Hi to all...
Sorry that this one is posted later than the usual, but I didn't get in until late tonight, a little later than the usual. I hope you all forgive me.
George
Prices on a steady move upwards
Consumers to see another slight increase to prices
Media release
Conception Bay South, NL, March 10, 2010- some more slight upwards moves in petroleum prices will be the order of the week to consumers again when the PUB adjusts prices this coming Thursday. That’s according to George Murphy of the Consumer Group for Fair Gas Prices.
“Again, investors are beginning to speculate on economic recovery, albeit in sporadic fashion, as they try to maximize returns for the future. I expect to see consumers paying slightly more when prices are adjusted upwards this week as a result,” Murphy said.
“Numbers show only a 49/100ths of an increase coming for heating and stove oil prices, and an increase of another penny to both gasoline and diesel fuel prices. It may be another small increase but the last few increases add up to a larger number that is beginning to make an impact on consumers spending. Any increase that becomes measurable like these last few have totaled will shortly begin to impact demand as consumers sense that prices are not staying down. They’ll begin to hold back on other purchases, making an impact on any economic recovery. There are already signs that this is occurring.
Industry report shows increasing crude oil inventory
A report today from the American Petroleum Institute (API) shows that the US crude oil inventories probably increased by close on 6.5 million barrels. The report comes ahead of the US government Energy Information Administration (EIA) report that is expected to show an additional two million barrels of inventory for last week. “If that is the case, then we can expect to see lower trading in commodities and a corresponding drop in prices in the coming week. We should also see traders making investments in the US dollar rather than the Euro and commodities. It all depends also on the inventory status of refined commodities rather than raw crude,” Murphy said.
Beware the Ides of March
OPEC meets in Vienna next week to discuss its pricing policies and also to discuss production from its member nations. With any sign of a drop in consumer demand, the possibility is there that there could be a production cut in the offing. We’ll find out March 17th if this will be the case. The last thing OPEC will want is to institute a cut though, as it could hinder any economic recovery perceived to be ongoing.
Marine Atlantic receives a budget tidbit-A suggestion
Marine Atlantic received an infusion of funds with the O’Flaherty budget this past week, bringing with it the promise of an update to the service fleet, but is there a possibility that any of the money could be used for another purpose?
“I’m hoping that Marine Atlantic could take some of that money and help itself, and consumers too, by infusing some of that money to alleviate the pain of added fuel surcharges to ferry traffic. If they lowered prices by doing this, perhaps they would increase user traffic as a result and then positively affect their own bottom line. One of the problems that added fuel surcharges has is that it adds an artificial inflation rate to anything coming into the province, or leaving it. Newfoundland and Labrador businesses need the stability in transportation prices that can be achieved by doing this. Besides being seen as a possible economic recovery measure, is it possible that we could increase tourist traffic by lowering ferry rates as a result of making a move like this? I believe it would.”
-30-
For more information, contact;
George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices
Showing posts with label Marine Atlantic. Show all posts
Showing posts with label Marine Atlantic. Show all posts
Wednesday, March 10, 2010
Tuesday, June 02, 2009
Update #2
Prices slightly up for this week
Increase in prices renews concerns over added fuel surcharges
Media release
Conception Bay South, NL, June 02, 2009- Most fuel prices will probably increase on Thursday but that’s not the big worry. The creep up in all fuel product prices is renewing concerns that some companies may be forced to consider the likelihood of adding fuel surcharges to account for the latest increases in prices.
Marine Atlantic costs to go up?
George Murphy, group researcher for the Consumer Group for Fair Gas prices says that businesses operating within the province should be concerned that there is a possibility that some costs will be increased because of the extra costs for fuel in recent weeks, leading to the possibility of added fuel surcharges again.
