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Gas Prices outcry gets Justice involved
- Thread starter JimH52
- Start date
Mr. H.
Diamond Member
A start towards what end?
And what's this- the 6th or 7th "investigation" over the last 20 years?
Oofah.
And what's this- the 6th or 7th "investigation" over the last 20 years?
Oofah.
- Feb 12, 2007
- 59,384
- 24,019
- 2,290
Here's a clue as to where they should start their "investigation": The Oval Office.
- Thread starter
- #4
OPEC has been jerking us around since the 70s. I also think that anyone who bids on crude should be able to take delivery. A very small percentage of the people that are bidding up the price are actually able to take delivery.
Quantum Windbag
Gold Member
- May 9, 2010
- 58,308
- 5,099
- 245
A start of what? The apocalypse? Utopia? Free money for everyone?
Quantum Windbag
Gold Member
- May 9, 2010
- 58,308
- 5,099
- 245
OPEC has been jerking us around since the 70s. I also think that anyone who bids on crude should be able to take delivery. A very small percentage of the people that are bidding up the price are actually able to take delivery.
If OPEC was responsible for this, which is highly debatable, there would be nothing the DOJ could do about it.
Are Federal and State Taxes by Volume or the Dollar? Just curious.
PETROLEUM FACTS AT A GLANCE – March 2011
1. U.S. petroleum imports (crude & products) in February 2011: 10,565,000 barrels per
day (February 2010: 11,148,000 b/d). [API]
2. Total imports in February 2011 as a percentage of total domestic petroleum
deliveries: 53.6 percent (February 2010: 59.1 percent). [API]
3. Persian Gulf petroleum imports in December 2010 as a percentage of total imports:
14.1 percent (December 2010: 16.2 percent). [DOE]
4. Average price for a barrel of OPEC crude oil for the week ending March 4, 2011:
$104.42 [DOE]
5. Average U.S. refiner acquisition cost in December 2010 for a barrel of crude oil:
$85.65. [DOE]
6. U.S. crude oil production in February 2011: 5,428,000 b/d (of which 645,000 b/d was
Alaskan) (February 2010: 5,514,000 b/d). U.S. production of natural gas liquids in
February 2011: 2,063,000 b/d (February 2010: 1,979,000 b/d). [API]
7. U.S. marketed natural gas production in December 2010: 63.8 billion cubic feet per
day (December 2009: 58.1 billion cf/d). [DOE]
8. U.S. deliveries from primary storage of motor gasoline in February 2011: 9,014,000
b/d (February 2010: 8,651,000 b/d). [API]
9. U.S. deliveries from primary storage of distillate fuel oil (home heating and diesel) in
February 2011: 4,015,000 b/d (February 2010: 3,866,000 b/d). [API]
10. Total petroleum products delivered to the domestic market in February 2011:
19,691,000 b/d (February 2010: 18,860,000 b/d). [API]
11. Average active rotary drilling rigs in the U.S. as of March 7, 2011: 1,718 (all-time
high of 4,530 announced 12/28/81; record low of 488 announced 4/23/99). (2010
average: 1,541) [Baker Hughes Inc., Houston]
http://www.api.org/Newsroom/upload/March_11_Petroleum_Facts_at_Glance.pdf
PETROLEUM FACTS AT A GLANCE – March 2011
1. U.S. petroleum imports (crude & products) in February 2011: 10,565,000 barrels per
day (February 2010: 11,148,000 b/d). [API]
2. Total imports in February 2011 as a percentage of total domestic petroleum
deliveries: 53.6 percent (February 2010: 59.1 percent). [API]
3. Persian Gulf petroleum imports in December 2010 as a percentage of total imports:
14.1 percent (December 2010: 16.2 percent). [DOE]
4. Average price for a barrel of OPEC crude oil for the week ending March 4, 2011:
$104.42 [DOE]
5. Average U.S. refiner acquisition cost in December 2010 for a barrel of crude oil:
$85.65. [DOE]
6. U.S. crude oil production in February 2011: 5,428,000 b/d (of which 645,000 b/d was
Alaskan) (February 2010: 5,514,000 b/d). U.S. production of natural gas liquids in
February 2011: 2,063,000 b/d (February 2010: 1,979,000 b/d). [API]
7. U.S. marketed natural gas production in December 2010: 63.8 billion cubic feet per
day (December 2009: 58.1 billion cf/d). [DOE]
8. U.S. deliveries from primary storage of motor gasoline in February 2011: 9,014,000
b/d (February 2010: 8,651,000 b/d). [API]
9. U.S. deliveries from primary storage of distillate fuel oil (home heating and diesel) in
February 2011: 4,015,000 b/d (February 2010: 3,866,000 b/d). [API]
10. Total petroleum products delivered to the domestic market in February 2011:
19,691,000 b/d (February 2010: 18,860,000 b/d). [API]
11. Average active rotary drilling rigs in the U.S. as of March 7, 2011: 1,718 (all-time
high of 4,530 announced 12/28/81; record low of 488 announced 4/23/99). (2010
average: 1,541) [Baker Hughes Inc., Houston]
http://www.api.org/Newsroom/upload/March_11_Petroleum_Facts_at_Glance.pdf
- Aug 27, 2008
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Here's a clue as to where they should start their "investigation": The Oval Office.
