The last time oil was $65.00 a barrel, gas was $1.59 a gallon

[Nosmo King]

Isn't a direct correlation between the price for crude oil and the price for gasoline. Gas is only 3 cents a liter in Venezula. 9 or 10 bucks a gallon in some European countries. Ultimately the price is dependent upon local taxes. Has no correlation to the price of crude.

That's right. Because the oil industry is the one and only industry immune to market forces such as price and cost.

 

[OnePercenter]

Those increases are due to Obama's green scam stifling the economy. This economy is squarely on the shoulders of Obama energy policy. Period.

It's the effect's of the 2008 economic crash.

 

[OnePercenter]

That's right. Because the oil industry is the one and only industry immune to market forces such as price and cost.

Immune, no. Greatly benefit, yes.

 

[Politico]

I dunno what the last two pages of arguing accomplished. Oh that's right nothing. Again gas taxes have not really changed since Obammy took office. So no matter how much you partisan hacks on both sides would like to blame each other, the facts are what they are. Gas should be a $1.99 average across the country. It is $2.79. It is just another cycle in a series of cycles. And in another few years you suckers with short memories will be saying how the $3.99 you just paid with oil at $69 was such a great deal.

 

[RoshawnMarkwees]

Those increases are due to Obama's green scam stifling the economy. This economy is squarely on the shoulders of Obama energy policy. Period.

It's the effect's of the 2008 economic crash.

No. It's obama energy policy. If it was the crash the gas prices would have remained low if the crash caused their drop since the economy still hasn't recovered.
Obama energy policy caused prices to rise in perfect conjunction with his reign and they have stayed up the entire time.

 

[reason10]

When oil was $140.00 a barrel last summer, big oil was making $100 billion in profits every three months. The cost of oil is cut in half, but oil companies only cut gas 25%, and moron Americans think $3.00 a gallon is cheap gas. When will this country realize that the oil companies are destroying the economy and our lives? The cost of shipping has doubled because of big oil. And that makes the cost of everything more expensive. Have your wages doubled to cover the inflation passed on to you?

Profits and advertising cost combined make up 7 percent of the cost of a gallon of gasoline. Three times that much is eaten up in federal taxes. More than that is in some state sales taxes. That means Uncle Sugar is making more profit on a gallon of gasoline than the oil companies.

 

[reason10]

I dunno what the last two pages of arguing accomplished. Oh that's right nothing. Again gas taxes have not really changed since Obammy took office. So no matter how much you partisan hacks on both sides would like to blame each other, the facts are what they are. Gas should be a $1.99 average across the country. It is $2.79. It is just another cycle in a series of cycles. And in another few years you suckers with short memories will be saying how the $3.99 you just paid with oil at $69 was such a great deal.

Obammy? That's a good one. I'll have to start using it. Piss off a lot of liberals.

 

[martybegan]

Isn't a direct correlation between the price for crude oil and the price for gasoline. Gas is only 3 cents a liter in Venezula. 9 or 10 bucks a gallon in some European countries. Ultimately the price is dependent upon local taxes. Has no correlation to the price of crude.

That's right. Because the oil industry is the one and only industry immune to market forces such as price and cost.

It is not immune, but considering so many people and things need oil to function, it is not surprising that it often is still profitable even in economic downturns.

Gas prices will drop as suppliers use up the reserves they have that were bought under the higher prices. What drives prices down is competition at the various levels, we see it now in the bulk and futures trading, next it will be at the refined level, then at the wholesaler level, and finally at the station level.

 

[SAYIT]

When oil was $140.00 a barrel last summer, big oil was making $100 billion in profits every three months. The cost of oil is cut in half, but oil companies only cut gas 25%, and moron Americans think $3.00 a gallon is cheap gas.

You are confused. Oil hit $140/bbl in 2008 then plummeted to $40/bbl by year's end. It ranged from $100-$120 from 2011 until June of this year.
I find it amusing that one as ignorant as you would refer to others as "morons" or perhaps you are just a liar.

 

[hangover]

Isn't a direct correlation between the price for crude oil and the price for gasoline. Gas is only 3 cents a liter in Venezula. 9 or 10 bucks a gallon in some European countries. Ultimately the price is dependent upon local taxes. Has no correlation to the price of crude.

Big oil doesn't control the oil in Venezuela. It was taken over by the government and declared a national resource, but you probably knew that. And you can't tell us that if oil was only $20.00 a barrel, gas wouldn't be cheaper in Europe. And big oil still controls all the refineries in Europe.

Any attempt to justify $100 billion in profits every three months, is nothing but pure greed.

 

[BullKurtz]

XOM Annual Income Statement - Exxon Mobil Corp. Annual Financials

WORLD WIDE CORPORATION....they make considerably more money and pay less tax and royalties OFF SHORE....Hello?

What in the hell are you writing about?

Huh? It's evident I'm writing about you showing Exxon's P&L statement without noting there are years they've paid more in taxes and royalties than they made in US production. Their offshore business keeps them in the black, not the stifling climate of taxation and regulation here under Barry the Fairy's marxist dopes.

 

[BullKurtz]

Big oil doesn't control the oil in Venezuela. It was taken over by the government and declared a national resource, but you probably knew that. And you can't tell us that if oil was only $20.00 a barrel, gas wouldn't be cheaper in Europe. And big oil still controls all the refineries in Europe.

Any attempt to justify $100 billion in profits every three months, is nothing but pure greed.

"BIG OIL" again? Hey moron, Venezuela is a FOUNDING MEMBER OF OPEC....is that "BIG OIL" enough for ya? It was "taken over by the government" alright, leaving the companies who found and developed their oil, in the lurch. And guess who get's the profits from their filthy environmental disaster TAR SAND oil......the Hugo Chavez gang. That country just ran out of toilet paper. You progs once again show you don't know shit from shinola.

 

[SAYIT]

Isn't a direct correlation between the price for crude oil and the price for gasoline. Gas is only 3 cents a liter in Venezula. 9 or 10 bucks a gallon in some European countries. Ultimately the price is dependent upon local taxes. Has no correlation to the price of crude.

Big oil doesn't control the oil in Venezuela. It was taken over by the government and declared a national resource, but you probably knew that. And you can't tell us that if oil was only $20.00 a barrel, gas wouldn't be cheaper in Europe. And big oil still controls all the refineries in Europe.

Any attempt to justify $100 billion in profits every three months, is nothing but pure greed.

Ya know, I find it difficult to believe you are as simple minded as your online persona makes you appear. As a member of the international price-imposing gang, OPEC, Venezuela not only is part of that big-oil cartel but a consistent voice for higher global oil prices - at least for non-oil producing countries - through artificially constricted oil production. Trying to defend OPEC or any of its scumbag nation members while trashing the free market oil producers is the height of socialist stupidity.

 

[SAYIT]

Tell ya what................compare average gas prices under Jr. and then compare them under Obama.

Guess what? Under Obama they are cheaper.

But...................just like I defended Jr. when people were complaining about gas prices, I'm going to defend Obama.

The President doesn't determine the price of gas. The oil companies do.

C'mon, B-S. Just saying that doesn't make it so: