it so hard to deal with is that it happened so quickly at a time where unemployment was increasing and salaries were stagnant or decreasing.
emaxxman And just in time for Cinco de Mayo, blackcat... The lime juice in the margaritas will cost more than the tequila, lol.
iPhone-imal "That amount is equal to about 55 cents in 1970 dollars to put it in perspective. And gas went above 50 cents a gallon in 1974"
yes, but there was huge inflation those 4 years, 1974 was a different economic world compared to 1970. you can't equate the prices without adjusting for rampant inflation.
gas in 1970 was 19 - 25 cents per gallon, i know because i bought it across the street from the great eastern on rt 22 back then at that price.
the 1974 price cannot be compared to the 1970 price without adjusting for inflation.
so roughly by your own 1970 figures gas is about twice as much in real dollars now than it was in 1970; perspectively speaking, and adjusting for inflation as well as adjusting for the deceasing value of the paper dollar.
the problem with it is this, paper money erodes it's value over time due to inflation, when you exchange paper dollars for a real commodity like, gas, oil, coffee, food, gold, silver, copper, etc. , now you need to pony up more paper dollars to pay for the same amount of real goods you bought before.
this is the reason why it takes two good incomes today to pay for a house, put food on the table and a car in the driveway.
in the 1960's and early 1970's you could do it with one income. by the late 1970's early 1980's you needed two incomes.
your money today buys less than half of real tangible goods, (oil, food, coffee, iron, copper, silver, beef, pork, etc) of what it used to.
and inflation is back and it's much bigger than the government bean counters want you to know, that's why they keep cooking the books to make it seem like it's under control. (hint: it really isn't)
the underlying structural imbalance in the economy is starting to rear it's ugly head again.
just look at your grocery bill for proof. and it's going to get worse this year,
good topic kb2755, keep up the good work.
pumping 85 billion each and every month into the economy with nothing to back it up is eroding the paper dollar at a faster rate than other inflationary pressures alone, and it is unhealthy for us long term, needs to stop
BrotherDog Before we cleared 3 a ways back, that was the tipping point for folks driving less. Now I can't imagine what the new tipping point is.
You would think the increase in hybrids would lower demand, lower price, but nooooo.
Looking forward to summer blends, get that hybrid over 50mpgs then!
For food, I am actually paying less so far this year than last. Seems to be due to taking advantage of Shoprite promotions. I know it's sick, but I track my own "food basket" for inflation since I am not sure what the govt is buying but it sure ain't what I am buying. For me food inflation for 2011/2012 was 15%/8% tapering to 6% last year. This year, so far, I am at -6%. Part of the reason for the 15% was a move to more vegetarian and less meat, but think I missed much of the recent beef inflation.
But how the govt gets inflation at less than 2% is beyond me but clearly I am not buying over halt the stuff they have in their "basket." Starting in 2008, I re-engineering a favorite theme from Gilligan's Island:
"The economy started getting rough,
My tiny life was tossed.
If not for the courage of the fearless crew,
The family would be lost.
The family would be lost.
No phone, no lights, no motor cars,
not a single luxury.
Like Robinson Crusoe,
as primitive as can be."
mistergoogle Gas was 36 cents a gallon in 1970 BD, according to the following. I don't have specific dates or anyting. Was the 15-25 cents a dip? http://www.1970sflashback.com/1970/Economy.asp
"this is the reason why it takes two good incomes today to pay for a house, put food on the table and a car in the driveway.":
I agree that it takes 2 good incomes to live some of the "very comfortable" lifestyles with vacations and larger homes. I'm not sure if it takes 2 good incomes to do what you say above though. I'm in a single income family (by choice for family quality's sake). We do have to manage our budget to allow for base necessities, savings, renovations, and a modest vacation.
Of course this all begs the question, what is a good income? I do recognize that I make a very good income for one person (it's not so great for a family of four though.)
not a momentary dip at all, it was regular leaded gas for 19 - 21 cents / gallon, at several stations along rt 22 for years, (1969, 1970, 1971 and into 1972)
when it went up to the 35 - 39 cents / gallon when i was in college, we knew then that it was the end of the world as we knew it (lol)
iPhone-imal - Merry Christmas. I've got clients of mine riding those prices with 12 metric tonnes of lime oil & terps all the way to the bank. They've been siting on it every since the bottom of orange oil market. ;-)
GC Fuel is much more expensive in Europe and Canada. It is sold by the liter in those places.
3wbdwnj "Fuel is much more expensive in Europe and Canada. It is sold by the liter in those places."