“We’re keeping an eye to Marine Atlantic who will be making the decision on added fuel surcharges later this month. The first time they did that back in 2007; prices for most marine type fuels were averaging close to 35 cents a litre when a fuel surcharge of two per cent was applied to passenger fares. As of the first of June, 2009 those numbers exceed that of 2007 by almost 2.5 cents a litre, creeping upwards in recent weeks and showing no signs of abatement. The province should immediately be concerned about any addition to prices crossing the Gulf and should be taking steps to ensure these costs are not going to be passed down to the consumer or to businesses in the province. We also have a very important tourism season to protect,” said Murphy.
“Our federal representatives should press the government in Ottawa to help the Department of Transport and the minister responsible, John Baird, absorb these added costs to Marine Atlantic. If they can step in to the automotive industry with financial assistance, they can help Marine Atlantic absorb the additional costs of marine fuels. We’re seeing the numbers increase and we still have time to deal with anything that is forth-coming provided the federal government is receptive to protecting the province from added increases to rates.”
On the consumer front
“Consumers in Newfoundland and Labrador can expect to see an added 1.77 cents a litre to heating and stove oils, an added one cent a litre to gasoline prices and 1.9 cents a litre on diesel fuels as a result of this past two weeks market activity. Even though numbers show inventories of crude oil almost 50 million barrels more than the average, prices continue to climb as a result of positive economic news. They may be positive for the provincial treasury but, it’s not so positive for the consumer when we see the removal of disposable income from the consumer’s pocket.”
-30-
For more information, contact;
George Murphy
Group researcher/Member
Prices slightly up for this week
Increase in prices renews concerns over added fuel surcharges
Media release
Conception Bay South, NL, June 02, 2009- Most fuel prices will probably increase on Thursday but that’s not the big worry. The creep up in all fuel product prices is renewing concerns that some companies may be forced to consider the likelihood of adding fuel surcharges to account for the latest increases in prices.
Marine Atlantic costs to go up?
George Murphy, group researcher for the Consumer Group for Fair Gas prices says that businesses operating within the province should be concerned that there is a possibility that some costs will be increased because of the extra costs for fuel in recent weeks, leading to the possibility of added fuel surcharges again.
“We’re keeping an eye to Marine Atlantic who will be making the decision on added fuel surcharges later this month. The first time they did that back in 2007; prices for most marine type fuels were averaging close to 35 cents a litre when a fuel surcharge of two per cent was applied to passenger fares. As of the first of June, 2009 those numbers exceed that of 2007 by almost 2.5 cents a litre, creeping upwards in recent weeks and showing no signs of abatement. The province should immediately be concerned about any addition to prices crossing the Gulf and should be taking steps to ensure these costs are not going to be passed down to the consumer or to businesses in the province. We also have a very important tourism season to protect,” said Murphy.
“Our federal representatives should press the government in Ottawa to help the Department of Transport and the minister responsible, John Baird, absorb these added costs to Marine Atlantic. If they can step in to the automotive industry with financial assistance, they can help Marine Atlantic absorb the additional costs of marine fuels. We’re seeing the numbers increase and we still have time to deal with anything that is forth-coming provided the federal government is receptive to protecting the province from added increases to rates.”
On the consumer front
“Consumers in Newfoundland and Labrador can expect to see an added 1.77 cents a litre to heating and stove oils, an added one cent a litre to gasoline prices and 1.9 cents a litre on diesel fuels as a result of this past two weeks market activity. Even though numbers show inventories of crude oil almost 50 million barrels more than the average, prices continue to climb as a result of positive economic news. They may be positive for the provincial treasury but, it’s not so positive for the consumer when we see the removal of disposable income from the consumer’s pocket.”
-30-
For more information, contact;
George Murphy
Group researcher/Member
Wednesday, May 06, 2009
Prices to take a down-turn
For now...
Media release
Conception Bay South, NL, May 6, 2009- Consumers in Newfoundland and Labrador will see a slight dip in prices for most petroleum products this week when the Petroleum pricing Office adjusts prices this coming Thursday, that’s according to George Murphy, group researcher for the Consumer Group for Fair Gas Prices.