They should actually start with the Federal Reserve, and they could probably end there too. Of course they're just going to be investigating "speculators."
A start towards what end?
And what's this- the 6th or 7th "investigation" over the last 20 years?
Oofah.
Exactly. It's a Distraction. Obama is still in campaign mode.
A start of what? The apocalypse? Utopia? Free money for everyone?
Start of a stawman for Obama to use while he remains in campaign mode toward his vowed 1 Billion dollar Campaign mark...
A start towards what end?
And what's this- the 6th or 7th "investigation" over the last 20 years?
Oofah.
Exactly. It's a Distraction. Obama is still in campaign mode.
Obama stays in campaign mode 24/7/365.
Motor Fuel Taxes
State Gasoline Tax Reports
Summary Report: Updated January 2011 to reflect changes since October 2010
Here is a summary report on gasoline and diesel taxes. This report is updated quarterly. API collects motor fuel tax information for all 50 states and compiles a report and chart detailing changes and calculating a nationwide average. API's chart reflects a weighted average for each state, meaning that any taxes which can vary across a state's jurisdiction are averaged according to the population of the local areas subject to each particular tax rate. Where appropriate, the weighted average also takes into consideration the typical percentages of premium, midgrade, and regular fuel purchased in each state. In states where taxes vary depending upon the price of the motor fuel (for example, where the tax rate is set as a percentage of the sales price rather than a cents per gallon method), the state average listed on the chart is a snapshot based upon the price of fuel (as reported by AAA) on the date the chart is updated. Be sure to also look at the "Notes" attachment for a detailed explanation of the various taxes included in our chart.
Motor Fuel Taxes
http://www.api.org/statistics/fueltaxes/upload/State_Motor_Fuel_Excise_Tax_Update.pdf
http://www.api.org/statistics/fueltaxes/upload/State_Motor_Fuel_Excise_Tax_Update.pdf
State Gasoline Tax Reports
Summary Report: Updated January 2011 to reflect changes since October 2010
Here is a summary report on gasoline and diesel taxes. This report is updated quarterly. API collects motor fuel tax information for all 50 states and compiles a report and chart detailing changes and calculating a nationwide average. API's chart reflects a weighted average for each state, meaning that any taxes which can vary across a state's jurisdiction are averaged according to the population of the local areas subject to each particular tax rate. Where appropriate, the weighted average also takes into consideration the typical percentages of premium, midgrade, and regular fuel purchased in each state. In states where taxes vary depending upon the price of the motor fuel (for example, where the tax rate is set as a percentage of the sales price rather than a cents per gallon method), the state average listed on the chart is a snapshot based upon the price of fuel (as reported by AAA) on the date the chart is updated. Be sure to also look at the "Notes" attachment for a detailed explanation of the various taxes included in our chart.
Motor Fuel Taxes
http://www.api.org/statistics/fueltaxes/upload/State_Motor_Fuel_Excise_Tax_Update.pdf
http://www.api.org/statistics/fueltaxes/upload/State_Motor_Fuel_Excise_Tax_Update.pdf
A start towards what end?
