Wheatland, Wyoming seems to have the cheapest gas in the nation:

Picture courtesy of the Sheridan Press (PDF)

Hat tip John B

Category: Commodities, Economy, Energy

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

33 Responses to “Gasoline = $1.17”

  1. leftback says:

    Take a long look, this might be the last time in your lifetime you see that price. Gasoline taxes are coming…

  2. Mannwich says:

    There’s our little “Santa Rally” just in time to clean up those year-end mutual fund statements just a wee bit……..not much but any little bit helps.

  3. Steve Barry says:

    Great rally…on less than half average volume…just what I wanted so I could get a better price when I re-invest my QID capital gain distributions tomorrow…thanks sheeple.

  4. Mannwich says:

    Bought very small amounts of EEV, FAZ and SRS today. Probably will buy more QID tomorrow or next week. Still hanging on to decent holdings in ACI, VLO, GDX (although trimmed holding a bit), MOS, and COP for the time being.

  5. leftback says:

    I did some selling and put on some DXD overnight. Now about 60% long: 20% cash: 20% short.
    This has been one of my better weeks as some of my November picks came good.

  6. KJ Foehr says:

    Steve Barry Says:

    “Great rally… just what I wanted so I could get a better price when I re-invest my QID capital gain…”

    Yes, stock market road sign: Shorting Opportunity Ahead

    I just don’t know if I should do it before or after the passage of O’s stimulus package. Any thoughts?

  7. Mannwich says:

    Tough call KJ. Probably save a lot of powder for after the stimulus package though. Anything I do now is going to be really small until after O takes office…..

  8. Mind says:

    “Gasoline taxes are coming…”

    Rightly so. Tax it back up to $3.50/gallon and use the proceeds to prepare for energy hyperinflation beginning 2013 – 2015.

  9. Steve Barry says:

    @KJ:

    With 10 day put call MA at 2 year lows…21 day at 2 year lows…and 10 day nicely below the 21 day (indicating it likely will rise in the short-term) you probably have a great short opportunity now. The other times in the last 2 years put/call was close to this were Oct 07 and May 08 (check what the market did those times). Right after the new year, we’ll get tons of earnings warnings.

  10. Mannwich says:

    CNBC reporting BlackRock, Goldman, PIMCO and Wellington going to manage the Mortgage-Backed security program. The usual suspects (aside from maybe Wellington). They, apparently, haven’t made out enough by cashing in on the Feds’ bailouts…..

    It’s good to be King, no make that, GREAT, to be King.

  11. Steve Barry says:

    and today, the government bailed out GMAC, so they could turn right around and lower their current credit standards to sell more cars. Crazy country.

  12. Mannwich says:

    @SB: Someone commented on Calculated Risk that the Repo Man is happy man today. In fact, I might have to look that business, assuming lowering credit standards will get subprime applicants with no income back at the trough buying cars they can’t afford……….

    The people who CAN afford these new cars that already have good cars (like me and my wife) probably aren’t ponying up for a new car anytime soon, so what does this actually do? Oh yeah, that’s right. It bails out the very people/companies who got us into this mess. This country is now officially a three-ringed circus. All we need to do is add the elephants and freak show (Hank might be able to fill the latter capably) and we’re all set.

  13. karen says:

    Is this quote hilarious via briefing.com? “Stocks staged a solid advance without the help of any major news items or encouraging economic data. Each of the major indices rallied in the final minutes of trading, finishing at session highs.”

    Those in the know knew the news… and instead of buy the rumor, sell the news; it is sell the rumor (nov 25 press release), buy the news (dec 30).

    The Federal Reserve said Tuesday it expects to begin a program to buy mortgage-backed securities in early January.

    The program was announced in a Nov. 25 Fed press release.

    The Fed also said it has picked private investment managers to act as its agents in implementing the program.

    Under the program, the Fed will buy MBS backed by Fannie Mae (FNM), Freddie Mac (FRE) and Ginnie Mae.

    “The program is being established to support the mortgage and housing markets and to foster improved conditions in financial markets more generally,” the Fed said.

    The managers selected are BlackRockInc., Goldman Sachs Asset Management, PIMCO, and Wellington Management Co., LLP.

  14. KJ Foehr says:

    Is this a big deal that will extend the rally tomorrow or already priced in? Any ideas?

    Fed to start buying mortgage-backed securities
    12 minutes ago
    WASHINGTON (AP) — The Federal Reserve says it will begin purchasing up to $500 billion in mortgage-backed securities early next month in an effort to bolster the housing market.
    The Fed first announced the purchases in late November, but did not say when they would begin. The central bank says it will purchase securities that are guaranteed by home loan giants Fannie Mae, Freddie Mac and Ginnie Mae.
    The Fed also says BlackRock Inc., Goldman Sachs Asset Management, PIMCO and Wellington Management Company LLP will operate the program.