They generally have tightly packed cities with high speed rail in between.
They also have a lot more selection of diesel vehicles that get much better fuel mileage.
Mark Mc. I remember when I got my DL in 1979 (the stone age), it was .79 a gal. Wouldnt that be nice.
botheredbyuu50 cents in 1974 is equivalent to $2.40 now:
http://data.bls.gov/cgi-bin/cpicalc.pl?cost1=0.50&year1=1974&year2=2014
Rich Hmm. I used a bad resource then. I am wrong. You are correct Rich. Shouldn't have used the first one that popped up.
Don't forget to also include demand in the equation. The rapid booming demand for raw materials in China is driving inflation of base prices. It's an unfortunate byproduct of the constant off-shoring of jobs - a booming middle class there with growing salaries and a dwindling middle class here with stagnant salaries.
There are many things that are getting more expensive too but it's not so clear. I always use the ice cream example. $1.99 may not be a huge increase in price over 10 or 20 years ago but factor in that the price is for 1.25 quarts vs a full 2 quarts and you'll see a bigger per unit cost.
Lena Most expensive appears to be Norway at €1,90 per liter, which works out to €7,19 per gallon. At the current exchange rate of $1.38 per euro, that works out to $9.92 per gallon. Yikes... I'm guessing a lot of people ride bikes, lol
If you rank that list in order of highest Unleaded price to lowest, USA comes in 48th out of 55, so MeisterNJ does have a point there.
I think it's just super annoying when it goes from 3.29 to 3.45 in just mere days (hours sometimes!). When the prices go down, it takes a week to go a penny or two.
Tracy Emaxx, you bring up a good point, the incredible shrinking product. The old pound of coffee went to 13 oz and now many are 11 or even 10 ounces. Large JIF peanut butter 48 oz now 40 oz. Old Spice deoderent went from 4.25 oz to 2.25 oz and all with no price reductions. I am sure there are many other examples.
We are going to continue to see higher prices on food with the drought in California, I believe that 100% of the state is experiencing drought the worst in 80 years. The majority of our food is grown there.
I grew a lot of my produce last year, I am extending my garden so that I can avoid the produce section completely. Try to buy in bulk when things are on sale and stock pile.
sheryl 
Bessie 
botheredbyuu Not sure of the name, the gas station at the end of Main St, going towards Great Meadows.
Well over 80% of gas price increases come from petroleum speculators the president try to stop these speculators I'm having a big influence on gas prices but Iike everything else he tries to do it was filibustered
Rich's inflation calculator points out the inevitable; that with fiat money, inflation is a fact of life (thanks JIT). But timing is most important. Since the early 80's, the FED (sorry JIT) has been doing a pretty good job of keeping it in check, especially when you consider oil (see chart). So, the same 50 cents from 1983 would be equivalent $1.14 now, not to bad for 30 years. And from 1973 to 1983, the 50 cent equivalence would be $1.12, a mere 10-years of heavier inflation that matches the following 30 years.
It helps to pick a good starting point like 1973 conveniently before the wild Carter years if you want to prove this point in an inflationary fashion :>)
However, if I could have put a $10,000 risk-free, government-backed CD away in the Carter years, in five years it would have been worth over $16,000 in just five years. I did the same from 2006 through 2008 and felt great right up to last year. If I had bought an average stock bundle for 10,000 in 1973, it would be worth over $470,000 today; wish I could figure out how to do that..... I bought Enron and Lehman Bros :>(
Point is inflation and interest are facts of life and while prices are rising, albeit in some sectors quickly, in others not so quickly, in others like real estate depressed and barely rising at all. The strange part right now is we have low loan interest but no takers (thank you economy); we have non-existent banks savings interest (thank you FED), and we have excess bank reserves light years beyond any records but no extra cash in the system (thank you stimulus architects) and thus little inflation.
So today we have oil inflation which is interesting given that indeed the Chinese demand seems to affect us ever though we and they get our oil from different places. And strife in the Ukraine affects us even though our oil does not come from there. Meanwhile the middle men, future dealers, speculators, etc., in oil still reek havoc with the prices even though they add zero value to the process of producing oil. But the easiest answer is a combination of pent-up demand post a brutal winter combined with the changeover to summer blend which is more expensive to produce.
Coffee my drug of choice since college is going to spike as well. It would be hard to think about giving it up no matter how high it got...
Diesel is cheaper in many nations due to less taxes on diesel as the majority of trucks use it and they want to keep the costs down for goods. Gasoline is mostly for personal use so that is what is more heavily taxed...
iJay 
5catmom I drove past Wawa this morning and the price of regular unleaded was 2.95.
