Gasoline Increased 100% Since Obama Became President

[Mr. H.]

Thanks for the reply.

In 1999, oil bottomed out at around $12/barrel, and gasoline was $1/gallon. Do you suppose the price was manipulated downward in order to create demand? If so, it must have come with a hefty price to the industry seeing how thousands of companies went out of business and hundredes of thousands of industry jobs were lost.

I might add that 95% of the drilling activity in this country is done by independents - not major oil companies. Maybe these independents were just collateral damage?

 

[Bear12feet]

One of the 1st things the economic killing commy libtard Obama did is re.instate the ban!!

Gasoline price was raised 100% to get you to buy an electric from government motors. You got the communism you voted for. There is definately some manipulation going on in gasoline price and crude oil price.

Gasoline Increased 100% since Obama became president and world people are sleeping.

 

[Bear12feet]

World oil production for year 2010 was 30 billions barrels.

World Annual Oil Production (1900-2009) and Peak Oil (2010)

Some 7 billion tonnes of coal is produced worldwide per year.

coal mining, coal production - World Coal Association

Experts say there will be 1 billion automobiles/vehicles in the world by year 2020.

There are 1,400 Giant Boeing 747 planes flying all over the world and a 747 plane burns some 65,000 gallons fuel everyday.

My calculations says 19 Billion barrels oil is consumed every year by planes, ships, boats/yachts. This includes military and commercial planes and ships.

Post from FightTheFuture:

Only 2 billion bushels of corn are being exported, and 5 billion being burned. There is enough corn being burned in the US to feed 1 Billion people every year.

And burning ethanol is for what exactly? For each gallon of ethanol produced, one gallon of petroleum is consumed for distillation, transport, fertilizer, etc.

Field corn has 2400 calories per pound. 58 lbs per bushel = 139,200 cal per bushel. 2000 cal per day required per person.

1 bushel feeds one person for 70 days. need 5.2 bushels per year per person

USDA estimates for the marketing year of 2010-2011, 4.9 billion bushels of corn will be used for ethanol production

4.9 billion/5.2 = 942,307,692 people.

O Baby O Baby everything you need.

 

[edthecynic]

Thanks for the reply.

In 1999, oil bottomed out at around $12/barrel, and gasoline was $1/gallon. Do you suppose the price was manipulated downward in order to create demand? If so, it must have come with a hefty price to the industry seeing how thousands of companies went out of business and hundredes of thousands of industry jobs were lost.

I might add that 95% of the drilling activity in this country is done by independents - not major oil companies. Maybe these independents were just collateral damage?

Did it ever occur to you that the oil monopoly crashed the price to bankrupt their competition??? Then they can buy up the independents at a fraction of their true value! That's how monopolists operate!!!!!

 

[Mr. H.]

Thanks for the reply.

In 1999, oil bottomed out at around $12/barrel, and gasoline was $1/gallon. Do you suppose the price was manipulated downward in order to create demand? If so, it must have come with a hefty price to the industry seeing how thousands of companies went out of business and hundredes of thousands of industry jobs were lost.

I might add that 95% of the drilling activity in this country is done by independents - not major oil companies. Maybe these independents were just collateral damage?

Did it ever occur to you that the oil monopoly crashed the price to bankrupt their competition??? Then they can buy up the independents at a fraction of their true value! That's how monopolists operate!!!!!

No, that never occurred to me. Maybe it's because after 35 years in the petroleum industry I've learned a little bit about how it works.

Again, thanks for your replies but I honestly think you're insane.

 

[KissMy]

I hate to give any indication that I agree with Edthecynic in any way shape or form, but how is that nonsense?

Well, technically, Big Oil is not a monopoly. Technically the oil companies are price fixing which is, I believe, illegal so it is in fact not a monopoly. Phew! I don't agree with Ed! Thank goodness.

Immie

Brent-WTI oil price differential widens

OPEC is the ones who are price fixing. US oil & gas companies are just reaping the benefits of the high prices created by OPEC. US oil companies are only charging us $83 while OPEC is charging us $107. 70% of our oil comes from this high priced imported oil.

The oil price you see quoted in the US is the West Texas Intermediate price (WTI) The bulk of our gasoline & fuel comes from oil imported from other countries. The oils come from Oman, Bonny Light, Isthmus, Brent or some other region. Those prices are now $23 higher than the WTI you see on the news. Just because the news says oil price is $83, the reality is we are paying about $107 a barrel for oil.

The largest driver of the $23 price spread between WTI & imported oil is government debt & printing money.

