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- anubis2night, on 02/15/2009, -6/+72This article is *****. Sorry but it is just P.R. spin for big oil.
"West Texas Intermediate is used primarily in the U.S. It is light and sweet thus making it ideal for producing products like low-sulfur gasoline and low-sulfur diesel. Brent is not as light or as sweet as WTI but it is still a high-grade crude. The OPEC basket is slightly heavier and sourer than Brent. As a result of these gravity and sulfur differences, WTI typically trades at a dollar or two premium to Brent and another dollar or two premium to the OPEC basket. The OPEC basket typically trades in OPEC’s official price range" source wikipedia. right now Brent is trading at $45, at that point prices should be $1.51for gas. sources:
http://markets.ft.com/markets/commodities.asp
http://www.farmdoc.uiuc.edu/manage/newsletters/fef ...
My uncle used to work for a oil company. I remember him telling me stories of how they would adjust the prices by 1/10 a cent all the time, and when the media got going they would just up the prices, because they could. He has all kinds of stories, but the most important part I walked away with was this, they raises prices because they can. Plain and simple. - Ne007, on 02/15/2009, -1/+55excuses excuses....a bear farting in the woods drives up prices.
- shannimal, on 02/15/2009, -3/+56SOMEHOW, Americans feel like they're getting ridden? Like it isn't totally obvious.
- clvngodess, on 02/15/2009, -11/+61"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."
Um.... let's talk about that little ol' peak oil issue too. If we are to listen to the cats that actually know something about American oil, we done drilled it out a while back. Now, we gots to take on other technologies to get to what's left, like oil sands and that sort of thing. It ain't as easy as the idiots chant, "drill baby drill."
Instead of all of us griping about the price of gas, we really need to push the powers that be to get off the petroleum teats and move toward cleaner options for energy, now. - ChuckDees, on 02/15/2009, -2/+47This story is complete *****.
They are trying to come up with any excuse now.
All of the sudden supply demand and crude oil costs dont apply to fuel costs? - novenator, on 02/15/2009, -8/+46When we were paying over $4/gallon, big oil was raking in record profits (with an administration that was in their pocket, how could that be?). Now that crude has gone down again, I see they are still gaming the system.
- poidh, on 02/15/2009, -1/+35The sooner that electric vehicles and photovoltaic/ efficient renewable technology become viable, the better.
- hrpmike, on 02/15/2009, -0/+25Somebody is making money
- tensionhead, on 02/15/2009, -1/+21Breaking news: Oil companies like money.
- SYMB0LIC, on 02/15/2009, -1/+20It's really plain and simple. GREED + ABILITY.
My family owns gas stations, and I love when people think the gas stations are the ones making money... when in reality its pennies on the dollar we make and make money off the automotive shop and store. NOT THE GAS. - TheCash, on 02/15/2009, -4/+19Oil sands... you mean oil porous shale, that is said to hold billions of gallons in the U.S. alone?
Way to be on top of the whole science thing there sparky. - chrisinsocalif, on 02/15/2009, -1/+15Price of oil goes up cause or speculation. Approximately 60 to 70 percent of the oil contracts in the futures markets are now held by speculative entities. Not by companies that need oil, not by the airlines, not by the oil companies. But by investors that are looking to make money from their speculative position.
- BassMastr, on 02/15/2009, -1/+14Amazing that oil was 150 bucks less than a year ago. No way demand fell off by 75%
- terrachronos, on 02/16/2009, -2/+15"there is a lot more to gas price than crude price alone"
Funny, when gas was approaching $4/gal they blamed it on the fact that oil prices were over $100/barrel. Now that price per barrel is back down to $34 gas prices are still jacked up and rising daily.
I guess Exxon and the rest are going for the record of consecutive record quarterly profits and don't want to stop now
all at our expense
***** BIG OIL EXECUTIVES - slapded, on 02/15/2009, -2/+14***** THE OPEC
- ghuytro, on 02/16/2009, -2/+11No, the profit percentage isn't the only thing that matters. The size of the market and the ability of the enterprise to generate revenue volumes in that market is equally important.
Yeah, Microsoft has nearly 28% net margins, but on "only" $62 billion in annual revenue with an annual net income of $17 billion.
Contrast that to Exxon Mobil with it's piddling 9.5% net margin, but on $477 billion (!!) in annual revenue with annual net income of $45 billion.
I could run a business with 90% margins, but if the total market size is only $1 million, I'll make $900,000 max. But 10% margins in a trillion dollar industry?
Get out the sympathy violin I guess. - slyzxx, on 02/15/2009, -7/+16Because Opec is greedy ?
- silverelan, on 02/15/2009, -0/+9I'm gonna have to call shenanigans on this one.
- ebcreasoner, on 02/16/2009, -0/+9As if any modern car would start after an EMP goes off.
- inactive, on 02/15/2009, -1/+10Speculative entities that no one can name, very scary.
- bobcat7407, on 02/15/2009, -2/+10What's their profit percentage? That's what really matters.
