High gas prices... what?

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K2
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High gas prices... what?

Postby K2 » Aug 6th, 2006 at 11:50 pm

Take a look at this - http://www.eia.doe.gov/pub/oil_gas/petr ... mport.html

Our top 5 importers of crude and petroleum are, in order, Canada, Mexico, Saudi Arabia, Venezuela, and Nigera. These top 5 comprise about 70% of all of our oil imports. And according to the report in the link above, that's been the trend for at least the last year and a half.

Why again are gas prices going up when Iran gets frisky, or Hezbollah farts in the general direction of Isreal? Or the Iraqi war for that matter... yeah Iraq is #6 on the list, but I'm betting this is only AFTER we occupied Iraq, not before.

So um... yeah. Someone explain to me why we're paying 3+ dollars a gallon at the pump.

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Postby K2 » Aug 7th, 2006 at 12:02 am

If ya dig around on that site, you can get all sorts of useful info. Like the amount of imports we get from OPEC is about 2/3 that what we get from non-OPEC countries. And that our own (US) oil production nearly matches that of the oil we get from OPEC.

I'm seriously trying to find a valid reason why our own oil compainies have jacked the price of gas up so high for so long. I'm not finding any. All of these companies (read: Exxon, Du Pont/Conoco, etc) have been recording record-setting profits every quarter for the last couple of years. If the price to import and refine crude has really gone up so much as to warrant the rise we see at the pumps, then how are these companies able to make so much profit? Shouldnt the level of profit be around the same for them (or even less) than it was previously?

This is what ya get when ya have a wanna-be oil tycoon in the white house.

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Postby WidowMaker » Aug 7th, 2006 at 12:14 am

LOL, so gas prices are Bush's fault too? Is there anything that isn't Bush's fault? :roll:


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Postby Deleted User » Aug 7th, 2006 at 1:14 am

The value of a dollar is falling, and we still pay less at the pump than just about every European nation.
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Postby K2 » Aug 7th, 2006 at 1:34 am

Wid - not entirely, no. But he's not doing anything to stop it either.

Benedict - um, ok? We're talking about Armerican pump prices, not Europes. How their govt. regulates prices, or who they import/export from isnt what we're discussing. It's our country on the discussion table. Anyways, fuel taxes in Europe are a lot higher than they are here, which is mostly (but not all) of the reason why their gas prices are so much higher than our own. Look it up.

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Postby Maverick » Aug 7th, 2006 at 1:56 am

WidowMaker wrote:LOL, so gas prices are Bush's fault too? Is there anything that isn't Bush's fault? :roll:


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Postby Deleted User » Aug 7th, 2006 at 3:37 am

K2 wrote:Benedict - um, ok? We're talking about Armerican pump prices, not Europes. How their govt. regulates prices, or who they import/export from isnt what we're discussing. It's our country on the discussion table. Anyways, fuel taxes in Europe are a lot higher than they are here, which is mostly (but not all) of the reason why their gas prices are so much higher than our own. Look it up.


I was bringing up one reason why gas prices are still up, and adding a comparison to show that your concept of "high prices" is slightly flawed.
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Postby K2 » Aug 7th, 2006 at 3:44 am

Concept of high prices flawed. Hmm... I'll try to take that into consideration next time I fill up. Gas here ranges from 3.13 to 3.80 a gallon. Nah, that aint high... :roll:

So please Benedict, show me where the flaw is. I've been lookin and I am not seeing any kind of valid reason why oil compainies are charging us consumers (read: that's you and me guy) so much at the pump. Enlighten us, oh knowledgable one ;)

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ender*(gayless)
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Postby ender*(gayless) » Aug 7th, 2006 at 4:19 am

they're around to make money, they deal in a product with a fairly inelastic demand curve...so basically they're doing their job by price gouging...just buy some stock in them, that should cover the difference
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Postby K2 » Aug 7th, 2006 at 4:23 am

It's too late now, shoulda bought stock when their prices were lower before the price gouging ever took place. If ya bought in now you'd be paying a premium.

Lets take Exxon as an example, since they're top dog for oil companies at the moment - http://ir.exxonmobil.com/phoenix.zhtml? ... stockchart

It may dip again at the start of the fiscal year (october) as that seems to be the trend over the last year, but damn to buy in right now would be insane :(

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Postby ender*(gayless) » Aug 7th, 2006 at 4:31 am

i mean....i COULD be a tad biased because my pops works for exxon and he bought stock in them at a discount 15 years ago
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Postby K2 » Aug 7th, 2006 at 4:45 am

Heh I could too, my dad used to work for Conoco (now ConocoPhillips), he's got quite a bit of stock in them as well.

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Postby Campsalot » Aug 7th, 2006 at 8:13 am

I was told by a person in the industry that it is not the oil companies that set the price of oil. That is done by the energy trading market. As the price of oil trades higher, gasoline will be directly affected. Also, Katrina and Rita probably should share some of the blame for why gas prices are still as high as they are.