I should have taken a picture to show weeanimal when he gets older, lol... because I'm sure it'll be back to 3.54 before we know it.
Over the weekend cars were just lining up to the point of a traffic issue at Citgo. Price was 2.97. Instead of just a picture of 2.95, can you find a station across the street still trying to sell at 3.19? A picture of the two showing the market manipulations would be the best teaching tool in my opinion. ;-)
The $2.97 was impressive. Costco was at $3.04 and they're usually cheaper than Citgo by about 10 cents.
I don't know why that Citgo doesn't have crazy long lines all the time. The other stations are always much more expensive.
www.gasbuddy.com
Great site to get gas prices all over the Country.
I passed, $3.03, $3.07, $3.05 in Warren and Hunterdon County on the way to work today. I'm amazed that there is an Exxon and a Shell in Morristown charging $3.54 and $3.59 respectively today.
Calico696 Lines were into Rt 57 at Citgo on Saturday. Citgo charges same price for cash or credit. Others in the area dont. They were 2.95 while across the street at Shell, it was 3.09 CRAZY!
Is it really a Citgo? There's a station by me that has a Citgo sign but the credit card receipt reads Delta. Is it a case of false advertising or is there some business relationship between the two companies?
emaxxman - Raceway is usually a penny or two cheaper as the area's cheapest. However, if you see that Hess is cheapest it means all the others have been manipulated higher to the point that legal issues are involved and the state has even filed charges. Hess at least to their credit goes by actual costs not just dumping it or gouging at will. The Citgo price is sometimes is based on Venezuelan revenge ala Hugo Chávez. ;-)
"Lines were into Rt 57 at Citgo on Saturday. Citgo charges same price for cash or credit. Others in the area dont. They were 2.95 while across the street at Shell, it was 3.09 CRAZY!"
So, figuring my car with a14 gallon tank, I would save $1.96 by waiting in line at the Citgo. I have to tell you... I'm not waiting 15 or 20 minutes to save $2. Now, if I had a truck with a 35 gallon tank... umm, nope, I'm not waiting 15 or 20 minutes to save $5 either. I'd fill up at Shell and be on my merry way.
I won't buy gas from Shell or Raceway either. Darn, I am a total gas snob. LOL
The only stations I buy from are Quick Chek, Hess or Valero. I would also buy from Sunoco, but the one I used to go to changed to a Mobil. And, of course, I won't buy Mobil. :P
Calico, is that because they don't import oil from the Middle East? If so, cross Valero off your list. Sunoco and Hess are the only two available in this area (Sinclair and Murphy are the others) that don't.
Calico696 - That's hysterical. When you are in the business and find out the same tanker that just filled up Citgo completed its run at Valero. Or the Mobil station actually gets a full tanker later in the month from Hess. Or the tanker puts the same gas into the regular as the premium holding thank. There's an awful lot about the refineries and supply lines and how the franchises operate that most of the public aren't aware of. You're buying from the same sources and supporting the same companies even though you don't know it.
LOL I have no political motivation on this. The stations I named seem to get me the best gas mileage is all.
As far as places like Raceway, US Gas and Delta etc., my husband tells me not to get gas there. I forget exactly what he told me years ago. But he's the one who maintains my car, so I don't go to them.
doesn't hess do it's own thing across the entire supply chain? drilling to refinery to pump? (i had always heard and read this) and i think that is the main reason that hess gas prices don't walk up and down in lock step with the other's, althought they do follow a general trend up and down, but with hess the price chnages are delayed somewhat
i have clocked consistently better mileage with hess than with some of the delta type stations, my little car senses a difference, not sure why, or what it is,
the raceway in h-town, weren't they in the press recently (last couple of years) for stealing credit card numbers?
I didn't think so, Calico... it was just weird that the ones you chose are all on the zero Saudi import in this email that keeps going around (and around, and around, and around, lol)
http://www.snopes.com/politics/gasoline/saudigas.asp
"9 MPG - I don't care who ya iz, that's a funny joke right there. ;-)
Did I mention that the computer is a bit "optimistic" ?
I've gotten as low as 7, but usually average 12 around town.
That is weird ianimal. It just works out that all three of those stations are on my commute route and there is also a Valero in bustling downtown Oxford.
My 4 cylinder Camry gets me about 32 MPG highway. :-)
Mark - Your car sounds like my husband's Silverado in the way of gas mileage.
