OIL PRICE****

[Frankn]

That would help everyone at the gas pumps but we won't see the trickle down of lower prices across the board like we saw the raising of them when the businesses passed the increases onto their consumers.

I hear Ya on that one Frankn!
My last clothes washer broke before the warranty was even up! Then I got to replace the drain pump 3 more times myself! I want an new industrial machine but they won't sell me one.

If that's not enough, China just bought GE....won't be buying any if those if I can help it.

I thought Buffet's group owned GE. GE is into a lot of government contracts. They are a defense contractor also. Frank

 

[Frankn]

99 Cent Gas May Be on Its Way

99 Cent Gas May Be on Its Way - 24/7 Wall St.

That may be true, but gas is $1.77 here and diesel is $1.99. It just went up as the price of crude dropped to $29/bbl.
Reserve storage in the USA is filled. Frank

 

[Msbeepbeep]

It maybe just the appliance division, not sure. But China is buying it. Guess it's not making enough money for the Buffett crowd. Either that or China wants a closer peak at what's going on in some of the other divisions.

Gas is $1.63 here, I think heating oil is a little higher.

 

[Frankn]

I have noticed a lot of the big corps. are splitting into separate companies. I put in a lot of time at Xerox and I just noticed they are splitting into 2 corps. I wonder how that will effect my health insurance with them? Frank

 

[kingskid1611]

Gas hit $1.19 here today.....will it go lower? I hope not.

 

[Msbeepbeep]

All I can tell Ya Frankn, on health ins. It's what ever costs them less.

The news is saying we May see gas for .99 . and I'm wondering how long that will last!
With all that "extra" money in the consumers hands you can just about see all entities making plans to raise their prices & costs to get that piece of the pie!

 

[Frankn]

BO is trying to get the jump on them with his gas tax raise, But his pen and phone are not good enough. He needs authorization of Congress.

Well gas today is 1.66 Reg and diesel is 1.89 here. Frank

 

[NWMP]

Frank,

Well the OPEC crowd just agreed to no cap whatsoever on production so that should keep it low for quite a bit yet.

Good for consumers but the oil patch crowd are hurting big time.

Regards + HH

Bill

I find it interesting that the bottom is dropping out of gas prices, yet go into Can Tire a 4 liters of oil is pretty much still 20-$30.00. Hmmmmmmmmm.

 

[Msbeepbeep]

Yep, once they raise the price there is no giving it back, unless it's going to cost them more to keep it (lost sales).

 

[SouthTexasHunter]

Some of you that claim the "greedy" oil companies are the problem need to take a closer look. I work for a large oil refiner and I can tell you this.....we just spent $350 million on a new crude unit, pay market price for our feedstock (crude oil), pay for running and maintaining all of the equipment, and pay huge amounts of local and federal taxes. What do we get for the effort you ask? About 10 cents profit per gallon. Yes, that equals a lot of money when you are talking about 3.8 million gallons per day, but think about this. That same federal government that claims oil refiners are greedy because we make 10 cents per gallon is TAXING that same gallon 45 cents and they don't have to hit a lick or take any risk to do it. If anyone actually saw what it takes to turn a barrel of crude into a barrel of gasoline, they would be thankful that the margin is only 10 cents.
Rant over. Carry on.

 

[bill from lachine]

STH,

Yep....it's even worse in Canada....believe about 70% or so of the price is Federal, Provincial or Municipal tax....add in the cost of production, refining, transport, etc....the markup is about 3 to 4 cents per liter or 4 times that per gallon and that's not net of expenses so the margins are pretty slim at the service station level.

Regards + HH

Bill

 

[FreeBirdTim]

Some of you that claim the "greedy" oil companies are the problem need to take a closer look.

Sorry, but greedy oil companies are the problem. Ten cents profit per gallon sounds reasonable, but let's take a closer look. If they churn out 3.8 million gallons a day, then they're making $380,000 a DAY in profits! Hard to feel sympathy for a company that's turning that kind of profit per day on consumers who MUST have their product to survive...

