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That's it, I'm walking. gas up 33 cents since Monday, - Page 12

post #331 of 2203
8/31/05 at 1:17pm
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That's a hell of a commute for just cheap gas

Whatever it takes.
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post #332 of 2203
8/31/05 at 1:20pm
When's the last time an oil company took a loss? I mean a real loss, not a cooked-up accounting loss.
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post #333 of 2203
8/31/05 at 1:25pm
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... the cost of crude has also gone up. It has gone up a corresponding amount compared to the pumps. When the cost of raw materials goes up, so does the cost to the consumer. So if profits are up, it means you are selling more of your product, not the same amount as before with a higher price.
But someone must be profiting from the rise in the cost of crude. Is it just OPEC, and speculators? Is it all of the sudden costing oil companies that much more to drill for oil, or to buy it from some third party?
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post #334 of 2203
8/31/05 at 1:26pm
Maybe they haven't taken a loss because of the price hikes? If they kept their prices at $1.00, I bet they'd ALL be out of business.
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post #335 of 2203
8/31/05 at 1:31pm
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But someone must be profiting from the rise in the cost of crude. Is it just OPEC, and speculators? Is it all of the sudden costing oil companies that much more to drill for oil, or to buy it from some third party?

Oil is traded on the markets, you yourself could go buy the options on oil if you wanted.

I'm sure everybody here has seen the movie Trading Places, in that movie they center it around buying/selling orange juice, same principle with oil.

Quote:
If the supply stays the same and demand goes up, prices go up.

Yes, sorry I didn't make that clearer in my post.

Andrew
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post #336 of 2203
8/31/05 at 1:36pm
Oil being such a critical part of our economy maybe its time for nationalization.

After all other utilities are government controlled. Shouldn't oil be considered a utility also.

BTW I hate government interference in our economy but people's wage are not keeping pace with growing oil prices
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post #337 of 2203
8/31/05 at 1:40pm
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I'm sure everybody here has seen the movie Trading Places, in that movie they center it around buying/selling orange juice, same principle with oil.
I understand that that's the way the trading price is set, but doesn't it also set the price that the oil companies (or whoever pumps the oil) receive for the oil? (Regardless of how much it costs to pump oil.)
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post #338 of 2203
8/31/05 at 1:44pm
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Oil being such a critical part of our economy maybe its time for nationalization.


Sounds good in theory, but it would: (a) completly destroy the stock value of all the oil companies (I could care less if some CEO ends up in a homeless shelter, but lot's of average Joe's would get screwed). (b) government is about the most inefficient thing around, so prices would probably go up further.

Basically, were are all fucked. I doubt the ecomony will ever recovery from the disaster we are heading towards. But, you know what? The CEOs and the politicians will never have to worry about the cost of living so rising oil prices is something they could probably care less about, regardless of whatever rhetoric they spew out.
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post #339 of 2203
8/31/05 at 2:02pm
The rich getting richer and the poor getting poorer. This spike in gas prices must be hurting alot of the low and middle class families hard. Those who are on strict budgets. My wife and I are childless, but I can't imagine how tough it's going to be with a family of four or more who have to pay for daycare and drive thirty miles to work. The cost of living has skyrocketed, but salaries haven't improved much. Things are tough all over!

- Colton
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post #340 of 2203
8/31/05 at 2:04pm
One thing that could help would a temporary lowering of the national speed limit on highways to 55 MPH.
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post #341 of 2203
8/31/05 at 2:11pm
CNN is reporting that some Atlanta gas stations are charging $4.99 a gallon.
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post #342 of 2203
8/31/05 at 2:13pm
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Basically, were are all fucked. I doubt the ecomony will ever recovery from the disaster we are heading towards.


I have to admit I'm a bit concerned myself about the economic impacts that we could be facing. I have been reading reports that the economy is not expected to be affected significantly by oil shock, but I think that could be an underestimation. The reports were also saying that gas prices could rise as much as $0.15 per gallon by the end of the week only 2 days ago, that was obvioulsly grossly underestimated.

Wait until the price of everything else starts to significantly increase as well. What average income family is going to buy that new plasma set when it's going to cost at least hundreds more to heat their homes than it did last year?

It seems like everything effect related to Katrina has been underestimated and we are only beginning to learn the realites of its effects in terms of economics and sadly human life.

Another real scary thought is what happens if anything else happens to this country in the near future.
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post #343 of 2203
8/31/05 at 2:19pm
It's pretty freaky to read the first post of this thread (Aug. 13) complaining about gas going from $2.16 to $2.49.
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post #344 of 2203
8/31/05 at 2:27pm
It seems like FOX was right on the money when they showed that TV movie, Oil Storm.