I broke my refueling routine (Quick Chek & Costco gas) today and filled up at the newly reopened (yet again!!) Lukoil in Washington Boro. $3.01 a gallon for both cash and credit plus I put the purchase on my Chase Freedom card which has been giving me 5% back on gas purchases since June. I couldn't pass it up. The Delta across the street was also the same price.
Vic I don't think I've every tried the Lukoil gas. Maybe I'll give it a whirl. That place is constantly opening and closing. Very odd. I thought all the Lukoils went out of business, but that place is like a cat with 9 lives and all.
BrownEyesGuy Someone mentioned that it was crazy to wait 15 minutes at Citgo to save $2.00. I waited on Friday - actually took about 5-7 minutes and gas was $2.99/ gallon at that point - four cars ahead of me in line - five on the other line. I cleaned out my car junk tray - very productive use of time I think and I SAVED $$. I guess some folks are just SOOOOO busy that they can't wait to save a buck or two.
ss2cats You're saying that four cars filled their tanks in 5-7 minutes? I have a hard time believing that. It usually takes that long just to fill my own tank.
MB 
Lilith I don't care where I get my gas - I get it from wherever that's cheaper. Or if I'm really in need of a fill-up.
I have to keep track of my mileage - my gas gage has been broken for a year. Every 150 miles or less I refuel, and the only difference in MPG is I-80 vs 46 to go to work everyday. Not the gas station I get my gas from.
Abonnet 
H-town Mama I agree with abonnet.
I have 3 vehicles I keep track of milage for years, used gas from many different brands, never noticed a difference in MPG due gas brand. The difference in mpg has been due to warming up the car in January or February.
You could have saved a lot of money Mark just by not buying all the fancy mileage displays and replace them with a printed sign: "while mileage may vary, it all stinks."
And I love the "hold OK to reset" Like what's OK? Like what are you hoping to reset to: 15mpgs?
I have one of those too but at least it's close to 20 years old so I don't have no stinkin displays to highlight how stinky it is. Based on the wallet drain at fill up combined with the number of times the wallet opens, I get the idea. But I balance it out with the 50mgg hybrid via averaging.
Maybe what we need are those trailer skirts and rear-end boat tails the semi trailers are sportin!
OK, that was a 20.5% savings, now add the boat tail for another 7.5% bringing you to 28% or over 12mpg......
Or you can be like me and wait for the PU version of this to come out...........
The low gas prices in P'burg are apparently a "grand opening" price set by the recently re-opened Lukoil and no one there is making any money (yeah, right). Funny how the sub-$3 price has matriculated its way all the way to Hackettstown, if that turns out to be true...
http://www.lehighvalleylive.com/phillipsburg/index.ssf/2014/09/phillipsburg_gas_prices_lowest.html#incart_river
Not funny ianimal, it's just part of the game. It's wild cat gas at this time of the month.
Either that or the ghost of Chávez is in a cash crunch. ;-)
emaxxman - I'm not passing judgement, but you do realize at this point in time that makes you a necrophiliac.
Venezuela is definitely in a cash crunch. There is talk about possibly defaulting in the coming weeks. Clorox just pulled their operations out of their due to triple digit inflation. There may be another revolution around the corner.
emaxxman - To quote Sam Kinison in the clip ianimal provided "thanks for the visual".
kb2755 - I think you have a good point there. Thanks for getting us on track despite our obviously awkward attempts at humor...
Noticed in Washington the other day, Delta and Lukoil also charge the same for cash or credit. Both were 3.01
When Citgo and Raceway both go down to 2.93, the Budd Lake and Washington 3.01 isn't any bargain any more.
Raceway charges more for credit. My point was I thought only Citgo had cash /credit same price. Didn't realize Delta and Lukoil do too.
so gas prices go down and they are ready to stick another tax on it for road repairs
Caged Animal Caged, what other fair alternative do you have for funding the Transportation Trust Fund other than having the people who actually use the roads pay for the upkeep and repairs? Our bridges are crumbling, our roads look like Beirut (have you driven Rt 31 between Washington and Clinton lately?) and all that is currently collected for the TTF only goes to service the loans that were taken when the Fund ran down because our gas tax is so artificially low.
As much as I hate paying more (I put 250-300 miles PER DAY on my car) there is no other equitable way.
But...don't worry...Presidential Candidate Christie wants to campaign on the "I never raised taxes in NJ" platform, so he'll veto any bill that might actually help replenish the fund.
JerryG No money for our roads. Cut the pensions and retiree medical and excess amount of public employees and taxes go down and money for the roads become available...
