[sleepy]

Not to defend oil companies but the average Joe ONLY looks at: they made 10 billion profit last year, those greedy bastards.
What they(and the lame stream Medea) DON"T look at is their total(gross) income was North of 300 billion.
In numbers Joe blow can understand. You sold $300+ of stuff and made a $10 profit. Doesn't sound so price gouging greedy now, does it?

[FirebirdHank]

It isn't "supply and demand" because the supply is the same here in the US and the demand hasn't changed much lately. The problem is speculation of what might happen.
Bottom line is that someone is making more money now than they were a couple of weeks ago. Too bad that every time some Arab leader farts, we have to pay more at the pump.

[71GP76TA]

Originally Posted by dennis kirban

In my immediate world Turbo Buicks 1984-1987 cubic inches is 231....(I run a similar thread in one of those forums).

You being in California, must be seeing some real jump in fuel prices. At least on our news they usually show fuel prices in California. Some of which are over $4.00 per gallon last week?

California usually leads the way....first with emissions related to cars. Won't be long before your legistrative body requires catalytic converters on lawn mowers over 5 hp.

denniskirban@yahoo.com

Yesterday I paid 4.09/gal for 91..... that 6.0 likes the octane.


BTW - I am sitting on a bunch of full size SUV's at my car lot.... hope I don't lose my a$$ on them.

[dennis kirban]

Originally Posted by 71GP76TA

Yesterday I paid 4.09/gal for 91..... that 6.0 likes the octane.


BTW - I am sitting on a bunch of full size SUV's at my car lot.... hope I don't lose my a$$ on them.

Plus the other down side is for California I don't believe you have 92-93 at the pump like we do out east and other places. I may be wrong but that is what I remember when I was out there several years ago.

Your all wheel drive SUV Denalis might start seeing that dreaded 90 days on your lot. I assume you guys get antsy if something sits 90 days or longer.

Time to invest in the new Fiats coming to America with their whopping 101 horsepower rating.

denniskirban@yahoo.com

[poison heart]

$1.40 in 09?? I haven't seen gas that cheap since 2003/2004ish. Surely you're mistaken.

I know when I first bought my '59 buick in 2005 87 octane was right at $2 a gallon. It's been going up ever since

And keep in mind we have enough oil under our own soil to power our country for just about ever

[dennis kirban]

See post 18 that person states in 2009 it was a $1.40.....unless he meant 1999.

In thinking about it one would think it was higher than $1.40 back 2 years ago.

denniskirban@yahoo.com

[Turbo Indian]

Originally Posted by dennis kirban

For some people filling a 20-22 gallon tank will amount to a weeks paycheck.
]

try filling a big truck. it costs me more to fill up than the average American makes. last Thursday I filled up & it was over $800. I will need to fill up again tomorrow, & my truck has not moved this weekend.

[poison heart]

That's the exact post I was referring to. Gas was not $1.40 in 09 or 99. I think it was around $1 in 1999 and in 2009 it was about $2.50 I think.

My truck has a 35 gallon tank. It cost me about $110 to fill her up but it gets me 600 miles which last me about 10 days.

[151007]

Originally Posted by poison heart

$1.40 in 09?? I haven't seen gas that cheap since 2003/2004ish. Surely you're mistaken.

I know when I first bought my '59 buick in 2005 87 octane was right at $2 a gallon. It's been going up ever since

And keep in mind we have enough oil under our own soil to power our country for just about ever

Crude oil was selling for just over $30 a barrel in February of 2009. My historical price charts for Indianapolis, Indiana for February of 2009 indicate an average retail price of approximately $1.45 a gallon so I believe the original poster was probably correct in recalling $1.40 at the pump.

[71GP76TA]

Originally Posted by poison heart

$1.40 in 09?? I haven't seen gas that cheap since 2003/2004ish. Surely you're mistaken.

I know when I first bought my '59 buick in 2005 87 octane was right at $2 a gallon. It's been going up ever since

And keep in mind we have enough oil under our own soil to power our country for just about ever

When gas prices dropped after the $5 a gallon stint in '08.... It was 1.64/gal here for a very short time the 1st part of '09.

[poison heart]

It sure as hell never got that cheap here. I'm still calling BS on that one

[MikeNoun]

Yes, gas really was that cheap in Nov 2008. It was down to around $1.70 here, down from $4.00 a few months earlier.



