Why hasn't BP oil leak driven up gas prices?

I find it almost hard to believe that the price of gas hasn't gone up in response to this massive oil leak. Back in the glory days of price gouging, they would jack the price of gasoline up every time an employee stubbed their toe, claiming interruption of the supply chain. If this BP disaster isn't an interruption in the supply chain, I don't know what is. Now that we have a legitimate reason to jack up the price of gas (according to previous excuses), I haven't noticed any significant fluctuation in the price of gasoline at all.

But we all know it's coming, the only question is when? Once they get the leak under control? Or after the seemingly impossible clean up?

I guess, as it was an exploratory drilling the oil and gas gushing into the ocean weren't in the supply train, until they get word on how to react the oil is economically nothing, may be an unproven asset on BP's books, a bit more proof as to the unreal energy pricing system the past has left us.

I was thinking the same thing. Then i saw the local BP down the street at 3.09 a gal where as the Mobil across the street was 2.89... Maybe TPTB just don't like BP???? Maybe thats why this is turning into a s#!tshow.... I wonder if there will be a string of BP service stations closing???? Who knows. Lets just hope they find a resolve real soon.

edited for a R and a T

[edit on 25-5-2010 by BlastedCaddy]

Stock Market: Down
Commodities: Down
Oil and gas are a simple commodity; when the whole beast drops, so does oil and gas in most cases.

Good question. You have to remember two things. First, this was not a producing well, the accident happened while the well was being set up and wasn't really near being ready to produce. So the millions of gallons in the Gulf right now would not have been on the market currently even if the accident never happened. Second, the economy is much weaker than the .gov or MSM will admit to. Oil has been steadily decreasing for the past few weeks, and outside of some major supply disruption (eg. war with Iran, war with NK, Israel and Hamas mixing it up, etc.) there is no demand side reason for it to go up short term.

Had this accident happened during the speculative froth back in '08 you better believe it would have tacked $10 or so to a barrel regardless of whether the well was producing or not.

Usually it seems when there is a disaster with the oil, like a hurricane in the gulf or something the prices will go up. i have been wondering the same thing- they actually went up a few cents like a week after it happened here. but now they are back down to lower than before. i think $2.69-2.73

A Gulf Hurricane drives prices up for a good reason. Anything that disrupts the flow of spice...er oil can. Katrina and Rita back both had big impacts on the producing wells and the refineries.

usually we get a 10 cent a liter 40 cents a gallon increase for summer which hasn't happened yet
i think the oil companies are scared to rock the boat they dont want to end up in all that spilled oil

Fuel prices will eventually go up because of the oil volcano, give it some time.

maybe because BP doesn't supply oil to the other companies and the BP oil is just for their stations

It will....they just aren't going to do it before the hemorage is contained. See, we are expecting it to go up...after the leak stops, and the cleanup begins, and they start talking about how much it cost...and will cost...and once we actually get into full summer and vacation time when fuel demand does increase, then they will dramatically up the price, and all of us will say
"Oh, well, yeah, sure makes sense..."
And we'll pay, or stay home.

And those that have to make long commutes because they are lucky enough to have jobs, will have to chose once again, between a fuel bill, food, or the rent/mortgage....

And, second US economic crash will follow.

Thanks BP!

Originally posted by Goradd
maybe because BP doesn't supply oil to the other companies and the BP oil is just for their stations

Unlikely. Most BP (and other branded gas stations like Shell, Exxon, etc.) are franchised. (So an individual or company gets rights to brand their station as BP and have access to suppliers). But a BP in PA isn't going to get their fuel from a BP branded refinery...it's just too far away. The station usually buys their gas through another supplier/refinery. Most gas stations here in PA/NJ area usually get their fuel from the nearby Sunoco or Hess refinery, even if they do not sell that brand. (The branded stations do usually have special additives added in before it gets delivered to the station).
(Which is why boycotting a BP station isn't really going to solve anything...you are only hurting the individual that owns it (and even the corporately-owned stations generate little profit for their parent companies. Refining and other processes they do is how they get their cash).

I understand the Franchise situation - boycotting just hurting the owner. However I don't understand a BP station not using a BP product. Am I using Scott tissue when I prefer Kleenex?