Top 10 countries we imported oil from in 2010 ranked by volume.

1. - Canada = 925,428 barrels
2. - Mexico = 468,830 barrels
3. - Saudi = 400,127 barrels
4. - Nigeria = 373,297 barrels
5. - Venezuela = 360,526 barrels
6. - Russia = 223,370 barrels
7. - Algeria = 186,019 barrels
8. - Iraq = 151,619 barrels
9. - Angola = 143,512 barrels
10. - Columbia = 133,202 barrels

Our real import price.

 

[edthecynic]

Thanks for the reply.

In 1999, oil bottomed out at around $12/barrel, and gasoline was $1/gallon. Do you suppose the price was manipulated downward in order to create demand? If so, it must have come with a hefty price to the industry seeing how thousands of companies went out of business and hundredes of thousands of industry jobs were lost.

I might add that 95% of the drilling activity in this country is done by independents - not major oil companies. Maybe these independents were just collateral damage?

Did it ever occur to you that the oil monopoly crashed the price to bankrupt their competition??? Then they can buy up the independents at a fraction of their true value! That's how monopolists operate!!!!!

No, that never occurred to me. Maybe it's because after 35 years in the petroleum industry I've learned a little bit about how it works.

Again, thanks for your replies but I honestly think you're insane.

Understanding how an individual industry works is one thing and understanding how monopolies create boom and bust markets to buy out their cash starved competition is quite another. You have a lot to learn about the cutthroat world of monopolies.

 

[Bear12feet]

Gasoline price at $1/gallon was very high in year 1999 when Oil was $12 barrel. Gasoline should have been 40 cents/gallon in year 1999.

Clinton supports Obama.

 

[Mr. H.]

Did it ever occur to you that the oil monopoly crashed the price to bankrupt their competition??? Then they can buy up the independents at a fraction of their true value! That's how monopolists operate!!!!!

No, that never occurred to me. Maybe it's because after 35 years in the petroleum industry I've learned a little bit about how it works.

Again, thanks for your replies but I honestly think you're insane.

Understanding how an individual industry works is one thing and understanding how monopolies create boom and bust markets to buy out their cash starved competition is quite another. You have a lot to learn about the cutthroat world of monopolies.

I AM the cash starved competition. The company over which I preside has been just that for the past 63 years.

I've been around the block. I honestly don't believe you're even in the neighborhood.

 

[edthecynic]

Thanks for the reply.

In 1999, oil bottomed out at around $12/barrel, and gasoline was $1/gallon. Do you suppose the price was manipulated downward in order to create demand? If so, it must have come with a hefty price to the industry seeing how thousands of companies went out of business and hundredes of thousands of industry jobs were lost.

I might add that 95% of the drilling activity in this country is done by independents - not major oil companies. Maybe these independents were just collateral damage?

Independents may drill most of the wells, but they only produce 45% of the oil production. And how can you be sure those "independents" are truly independent?

You might want to research how Rockefeller took over the oil industry. After colluding with his buddy Vanderbuilt, who controlled the railroad monopoly, Rockefeller drove down the price of gas to the point where his competition could no longer stay in business, so they sold out to Rockefeller. But a few independents hated Rockefeller so much they refused to sell to him. They were then approached by a 3rd party who convinced them the only way to compete with Rockefeller was to merge with his company and form one giant independent company big enough to compete. So after they sold out to this "independent" they found out it was just a dummy company controlled by, ...., you guessed it, Rockefeller!

 

[waltky]

Uncle Ferd says dat's why we need somebody like Bachmann in office...

Bachmann: If elected, gas prices would fall to less than $2 per gallon
08/17/11 : Rep. Michele Bachmann (R-Minn.) vowed Tuesday that, in her presidency, gasoline prices would fall back to less than $2 per gallon.

Bachmann, speaking to a town-hall meeting in South Carolina, said she would pursue energy policies that send pump prices down to levels not seen since early 2009, at the thick of the U.S. recession. 

 “Under President Bachmann you will see gasoline come down below $2 per gallon again,” she said in Greenville. “That will happen.” Bachmann and other GOP White House contenders are calling for much more aggressive U.S. oil drilling — her campaign backs drilling in Alaska’s Arctic National Wildlife Refuge and wider offshore production, alleging President Obama has placed too many restrictions on development.

