Oil Down 50%. Gasoline Up 100%

[FactFinder]

Oil Down 50%. Gasoline Up 100%

If the market was based on true economics, Oil should be in the $40.00/bbl range.

Otherwise enjoy the manipulation.

 

[ClosedCaption]

OPEC will tell you anything to justify oil prices. I remember when regular gas was higher than diesel. The oil reps got on tv and said diesel is less refined so it costs less. Then diesel went through the roof. Explanation? Anything BUT greed.

 

[edthecynic]

OPEC will tell you anything to justify oil prices. I remember when regular gas was higher than diesel. The oil reps got on tv and said diesel is less refined so it costs less. Then diesel went through the roof. Explanation? Anything BUT greed.

The refiners will tell you it is the additives the government now requires for diesel. The government also requires additives for gas as well, though.

 

[FactFinder]

"OPEC will tell you anything to justify oil prices."

OPEC is still a bit player and scapecoat. You need not go overseas to find the 'gougers'.

 

[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.

 

[Bear12feet]

Excellent discussion going on here:

http://www.usmessageboard.com/econo...creased-100-since-obama-became-president.html

 

[Bear12feet]

Petrol price fall 'not passed on'

The dip in the price of petrol at the pumps has failed to match the fall in wholesale prices, the AA has revealed.

In the past week, average UK petrol prices have fallen less than 1p a litre despite falls in wholesale prices equivalent to at least 3p a litre, the motoring giant says.

The AA said last week that as supermarkets were cutting prices by around 2p a litre they should actually fall by 4p a litre to reflect the drop in costs.

Petrol at the pumps is now averaging 135.71p a litre, with diesel at 139.89p a litre.

The mid-August figures compare with 135.62p a litre for petrol and 139.68p for diesel in mid July.

Petrol price fall 'not passed on'

 

[nolebrakai]

Over here where I work, 5000 miles south of the states I pay over 6$ a liter, thats right, a liter. do the math...

when I do come home for vacation I still feel like I am stealing at the pump. 88$ to fill up my infinity, shoot, no big deal.


maybe on a global mindset we are still in good shape in America. cause 5$ a gallon sure does best 6$ a liter. no matter how you look at this topic.

 

[Big Black Dog]

When Bush was President, you never heard so much bitching in your life about the high cost of gas. Now that Obama is President, the higher gas prices are accepted as normal. I guess the price of gas is only an issue if the President is a Republican.

 

[nolebrakai]

I think a gallon of gas was 2$ when I was in HS. However. being over seas since I was 25 I have come to learn just how much our consumer based economic engine relies on fossil fuels. Im not expert but it seems this pace of consumption is not conductive to national security. We could skate by maybe 15-20 years till this gig is up.

time to invest in other options. have you noticed the US Navy and the strides they have made with bio fuels? very interesting and shows what us Americans can do.

 

[Bear12feet]

Worldwide oil production for year 2010 was 30 billions barrels.

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

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.

 

[Bear12feet]

time to invest in other options. have you noticed the US Navy and the strides they have made with bio fuels? very interesting and shows what us Americans can do.

Nuclear Powered Cars

With the Telsa and the recent release of the Volt and Leaf we already have nuclear powered cars or at least they are nuclear powered if the local grid has a nuclear reactor hooked to it. So about 40% are nuclear powered.

Trucks can be nuclear powered if nuclear reactors need big space. Trains can be nuclear powered if nuclear reactors need massive space.

Cargo and Passenger Ships can be nuclear powered if nuclear reactors need massive space. Can giant planes be nuclear powered also?

 

[FactFinder]

Obama raised the price 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.

The oil price you see quoted in the US is the West Texas Intermediate price (WTI) The bulk of our gasoline & fuel comes from Oman, Bonny Light, Isthmus, Brent or some other region. Those prices are now $23 higher than the WTI you see on the news. If anything is manipulated it is our headline crude oil prices are manipulated lower to make consumers feel good so they will spend more. Just because the news says oil price is $82, the reality is we are paying about $105 a barrel for oil.

Brent-WTI oil price differential widens

The bulk of our imports are from Canada and Mexico.

 

[FactFinder]

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.

I see you later added this list. The only one who may be part of Brent is Russia.

It is the speculators driving up demand for the securities. That is the problem. Like gold & silver they only need put up a fractional sum(margin) to control a large amount of oil. The CFTC has been given power and a mandate to adjust margins and adjust the rules so that only those who have a legitimate business interest and can take delivery may participate in the market. So far the CFTC has failed to implement the regulations. Search for Bernie Sanders and CFTC if you want more info.