The Big Oil Rip-Off/ 2009 Style

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Post by Guest on Mon Feb 16, 2009 3:53 am

Gas prices should be around $1.00 or so a gallon right now for unleaded regular gasoline, not the $1.85 we are seeing at the pump. It's just another instance of the oil companies ripping us off. I hope Obama does something to stop this.

NEW YORK – Crude oil prices have fallen to new lows for this year. So you'd think gas prices would sink right along with them.

Not so.

On Thursday, for example, crude oil closed just under $34 a barrel, its lowest point for 2009. But the national average price of a gallon of gas rose to $1.95 on the same day, its peak for the year. On Friday gas went a penny higher.

To drivers once again grimacing as they tank up, it sounds like a conspiracy. But it has more to do with an energy market turned upside-down that has left gas cut off from its usual economic moorings.

The price of gas is indeed tied to oil. It's just a matter of which oil.

The benchmark for crude oil prices is West Texas Intermediate, drilled exactly where you would imagine. That's the price, set at the New York Mercantile Exchange, that you see quoted on business channels and in the morning paper.

Right now, in an unusual market trend, West Texas crude is selling for much less than inferior grades of crude from other places around the world. A severe economic downturn has left U.S. storage facilities brimming with it, sending prices for the premium crude to five-year lows.

But it is the overseas crude that goes into most of the gas made in the United States. So prices at the pump will probably keep going up no matter what happens to the benchmark price of crude oil.

"We're going definitely over $2, and I bet we'll hit $2.50 before spring," said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service. "This is going to be an unusual year."

http://news.yahoo.com/s/ap/20090215/ap_on_bi_ge/gas_prices_unhinged_3


Last edited by moses_007 on Mon Feb 16, 2009 12:34 pm; edited 1 time in total

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Post by Doug K. on Mon Feb 16, 2009 7:45 am

"This is going to be an unusual year."

What's so unusual? We've been raped and pillaged by the oil companies for years.....
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Post by Guest on Mon Feb 16, 2009 12:38 pm

Every February, gas prices start inching upward as we are getting closer to spring. I read recently there are tons of gasoline supplies everywhere in the country since the economy is so bad. According to the price of crude oil and the over-supplies of gas, gasoline should be dirt cheap right now. But not so. Exxon has to make its billions again.

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Post by tube radio on Mon Feb 16, 2009 5:13 pm

How right you are.

Lee

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Post by Guest on Tue Feb 17, 2009 4:01 pm

There is a Shell station right behind me on the freeway. It was $1.86 yesterday; today it's $1.75. But...it was $1.36 about a month ago.

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Post by FM Refugee on Thu Feb 19, 2009 12:25 am

...boy, these sorry SOBs have an excuse for everything, don't they?... Mad ...even with the bad economy, which they contributed to, they're still going to play their greedy little games...
...and these are the people our society holds up as its 'pillars' and examples of 'success' that we all should try to emulate...no wonder our morals have gone down the tubes...when your society's 'pillars' are completely amoral, what do you expect the rest of your society to be like?...
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Post by simplex1040 on Thu Feb 19, 2009 12:28 am

go here press the blue button
http://www.bombombombomwooooo.com/
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Post by Gary Tayman on Thu Feb 19, 2009 8:21 am

Whenever the price of gas appears higher than it should be, remember that "greedy oil" does not set the price -- the market does. Look for a reason OTHER THAN 1000 big oil execs from around the world meeting secretly to fix prices and wringing their hands with glee over the notion that they're screwing everybody.

Just remember this: the oil companies profit from supplying us with oil. They drill for it, they refine it, and they supply it to gas stations all over the country. As for drilling, the US Government does not allow them to drill in any new areas, even though there are oil supplies which exceed the capacity of Saudi Arabia. They are not allowed to look for more supplies. They have not been allowed to build another refinery, although I understand there is one exception, one is being built now but will of course take years. So they must purchase oil from other countries. As for refining, they must produce something like 17 different grades for different areas of the country, as dictated by the Government. Again demand is down, but the reason we saw $4.00 gas recently was because we had to refine some of it overseas, in ancient refineries that were not designed to make these various grades of gas. Would Government relax its standards? Are you kidding? All in the name of "Environment." For all this, the oil companies make about 8 cents per gallon of gas. This money of course goes to operating costs, not to mention exploration costs in the few places they ARE allowed to go. The rest goes to you and me as stockholders.

Politicians and news media love to boast the fact that gross profits of these oil companies are in the billions. Wow, that's big -- or is it? These same politicians, while deliberating over the stimulus bill, were making comments like "200 million here, 400 million there, it's trivial." Why is it that big money in private hands is deplorable while big money in the hands of Government is salvation? In the case of big oil, if these profits are spread out over the world where they operate, it's really not that much money. Their profit MARGIN is lower than a lot of other industries. Just remember, if their profits are ever "insane", you may get a piece of it simply by going to your stockbroker and buying it -- but I don't exactly see too many people buying stock lately.

On the other hand, while a "whopping" 8 cents goes to big oil, 40 cents goes to big Government. What does Big Government do to provide us with oil? Throw all kinds of restrictions on it, for one thing. That 40 cents is at the pump (average state, local, and federal). Big Oil has to pay income tax, and recently I believe Exxon/Mobil paid a record of $32,000,000.00 a quarter. There is tax paid for shipping, there is tax paid on refining, there are taxes everywhere -- and it all has to come from that 8 cents.

Allow me to add one more thought: that 8 cents is not cast in stone, just like the few cents made by the gas station owner is set by the owner. If the corner Shell station is $1.95 and the Sunoco station across the street is $1.92 for the same grade, you the consumer have the option of crossing the street to buy at Sunoco. If all the Exxon and Mobil stations are higher than all the Sunoco stations, more people will buy from the less expensive brand. If one company can trim their costs and sell the same gas for less, they will sell more and make more money -- economics 101. The market determines the price. On the other hand, Big Government dictates their taxes and you're stuck with it.