What consumers should see
“Both heating and stove oils should drop by close on 2.1 cents per litre, diesel also heading down another 2.2 cents per litre. Gasoline will drop by just shy of a penny, 9/10ths of a cent on a litre. If the Canadian dollar were still the same value it was two weeks ago, we’d all be looking at an increase in gasoline pricing instead,” said Murphy.
“All petroleum pricing is down slightly in spite of the increase in crude oil prices, mainly because of the performance of the Canadian dollar against the US greenback. While crude has increased by nearly $8.00 US and spot prices also increased during this time, we caught a break with the Canadian dollar gaining six cents against its cousin. Spot prices for gasoline, for example, increased by close to 15 cents a US gallon but we saw a decrease because of the Canadian dollar closing against the US.”
Summer pricing to come
“My nearest projection for summer gasoline pricing is putting the low end of prices at $1.05 a litre by the last week of June, first week of July. Usually, we see prices spike sharply during and after the US Memorial day weekend, the traditional start of the summer driving season in the US. Paring prices this year is mainly due to a couple of factors, namely; gains on gasoline inventories, sharp increases in crude oil inventory and dropping consumer demand figures. All this could change if any of these factors change, like a pick-up in consumer demand, a drop in inventories, or any further production cut from OPEC. Keep in mind that we will also soon hear about the coming hurricane season when we will all hear traders use that threat to drive up pricing.”
Eye on Marine Atlantic
“Since Marine Atlantic removed fuel surcharges, they also promised to review them sometime in June and make their call as to the placement of further fuel surcharges based on any increase in the price of marine type fuels. So far this year, those numbers are taking the same direction downwards as most distillates and, while we still have another month or so to go before they make the decision of adding surcharges again, so far those prices wouldn’t justify a move at this time. We’re keeping a close watch on this one.
-30-
For more information, contact;
George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices
For now...
Media release
Conception Bay South, NL, May 6, 2009- Consumers in Newfoundland and Labrador will see a slight dip in prices for most petroleum products this week when the Petroleum pricing Office adjusts prices this coming Thursday, that’s according to George Murphy, group researcher for the Consumer Group for Fair Gas Prices.
What consumers should see
“Both heating and stove oils should drop by close on 2.1 cents per litre, diesel also heading down another 2.2 cents per litre. Gasoline will drop by just shy of a penny, 9/10ths of a cent on a litre. If the Canadian dollar were still the same value it was two weeks ago, we’d all be looking at an increase in gasoline pricing instead,” said Murphy.
“All petroleum pricing is down slightly in spite of the increase in crude oil prices, mainly because of the performance of the Canadian dollar against the US greenback. While crude has increased by nearly $8.00 US and spot prices also increased during this time, we caught a break with the Canadian dollar gaining six cents against its cousin. Spot prices for gasoline, for example, increased by close to 15 cents a US gallon but we saw a decrease because of the Canadian dollar closing against the US.”
Summer pricing to come
“My nearest projection for summer gasoline pricing is putting the low end of prices at $1.05 a litre by the last week of June, first week of July. Usually, we see prices spike sharply during and after the US Memorial day weekend, the traditional start of the summer driving season in the US. Paring prices this year is mainly due to a couple of factors, namely; gains on gasoline inventories, sharp increases in crude oil inventory and dropping consumer demand figures. All this could change if any of these factors change, like a pick-up in consumer demand, a drop in inventories, or any further production cut from OPEC. Keep in mind that we will also soon hear about the coming hurricane season when we will all hear traders use that threat to drive up pricing.”
Eye on Marine Atlantic
“Since Marine Atlantic removed fuel surcharges, they also promised to review them sometime in June and make their call as to the placement of further fuel surcharges based on any increase in the price of marine type fuels. So far this year, those numbers are taking the same direction downwards as most distillates and, while we still have another month or so to go before they make the decision of adding surcharges again, so far those prices wouldn’t justify a move at this time. We’re keeping a close watch on this one.
