Some good in the news, oil prices plummet!

[indykid]

Watching the barrel of oil price ticker lately has been nicer than watching in terror at 401Ks losing value. Last check showed oil futures trading at $79 and trending still lower!!!!

Hopefully when the price of gasoline finally drops low enough, and people start having more money for something other than gasoline, our economy will slowly start moving, regardless of what our idiots in Washington try.

Of course I am sure they will take credit for the accidental recovery.

 

[Kutnupe14]

Exhibit A: why the oil industry is full of crooks.

 

[jkfletcher]

I never understood why we have to pay $4 a gallon and the oil company makes $300 billion when they would probably make the same by charging half that just because people wouldn't think so much about it at that price. Then you'd get the consumer money for the cheaper fuel, but also the extra money from shipping companies for all the extra goods the people would be able to buy. When you get into the hundreds of billions of dollars, what's a few less? It's still a lot

 

[Aggar]

Took $100 to fill my truck today at $3.88 a gal for Diesel. At least the pump didn't kick out at $75!

 

[Ogre]

Took $100 to fill my truck today at $3.88 a gal for Diesel. At least the pump didn't kick out at $75!

God! that pisses me off to no end... I hate having to redo my whole transaction because they wont adjust their credit card pre-authorization settings...

 

[Cemetery-man]

Too bad our gas prices are reflective of crude prices anymore. They'll just shut down another refinery for maintenance and raise the pump prices right back up no matter what a barrel of crude is pricing at.

 

[hornadylnl]

Why NOT raise fuel prices? People will complain and people will buy.

Just like they complained when it went from a quarter to 30 cents. No matter the price, people will complain about big oil.

 

[ultraspec]

Too bad our gas prices are reflective of crude prices anymore. They'll just shut down another refinery for maintenance and raise the pump prices right back up no matter what a barrel of crude is pricing at.

This man speaks the truth

 

[NYFelon]

Well, here in NY roughly $0.68/per gallon is taxes, including Federal, State, County, and Local levies. In fact the only State with a higher State level gasoline tax is CT, and it's by $0.001.

Gasoline Taxes as computed by the American Petroleum Institute

 

[CountryBoy19]

I never understood why we have to pay $4 a gallon and the oil company makes $300 billion when they would probably make the same by charging half that just because people wouldn't think so much about it at that price. Then you'd get the consumer money for the cheaper fuel, but also the extra money from shipping companies for all the extra goods the people would be able to buy. When you get into the hundreds of billions of dollars, what's a few less? It's still a lot

You obviously don't understand #1 economics and #2, just how much oil they buy/sell per year. I've figured it up before (profits vs barrels of oil/gallons of gas etc). If they cut their profits to zero (which would completely go against the principles of the free-market economy) you would see a price drop of approximately 1.2 CENTS per gallon. The oil companies make 1.2 CENTS per gallon profits.

Sit down and use the head on your shoulders, they aren't out there to "serve" you; they are out there to make money. How are they supposed to make money?

 

[.45kohnACP]

You obviously don't understand #1 economics and #2, just how much oil they buy/sell per year. I've figured it up before (profits vs barrels of oil/gallons of gas etc). If they cut their profits to zero (which would completely go against the principles of the free-market economy) you would see a price drop of approximately 1.2 CENTS per gallon. The oil companies make 1.2 CENTS per gallon profits.

Sit down and use the head on your shoulders, they aren't out there to "serve" you; they are out there to make money. How are they supposed to make money?

Where do you get your figures? just curious?

 

[zombiekilla]

It's a good thing Obama released oil out of the reserves!! Man that was smart!

 

[CountryBoy19]

Where do you get your figures? just curious?

Not sure anymore, it's been a few years since I figured it all up. And obviously those figures were with older numbers.

But I can still bet you that if the oil companies didn't make a single penny profit per year people still wouldn't be satisfied with gas prices. My post was to point out the fact that they sell so much gas per year that billions in profits really only means pennies/gallon profits.