Jerry, 300 miles per day -- what do you do?
http://www.njtpa.org/getattachment/Project-Programs/Transportation-Improvement-Program/TIP-Details/REVISED-Hunterdon-PROJECTS-(3).pdf.aspx
Page 10 of 20... from south of I-78 through Glen Gardner and Hampton to just north of CR 634 (Franklin Road)... Which is just north of the Asbury-Anderson Road (CR 632) intersection.
iJay, sounds like you're drinking the Christie Kool Aid and blaming everything wrong in NJ on public employees. Not a debate i care to get into.
I just happen to believe that if you use the roads then you should be willing to contribute another 75 cents per tankful to pay for the upkeep. Increase the fuel tax by five cents per gallon times 15 gallons or so, and it's less than one dollar per tankful.
I drive, and drive, and drive...seems like forever some days.
Delta does do cash and credit different. Quick Chek and Citgo do not make it a difference.
Nik Nik-last week in Washington Delta was same price. On Sunday, it was different. The Delta on Schooleys Mt Rd is the same for cash or credit. Delta changes all the time.
Some of the stations along Route 46 in Budd lake and Citgo were like 2.95. As a Hummer driver, I went flying across the road in a (probably) illegal manner to get gas. Cheapest gas since before the recession, for sure.
LngVly22 The Delta in Washington Boro on Rt's 57 and 31 was charging different prices for cash and credit up until the Lukoil across the street reopened for business. As of earlier tonight both stations were charging $2.95 cash & credit for regular.
yep, the closer we get to election, the cheaper the gas is, so get your gas before voting on tuesday in november.
this is a pattern that has been repeated for decades, and it gives more credence to the thought that the retail gasoline market is a manipulated one.
it is very nice to see the low prices though, and i will fill up all my gas cans and the vehicles while it's this low.
(all of you, go out and vote, be part of the process for pete's sake, i'm beggin you)
It's not just gas. It's a political fact of life. They just hold back on everything to make people feel more comfortable before Election.
Old Gent I think we are seeing, albeit on a smaller scale at the moment, something similar to the oil glut in the 80's. Some members of OPEC will probably want to slow production to keep the price stable and come up some, but the largest exporters (Saudi's primarily) will keep output high and depress the price as to make it less cost effective to take oil out of newer fields in the America's (Canada, N Dakota, deepwater Brazil fields etc..).
PenwellRd Who's they that is holding the price of gas down?
And what do they get by making people comfortable?
Chavez wants to make us feel comfortable from the grave? Damn Euro-Socialist Marxist.
They is the Oil industries and supply and demand. They are as involved in getting there friends in positions of government as any business is. We little people just have a vote. They know if we can feel more comfortable, we don't pay attention to what is really going on. It's a me,me first world for the masses.
The reason I keep asking is I get the concept to keep people comfortable but politically that's usually a play for the ruling party to stay in power. I find it hard to believe the Dems are in cahoots with big oil to keep the Dems in power.... I think Dems and big oil mix somewhat like oil and water :>)
Since most of our foreign oil is Canadian, perhaps they like the Dems? (Did you know they are in the top three for proved oil reserves now?)
And what's Venezuela's play for Citgo to drive prices down? (Another top three in proven reserves)
So I understand the concept but the reality of the players does not seem to bear it out.
Perhaps their thinking is to bring down the price is to gain favor with Obama showing the economy is getting better to loosen the Keystone project. You never know. They have the company's interest on the world stage. Not on Americas
the lower the participation this year, the better are the chances that the republicans take control of the senate. the dems are on the defense and need to get a bigger turnout to keep the senate in their control.
big oil wants the republicans to take control of the senate, so the more the price drops, the better everyone feels and the less likely some democrats are to go out to vote. history has shown that the more content you are the less likely it is that you will take the time to go down and vote.
the polls, studies, focus groups and history bear this out, this year with so much criticism of the white house, registered republicans generally (and according to the data) are relatively less happy than the democrats and so are more motivated to go out and vote,
but, this one lonely dog has always urged, cajoled and begged EVERYONE he knows to go out and vote every time, in every election. sad to say i have not reached my own goals on getting people to put down the remote, take out the ear buds, get educated about the issues, form an opinion and GO OUT AND VOTE,
as i said before, the retail gas market is a manipulated one. remember when bush 41 went over to the saudis negotiating price increases in the 80's? (i do) it's a manipulation for sure.
BDog --- that makes some sense so I guess enjoy the break and thank your friendly, but lazy, Democrat when you get a chance. In Warren Cty, they stick out.......
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