interesting gas prices have dropped...

[Soonerjeepman]

2 weeks before the election..obama pullin out all the stops..

[swardboy]

Too late. He's doomed.

[olevetonahill]

Too late. He's doomed.

I hope yer right

[Soonerjeepman]

I hope...

[olevetonahill]

I hope for Change...

FIFY :chuncky:

[badger]

i am not calling shenanigans on this one. holiday and summer travel have ended, worldwide demand is going down (due to high prices) while supply is up... and gas prices are pretty much only semi-affordable in Oklahoma (I hear they're $4+ on the east coast still and probably still damn high in Cali)

[8timechamps]

i am not calling shenanigans on this one. holiday and summer travel have ended, worldwide demand is going down (due to high prices) while supply is up... and gas prices are pretty much only semi-affordable in Oklahoma (I hear they're $4+ on the east coast still and probably still damn high in Cali)

Yep, the truth is, the POTUS doesn't really have much to do with the price of gas. Right now, there are refineries coming back on line that have created a slight surplus. Also, the cost of crude has dropped. I'm sure Obama would like to take credit for the drop, but it's really got nothing to do with him.

[rock on sooner]

Yep, the truth is, the POTUS doesn't really have much to do with the price of gas. Right now, there are refineries coming back on line that have created a slight surplus. Also, the cost of crude has dropped. I'm sure Obama would like to take credit for the drop, but it's really got nothing to do with him.

8x, thank you for a glimmer of sanity. Have been waiting for someone, like
the Jeep man to crack wise. This horse has been ridden incessantly and put
away wet.

[LiveLaughLove]

8x, thank you for a glimmer of sanity. Have been waiting for someone, like
the Jeep man to crack wise. This horse has been ridden incessantly and put
away wet.

so then we can agree that the whole time dems and people on here were demagogueing Bush about gas prices that they were just scoring political points at his expense. Great.


So we wont hear any stories on here about Romney and gas prices, correct?

[rock on sooner]

so then we can agree that the whole time dems and people on here were demagogueing Bush about gas prices that they were just scoring political points at his expense. Great.


So we wont hear any stories on here about Romney and gas prices, correct?

LLL, I have NEVER accused Dubya or any prez that they have had any
effect on gas prices. All I've done is pointed out any time someone threw
rocks at Obama I reminded them about the prices when Dubya was runnin
things. External influences, hurricaines, ME unrest, refinery problems,
international oil prices all effect the price of gas. My only beef is with the
industry itself....raise the prices 10-15 cents a gallon and let the prices fall
at the rate of 2-3 cents at a time. Someone tried to explain that process
to me and got bogged down in a swamp somewhere.

Check it out, I can't speak for others, but I sure as hell can speak for myself!

Now whether others talk about Romney, well, it is my fervent hope that he is
on another mission somewhere because it'll take more than a mission to undo
what he says he wants to do with the country, the poor, the elderly, the women,
the military. Every thing he points to is a rewind of 2000-2008, facts that are not
is dispute. Now, if he gets his way, the wealthy will get wealthier, the middle class
and lower will support them, the deficit will grow faster than anytime in the past,
(logic here..less revenue, spending the same). I'm quite certain that my beliefs
are WAY in the minority on this board...that's okay. I've said my piece, will not be repeated this
election cycle (hold your applause). I am genuinely concerned about the USA and
all its glory. Romney never met an issue that he couldn't be on both sides of. Good
luck with trusting this guy. Ryan is worse. Everywhere, anywhere you look or talk,
it is half and half. If you folks get Romney, then may God have mercy on your souls.

[pphilfran]

Freaky Freddie's Fast Fuel buys 1000 gallons of gas for $1 a gallon and fills his storage tank..Freaky adds three cents to the cost of the fuel so he expects to make $30 on the fuel he just purchased...

The supplier notifies Freaky that his next shipment of 1000 gallons will cost $1.10 a gallon...

If Freaky Freddie doesn't raise his price immediately he will have to dig up seventy bucks out of his pocket to pay for the next fuel delivery...

Freaky isn't going to do that so he immediately raises his price to $1.13 so he will still have a slight profit of $30 bucks....

The next week the supplier tells Freddie his next shipment will go back down to $1 a gallon...Freddie now has a problem...does he lower his price immediately and sell fuel that cost him $1.10 for $1.03?

Freddie's fuel suppliers deal with this same problem...