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Postby Jahiliyya » Aug 7th, 2006 at 8:20 am

well here's some good news... /sarcasm

http://apnews.myway.com/article/20060807/D8JBAG9G0.html
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Postby EatMoreLead » Aug 7th, 2006 at 9:06 am

Gas prices are high because the oil companies CAN get it. Once people begin to focus on hybrid and alternative technologies and truly embrace driving alternatives, the prices will stabilize or fall. But since we are still buying tons of low mpg cars/trucks/suv, and driving for every small errand, gas prices are not going down anytime soon.
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Kahuna Mas
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Postby Kahuna Mas » Aug 7th, 2006 at 10:12 am

Wow, more increases in the near future.

http://money.cnn.com/2006/08/07/news/in ... tm?cnn=yes

As for the pricing. While Exxon may not set the price of oil, they do set their profit margins. The issue is that the oil companies are not reducing their MARGIN which exponentially iincreases the cost of gas at the pump.

Today they are making twice as much profit per gallon as they were since the cost has doubled in recent years. They are in effect selling the same number of gallons but making MUCH more money of them.

Yes consumer usage is fairly inelastic, but their profit follows a exponential curve.

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Postby WidowMaker » Aug 7th, 2006 at 10:20 am

Capitalism

I, too, was pissed off at the oil companies at first. But after thinking about it for a while, I realized they are simply doing what any company in the US has the right to do - make the biggest proft they possibly can. That is what capitalism is all about.

I used to think the govt. should regulate the gas companies so they can't charge what people are willing to pay, because it is affecting my wallet. But then I started thinking, what if I owned a business, and the govt. wanted to tell me how much I could charge, or how much profit I could make. No thanks.

Now there is some argument about there not being any real competition, which drives capitalism, in the oil market, as it is all controlled by a handful of big oil companies. There may be something to that, I don't know. But I would support an investigation into the validity of true "competition" among the big oil companies before taking any drastic measures such as regulating how much they can charge.

Free enterprise is a bitch sometimes. Big oil will continue to make windfall profits until people quit guzzling down gas like it is water.

Now if you will excuse me, I need to jump in my full-size truck and run down to the corner store for a fountain drink. :twisted:


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Postby Kahuna Mas » Aug 7th, 2006 at 11:57 am

My point exactly.

I think hiding behind the capitalism is exactly what they are doing. I love the idea of using capitalism as an argument for morrally questionable decisions. The term capitalism is simply a PC way of saying GREED.

If you are willing to use capitalism as an excuse, then you must support all of these groups as well:

Illegal aliens
Slave owners
Theives
Abortion clinics (just doctors making money, legally I might add)
Drug dealers
Enron
Tyco
The mafia
Companies against net neutrality
An oil president sending troups to fight for more oil
Barry Bonds
Dr. Phil
Flava Flav
Anyone who makes and sells child pornography
Kathy Lee Gifford
The makers of DAOC: Trials of Atlantis

AND

Anyone who uses captialism as an excuse for intentaionally doing harm for sake of a dollar.

Making a living is one thing. Putting greed over that of your fellow man is immoral.

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Postby Burzum » Aug 7th, 2006 at 11:59 am

I think what you're saying, Wid, applies to smaller and medium sized industries just fine. But when you get into something as large scale as Gasoline what is to stop "them" from charging $10 per gallon. They're all working together to raise prices and it's hitting hard on the pocket books of american's. Greed is dangerous and even more so in the hands of the powerful.
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Postby Campsalot » Aug 7th, 2006 at 12:00 pm

<missing_point>everyone</missing_point>

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Postby Miracl3 » Aug 7th, 2006 at 2:12 pm

Burzum wrote:I think what you're saying, Wid, applies to smaller and medium sized industries just fine. But when you get into something as large scale as Gasoline what is to stop "them" from charging $10 per gallon. They're all working together to raise prices and it's hitting hard on the pocket books of american's. Greed is dangerous and even more so in the hands of the powerful.

Well when our president is an oiler himself, theres not much he can do without losing his pocket change. He won't get the companies for gouging because he's in the biz also.
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Postby WidowMaker » Aug 7th, 2006 at 2:45 pm

Last I checked, Congress has the power to make legislation, not the Pres. He can veto it, sure. So before people go jumping on Bush for the high gas prices and nothing being done about it, how about pointing some fingers at your congressmen for not doing anything about it.


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Postby Jahiliyya » Aug 7th, 2006 at 2:48 pm

WidowMaker wrote:Last I checked, Congress has the power to make legislation, not the Pres. He can veto it, sure. So before people go jumping on Bush for the high gas prices and nothing being done about it, how about pointing some fingers at your congressmen for not doing anything about it.


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Postby Kahuna Mas » Aug 7th, 2006 at 3:05 pm

Jahiliyya wrote:
WidowMaker wrote:Last I checked, Congress has the power to make legislation, not the Pres. He can veto it, sure. So before people go jumping on Bush for the high gas prices and nothing being done about it, how about pointing some fingers at your congressmen for not doing anything about it.


-Wid


I refuse to support a president that CAN'T snap his fingers and make 20 dollar bills rain down from the heavens.


maybe other presidents.. this one can't even pronounce nuclear correctly.

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Postby WidowMaker » Aug 7th, 2006 at 3:08 pm

it is surprising how many people butcher that word. Every time I hear someone pronounce it "nuke-u-lar" I want to rip out their trachea, and beat them senseless with it.


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