At the time, Liberals screamed that the $4.00 a gallon gas was all George Bush's fault (what else is new?), but many people have now forgotten about the huge increase and price drop because their attention was diverted by the election of King Barack.

At $4.00 a gallon back in 2008, some truckers had sit-down strikes, some truckers blocked roads in protest, others crossed the border into Mexico to fill up.

And now the price has been steadily climbing, almost back to $4.00, yet the media has nowhere NEAR the anger they had in 2008.

Gee, I wonder why?

[Formulabruce]

Originally Posted by sleepy

The real crime hear is they have a glut of oil in storage that was bought at a much lower price they haven't even started to refine. But yet the finished product(gas,diesel,jet fuel) price is shooting sky high.

YUP based on oil futures, IE: the SEC, and the NYMEX.( NY Mercantile Exchange)
Over 70% oil profits are NOT in OIL, they are in paper OIL futures. ( the possible price in 90 days of crude)
In 2006,2007, 2008, 2009 TWICE as many "DRY" barrels of oil were sold on the NYMEX then were actually PUMPED
HUGE BUBBLE

Since this "leader" has been in office ,the US oil demand is down 19.7+/- % ( about the same as the REAL unemployment). There are BIG reserves in the US
I see more scooters being given away with car sales this summer, Remember THAT?

Media has its nose in the middle east, where the leadership should be, NOT the media. The media creates ALOT of problems, controversy, and in fact created the modern day palistine, oddly in a free country, Leabanon, then promoted a dictator run muslim government, now they promote the Hamas there. The main stream media sucks.....

[MikeNoun]

What I find interesting are all the excuses for high (or low) gas prices.

When the prices rise :

It's the Middle East
It's because America is using too much gas
It's because we can't drill for oil in America
It's George Bush's fault
It's because a 1 ft diameter pipe in a remote area of Alaska needed to be replaced
It's because we're not using enough oil, so oil companies are gouging us
It's George Bush's fault
It's because of the seasonal reformulation

Then the gas prices fall :

It's because Middle East tensions are easing
It's because we're driving more hybrids
It's because we struck a deal with the Saudi's
It's because we're driving more electrics
It's because Americans are sending a message to oil companies
It's because people are riding more bicycles

It just never ends.

As for oil companies, there's something wrong when every single year oil companies have record profits.

BP's 2010 first quarter profits were $5.6 billion, a 135 percent increase over the first quarter of 2009. This profit was 50 percent higher than predicted by The Financial Times.

Shell announced that its profits had risen by 49 percent since the first quarter of 2009.

Chevron's profit was $4.6 billion, a 156 percent increase

ConocoPhillips had $2.1 billion in profits. The world's largest private oil company

ExxonMobil, had a first quarter profit of $6.8 billion, which was 38 percent more than 2009.

[pierced mikey]

I don't like to wish harm on people in general, but something needs to happen to some of the speculators. Then maybe this nonsense will stop. "Someone in the Middle East has a cold, I see gas going up to $5/gal" and then magically **poof** gas goes up

[sleepy]

Originally Posted by pierced mikey

I don't like to wish harm on people in general, but something needs to happen to some of the speculators. Then maybe this nonsense will stop. "Someone in the Middle East has a cold, I see gas going up to $5/gal" and then magically **poof** gas goes up

The biggest reason why oil and food should NOT be on the stock market. One of my shipping stocks(FRO) has over half their fleet being used for floating storage of oil.
They buy 1 million barrels of oil and have it float around for a month waiting for the price to go up($14 a barrel in the last 2 weeks) and sell it at a major profit even after they pay for the ship.

[quicksilver97ta]

So, will this bubble burst again like it did a couple of years ago? 2nd, and deliberate separate question, will prices at the pump drop too if that happens?

[Old Blue 66]

Originally Posted by 71GP76TA

Yesterday I paid 4.09/gal for 91..... that 6.0 likes the octane.


BTW - I am sitting on a bunch of full size SUV's at my car lot.... hope I don't lose my a$$ on them.

Dump them at the auction quick!

[Brian Baker]

$3.50 when I filled up Tuesday. $3.67 when I filled up last night. I saw one station in town the sells diesel listing it for $3.84. Give it 2 weeks and it will be at $4.

[455Grandville]

We've seen $4/gal. before; we'll probably see it again. When this happens I wonder how much longer the media can keep calling this a recession -