-30-
For more information, contact;
George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices
Wednesday, April 22, 2009
Slight changes coming for fuel prices
Gas is up a little, distillates showing down
Media release
Conception Bay South, NL, April 21, 2009- Consumers won’t see too many changes in fuel pricing when they are set this coming Thursday morning by the Public Utilities Board, that’s according to George Murphy of the Consumer Group for Fair Gas Prices.
What consumers will see this week
“Numbers haven’t changed a great deal over the past two weeks. The markets are at an impasse as it weighs demand against bad economic news. It’s almost like everyone is waiting for something to happen and nothing is”, said Murphy, researcher for the consumer group. Gasoline shows an added 8/10ths of a cent up while the distillates are down. Stove oils are down by 1.26 cents a litre and that could be the way of heating oils. Diesel is also set to drop by 1.2 cents.
Watching Marine Atlantic
“I’m keeping a close eye to the marine fuel numbers as they come in. They are now hanging close to where they were back in 2005, which was the year previous to any added surcharges on passenger fares. With the drop in distillate demand in recent months, it’s going to be interesting to see what Marine Atlantic will do even though we still have to go through another two months of market trading before they come to a decision on adding fuel surcharges once again. In the near term, I don’t feel there will be an increase forth-coming in June as the bad economic news does not provide that upwards pressure to pricing.
Focus off distillates
“Consumers should expect to see a gradual decline in stove, diesel and heating oil prices for the next few weeks. Diesel, an important transportation fuel, will still be susceptible to some chance of upward movement, particularly if refiners continue to cut back on capacity. We have more to fear from inventory draw-downs on gasoline that will help stabilize the price, if not increase gasoline prices slightly in the weeks leading up to the US Memorial Day holiday. We’ll be able to make a summertime prediction on peak gasoline prices by then.
OPEC to meet again
“OPEC has set its next meeting for May 28, 2009 in Vienna. The group will meet again to discuss the current economic situation and talk about the possibility of further cuts to production. It may all be for naught. Figures from the International Energy Agency show that OPEC compliance with its own self-imposed quota has been weak as of late. The group produced almost 770,000 barrels a day more than its 4.2 million barrel cut over the last year. The numbers are even more telling when last weeks report from the US Energy Information Administration reported a good build in crude oil inventory alongside draw-downs of refined products. We could be on the verge of another collapse in crude oil prices if we see more increases in crude oil inventory and continuing weak compliance with quotas.”
-30-
For more information, contact;
George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices
gasprices@hotmail.com
Gas is up a little, distillates showing down
Media release
Conception Bay South, NL, April 21, 2009- Consumers won’t see too many changes in fuel pricing when they are set this coming Thursday morning by the Public Utilities Board, that’s according to George Murphy of the Consumer Group for Fair Gas Prices.
What consumers will see this week
“Numbers haven’t changed a great deal over the past two weeks. The markets are at an impasse as it weighs demand against bad economic news. It’s almost like everyone is waiting for something to happen and nothing is”, said Murphy, researcher for the consumer group. Gasoline shows an added 8/10ths of a cent up while the distillates are down. Stove oils are down by 1.26 cents a litre and that could be the way of heating oils. Diesel is also set to drop by 1.2 cents.
Watching Marine Atlantic
“I’m keeping a close eye to the marine fuel numbers as they come in. They are now hanging close to where they were back in 2005, which was the year previous to any added surcharges on passenger fares. With the drop in distillate demand in recent months, it’s going to be interesting to see what Marine Atlantic will do even though we still have to go through another two months of market trading before they come to a decision on adding fuel surcharges once again. In the near term, I don’t feel there will be an increase forth-coming in June as the bad economic news does not provide that upwards pressure to pricing.
