Friday's The Big Day ... Or Is It?

[BlioKart]

in the I'm asking this because I have no clue as to the answer, is gasoline traded on the futures or commodities market

crude oil is

 

[JEBar]

crude oil is

info appreciated

 

[outsydthebox]

Actually if I were to be hedging my bet, i would try to buy a large amount of fuel at today's current price. (Assuming that's possible)...

.

I believe you can...called "futures." Or you can do what my uncle did in 1980. He bought 2 500 gal. tanks and put them above ground in his "side yard", stacked firewood around them so they couldn't be seen. 3-years later he had about 800 gal. of varnish.

 

[RUCRAYZE]

So he must have made a pile of cash- When I to Home D to buy Varnish it's about $6-7 a quart!! (lol-yea I know)

 

[Ekh]

in the I'm asking this because I have no clue as to the answer, is gasoline traded on the futures or commodities market

both

 

[Ekh]

I believe you can...called "futures." Or you can do what my uncle did in 1980. He bought 2 500 gal. tanks and put them above ground in his "side yard", stacked firewood around them so they couldn't be seen. 3-years later he had about 800 gal. of varnish.

The trouble is gasoline doesn't store indefinitely.

 

[Horn]

The trouble is gasoline doesn't store indefinitely.

Exactly. I meant going long in futures....gasoline as my example....again idk if there are gasoline futures.

Going long in futures means agreeing to a price now to pay for items/commodities in the future.

Companies hedge not necessarily to make money but to minimize risk.

I just paid 1.55/gal for gas. Sure wish i could lock in that price

 

[Ekh]

We're still over $2.06 here. I use GasBuddy, an android app, to find the best deals. Sort of crowd-sourcing for thrift.

The irony of all this is that the cost + maintenance + insurance + gas of buying and owning an Elio still knocks the socks off of any other car... to the tune of many thousands of dollars (10s of thousands, actually), even with gas at $2.00, or even $1.50.

 

[Joshua Caldwell]

Exactly. I meant going long in futures....gasoline as my example....again idk if there are gasoline futures.

Going long in futures means agreeing to a price now to pay for items/commodities in the future.

Companies hedge not necessarily to make money but to minimize risk.

I just paid 1.55/gal for gas. Sure wish i could lock in that price

I haven't seen the offer recently, but many years ago the local gas station advertisied that if you purchased X thousands of dollars of gasoline they would issue you a special car that would allow you to pump gas for the next decade to be deducted at that price from what you had already paid. One dealership that I know of took advantage of that to offer free gas for 2 years to everyone who bought a new car from them. - the gas station ended up going under when prices spiked.

 

[Ekh]

Well, the poll is up to 61 responses ... and nobody thinks it won't start. The 15-30 minutes bracket is underpopulated; I thought that would be the most popular slot. Can't wait til Friday to see who wins! (We all do if the day is a success).