Only instead of colliding super-tankers it was a hurricane.
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post #345 of 2203
8/31/05 at 2:35pm
Well, fuck. My boss told me around noon that it rose to $2.99 (from $2.59), but I saw nothing but $3.09 coming home. 50 fucking cent increase. Boy, am I glad I filled up yesterday.
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post #346 of 2203
8/31/05 at 3:12pm
I havent seen quite the level of surge where I live compared to what others are reporting. Regular is still mostly under $2.90. I'm sure it will be coming though.
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post #347 of 2203
8/31/05 at 3:27pm
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Is it all of the sudden costing oil companies that much more to drill for oil, or to buy it from some third party?
No, it's not costing them a cent more to drill, all that extra is profit. the oil industry is vertically integrated, meaining the same company drills, processes, and sells at the pumps. The sickening thing is that much if not most of the cost of gas is taxes, not materials cost. Of course it doesn't hurt having someone with a vested interest in oil sitting in the White House.

Also, I have yet to hear a rational explanation as to how oil that was removed from the ground two years ago and refined can have its price increased based on today's markets. the oil pricing that is reported are futures, not current pricing. This would be the same as having a DVD released ten months ago at a cost of $10 suddenly becoming $20 because the futures in DVDs say the cost in November will be higher. It's a great scam, and we all pay for it.
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post #348 of 2203
8/31/05 at 3:27pm
"One thing that could help would a temporary lowering of the national speed limit on highways to 55 MPH. "

You are going to have to explain this one to me. I dont see how this would help at all.
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post #349 of 2203
8/31/05 at 3:31pm
Just reported on Fox News. They should a picture of a gas station in Atlanta charging $5.57 for regular and $6.09 for premium.

The operator claimed they increased the price to encourage consumption.

What a major scumbag this guy is. The gas which was sitting in his tanks was probably purchased before any of these hikes began.

I personally am going to Boycott BP/Amoco. Please join me.
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post #350 of 2203
8/31/05 at 3:37pm
Edit my post above DISCOURAGE CONSUMPTION
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post #351 of 2203
8/31/05 at 4:12pm
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You are going to have to explain this one to me. I dont see how this would help at all.


He was alluding to the fact that all else being equal, average fuel economy would increase if we were forced to drive slower. You use less gas per mile going 55mph than you do going 65mph.

If average fuel economy were increased, demand would go down because drivers would need to fill up less. I believe this is why the federally mandated 55mph speed limit was originally instituted in the 70s.
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post #352 of 2203
8/31/05 at 4:13pm
Well, while not as bad as Atlanta, I paid 2.89 a gallon, and the sign flipped to 3.09 while I was there. It's only going up...
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post #353 of 2203
8/31/05 at 4:44pm
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Edit my post above DISCOURAGE CONSUMPTION
You do know that you can edit your own posts, right?
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post #354 of 2203
8/31/05 at 5:04pm
> Oil being such a critical part of our economy maybe its time for nationalization.

No, we're in enough trouble already.

Around here gas "only" went up 15-20 cents today.
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post #355 of 2203
8/31/05 at 5:05pm
Just reported on Fox News. They should a picture of a gas station in Atlanta charging $5.57 for regular and $6.09 for premium.

The operator claimed they increased the price to discourage consumption.

They were having a discussion with an economist on another station who said the same thing, that the station with that high price was trying to keep people away (probably only until the rest of the stations run dry, then they'll sell out at $6/gal or higher).

Wildly divergent prices around here.

Mobil at $2.89 to $3.09
Gulf at $3.07
Shell at $2.89
Exxon at $3.07
Sunoco at $2.74

Generally a 30 to 40 cent increase during the day today.

But I guess it stands to reason that some companies' refineries were affected more than others, so perhaps that's causing the unusual discrepancy in prices (whereas they're all usually only a cent or two off).
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post #356 of 2203
8/31/05 at 5:16pm
Don't forget Labor Day weekend where the price always goes up

$3.11 for premium tonight. I figured out I spend about $12.50/day in gas just to commute.
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post #357 of 2203
8/31/05 at 5:18pm
We were just informed by our Governor that NC, and a handful of other SE states have lost 90% of our gasoline supply. Apparently the 2 pipelines that supply gas to the SE US originate in TX and go thru the gulf states where a lack of electricity has rendered them empty. Guess in NC we won't have to worry about rising gas prices. We'll have none to buy. You know, so far the 21st century has been nothing like what I read about when I was a kid.
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post #358 of 2203
8/31/05 at 5:20pm
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We were just informed by our Governor that NC, and a handful of other SE states have lost 90% of our gasoline supply. Apparently the 2 pipelines that supply gas to the SE US originate in TX and go thru the gulf states where a lack of electricity has rendered them empty. Guess in NC we won't have to worry about rising gas prices. We'll have none to buy.

You know, so far the 21st century has been nothing like what I read about when I was a kid.

Wow, Amen to that!
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post #359 of 2203
8/31/05 at 5:49pm
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You know, so far the 21st century has been nothing like what I read about when I was a kid.


YEA. Where are those frigging Mr. Fusion powered flying cars?
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post #360 of 2203
8/31/05 at 6:10pm
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YEA. Where are those frigging Mr. Fusion powered flying cars?

2015 is still 10 years away. We can acomplish a lot in a decade. Remember we had next to nothing of a space program in 1960 and we landed on the moon by 1970. Anything can happen.
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