Focus off distillates
“Consumers should expect to see a gradual decline in stove, diesel and heating oil prices for the next few weeks. Diesel, an important transportation fuel, will still be susceptible to some chance of upward movement, particularly if refiners continue to cut back on capacity. We have more to fear from inventory draw-downs on gasoline that will help stabilize the price, if not increase gasoline prices slightly in the weeks leading up to the US Memorial Day holiday. We’ll be able to make a summertime prediction on peak gasoline prices by then.
OPEC to meet again
“OPEC has set its next meeting for May 28, 2009 in Vienna. The group will meet again to discuss the current economic situation and talk about the possibility of further cuts to production. It may all be for naught. Figures from the International Energy Agency show that OPEC compliance with its own self-imposed quota has been weak as of late. The group produced almost 770,000 barrels a day more than its 4.2 million barrel cut over the last year. The numbers are even more telling when last weeks report from the US Energy Information Administration reported a good build in crude oil inventory alongside draw-downs of refined products. We could be on the verge of another collapse in crude oil prices if we see more increases in crude oil inventory and continuing weak compliance with quotas.”
-30-
For more information, contact;
George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices
gasprices@hotmail.com
Tuesday, February 10, 2009
Price changes on the way for Thursday
Distillate demand drops, gasoline increases
Media release
Conception Bay South, NL, February 10, 2009- Consumers in Newfoundland and Labrador will, once again, experience a drop in distillate prices while gasoline is projected to see a small increase at the pumps this coming Thursday, that’s according to George Murphy, group researcher with the Consumer Group for Fair Gas Prices.
Heating, stove oils and diesel to drop
“All the numbers are in and, by all appearances, those fuels connected with the distillate group, namely diesel, heating and stove oils, all will experience drops in pricing. Diesel fuel is projected to drop by 3.0 cents per litre while stove oils are projected to fall close to the same amount, 2.95 cents a litre. The stove oil number may be the harbinger of things to come with heating oils as well as jet fuel demand is also being impacted on the world markets so, that number for heating oils may in fact be slightly more than what we have for stove oils”, said Murphy.
Gasoline prices up slightly
“In the meantime, gasoline is expected to increase slightly by 3.3 cents per litre. Over the past couple of weeks, we’ve seen the oil industry talking about the possibility of a refiner strike that could affect upwards of 30 thousand workers directly. We’ve also seen a slight drop in the builds of inventories in recent weeks. Even though the number shows very modest increases in inventory, the fact is that refiners are concentrating more on distillate output rather than gasoline and that has helped to support prices. Refined product supplied to the markets is down almost three per cent from last years numbers. Gasoline demand is a bare ½ a percentage point below last year for the same time frame as a result. Even though gasoline production rose slightly against the week previous, refiner capacity is still well below peak production rates, measuring just over 83 per cent.
Crude message in oil
“Crude oil supplies have increased in recent weeks, just one reason why we’ve seen the price of raw crude drop. There’s plenty of it out there and it seems that OPEC cuts have not impacted supply greatly. From the look of things, I believe that the economy is being hit harder than we think. This may be true evidence of the smack we are about to take economically and real troublesome signs of how deep the recession is going to be. We are now into the March contracts for delivery and we haven’t seen the affects of OPEC cuts as of yet. The question is, will we?
Residual fuels and Marine Atlantic
Residual fuel oil, a type of fuel used for marine applications, prices have reached March of 2005 levels and have been experiencing some form of steady pricing in the markets. This should be enough time now for Marine Atlantic to announce its next moves on the remaining nine per cent fuel surcharge that was put on for crossings made by the shipping line. These fuel surcharges were placed in 2008 and previously in 2007 when the fuel price was high and not at 2005 levels. It’s now time for Marine Atlantic to deal with the remainder of the fuel surcharges on crossings of the Gulf. It is also time for the federal government to step in and absorb any future increases in fuel costs that add an artificial inflation rate to goods coming into Newfoundland and Labrador. The people of the province were told through the media by Marine Atlantic officials that the remainder of the fuel surcharge would be dealt with in January. They’re late with it.