So, the next time you hear a story about Big Oil making a profit, remember this: if they make 1 billion, the government makes 5 billion along with a hefty percentage of that 1 billion. This money is supposed to go to roads -- shouldn't they be 25 lanes wide and paved with gold?

Whenever I hear a politician piously barking about insane oil profits, I want to vomit.
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Post by scottb on Thu Feb 19, 2009 9:02 am

Just wait and see what gas cost if the government takes over the oil industry!!! They cannot manage anything properly!! All they can do is run everything at a loss like Am Trak and tax us to make the difference. Eventually we will get to the point where there will be nothing left to tax and still need more money. I believe we are getting close!!! I guess when we see a tax on the tax we pay we will know we are there.
Keep raising the taxes on the people who are doing well and soon nobody will want to work hard to get ahead, because they will just be paying tax and making the same take home pay as the person who does not care.
True story!! About 5 years ago when I was working my butt off to make around 55k a year, my son inlaw made 30k. They got 8k in earned income on their tax return!! With all the tax I paid, they had a better take home pay than me. I changed jobs within a year after that!!! Yes higher pay and alot more tax!!! Sure pays to work hard???
Going to be a long 4 years and hopefully not 8!!!! We need a business person who can balance budgets in office not a rockstar who is already breaking promises!!!!

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Post by Gary Tayman on Thu Feb 19, 2009 10:41 am

Hopefully only two years.
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Post by Bill Cahill on Thu Feb 19, 2009 10:45 am

I certainly agree that we are getting raped. But, the question is by whom?
Seems big government has surely had a hand in this.
The present administration, I make no comment here. But, I do feeel that we, as a consumer, are getting cheated badly.
The oild companies are involved in this, but, I don't think they, alone bear the burden of blame.
Gas prices here, in Florida, have been on a wild roller coaster for some time, now....
We, as a consuming public must do several things about this.
One is to cut back on consumption.
Gasohol has been a major joke on us.
The pricing index seems to fluctuate alot.
Too heavy on the taxing. That's for sure.
Perhaps the media is adding to this mess??
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Post by easyrider8 on Thu Feb 19, 2009 11:07 am

Gary Tayman wrote:Hopefully only two years.

I think that is pushing it.

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Post by Chimes on Thu Feb 19, 2009 5:19 pm

Gas prices should be around $1.00 or so a gallon right now for unleaded regular gasoline, not the $1.85 we are seeing at the pump. It's just another instance of the oil companies ripping us off. I hope Obama does something to stop this.

Stop relying on Obama to do everything (you are going to be very disappointed), so far he hasn't done much except screw up. Obama has nothing to say about the price of gas, the free market does, of course Obama wants to get rid of the free market.

Why is it that big money in private hands is deplorable while big money in the hands of Government is salvation?

Great question. Amazing isn't it? The rich must be punished for becoming rich, so lets get back at these greedy rich corporations and stop them from making profits. Wonder how many thousands of jobs would be lost if the major oil companies went out of business?

Profit has become a dirty word to the liberal left. To them, no one has the right to have more than someone else even if they have taken risk and worked hard for it.

It is the successful profitable businesses (which often make their owners wealthy) that create jobs.

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Post by terry h on Thu Feb 19, 2009 8:13 pm

You might remember during the campaign, Obama didn't mind the price of gas going up, but it should have gone up more slowly. Draw your own conclusions.

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Post by radiowizard on Thu Feb 19, 2009 8:57 pm

You do NOT want the Fedzilla interfering with legitimate business. I don't care how mad you are. You are just asking for nationalization. Or a variant of Fascism: Centralized authority, stringent socioeconomic controls. We are seeing attempts at this with the auto industries and banks.
Do what the Bamster said: air up your tires. Slow down a bit. No jackrabbit starts. get a tune up. But don't let's drill for our own oil, thereby allowing us to tell the foreign suppliers to kiss off.
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Post by Gary Tayman on Fri Feb 20, 2009 7:25 am

easyrider8 wrote:
Gary Tayman wrote:Hopefully only two years.

I think that is pushing it.

Dave

Not necessarily. Bill Clinton caused such a backlash that he was only in power for two years.

Sure, he was President for 8 years, but the President doesn't run the country. His powers are very limited without the help of Congress. One classic example of non-power was the Welfare Reform bill. He was vehemently opposed to it, but signed it.

This is a scenario that many people don't understand when referring to George W. Bush. We hear on a near-daily basis that "Bush killed the economy." Actually Bush had a Congress on his side for 6 of his 8 years, and it has only been the last year of his administration that the economy really headed downward. While it can be argued that Bush indeed signed problematic legislation, you have to admit that he didn't act alone, and that these bills never would have passed, or in many cases even become bills, without the Congress that was there.

The President is not unlike the quarterback of a football team. The quarterback is often praised or blamed for the team's performance, but if you look at the big picture, he is but one member of an entire team.
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Post by Bill Cahill on Fri Feb 20, 2009 12:58 pm

I wasn't going to get involved in this discussion, but, on the point of congress having a a large part in what occurs, I'd have to agree with Gary on that. While alot could be argued about the president being the cause, if congress hadn't voted for the bills it wouldn't have gone that way.
That puts both sides to bleme. Not just Republicans, or, Democrats. They both share the blame for it.....
Now, I'll go back in my corner, thank you.
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Post by panther on Fri Feb 20, 2009 3:49 pm

Obama won't change anything, no more than Bush, or Clinton before him.
The President is a figurehead, and when he steps out of that category, and starts to step on toes, they get the Kennedy treatment.
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