Oil prices

[Guest m&pc9]

I just saw oil prices are at $34 per barrel, Why am I paying $1.78 a gallon. I havnt seen the news in a few days and assumed that oil was going up because gas prices have gone up.

[LazyAce]

Just greedy oil people. Gas is $1.89 to $1.95 here in eastern Nebraska. When the state gas tax went up 1 cent the price of gas went up 10 cents a gallon. That is our wonderful government at work.

[Guest m&pc9]

I thought everyone said it was George Bush getting money for his oil friends.

[Electric B]

I don't know all the ins and outs of the oil business. But I would think it is based on a profit margin, like most other business.

When oil is $34 a barrel and we pay $1.78 the profit margin for the oil companies looks to be the same as when oil was $150 a barrel and we were paying $3.90.

The diffrence is @ $1.78 a gallon no one is complaining but @ $3.90 a gallon we were all rasing h---, gas prices were on the news every night. People were talking about it all the time. I have not heard anyone complaining about $1.78, I have heard people saying as long as it stays below $2.00, I'll be ok.

Just my .02

[Guest slothful1]

I imagine that during winter months refineries switch more of their production capacity to heating oil, so plentiful oil does not necessarily mean equally plentiful gasoline.

[Guest grimel]

I imagine that during winter months refineries switch more of their production capacity to heating oil, so plentiful oil does not necessarily mean equally plentiful gasoline.

Close, the fundamental problem remains lack of refinery capacity. As long as we are importing over 10% of our gasoline there will be a higher minimum cost of gas.

In the next month or so the refineries will switch to summer blends. That will cause the usual dip in supply and the resulting increase at the pump.

Every time you fill up thank the gov for the extra $0.50 a gallon they add to the price of gasoline.

[Guest jackdog]

It's called we can charge what we want because we want to, end of story.

[Smith]

You gotta remember too that refined gas is bought ahead of time on contracts from wholesalers. The price you are paying now is based on crude oil sometimes a year in the rear. It is not a direct correlation between crude, gas, and time. Also as had been said, winter blends cost more, especially with all this global warming, due to much of it being refined for heating.

[bubbadavis]

The price you are paying now is based on the higher of current crude oil prices or crude oil prices sometimes a year in the rear.

There, fixed it for you...

I love how the prices at the pump increase instantly but take forever to go back down. When I hear the "but we paid more for the gas in the ground" argument, I want to know why they have no problem charging more for the gas already in the ground.

[Guest krater]

Apparantly, a lot of Tennesseans don't like Capitalism.

[Smith]

There, fixed it for you...

I love how the prices at the pump increase instantly but take forever to go back down. When I hear the "but we paid more for the gas in the ground" argument, I want to know why they have no problem charging more for the gas already in the ground.

And what about when we were paying 1.42 at the pump and crude was at $42 a barrel?

This gets so old. Margins are set. There are very few gouging cases and most of those are local shops and wholesalers. "Big Oil" has set margins and have very little to do with gas prices. The biggest factors in prices are Government, OPEC, and Venezuela. Jump on them.

[Guest FroggyOne2]

They annouced that the reason for this, this morning was that they have the plants shut down for inspection and maintence.. which of course is a lot of bull crap in my mind. It is the gov's fault.. for not allowing new plants to be built.. in the name of the EPA.

[Mike.357]

save the comlpaining for when it is 5 bucks a gallon by summers end.

[gearyr]

I know times are tough. Even for the big oil companies. I mean, Exon Mobile only made 45 BILLION dollar profit! Those poor oil people. I was told that the reason that the price was going up. The oil refinery workers were THINKING ABOUT GOING ON STRIKE! Thinking about going on strike? And big oil can't give them a raise? Give me a break. Big oil companies are and have been ripping us off for years. We have no recourse. Either buy it or don't buy it. But Osama is going to save us all. Osama, what a joke. gearyr

[Guest m4coyote]

I have read that the oil refineries are cutting back on gasoline production so as to limit the supply at the pumps. This has the same price increasing effect as higher oil prices. I guess Big Oil did not make enough profit from us last year.

I yearn for the day that a company releases an automobile that will run on the hydrogen and oxygen from simple water. Screw Big Oil!

[Guest m&pc9]

I know times are tough. Even for the big oil companies. I mean, Exon Mobile only made 45 BILLION dollar profit! Those poor oil people. I was told that the reason that the price was going up. The oil refinery workers were THINKING ABOUT GOING ON STRIKE! Thinking about going on strike? And big oil can't give them a raise? Give me a break. Big oil companies are and have been ripping us off for years. We have no recourse. Either buy it or don't buy it. But Osama is going to save us all. Osama, what a joke. gearyr

I would tell the dumb asses to go on strike. Theres enough people unemployed to fill their jobs 3 times over.