-30-
For more information, contact;
George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices
Distillate demand drops, gasoline increases
Media release
Conception Bay South, NL, February 10, 2009- Consumers in Newfoundland and Labrador will, once again, experience a drop in distillate prices while gasoline is projected to see a small increase at the pumps this coming Thursday, that’s according to George Murphy, group researcher with the Consumer Group for Fair Gas Prices.
Heating, stove oils and diesel to drop
“All the numbers are in and, by all appearances, those fuels connected with the distillate group, namely diesel, heating and stove oils, all will experience drops in pricing. Diesel fuel is projected to drop by 3.0 cents per litre while stove oils are projected to fall close to the same amount, 2.95 cents a litre. The stove oil number may be the harbinger of things to come with heating oils as well as jet fuel demand is also being impacted on the world markets so, that number for heating oils may in fact be slightly more than what we have for stove oils”, said Murphy.
Gasoline prices up slightly
“In the meantime, gasoline is expected to increase slightly by 3.3 cents per litre. Over the past couple of weeks, we’ve seen the oil industry talking about the possibility of a refiner strike that could affect upwards of 30 thousand workers directly. We’ve also seen a slight drop in the builds of inventories in recent weeks. Even though the number shows very modest increases in inventory, the fact is that refiners are concentrating more on distillate output rather than gasoline and that has helped to support prices. Refined product supplied to the markets is down almost three per cent from last years numbers. Gasoline demand is a bare ½ a percentage point below last year for the same time frame as a result. Even though gasoline production rose slightly against the week previous, refiner capacity is still well below peak production rates, measuring just over 83 per cent.
Crude message in oil
“Crude oil supplies have increased in recent weeks, just one reason why we’ve seen the price of raw crude drop. There’s plenty of it out there and it seems that OPEC cuts have not impacted supply greatly. From the look of things, I believe that the economy is being hit harder than we think. This may be true evidence of the smack we are about to take economically and real troublesome signs of how deep the recession is going to be. We are now into the March contracts for delivery and we haven’t seen the affects of OPEC cuts as of yet. The question is, will we?
Residual fuels and Marine Atlantic
Residual fuel oil, a type of fuel used for marine applications, prices have reached March of 2005 levels and have been experiencing some form of steady pricing in the markets. This should be enough time now for Marine Atlantic to announce its next moves on the remaining nine per cent fuel surcharge that was put on for crossings made by the shipping line. These fuel surcharges were placed in 2008 and previously in 2007 when the fuel price was high and not at 2005 levels. It’s now time for Marine Atlantic to deal with the remainder of the fuel surcharges on crossings of the Gulf. It is also time for the federal government to step in and absorb any future increases in fuel costs that add an artificial inflation rate to goods coming into Newfoundland and Labrador. The people of the province were told through the media by Marine Atlantic officials that the remainder of the fuel surcharge would be dealt with in January. They’re late with it.
-30-
For more information, contact;
George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices
Tuesday, July 01, 2008
Numbers pointing down, but…
No big changes to fuel pricing forthcoming
Media release
Conception Bay South, NL, July 1, 2008- Consumers in Newfoundland and Labrador will be surprised to hear that there will be no large price change this time around when the Petroleum Pricing Office sets prices this coming Thursday although the numbers are pointing slightly down.
“Numbers here show that gasoline will drop by 1.5 cents per litre and heating-stove oils by 1.97 cents. Bear in mind that those numbers were for twelve days out of fourteen needed and oil has traded well up from last week which may have brought these numbers closer to a ‘no change’ or ‘0’ level albeit, still slightly down. We may have been victimized out of a substantial downwards move in prices by the rapid changes in the world geo-political situation in the last few days”, said George Murphy of the Consumer Group for Fair Gas Prices.