And what's this- the 6th or 7th "investigation" over the last 20 years?
Oofah.
Exactly. It's a Distraction. Obama is still in campaign mode.
Obama stays in campaign mode 24/7/365.
Indeed. He never left it. And now he's out there in full swing pleading with America to give him 4 more years to complete his destruction of this Republic that he HATES.
How many people will pay him, support him in this endeavour?
Mr. H.
Diamond Member
Motor Fuel Taxes
State Gasoline Tax Reports
Summary Report: Updated January 2011 to reflect changes since October 2010
Here is a summary report on gasoline and diesel taxes. This report is updated quarterly. API collects motor fuel tax information for all 50 states and compiles a report and chart detailing changes and calculating a nationwide average. API's chart reflects a weighted average for each state, meaning that any taxes which can vary across a state's jurisdiction are averaged according to the population of the local areas subject to each particular tax rate. Where appropriate, the weighted average also takes into consideration the typical percentages of premium, midgrade, and regular fuel purchased in each state. In states where taxes vary depending upon the price of the motor fuel (for example, where the tax rate is set as a percentage of the sales price rather than a cents per gallon method), the state average listed on the chart is a snapshot based upon the price of fuel (as reported by AAA) on the date the chart is updated. Be sure to also look at the "Notes" attachment for a detailed explanation of the various taxes included in our chart.
Motor Fuel Taxes
http://www.api.org/statistics/fueltaxes/upload/State_Motor_Fuel_Excise_Tax_Update.pdf
http://www.api.org/statistics/fueltaxes/upload/State_Motor_Fuel_Excise_Tax_Update.pdf
Good posts but I don't see where you're going? Point?
Old Rocks
Diamond Member
A lot of somewhat contradictory information here. However, I don't see gasoline prices dropping by any significant amount until there is an economically viable alternative.
International Energy Agency - Oil Market Report
Spot crude oil prices jumped 10-15% in March, as outages from Libya and mounting unrest in the MENA region offset a seasonal drop in refinery runs. At writing, Brent futures stood near $126/bbl, with WTI at $112/bbl. Refining margins, notably for light, distillate-rich grades, remained weak as crude price gains outstripped those for products.
Global oil output fell 0.7 mb/d to 88.3 mb/d in March on reduced Libyan crude supply. Non-OPEC production rose 0.2 mb/d to 53.3 mb/d, even as unrest and strikes in Yemen, Oman, Gabon and Ivory Coast shuts in an average 0.1 mb/d of crude in March and April. Non-OPEC 2010 supply is left at 52.8 mb/d, while stronger Canadian production lifts the outlook by 0.1 mb/d to 53.7 mb/d for 2011.
OPEC crude supply fell by 890 kb/d in March to 29.2 mb/d, on a near-70% drop in Libyan output. Effective OPEC spare capacity stands at 3.91 mb/d, with Saudi Arabia accounting for 3.2 mb/d. The ‘call on OPEC crude and stock change’ is cut by 0.4 mb/d for 1Q11 to 29.8 mb/d. The average ‘call’ for 2011 is also 29.8 mb/d, unchanged from 2010 but 0.6 mb/d above March OPEC production.
Global product demand remains unchanged for 2010 and 2011, at 87.9 mb/d (+2.9 mb/d year-on-year) and 89.4 mb/d (+1.4 mb/d) respectively. Higher anticipated post-earthquake Japanese oil use for power generation and reconstruction offsets downward non-OECD adjustments. Preliminary January and February data suggest that high prices are already starting to dent demand growth
International Energy Agency - Oil Market Report
Spot crude oil prices jumped 10-15% in March, as outages from Libya and mounting unrest in the MENA region offset a seasonal drop in refinery runs. At writing, Brent futures stood near $126/bbl, with WTI at $112/bbl. Refining margins, notably for light, distillate-rich grades, remained weak as crude price gains outstripped those for products.
