Oil Down 50%. Gasoline Up 100%

[JiggsCasey]

Price is set on current market value of a commodity... not what was paid for the current stock. All commodities work this way. Fuel prices are simply more... liquid than most.

Current cost of crude is only 1 factor in the price of refined fuel.

^ this...

why is it that the people who insist there's some "conspiracy" to artificially inflate oil prices are usually the very same ones who reject all the most popular conspiracy theories by default?

the irony is thick.

 

[editec]

Just filled my oil tank.

@ $3.44 a gallon.

OUCH!

 

[Bear12feet]

We were paying about $141 barrel at the peak per 3 years back when the WTI headline number showed $147.

That means USA government paid far less money for gasoline when George Bush was President and USA dominated and controlled world markets when Bush was President.

Worldwide nobody gives importance to Obama. Why is he president for so long?

 

[Full-Auto]

Just filled my oil tank.

@ $3.44 a gallon.

OUCH!

Me too! 3.65 a gallon.

Democrats were so concerned with the effects this would have on the poor, they increased the tax ten cents.

 

[Bear12feet]

Democrats were so concerned with the effects this would have on the poor, they increased the tax ten cents.

$5 Million Man Dominates $55 Billion Super-Rich.

Obama "It's all the fault of the "rich", they stole your money and job and we have to make them pay"

Obama is worth $5 million only but American super-rich are worth $25 million to $55,000 million or $55 billion.

Obama gave $9 Trillion whatever bailouts to bankrupt companies whose employees are paid $1 million to $100 million commission/incentive every year. Now Obama wants to increase the taxes for the rich and end the Bush tax cuts and Obama is saying ""It's all the fault of the "rich", they stole your money and job and we have to make them pay"

$5 million person is also rich person. Obama is worth $5 million. Basically Obama is talking about himself when he says ""It's all the fault of the "rich", they stole your money and job and we have to make them pay"

Obama has some mental problems. He cannot think properly. Read Obama's child history and you will understand what I mean. I think that Obama thinks he is God. He can do anything he wants. I had seen a picture where Obama was behaving like a supernatural being. Maybe the picture was fake.

Something tells me Obama was planning something big.

Why do super-rich people allow a $5 million idiot to dominate them?

My uncle is worth $75 million.

 

[KissMy]

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.

 

[Full-Auto]

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. - Russia = 223,370 barrels
6. - Algeria = 186,019 barrels
7. - Iraq = 151,619 barrels
8. - Angola = 143,512 barrels
9. - Columbia = 133,202 barrels
10. - Brazi = 99,257 barrels

Brazil is number 10?

Our president promised to work on that.

 

[Soggy in NOLA]

You guys had better do a little research on the impact of the U.S. Dollar on prices before you start spewing this stupid shit.

 

[KissMy]

Top 10 countries we imported oil from in 2010 ranked by volume.[/URL]

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.

Brazil is number 10?

Our president promised to work on that.

I forgot Venezuela in the top 10 so Brazil did not make the top 10. I revamped my post. Our Brazil imports fell from 2009 to 2010.

 

[KissMy]

You guys had better do a little research on the impact of the U.S. Dollar on prices before you start spewing this stupid shit.

The dollar weakness is the biggest reason that WTI price is $23 lower than the global price.

 

[Bear12feet]

Bachmann Promises $2 Per Gallon Gas

“The day that the president became president gasoline was $1.79 a gallon. Look at what it is today,” she said at an event in Greenville, S.C.. “Under President Bachmann, you will see gasoline come down below $2 a gallon again. That will happen.”

The average price for a gallon of gasoline is currently $3.58 per gallon, according to AAA.

Americans will save at the pump if Michele Bachmann is elected president, the Minnesota Republican said Tuesday.

Bachmann: I'll get gas under $2 - Dan Berman and Molly Ball - POLITICO.com

 

[Bear12feet]

Because there is no such thing as "Free Market Capitalism." There is only MONOPOLYISM.

This is serious high inflation. Thanks to Obama but everybody is sleeping.

British Gas has increased Gas price by 18% and electricity by 19%. There will be serious high inflation when crude oil reachs $150 again.

The "High Inflation Tsunami" is heading for world society.

Read this:

$3/Month to use Debit Cards. Wells Fargo Charge

A new report emerged Tuesday that Wells Fargo (WFC) will begin charging some customers $3 every month to use their debit card -- further indication that banks are putting on the squeeze as new swipe-card regulations are set to take effect.

A chain reaction was already in effect before Wells Fargo acted. In March, JPMorgan Chase (JPM) began assessing a $3 service fee for debit card use and $15 for checking accounts in certain regions, according to reports. Chase has also pondered the idea of capping the amount per debit-card purchase at $50 to $100, along with other major institutions such as Citigroup and Bank of America, the New York Post reported.