Reasons why prices are still up
“Continued tensions between
“Heavy investment continues in the oil markets as the US Federal Reserve continues to stay away from any rate increases that could help bolster the US dollar and also provide that important hedge to inflation fears. It remains a mystery as to why they haven’t raised rates.
Oil outlook for the winter not good
There is no sign of relief in heating and stove oil prices as the markets continue to trade distillates at record levels. Prices on the futures markets are also trading higher than last year and that means no immediate relief coming for users of those products ahead of September. It doesn’t help to see the markets trading distillates higher on word that diesel fuel has become the pre-eminent transportation fuel of choice. Heating oil continues to trade close to $4.00 a
Marine Atlantic rate increases could have been avoided
Consumers and industry could have avoided taking a hit from Marine Atlantic if the federal company had only implemented some fuel saving arrangements. Tons of fuel could have been saved merely by reducing the speed that the ferries cross the
As a result of oil price increases, Newfoundland Power was forced last week to pass on rate increases to consumers based on oil-generated electricity costs. What should have happened was the provincial government, through Newfoundland Hydro, should have been made to absorb the additional costs to oil-generated electricity. While we can’t interfere with the private operations of the publicly-traded Newfoundland Power, the government could have changed the Hydro Act to get the crown corporation to absorb the oil hit to consumers. We know that Hydro is owned by us, but we still don’t have the power to dictate how it uses its money or its profit; Government does and we are the government. This was a totally unnecessary increase that caused an undue amount of hardship to a lot of consumers. We really won’t feel their full effect until the weather cools down again and we have a good chance of seeing additional increases as a result of the performance of oil. The price may be good for the government treasury but the consumer has yet to see the full benefits.”
-30-
For more information, contact;
George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices
gasprices@hotmail.com
Tuesday, June 17, 2008
No dodging the bullet this week...
Gasoline prices to take a swipe at consumers this week
Media release
Conception Bay South, NL, June 17, 2008 – Consumers in the province will be taking another hit in the pocketbook this week as prices for gasoline are expected to take a 5.5 cent a litre increase on Thursday, that’s from George Murphy, group researcher and a member of the Consumer Group for Fair Gas Prices.
What will consumers see?
“Twelve days of data out of a possible fourteen needed show that prices will jump this week by 5.5 cents per litre at the pumps. It’s not going to be any significant difference, the other two days. The numbers will be close to what we have. While we didn’t get it on the chin last week, we know we’re going to get it this week and this one will hurt. I have a number for heating and stove oils but, I’m not that trusting in the number until I see what the PUB will do this week. I’m showing an upwards move but I want to see if there’s any redress back to what I traditionally had before the numbers went out of whack last week. I never changed my system of measure for the last ten years yet, the numbers went way out of the traditional for the past summers’ measurement so, I don’t want to make a prediction until I see what the PUB moves the figures by. I will tell you though, that the heating and stove oil numbers show ‘up’. Is there a conspiracy against what I do? I don’t know. Someone else will have to answer that,” said Murphy.
Marine Atlantic increases rates
We told you all about a month ago that Marine Atlantic would soon have to adjust rates simply because of the move in distillates and oil pricing but, a conversation I had with Marine Atlantic staff some time ago tells me that the increases may not be necessary if the company does one of two things; namely ask Ottawa to absorb the increases outside of it’s budget or do the environmentally positive thing and slow down the boat by a knot or two. While Ottawa may not do the right thing, the possibility that slowing down the crossing on the Gulf by a knot or two would save untold tons of fuel that is leading to the fuel surcharges being added to the price of a ticket. The sources from Marine Atlantic tell me that slowing down the boat just a little may be able to help the company prevent passing on the hike to the price of the crossing. I’m told that, if they slow the ferry crossing by a knot to conserve fuel, it would add an extra fifteen minutes to the Gulf passage. Can this be true? What has Marine Atlantic done in regards to fuel conservation measures? It also begs the question, is the provincial government getting ready to hit the taxpayer with the same thing here for ferry services?