[rock on sooner]

What's wrong with selling the 1000 gallons at his agreed upon price and then on his
next shipment raise the price to reflect higher cost. When he sells that shipment
then lower his prices to reflect his actual cost, instead of holding the higher price to
the cost of the next shipment. I understand capitalism and making a profit but I also
understand taking advantage of the of the public that has no choice because all of
his peers do the same thing.

[Skysooner]

so then we can agree that the whole time dems and people on here were demagogueing Bush about gas prices that they were just scoring political points at his expense. Great.


So we wont hear any stories on here about Romney and gas prices, correct?

As soon as we stop hearing the Muslim, Kenyan, Socialist thing then we will stop demagoguing Romney, and I voted for him.

POTUS has ZERO to do with gas prices except the federal gas tax.

[okie52]

You already voted Sky?

[pphilfran]

What's wrong with selling the 1000 gallons at his agreed upon price and then on his
next shipment raise the price to reflect higher cost. When he sells that shipment
then lower his prices to reflect his actual cost, instead of holding the higher price to
the cost of the next shipment. I understand capitalism and making a profit but I also
understand taking advantage of the of the public that has no choice because all of
his peers do the same thing.

it is not about taking advantage of the public...they have slim margins..less than a nickel a gallon for self serve...any retailer does the same...the new stock cost more so the old stock gets the price increase...

[pphilfran]

If you want complain about fuel costs then you should complain about the government...they make more per gallon than the producer or the wholesalers or the retailers...the fed get the gas tax and then billions in corp income taxes to boot...the government makes a killing on a gallon of gas....

[okie52]

As soon as we stop hearing the Muslim, Kenyan, Socialist thing then we will stop demagoguing Romney, and I voted for him.

POTUS has ZERO to do with gas prices except the federal gas tax.

Someone should explain that to Obama every time he threatens to release strategic petroleum reserves to reduce the price of gasoline.

[TitoMorelli]

Not quite off-topic: why are diesel prices so high?

[soonercruiser]

i am not calling shenanigans on this one. holiday and summer travel have ended, worldwide demand is going down (due to high prices) while supply is up... and gas prices are pretty much only semi-affordable in Oklahoma (I hear they're $4+ on the east coast still and probably still damn high in Cali)

THIS^^^^
I read an AP article on the subject yesterday.
Badger pretty much covered it.
Wait until around Thanksgiving, then see if the prices go back up in anticipation of more family travel.
Unless Obama is re-elected.....then there won't be any "Thanksgiving".
We'll have to have el Porkkabob!
:tongue:

[soonercruiser]

Not quite off-topic: why are diesel prices so high?

That's a matter of how the currently operating refineries are alloting their production.
Diesel is less refined petroleum. So, it's a matter of bypassing the fuel at that stage of refining and continuing on to gasoline. My guess is that if gasoline prices go down because of a glut, then refineries will start producing more diesel......eventually affecting the gasoline supply as a result......causing gas pricesd to eventually rise again.
Maybe the "oilies" will weigh in.

[hawaii 5-0]

Just as I didn't blame Obama for rising gas prices, I don't give him credit for falling gas prices.

I'm still unsure of the role the refiners play in this.

And those Oil companies are still making billions, regardless of the price of gas.

5-0

[pphilfran]

http://www.dailyfinance.com/quote/nyse/exxonmobil-corp/xom/financial-statements
Last year ExxonMobile had 471 billion dollars in sales
Had net income of 41 billion
Paid 31 billion in taxes
The last four years they have paid 104 billion in income taxes

http://www.dailyfinance.com/quote/nasdaq/apple/aapl/financial-statements?source=esadlfltnal0001

Last year Apple had 108 billion dollars in sales
Had net income of 26 billion
Paid 8 billion in taxes
The last four years they have paid 19 billion in income taxes

[pphilfran]

Which of those two companies pays a higher salary to it's workers?
Which of those two companies ships the highest percentage of jobs overseas?

[Bourbon St Sooner]

Just as I didn't blame Obama for rising gas prices, I don't give him credit for falling gas prices.

I'm still unsure of the role the refiners play in this.

And those Oil companies are still making billions, regardless of the price of gas.

5-0


Any industry that produces a profit without the help of gov't subsidies or gov't bailout is evil!

Signed, Harry Reid and Nancy Pelosi

[Skysooner]

Any industry that produces a profit without the help of gov't subsidies or gov't bailout is evil!