Despite Bachmann’s vow to ease consumers’ costs, however, U.S. officials have few options to substantially affect gasoline prices, especially in the near- or medium-term. Bachmann noted that the average gasoline price was $1.79 per gallon when President Obama took office. Prices soared earlier this year to reach a nationwide average in May of nearly $4 per gallon, and much higher than that in many areas. Regular gasoline is currently averaging roughly $3.60 per gallon nationwide, the Energy Information Administration reported Monday, and it’s trending downward.



Bachmann’s remarks on gas prices came during a campaign stop in the Palmetto State, for which the Tea Party congresswoman showed up an hour late. 

 She took questions from the crowd, and made shout-outs to conservative heroes in the state, saying she had spoken Tuesday with the state’s Republican governor, Nikki Haley. Bachmann said she would like to elect 13 new Republican senators in the mold of the state’s own Sen. Jim DeMint. 

 Bachmann also lashed out at Federal Reserve Chairman Ben Bernanke’s policymaking actions to increase the money supply, through a process known as quantitative easing.

MORE

... `sides dat, he says she got dat look about her...

... like she could be mean to ya...

... an' make ya like it.

 

[Mr. H.]

Thanks for the reply.

In 1999, oil bottomed out at around $12/barrel, and gasoline was $1/gallon. Do you suppose the price was manipulated downward in order to create demand? If so, it must have come with a hefty price to the industry seeing how thousands of companies went out of business and hundredes of thousands of industry jobs were lost.

I might add that 95% of the drilling activity in this country is done by independents - not major oil companies. Maybe these independents were just collateral damage?

Independents may drill most of the wells, but they only produce 45% of the oil production. And how can you be sure those "independents" are truly independent?

You might want to research how Rockefeller took over the oil industry. After colluding with his buddy Vanderbuilt, who controlled the railroad monopoly, Rockefeller drove down the price of gas to the point where his competition could no longer stay in business, so they sold out to Rockefeller. But a few independents hated Rockefeller so much they refused to sell to him. They were then approached by a 3rd party who convinced them the only way to compete with Rockefeller was to merge with his company and form one giant independent company big enough to compete. So after they sold out to this "independent" they found out it was just a dummy company controlled by, ...., you guessed it, Rockefeller!

I think your watch is broken. This is 2011.

I understand that you are laying groundwork as it pertains to the definition of a monopoly. And I will not argue that there could be influence upon markets by a few very large corporations- but said influence can only be short-lived and menial.

"Only" 45% of U.S. production is a mighty hefty chunk. And I might add that a significant portion of that comes from the neary 400,000 marginal wells that each individually produce less than 10 barrels per day.
These are the "cash starved" companies to which you previously referred.

It's a varied and complex industry. Capital intensive and full of risk. The rewards can be great and failures devastating.

Monopolistic?

Nah.

 

[Mr.Nick]

The last time I remember gas being less than $2.00 a gallon was in or around 1999-2000.

I remember I could put 10 bucks in the tank and be good all weekend - and I worked at a gas station back then and people actually bitched about the gas prices a lot believe it or not.

Oh and cigarettes were only 2.50 a pack.

 

[BDBoop]

Bachmann Says She Can Get Gas Prices Below $2 a Gallon. Is She Planning Another Deep Recession? | ThinkProgress

If we were still in a deep recession, the price would drop again. Is that what she's shooting for?

Bachmann’s claim is highly unrealistic. To reduce demand, the most important policy is stronger car and truck fuel efficiency standards — precisely what the Obama Administration has been doing. Her options for increasing gasoline or gas substitute supplies either require her to convince OPEC and other others to do what they’ve never been willing to do, or to adopt government policies that expand gasoline substitutes — again Obama policies. The one thing all oil experts would agree on is that no President could reduce prices to these levels simply by attempting to increase U.S. oil production.

 

[KissMy]

Bachmann Says She Can Get Gas Prices Below $2 a Gallon. Is She Planning Another Deep Recession? | ThinkProgress

If we were still in a deep recession, the price would drop again. Is that what she's shooting for?

Bachmann’s claim is highly unrealistic. To reduce demand, the most important policy is stronger car and truck fuel efficiency standards — precisely what the Obama Administration has been doing. Her options for increasing gasoline or gas substitute supplies either require her to convince OPEC and other others to do what they’ve never been willing to do, or to adopt government policies that expand gasoline substitutes — again Obama policies. The one thing all oil experts would agree on is that no President could reduce prices to these levels simply by attempting to increase U.S. oil production.

That is not true & mostly BS. You narrow minded simpletons need to quit regurgitating talking points to berate candidates.

"Great minds discuss ideas, average minds discuss events, small minds discuss people." - Eleanor Roosevelt