[Guest m&pc9]

[ame]http://www.youtube.com/watch?v=2F30_8n4--s&feature=related[/ame]

[Guest Boomhower]

I yearn for the day that a company releases an automobile that will run on the hydrogen and oxygen from simple water. Screw Big Oil!

Yep, & then we'll be bit*hing about "Big Water".

It wasn't too many years ago that water was free, & it still is if you happen to live out by the stream, but not in the city. And even I myself buy bottled water.

[Guest jackdog]

Apparantly, a lot of Tennesseans don't like Capitalism.

Not at all, but when government gets in involved with the free market system. By giving tax breaks land set asides and writing laws that the oil industry has bad millions of dollars for via the lobbyist system, then it is no longer a free capitalist market.

[Smith]

The only reason there is "Big Oil" is the US government. We've been over this a million times and it seems that some just want to live on Fantasy Island and continue to demonize the Oil companies. For conspiracy nuts and Ron Paul supporters some of you sure drink the cool-aid the liberal media and Dem feed you. Hate "big oil", Walmart, and corporations and all will be right. Yeah, that's it. They are what cause all of our ills!

Big Oil is only big because the government has completely limited any possibility of competition by using the EPA, drilling bans, and OPEC bed fellows. They have created monopolies that they can control and exploit for their own interest. "Big oil" makes 10% margin on a product they research, drill, refine, produce, and bring to market. The government makes 25% and produces nothing!

[Smith]

oh, BTW you all do realize that without "big oil", Walmart, and the other evil corporations out there (actually making profits) your stinking IRA's and any market retirement plans would be worth less than nothing? They are the only thing, if you were smart, keeping any market system we have with a breath.

[Guest grimel]

I know times are tough. Even for the big oil companies. I mean, Exon Mobile only made 45 BILLION dollar profit! Those poor oil people. I was told that the reason that the price was going up. The oil refinery workers were THINKING ABOUT GOING ON STRIKE! Thinking about going on strike? And big oil can't give them a raise? Give me a break. Big oil companies are and have been ripping us off for years. We have no recourse. Either buy it or don't buy it. But Osama is going to save us all. Osama, what a joke. gearyr

Yeah, that $45 billion works out to $9 per share which by the time everything is worked out is more like $1.60 for 2% yield. That same $45 billion is the profit on $477 billion in revenue. Due note that is MUCH less than the profit margin of say Apple ($5 billion on $25 billion revenue).

I guess everyone thinks their gunshop is just gouging the daylights out of us. The largest (by a good chunk) revenue stream from gasoline goes to government. If anyone is gouging us at the pump it is government - do nothing to increase production (actually hinder production at every turn) yet reap the largest reward.

[Guest 70below]

I don't like paying at the pump any more than anyone else, but the Amish have the solution for that. Our vote is at the pump every time we go fill up. We all like to complain about it, but how many of us have started car pooling and got rid of the gas guzzler for a hybrid or WVO burner?

[Guest Boomhower]

We all like to complain about it, but how many of us have started car pooling and got rid of the gas guzzler for a hybrid or WVO burner?

Yeah, cause that all worked out so well for us a few months ago when gas was $4 a gallon and the government and media were damning SUV owners for driving their big ole gas guzzling vehicles. Hybrid cars became VERY hard to find because everybody thought they would recoup their investment with the the extra 5-10 MPG (). Now that everybody has been thru the stages of carpooling, trading in those big demon SUV's (which has flooded the markets and aided in plummeting the used truck and SUV prices), and cutting back on ALL extra curicular travel, the wonderful federal commission now wants to double the gas taxes because they aren't getting enough.

Yep, I'm ready to trade in both of my paid off gas guzzlers for a monthly car payment and $2 more in my pocket when I fill up.

[S&WForty]

The only reason there is "Big Oil" is the US government. We've been over this a million times and it seems that some just want to live on Fantasy Island and continue to demonize the Oil companies. For conspiracy nuts and Ron Paul supporters some of you sure drink the cool-aid the liberal media and Dem feed you. Hate "big oil", Walmart, and corporations and all will be right. Yeah, that's it. They are what cause all of our ills!

Big Oil is only big because the government has completely limited any possibility of competition by using the EPA, drilling bans, and OPEC bed fellows. They have created monopolies that they can control and exploit for their own interest. "Big oil" makes 10% margin on a product they research, drill, refine, produce, and bring to market. The government makes 25% and produces nothing!

Amen to all of that!

And the refineries are performing maintenance, so their capacity is down. This is their lowest production time of the year. They're doing it when it makes the most sense.