- duggdowncatisad, on 02/16/2009, -0/+8What's funny about Americans whining about $3 a gallon gas is that most of them would consider 50 cents for a 20oz Aquafina to be a bargain.
- bjornski, on 02/16/2009, -0/+8If we were getting socialized health care, and had that extra disposable income, I might be inclined to agree with you.
But our high prices don't go to improve infrastructure. It goes into pockets. - mikebritton, on 02/16/2009, -0/+8Yeah, the great all-powerful station owners union should be held more accountable than unregulated oil futures speculation.
- LonesomeFighter, on 02/15/2009, -3/+11that's the point in a business you know
- Promoadz, on 02/16/2009, -1/+8To add my statement as a stand alone comment and to reiterate my challenge to industry officials!
Spoken like a true industry insider.
Everyone needs to conduct a bit of research to get to the bottom of this. Here are some facts to ponder:
1) "Market" prices are derived from futures markets and "spot" market trading.
2) Refiners do not buy crude from either of these markets.
3) Refiners negotiate long term ( as much as 30 years) contracts with crude suppliers.
4) None of the current contracts call for pricing in excess of $42 per barrel, some as low as $19/bbl.
5) The refiners have ridden on the coattails of spot market pricing to place blame on the market for their
price at the pump increases. False, just pure greed, has been, will continue to be.
6) Windfall profits go into refiners coffers, not retail sellers, unless of course you take into consideration
that most retail outlets are in fact company owned, ;-)
7) Bottom line, full blame for at the pump prices rests fully on refiner greed, nothing else.
8) I challenge any verifiable industry member to provide facts to dispute my facts, here and now! - Nerys, on 02/16/2009, -1/+8YOU don't understand that when someone MUST have something like food or water or air or "oil" supply and demand NO LONGER apply as they would with other things.
If the movies get too expensive people STOP going to the movies and Blockbuster does better.
If OIL gets more expensive you BEND OVER and say MORE PLEASE if you to continue getting to work.
apples and oranges. the NORMAL rules of supply and demand DO NOT APPLY to oil. - SpykerSpeed, on 02/15/2009, -0/+7I filled up my tank for $1.45 a gallon yesterday, here in SC.
- badtiki, on 02/15/2009, -1/+8"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."
So why not produce with american oil you ***** ! Or is this another ***** excuse to raise prices !
I paid $2.05 here in CT - again total ***** ***** ! - AlexTrampoline, on 02/16/2009, -1/+7Hell yes, QFT, oil companies will complain that they're just doing it to stay afloat, but it's really to keep their yachts and mansions afloat. I call ***** on the whole speculative process of oil prices and everything involved, it's stupid.
- chrisinsocalif, on 02/15/2009, -1/+7Sorry, your comment is incorrect. The price of gas had nothing to do with supply and demand right now. There has been no disruption of supply and demand for oil is down. The price of gas is higher cause oil traded at the New York Mercantile Exchange for investors to make money which is causing the price of gasoline to rise. Read my previous statement.
- DyceFreak, on 02/16/2009, -3/+9yawn....
this week in news, Exon Mobil reports record profits for the second year in a row... - inactive, on 02/16/2009, -1/+7Impossible! The market mechanism never fails?!?!
- galore, on 02/15/2009, -3/+9And in other news Exxon reports another record profit.
- bjornski, on 02/16/2009, -0/+6Well, it does show that the numbers we're being fed as "average prices" are absolute *****, based on some company that can't deliver.
- Tabou, on 02/16/2009, -0/+6Let me get this straight! The crude oil is at a record LOW and you're balming the OPEC because the domestic gas prices are high? Do you even know what the OPEC is??
- Nerys, on 02/16/2009, -0/+6BECAUSE ITS NOT FINITE YOU *****.
Keep in mind FINITE means WITHIN ONES LIFETIME for anything OUTSIDE your lifetime is for all intents and purposes INFINITE and IRRELEVANT.
We have CENTURIES of oil left. CENTURIES.
because an electric car economy could REPLACE OIL COMPLETELY in a few DECADES AT MOST if it were permitted to.
that's WELL within the LIFETIME of the owners of GM and Chevron.
GM BUILT an electric car that could do 120-150 miles on a charge over 10 years ago. It cost them 80 grand a pop to build these HAND MADE prototypes.
JUST IMAGINE what that would cost today. EASILY under $10 grand.
***** after just making a few hundred they had the price of the battery down to $4500 RETAIL !! (their quote not mine that's right from the mouth of GM and Ovonics the creators of the E95 battery)
How much is the Lithium pack in the Tesla? yeah thought so.
Toyota made the RAV4EV which is MORE appropriate to this discussion since its a more "normal" car and can carry 4-5 people. (small SUV style car)
THE MSRP on this was $42,000 !!! (FOR PROTOTYPES!!)
it had a range of 100-120 miles on a charge and they tested them to over 300,000 miles on the SAME BATTERY PACK with people who got lucky enough to get one seeing over 150,000 miles on the ORIGINAL battery with almost NO DECREASE in performance yet (the manufacturer rated them for 250,000 lifetime to 80% capacity)
When GM figured out how much money they would LOSE in profits because of how cheap clean low maintenance and long lasting electric cars would be they KILLED IT and with prejudice.