Signed, Harry Reid and Nancy Pelosi

The really sad part is that most of that rhetoric is bs. Exxon and Shell make those huge profits. The rest of us have RORs in the 6-10% range. Exxon and Shell aren't allowed to take those subsidies as Obama calls them as they are fully integrated companies. Companies like mine get the same intangible tax break that every manufacturing company does. It is simply becuase our prices are out there for everyone to see.

Hawaii-Refiners play almost no role. Exxon makes billions profit because they make billions of revenue, and they are worldwide. Nobody screams over Apple (pphilfran posted those numbers). The bulk of production in the world comes from NOCs (nationalized oil companies and independents and independents are struggling right now).

[Bourbon St Sooner]

The really sad part is that most of that rhetoric is bs. Exxon and Shell make those huge profits. The rest of us have RORs in the 6-10% range. Exxon and Shell aren't allowed to take those subsidies as Obama calls them as they are fully integrated companies. Companies like mine get the same intangible tax break that every manufacturing company does. It is simply becuase our prices are out there for everyone to see.

Hawaii-Refiners play almost no role. Exxon makes billions profit because they make billions of revenue, and they are worldwide. Nobody screams over Apple (pphilfran posted those numbers). The bulk of production in the world comes from NOCs (nationalized oil companies and independents and independents are struggling right now).

I work for one of those majors. Last year we made $30 billion in net profit on $480 billion in revenue. That's hardly an overwhelming margin. In upstream we make $21 billion and spent $20 billion in capital projects. So basically all the money we made went right back into capital projects. People don't realize how big especially these offshore projects are. A lot of times you are talking about spending $1 to 2 billion to develop offshore fields. That puts a lot of people at work in good paying jobs. But who needs a job when you have Obama to take care of you.

[pphilfran]

I work for one of those majors. Last year we made $30 billion in net profit on $480 billion in revenue. That's hardly an overwhelming margin. In upstream we make $21 billion and spent $20 billion in capital projects. So basically all the money we made went right back into capital projects. People don't realize how big especially these offshore projects are. A lot of times you are talking about spending $1 to 2 billion to develop offshore fields. That puts a lot of people at work in good paying jobs. But who needs a job when you have Obama to take care of you.

Royal Dutch Shell?

[rock on sooner]

The really sad part is that most of that rhetoric is bs. Exxon and Shell make those huge profits. The rest of us have RORs in the 6-10% range. Exxon and Shell aren't allowed to take those subsidies as Obama calls them as they are fully integrated companies. Companies like mine get the same intangible tax break that every manufacturing company does. It is simply becuase our prices are out there for everyone to see.

Hawaii-Refiners play almost no role. Exxon makes billions profit because they make billions of revenue, and they are worldwide. Nobody screams over Apple (pphilfran posted those numbers). The bulk of production in the world comes from NOCs (nationalized oil companies and independents and independents are struggling right now).

Sky, help me out here. I have heard industry spokespeople explain gas pump
price spikes with "the refinery fire in California or the refinery explosion and
fire in Louisiana" as the reason for price increases. You say that the refiner
has no role to play. Am I misunderstanding what you are saying?

[Bourbon St Sooner]

Royal Dutch Shell?

found me out.

[pphilfran]

Those instances affected capacity...and lower capacity will cause increased prices as long as demand stays stable...

[pphilfran]

found me out.

Pretty easy...ain't many 480 billion companies with 30 bill in net....

[rock on sooner]

Pretty easy...ain't many 480 billion companies with 30 bill in net....

Detective Phil!

[pphilfran]

Detective Phil!

I was curious...

[Skysooner]

Sky, help me out here. I have heard industry spokespeople explain gas pump
price spikes with "the refinery fire in California or the refinery explosion and
fire in Louisiana" as the reason for price increases. You say that the refiner
has no role to play. Am I misunderstanding what you are saying?

Well that could be the cause of local price imbalance. You have to remember that most of the refineries are on the West Coast and Gulf Coast. They have to be shipped to wherever the demand is. If there isn't enough supply in one area then the cost of trucking it overland causes the price to rise. I wasn't aware of the fire, but I'm also upstream. I meant by my statement that crude oil prices which are the primary driver of price are a world demand situation and are generally caused by over or undersupply. Here in the US it is different though in that we can't export crude, and the way we are rising in production, we are set to surpass Saudi Arabia as the world's largest producer.