 

[Crappies-n-Coins]

That may be true, but gas is $1.77 here and diesel is $1.99. It just went up as the price of crude dropped to $29/bbl.
Reserve storage in the USA is filled. Frank

Under $1.30 today just south of Memphis.

 

[Msbeepbeep]

Dairy farmers have the same problem. It's all the hands in between that contribute nothing in the process but still take "their" cut.
What makes the rise in the cost of a barrel of oil so insidious is that it is then multiplied as it goes down that chain so that when it gets to the end consumer they are paying for all of those multiple increases.

 

[Produce Guy]

I payed a $1.49 a gallon today,in Austin,TX

 

[Chadeaux]

Some of you that claim the "greedy" oil companies are the problem need to take a closer look. I work for a large oil refiner and I can tell you this.....we just spent $350 million on a new crude unit, pay market price for our feedstock (crude oil), pay for running and maintaining all of the equipment, and pay huge amounts of local and federal taxes. What do we get for the effort you ask? About 10 cents profit per gallon. Yes, that equals a lot of money when you are talking about 3.8 million gallons per day, but think about this. That same federal government that claims oil refiners are greedy because we make 10 cents per gallon is TAXING that same gallon 45 cents and they don't have to hit a lick or take any risk to do it. If anyone actually saw what it takes to turn a barrel of crude into a barrel of gasoline, they would be thankful that the margin is only 10 cents.
Rant over. Carry on.

I have a poser for you then: Since the oil companies have raped the U.S. for the past several decades, why should we feel sorry for an industry that will ALWAYS make a profit at the pump?

The oil companies, if they tell you they are making less profit, are once more lying. They are profiting at the same levels as they were before the drop in crude prices. They are making the same dollar profit as before, but since they are being paid less per gallon, they have fooled the uneducated (read common core kiddies and millennials) into believing that fewer dollars coming in is all one can use to see profits.

What they don't want us to think about is THEIR COSTS are much lower than they were before crude prices fell. We understand that when the resource you use becomes cheaper, you can pass much of the savings along without hurting your bottom line.

Simple fact: The oil companies are lying. If they weren't, the prices they charge for motor oil etc. would have come down when crude dropped below $150/bbl. It hasn't because they are greedy. Their costs went down, but they are gouging the public.

If they lay you off, it's only because they don't need you ... they never lose money.

If you believe they do lose money, then get the easter bunny, sasquatch and Santa Clause to picket with you.

 

[Chadeaux]

Dairy farmers have the same problem. It's all the hands in between that contribute nothing in the process but still take "their" cut.
What makes the rise in the cost of a barrel of oil so insidious is that it is then multiplied as it goes down that chain so that when it gets to the end consumer they are paying for all of those multiple increases.

... and had they not multiplied the rise in costs, we might feel some sympathy for any perceived lost profits.

Crude Oil prices go up today, and the per gallon price of gas increases. But, if oil prices go down today it may be as long as two weeks before you see any effect at the pumps. That is raw unabated greed.

 

[Msbeepbeep]

The part that gets me is the creative lying that goes on to justify increases. Originally it was supply and demand, now if there's a blue moon rising, on the third Sunday in February, up goes the price.
All I can tell you is if I raise the price of something people Will go else where if they can get it cheaper....but then I'm not a monopoly and all the retailers don't get together over coffee and decide we are all going to charge the same price increase.
Those that can figure out a way to "cut costs" and sell the product for less, gets the most customers.
I will be happy for me when I can pay 99 cents or less for gas.
They say it's coming soon....I'll believe it when I pay it.

 

[Chadeaux]

I will be happy for me when I can pay 99 cents or less for gas.
They say it's coming soon....I'll believe it when I pay it.

Might ... just depends on how long (in market time and politics time) it is until the election.

After that, they're planning on doubling down. Gas dropped by $2? They'll raise it by $4 ... get ready for the highest gas prices you've ever seen after the presidential election in November.

 

[Msbeepbeep]

That sounds about right, sad, but true.