They CRUSHED THEM Literally with car crushers. They even send a GM rep with EACH truck to make certain and COUNT each crushed car.
They then sold the CRITICAL NIMH patent to Texaco/Chevron since that was the KEY to the electric car.
everything else in the car is off the shelf (by today's standards) and CHEAP. the battery was the key. KILL THAT and you KILL the EV (at least till the patent expires or someone invents something else but that takes TIME and MONEY)
EVEN THE GOVERNMENT helped with the $100,000 tax credit for 6,000 pound vehicles (think hummer's) which they conveniently FIXED "AFTER" the electric car was dead. This is FACT folks 60 minutes INTERVIEWED the government on this very issue. Go look it up.
one month after closing the EV1 plant GM bought Hummer. No you think? DUH!
54% of GM's profit came from after they sold you the car. ALL that goes away for the most part with electric cars.
They are cheaper
they last longer
they require less maintenance
they are faster
they are cleaner
they are cheaper to operate ALMOST FREE compared to gas.
THERE IS NO REAL DOWNSIDE to the average american in an electric car !
There is always MONEY to be made SuperCujo
its not about making money.
its about making MORE MONEY
they make a LOT MORE money on GASOLINE cars than they every would on ELECTRIC cars.
HENCE why they wish to KILL the electric car to KEEP the higher profits on continuing to make GAS CARS.
its not a conspiracy theory. its the cold hard reality of corporate greed at the expense of US the consumer.
They could EASILY push out $13,000 electric cars today if they wanted to.
THEY DO NOT WANT TO.
Do you think its coincidence that a $24,000 hybrid gets WORSE fuel economy than an off the shelf $15,000 VW Diesel in Europe?
Do you think its coincidence that they PUSH for Hydrogen which is MORE expensive and LESS efficient than gasoline but RETAINS the pay at the pump PROFITS of OIL ?
DO you think its coincidence that the Chevy VOLT gets about the same damned all electric range as the average lead acid powered home built electric car does?
YOUR JOKING right?
wake up you moron.
Look up the 60 minutes episode on you tube and also hunt down a copy of the movie "Who Killed the Electric Car"
there is NO conspiracy at all in any of that. Just Pure Greed. - ebolaworld, on 02/16/2009, -1/+7IMPEACH BUSH NOW!
- Poppaacharlie, on 02/15/2009, -0/+5When we see a green party members getting elected at high rates, that will be the day when people care enough to do something about it
- GTOFan350, on 02/15/2009, -2/+7Us Americans should do what we are so good at and that would be "Bending Over and Taking it Balls Deep".
- haobaba1, on 02/16/2009, -0/+5Your right. This time is a perfect opportunity to add an addition .30 to .50 a gallon tax to make sure that other fuels are competitive. As we have seen when there are not competitive fuels available on the market speculators are able to take advantage of the consumer and drive the entire economy to the brink of destruction.
- ericdano, on 02/15/2009, -6/+11Simple thing to keep the economy going (if you call it that) is to keep gas prices low. That is one reason why we crashed, was when gas was over $4 a gallon.......
I really don't see why they didn't, in this stimulus package, do something about making more refineries or look into some temp drilling......alternative energy is great and all, but it is off in the distance....... - DyceFreak, on 02/16/2009, -2/+7no, but you're meant to think they do.
does anyone honestly believe that the price of gas is directly related oil production? Its just another product, and like all products, they get to put the price on it. and if you have the added benefit of having a world addicted to it, you can raise the price by pennies and make TRILLIONS... - nomadgf, on 02/16/2009, -2/+7Death to all these Oil *****!!!!!!
- TigerStar337, on 02/16/2009, -3/+8It's a vast liberal conspiracy!
- mafiax, on 02/16/2009, -1/+6Oil Sands / oil porous shale isn't a solution.. Do you know how much pollution mining this stuff causes? Your basically strip mining and then they separate the oil in huge ponds that are toxic to birds and other wild life. Not worth it.
- novenator, on 02/16/2009, -0/+5I usually use
http://www.gasbuddy.com/
to find the cheapest gas in town or when I'm on the road - PatrickBrown, on 02/16/2009, -1/+6@TheSabre
Nearly all, directly or indirectly.
How's that? - czarr, on 02/16/2009, -1/+6@mike17032
someone cited them @ 10% margins. I dont' think most industries double that. - alclone, on 02/16/2009, -2/+7Read about "dark market" trading. Basically companies purchase and trade energy futures and derivatives outside of the United States and drive up the price of oil to insane amounts. According to the Asia Times, 60% of the price of oil was attributed to dark market trading over the summer. Other sources cite 40-50%
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