Global oil output fell 0.7 mb/d to 88.3 mb/d in March on reduced Libyan crude supply. Non-OPEC production rose 0.2 mb/d to 53.3 mb/d, even as unrest and strikes in Yemen, Oman, Gabon and Ivory Coast shuts in an average 0.1 mb/d of crude in March and April. Non-OPEC 2010 supply is left at 52.8 mb/d, while stronger Canadian production lifts the outlook by 0.1 mb/d to 53.7 mb/d for 2011.
OPEC crude supply fell by 890 kb/d in March to 29.2 mb/d, on a near-70% drop in Libyan output. Effective OPEC spare capacity stands at 3.91 mb/d, with Saudi Arabia accounting for 3.2 mb/d. The ‘call on OPEC crude and stock change’ is cut by 0.4 mb/d for 1Q11 to 29.8 mb/d. The average ‘call’ for 2011 is also 29.8 mb/d, unchanged from 2010 but 0.6 mb/d above March OPEC production.
Global product demand remains unchanged for 2010 and 2011, at 87.9 mb/d (+2.9 mb/d year-on-year) and 89.4 mb/d (+1.4 mb/d) respectively. Higher anticipated post-earthquake Japanese oil use for power generation and reconstruction offsets downward non-OECD adjustments. Preliminary January and February data suggest that high prices are already starting to dent demand growth
- Thread starter
- #16
There was a law passed last year which prohibited manipulation of oil prices but those outside the industry.
Jones Day | Antitrust Alert: FTC
Jones Day | Antitrust Alert: FTC
Damned shame that Cuba and China can drill in the Gulf but Americans can't.....
Mr. H.
Diamond Member
Good info there, O.R. but I understand worldwide stocks/inventories to be quite high.
I think this year we'll see a precipitous drop in price like we did after that runup to $140.
It took only weeks before crude fell to $30.
I think this year we'll see a precipitous drop in price like we did after that runup to $140.
It took only weeks before crude fell to $30.
Another commissioned formed to do nothing. Who knew?
woodjack
Senior Member
WASHINGTON -- President Barack Obama says one answer to high gasoline prices is to spend money developing renewable energy sources.
"That's the key to helping families at the pump and reducing our dependence on foreign oil" in the long term, he said Saturday in his weekly radio and Internet address.
OMG Mr. obvious......wow really? Everyone would agree that is the answer renewable energy....simple .....but how can the government spend money to do this...or their term invest.....I see commercials all the time about algae...solar cells hybrids....blaa blaa blaa...all being researched already....so what else can this admin do....do they have plants that are doing all the research? or is it energy companies doing this already...? and by spending....or as the government likes to call it investing money in this.....does that translate into tax breaks for these companies.......? and like anyone of the people Obama says he cares about...can actually afford to buy one of these vehicles......but go ahead in the meantime investigate away......hire another Czar to oversee this investigation.....heck use Biden...you know the guy that was supposed to be watching the stimulas money...the guy that said no money would be wasted.......all talk and no substance....just telling you guys what you want to hear and already know......but hey go ahead vote for this guy again....he may hire you as the next Czar for some common sense review or investigation or oversite....get a fat check and sit in your office telling other people to do the research.......uggh
"That's the key to helping families at the pump and reducing our dependence on foreign oil" in the long term, he said Saturday in his weekly radio and Internet address.
OMG Mr. obvious......wow really? Everyone would agree that is the answer renewable energy....simple .....but how can the government spend money to do this...or their term invest.....I see commercials all the time about algae...solar cells hybrids....blaa blaa blaa...all being researched already....so what else can this admin do....do they have plants that are doing all the research? or is it energy companies doing this already...? and by spending....or as the government likes to call it investing money in this.....does that translate into tax breaks for these companies.......? and like anyone of the people Obama says he cares about...can actually afford to buy one of these vehicles......but go ahead in the meantime investigate away......hire another Czar to oversee this investigation.....heck use Biden...you know the guy that was supposed to be watching the stimulas money...the guy that said no money would be wasted.......all talk and no substance....just telling you guys what you want to hear and already know......but hey go ahead vote for this guy again....he may hire you as the next Czar for some common sense review or investigation or oversite....get a fat check and sit in your office telling other people to do the research.......uggh
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