In another strategy to offset anticipated losses from the upcoming Fed reductions, Bank of America (BAC) already raised its ATM fee to $3.

Read more......

Wells Fargo's $3 Debit Card Charge: A Sign of More Bank Fees to Come? - DailyFinance

 

[Bear12feet]

If farmers and fishermen say I will sell my crops and foods at 10 times higher price because many companies are charging premium and fees then what will happen?

Farmers and fishermen are also equally affected by high inflation.

 

[KissMy]

WSJ - Exxon, U.S. Government Duel Over Huge Oil Find

Exxon Mobil Corp. is fighting with the U.S. government to keep control of one of its biggest oil discoveries ever, in a showdown where billions of dollars hang in the balance for both sides...

The massive Gulf of Mexico discovery contains an estimated one billion barrels of recoverable oil, the company says. The Interior Department, which regulates offshore drilling, says Exxon's leases have expired and the company hasn't met the requirements for an extension...

The Texas behemoth faces the sobering prospect that it may have made the largest discovery ever in the Gulf of Mexico only to lose it.

 

[JiggsCasey]

WSJ - Exxon, U.S. Government Duel Over Huge Oil Find

Exxon Mobil Corp. is fighting with the U.S. government to keep control of one of its biggest oil discoveries ever, in a showdown where billions of dollars hang in the balance for both sides...

The massive Gulf of Mexico discovery contains an estimated one billion barrels of recoverable oil, the company says. The Interior Department, which regulates offshore drilling, says Exxon's leases have expired and the company hasn't met the requirements for an extension...

The Texas behemoth faces the sobering prospect that it may have made the largest discovery ever in the Gulf of Mexico only to lose it.

yeah, and it's 1 billion barrels... zzz

 

[edthecynic]

WSJ - Exxon, U.S. Government Duel Over Huge Oil Find

Exxon Mobil Corp. is fighting with the U.S. government to keep control of one of its biggest oil discoveries ever, in a showdown where billions of dollars hang in the balance for both sides...

The massive Gulf of Mexico discovery contains an estimated one billion barrels of recoverable oil, the company says. The Interior Department, which regulates offshore drilling, says Exxon's leases have expired and the company hasn't met the requirements for an extension...

The Texas behemoth faces the sobering prospect that it may have made the largest discovery ever in the Gulf of Mexico only to lose it.

That's good! If Exxon loses it then the oil might actually make it onto the market. If Exxon keeps it they will cap it and keep it off the market.

 

[appleannie1]

Because there is no such thing as "Free Market Capitalism." There is only MONOPOLYISM.

This is serious high inflation. Thanks to Obama but everybody is sleeping.

The economists' median expectation is for consumer inflation to run at a 2.2% annual rate in the second quarter of the year, up from an earlier 1.8% estimate. Growth is expected at an annual 2.3% rate, down from a 2.7% January forecast.

The economists give just a 20% chance of recession this year and next. Rising gasoline prices will hit consumers, but 92% of the economists say they won't have a big impact on the economy through midyear.

$ 2.00

in 2007

Has the same buying power as:

$2.18

in 2011

So the question remains, why are gasoline prices so high when crude prices have gone down. Inflation is NOT what is causing it.

 

[appleannie1]

WSJ - Exxon, U.S. Government Duel Over Huge Oil Find

Exxon Mobil Corp. is fighting with the U.S. government to keep control of one of its biggest oil discoveries ever, in a showdown where billions of dollars hang in the balance for both sides...

The massive Gulf of Mexico discovery contains an estimated one billion barrels of recoverable oil, the company says. The Interior Department, which regulates offshore drilling, says Exxon's leases have expired and the company hasn't met the requirements for an extension...

The Texas behemoth faces the sobering prospect that it may have made the largest discovery ever in the Gulf of Mexico only to lose it.

That's good! If Exxon loses it then the oil might actually make it onto the market. If Exxon keeps it they will cap it and keep it off the market.

Either that or sell it to a foreign country.

 

[Bear12feet]

Posted by members here:

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?

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Gas jumped up in prices temporarily because of a disruption in supply caused by Katrina...Bush lifted the ban on additional offshore drilling and that caused gas prices to plummet...One of the 1st things the economic killing commy libtard Obama did is re.instate the ban!!

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Obama is allowing offshore drilling to all companies who can do it safely, and oil production is up from the time Obama took office. Production is up and demand is down, so supply and demand have nothing to do with current high prices.

 

[edthecynic]

WSJ - Exxon, U.S. Government Duel Over Huge Oil Find

That's good! If Exxon loses it then the oil might actually make it onto the market. If Exxon keeps it they will cap it and keep it off the market.

Either that or sell it to a foreign country.

When oil is put on the open market anyone can buy it. When wells are capped and the oil is kept off the market no one can buy it. For the price to go down the oil must be put on the market.