Iran cost me an extra .27 a gallon today

I see the sabre rattling of Iran has caused me to spend an extra .27 a gallon this AM. So just the talk of them blocking the straight has done this. And also it has not really gone up that much in reality. Maybe the futures went up because of this.

I see Brent crude prices which is what it seems our imported oil is based on were $113.37 on 11-7. And as of 1-4-12 it was just $114.75. So why did our gas prices go up .35? Really does not seem right.

Either way I hope the "One" decides to let the pipeline from Canada go through. It could replace up to 8% of our imports. Rather see us get it than ship it to say China. Which they say may be the alternative.

Terry

Edited to change amount. I had looked at an older receipt. Still the last time was a little before Christmas and today it was $3.59. This is in the Chicago area and we are always higher.

And I do favor a fuel efficient vehicle. Currently I am at 23 MPG. But replacement for me is scheduled for late 2013 I will be looking for around 40 MPG minimum.

Where did they raise it $ .35? My gas did go up here in Las Vegas but not to that degree. Last week I was paying $ 3.21 at an Arco station and last night it was $ 3.27.

Larry from Las Vegas, NV

Disclaimer: I fully support the pipeline project.

Having siad that, oil from Canada is sold at the same exact price as oil from Saudi Arabia. You can make a solid argument the pipeline helps our trade deficit and creates jobs. You can NOT make a solid arguement that it will reduce the price of gasoline. It wont. If Iran blocks the tankers in the gulf gas prices will skyrocket even if we get 100% of our oil from North AMerica.

Your best hedge against a volitile oil market is to get a fuel efficient car.

I am surprised many times when I visit your are it is cheaper than here in the Chicago area.

Terry

Irani pip-squeak can only saber rattle because America has an extraordinarily weak leader. Can you envision Acmawackjob saber rattling JFK? I can't, but then Kennedy would have to be a Republican today anyway.

Yes and no. Spot or futures prices are the same but when you figure in transportation costs they are not.

And folks might remember back during the Iran-Iraq war Iran attacked gulf shipping though they didnt "close" the straits per se (1984-88).

The one thing that would worry me is that he is a whack job. And he may do something stupid just because he can. And picture him with nuclear capability OMG.

The other factor is I would much rather give 8% less money to countries like Venezuela. Who we buy 759 thousand barrels a day from. Chavez really...

Terry

I only buy from citgo when my empty light goes on and I don't think I can make another station

So how much more is the cab fare going to cost if they take the tunnel route?