Inventories take a beating
The news out of the Energy Information Administration last week may have been a little bullish in the extreme but the markets still traded on a downturn in crude inventories never-the-less. “Here we are with something in the order of nine million more barrels of gasoline in the inventory but we see a draw-down in crude oils because of ‘anticipated’ demand. Here we are looking at a drop in consumer demand for gasoline by 1.3 per cent but we still see active trading on anticipated heavy consumer demand. I simply don’t get how these guys do it and the markets get away with it. It’s all bad news in spite of all the good news out there.”
-30-
For more information, contact;
George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices
gasprices@hotmail.com
P.S I'll update the numbers on a daily basis as the info becomes available but, i don't anticipate much change in them.
Gasoline prices to take a swipe at consumers this week
Media release
Conception Bay South, NL, June 17, 2008 – Consumers in the province will be taking another hit in the pocketbook this week as prices for gasoline are expected to take a 5.5 cent a litre increase on Thursday, that’s from George Murphy, group researcher and a member of the Consumer Group for Fair Gas Prices.
What will consumers see?
“Twelve days of data out of a possible fourteen needed show that prices will jump this week by 5.5 cents per litre at the pumps. It’s not going to be any significant difference, the other two days. The numbers will be close to what we have. While we didn’t get it on the chin last week, we know we’re going to get it this week and this one will hurt. I have a number for heating and stove oils but, I’m not that trusting in the number until I see what the PUB will do this week. I’m showing an upwards move but I want to see if there’s any redress back to what I traditionally had before the numbers went out of whack last week. I never changed my system of measure for the last ten years yet, the numbers went way out of the traditional for the past summers’ measurement so, I don’t want to make a prediction until I see what the PUB moves the figures by. I will tell you though, that the heating and stove oil numbers show ‘up’. Is there a conspiracy against what I do? I don’t know. Someone else will have to answer that,” said Murphy.
Marine Atlantic increases rates
We told you all about a month ago that Marine Atlantic would soon have to adjust rates simply because of the move in distillates and oil pricing but, a conversation I had with Marine Atlantic staff some time ago tells me that the increases may not be necessary if the company does one of two things; namely ask Ottawa to absorb the increases outside of it’s budget or do the environmentally positive thing and slow down the boat by a knot or two. While Ottawa may not do the right thing, the possibility that slowing down the crossing on the Gulf by a knot or two would save untold tons of fuel that is leading to the fuel surcharges being added to the price of a ticket. The sources from Marine Atlantic tell me that slowing down the boat just a little may be able to help the company prevent passing on the hike to the price of the crossing. I’m told that, if they slow the ferry crossing by a knot to conserve fuel, it would add an extra fifteen minutes to the Gulf passage. Can this be true? What has Marine Atlantic done in regards to fuel conservation measures? It also begs the question, is the provincial government getting ready to hit the taxpayer with the same thing here for ferry services?
Inventories take a beating
The news out of the Energy Information Administration last week may have been a little bullish in the extreme but the markets still traded on a downturn in crude inventories never-the-less. “Here we are with something in the order of nine million more barrels of gasoline in the inventory but we see a draw-down in crude oils because of ‘anticipated’ demand. Here we are looking at a drop in consumer demand for gasoline by 1.3 per cent but we still see active trading on anticipated heavy consumer demand. I simply don’t get how these guys do it and the markets get away with it. It’s all bad news in spite of all the good news out there.”
-30-
For more information, contact;
George Murphy
Group researcher/Member
Consumer Group for Fair Gas Prices
gasprices@hotmail.com
P.S I'll update the numbers on a daily basis as the info becomes available but, i don't anticipate much change in them.
Subscribe to:
Posts (Atom)