  15. karen says:

    anyone with the nerve to go short this Fed is a bigger man than i am.

  16. leftback says:

    BR and TBP People:

    This is a thought-provoking look into the crystal ball. I favor some version of Paul’s “double dip” forecast, FWIW.
    http://paul.kedrosky.com/archives/2008/12/30/scenarios_for_2.html

  17. DL says:

    The January 2009 gasoline futures contract is at $.89 right now; the December 2011 gasoline futures contract is at $1.44.

    In principle, a motorist could at least lock in the $1.44 price, thereby hedging against price increases beyond that.

  18. DL says:

    KJ Foehr @ 4:13

    At least wait until the Messiah delivers a speech of some sort (he’s on vacation right now).

  19. Steve Barry says:

    Volume since the Nov. low is so pathetic, I see the whole move getting wiped out the first few days volume picks up to average.

  20. leftback says:

    I definitely want to see the first week’s action after the missing traders are back in the mix and volume is normal.

  21. matt says:

    Why does the Fed need investment managers to buy Agency issues? They haven’t had any problems buying these in the past. Is this just a case of the government throwing more money at the iBanks?

  22. Jnavin says:

    Donald Thompson is right about the wind. We’ve got 90 mile an hour gusts out here in the wind zone today. If you can stand up without being blow over, then you can go ahead and pump some cheap gas.

  23. wunsacon says:

    I don’t understand why the “good news” of the GMAC bailout wasn’t already “priced in”.

  24. KJ Foehr says:

    DL Says:

    “At least wait until the Messiah delivers a speech of some sort (he’s on vacation right now).”

    OK, I’ll be waiting for Godot, scratch that, I mean Barack.

    wunsacon Says:

    “I don’t understand why the “good news” of the GMAC bailout wasn’t already “priced in”.”

    It probably was. I am thinking the last hour ramp was caused by a leak of the MBS news that broke after hours. It still seems to be an inside game to a significant extent: some privileged few on Wall Street often get the good stuff ahead of the MSM and the rest of us.

  25. KJ,

    w/this: “some privileged few on Wall Street often get the good stuff ahead of the MSM and the rest of us.”

    I’m glad that you see aspect of our current *Reality, as a, continuing, Reality.

    Maybe, as a ‘News Flash’, you’ll see that “K Street” makes more by feeding ‘Greenwich’, than it does by ‘whoring out’ Congress..

  26. KJ Foehr says:

    What I really wonder about is the timing; coming now, GMAC “bank” and MBS buying, just in time to save ’08 from being the worst year… A last minute attempt to scrape a little excrement off W’s soiled rep?

  27. KJ Foehr says:

    “Maybe, as a ‘News Flash’, you’ll see that “K Street” makes more by feeding ‘Greenwich’, than it does by ‘whoring out’ Congress..”

    I think you are alluding to something you said a few weeks ago, some group or org, I think. I did read a little on it, but I’m afraid it escapes me now; I need another clue.

  28. KJ,

    all that, and more..all the B*llish agitprop saturating the airwaves, enticing MutFund/401(k)-victims to ‘stay the course’–if it didn’t have tangible influence, it’d be Fun to watch..

  29. and, KJ,

    I forgot, with your advanced case of BDS, you should have, bandwidth enourh, the patience to read this:
    http://meltdown2011.wordpress.com/2008/12/30/best-way-2-control-the-masses/

    it’s charming..

  30. KJ Foehr says:

    Ha! It’s not Bush; it’s those that pull his strings who warped my mind.

  31. danm says:

    “The program is being established to support the mortgage and housing markets and to foster improved conditions in financial markets more generally,” the Fed said.

    —————
    I guess they are going whatever they can to save a few % of the ALT-A batch coming due.

  32. David writes in:

    We live in Sheridan now and saw that in the evening paper too.

    Here’s the deal why those prices are so low that you might want to mention to readers:

    This is what you get when you have oil refineries in your state: low gas/diesel prices.

    All the people who keep carping and whining about “not in my backyard” can suffer higher fuel costs. Those of us who are willing to put up with things like natural gas production (all around Sheridan), coal production (all over northeast WY) and oil drilling & refining in their backyards get the just desserts: low fuel prices. There are at least four refineries in WY, and while none of them are huge, they do make a dent in our fuel prices. Wyoming consistently has the cheapest fuel prices I see all over the west, aside from perhaps the area north of Salt Lake City, where they also have refineries.

    Oh, and BTW — this also results in a state budget that is doing quite well while the rest of the “blue states” are quickly disappearing up their own budget backsides. We not only have a surplus, we even have a rainy-day fund of money put aside.

    All because we don’t turn up our noses as energy development. We regulate it, we police it, but we don’t eliminate it.