How high can gasoline go?

Hip and Crud you explain to all of us why gasoline goes up even when there is a surplus, and the price of crude is down?

Explain why every storm sees an increase even though we all know storms happen?

Explain why when usage is down and the price of oil is down on the market the price at the pump is up?

Explain why every summer the price goes up no matter what?

Tell me why my government should subsidize their research?

Tell me why an industry reaping the largest profits of any industry in history should be receiving tax credits?

 

I look forward to the day when oil is viewed as tobacco is today. Problem is some still are very rich from tobacco. And their wealth is protected.

Oil is the new tobacco market. And the poor will pay for it.Just like the subsidiizes with public opinion the excesses of the health care deboggle. The real priates never pay for the true costs.

Actually I don't believe this I think what's done in the name of protecting citizens from the evils of tobacco is wrong on a lot of levels. But part of me would love to see that sort of militant opinion taken against the oil companies.

 

We should be happy to pay more we are allowing Nigerians to be wealthy and the sick to be whole. And while we are at it let's bailout Wall St.

 

Can you explain why you complain just as much now as you did last summer when gas prices were more than 50% higher?

 

Actually I started complaining in April when gas started going up here in California even though oil remained low. Why because my budget is stretched about as far as it can go, and I would bet that goes for a lot of Americans. We shouldn't complain we should just pay up? Why is that? We are better off this year than last? Are we really fewer of us have jobs. Just how far can the big oil companies push their profits? Why not just up it to 8.00 a gallon and be done. That's what Enron did in California.

I am sure Washington will protect them just like they did Enron.

But hey the Nigerians and Exxon are happy aren';t they. Exxon can file record profits once again and Wall St. will be happy.

Americans might not be able to afford to eat but hey big oil made a profit. That's what counts isn't it?

 

There's a surplus of oil currently, some of it purchased with TARP funds and stored off shore. Please explain if this is soley market driven and fewer people are driving why is the price up? Please, I would like a reasonable explanation. And don't tell me it's based on Nigeria.

And don't blame Iran it went up before this crap in Iran. Guess what we aren't so dumb that we buy into false reports anymore.

I don't remember any major storms that caused shortages. With the new climate changes oil companies may have to seek other excuses.

 

Thing is 4.00 a gallon caused our economic meltdown, today we are supposed to be happy the oil companies are only charging us over 3.00 a gallon. In what fantasy land are you living? I am living in an area with 13 percent unemployment. You don't think it affects our domestic economy? You only interested in Nigeria?

 

ohh realy?

 

hmmm! the price of crude is at a low and the price at the pump is going up? how does that effect the nigerians? and how would any of it effect the nigeian pepole?

 

Price goes up poor people definitely use less. Not sure the rich back off with their jet planes. But yeah the poor back off they have to.

 

im with you on this !
if crude is down why does the price at the pump go up?
hip and cad seem to think that the nigeirians make more money when the price goes up! NOT!
why is it that tax payer dollars still subsidise the most profitable industry in the world?
why is it that a taxpayer subsidiesd indusry making record profits by taking advantage of poor nations resources should have a right to price gouge those same tax payers at the pump?
why is ite that these same companies are protected by the us military, and courts to allow the destruction of outhers , and all of ours enviroment?
why is it that a us based company or any company that wants to do bussiness with us is not held to the standards that we choose for our selves?
if we did there would be a major shift in humane rights, enviromental protection, and an increase in the standard of living across the globe!
but there are peeps that dont want that!
id have to say some of those peeps are right here with us in this forum!

 

Whats Up with the Crud?
Go fuck yourself troll.

 

ahh excuse me? were you talking to me?

 

Iran cut production by 500,000 barrels a day, Jan 2009
OPEC total production cuts exceed 2.4 million barrels per day. As of Jan. 2009

False reports? this is straight from OPEC.

Are storms the only thing that can cause a shortage?

 

Here's an excerpt, i have no idea who to credit for it, i received it awhile back.
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 US 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."
On the last day of 2008, gas went for $1.62 on average, according to the auto club AAA, the Oil Price Information Service and Wright Express, a company that tracks transportation data.
The recession in America has dramatically cut demand for crude oil, and inventories are piling up. So prices for West Texas crude have fallen well below what oil costs from places like the North Sea, Saudi Arabia and South America.
That foreign oil sells in some cases for $10 more per barrel -- and that doesn't even include shipping.
Brent North Sea crude, which feeds some East Coast refineries -- and therefore winds up at many gas pumps around America -- now costs about $7 more per barrel than the West Texas crude. Deutsche Bank analysts say the trend should continue.
Historically, West Texas International crude has cost more. So nobody bothered building the necessary pipelines to carry it beyond the nearby refineries in the Midwest, parts of Texas and a handful of other places.
Now that the premium oil is suddenly very inexpensive, refiners elsewhere can't get their hands on it.
"It's so cheap," said Lynn Westphall, the senior VP of external affairs at San Antonio-based Tesoro, which owns a half dozen refineries on the West Coast and Hawaii. "But you can't just build a pipeline to everywhere. We know we can't get it."
Tesoro's refineries in North Dakota and Utah use locally drilled oil and Canadian oil, which also has been running about $10 more per barrel than West Texas crude.
So why not build more pipelines? Because investing billions of dollars over several years makes no sense when the prices could just flip a year from now to where they were before.
"How long is WTI going to be cheaper than Venezuelan oil? Than Canadian?" asked Charles T. Drevna, president of the National Petrochemical and Refiners Association. "You just don't build a pipeline like that."
At the same time, refiners have seen the same headlines as everyone else about job losses and consumer spending. They've slashed production just to avoid taking losses on gasoline no one will buy. Result: Higher gas prices.
"Why should a refiner produce more gasoline when the stuff we produce is not being used?" Drevna said.
Of course, complex explanations of the diverging price paths of West Texas crude and gas are unlikely to placate frustrated drivers. Memories of last summer's $4-plus gas have not receded.
"Drivers are being ripped off even more now than before," said Stuart Pollok, who was filling up recently at a Chevron station in downtown Los Angeles. He pointed out Exxon Mobil Corp. reeled in billions in profits last year when oil prices neared $150.
Others see the conspiracy reaching higher.
"It got really low during the elections and now it's going back up," said Christel Sayegh, a 23-year-old graphic designer in Los Angeles. "They do that every election, though, right?"


Wiki Links,

West Texas Intermediate

Petroleum

 

No.

It was more than likely directed at the resident troll.

 

Lets do some math. Since the oil companies have a profit margin of 9% (lets call it 10% to make the numbers easy), 10% of 24% of the gas price is oil company profits. 10% of 24% is 2.4%.

That means gardener spends 100% of his time whining about the people who are responsible for 2.4% of the price he pays at the pump.

Iran, on the other hand, which is responsible for 56% of the oil price, gets no complaint from gardener as long as they promise to use the money to finance terrorists and kill democracy activists.

The Nigerians though get no sympathy from Gardener. They may be desperately poor, but they don't hate America so he demands they hand over their oil on the cheap. Gardener has a right to cheap gas for his truck.