Yeah GM, our prices followed then went higher than the RON and have NOT dropped - while other parts of our nation have. And then there is a lack of logical explanation.....or at best we PNW'ers are "imagining things"!
Exxon Mobil Profit in perspective
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That's the problem with our country...everyone thinks profit is a dirty word. No one forced anybody to purchase Exxon Mobil products.
Exxon illustrates the energy sector's tremendous profit amid record-high energy prices. The industry is on pace to earn $96 billion this year - more than the USA's industrial and telecom companies will earn combined, says Standard & Poor's.
Royal Dutch Shell reported net income of $9 billion Thursday. This week, BP reported a $6.5 billion third-quarter profit and ConocoPhillips, $3.8 billion. Today, ChevronTexaco is expected to post earnings of $3.9 billion, says Reuters Estimates.
http://news.yahoo.com/s/usatoday/bi....cDW7oF;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl
"I agree with Pablo. I'm all in favor of the free market system. How can you not be? Look at how great this country has become due to it. But, the goverment must always watch and be the referee so things like price gouging don't take place."
Are you kidding? Who in their right mind would trust the governemt to referee anything?
Yeah GM, our prices followed then went higher than the RON and have NOT dropped - while other parts of our nation have. And then there is a lack of logical explanation.....or at best we PNW'ers are "imagining things"!
Maybe we ate too many of those funny mushrooms that grow around here?
Are you kidding? Who in their right mind would trust the governemt to referee anything?
Yeah GM, our prices followed then went higher than the RON and have NOT dropped - while other parts of our nation have. And then there is a lack of logical explanation.....or at best we PNW'ers are "imagining things"!
Maybe we ate too many of those funny mushrooms that grow around here?
I wish people took a little trouble to understand how futures and the spot market worked..they would understand that gas/diesel fuel is uncommitted until it is loaded onto a tanker bound for the service station. The service station pays the spot market mrice on the MYMEX + destination charges .. and that's the name of that tune. You pay taxes and service station profits. No gouging (for the most part) just simple supply and demand.
Oh yea the government could fix the price but we would immediately be missing 50 percent of our imports and some oil companies (in the U.S.) would immediately export U.S. oil. So yea bring the price down to 2 bucks and say good-by to using your car. I start to cringe when the Senate starts an investigation. That shows me they have no clue how the system works. But what else is new.
Funny that the people who profess to embrace the free market system now are the very ones complaining about the cost to fill their gas guzzling SUV's
Oh yea the government could fix the price but we would immediately be missing 50 percent of our imports and some oil companies (in the U.S.) would immediately export U.S. oil. So yea bring the price down to 2 bucks and say good-by to using your car. I start to cringe when the Senate starts an investigation. That shows me they have no clue how the system works. But what else is new.
Funny that the people who profess to embrace the free market system now are the very ones complaining about the cost to fill their gas guzzling SUV's
Al - we understand the market. We also understand the stations up here are indeed not keeping even margins. Yes they buy on the spot market....as does everyone else. Except look at the graphs......our pump prices have not moved down. Hmmm.....
Well I'll reserve total judgment for now. I have been following the prices for a couple of months now. And there are a couple of things that I do not yet understand..Those being covered, and uncovered hedges, pass thru pricing and maybe a couple of other things-like the Cash market and such. . Its pretty complicated but: .Gas spot market got up to $2.62, but that was a very very quick spike (see graph). For the most part gas spiked to 3 bucks when the price on the spot was maybe $2.30 So thats 70 cents more than the spot. Right now where I live the price is $2.23 and the spot is around $1.65. So that's only 58 cents over spot. So based on that..I don't see any price gouging.
Like I said I don't understand it all quite yet. You you guys are screewed west of the mississippi bc of super record demand, blending, failed pipelines, taxes and every other thing inherent to the People's Reoublic of Left Coast.
I am just afraid when the government tries to fix the problem we are screwed and will wait in long lines.
There are a couple of dozen formulas, and I think the EPA relaxation of mandated regional formulas has expired, which MAY be an explaination why some regions have higher prices.
Looking at the graph above, if untaxed gas is $1.62 and there is another 34.5 cents/gallon in state and federal taxes on fuel in MO, then the $2.299/gallon I just paid is not so horrible, considering that extra ~$0.30/gallon has to cover transportation to the station and some profit for the guy who is selling the gas.
T
Looking at the graph above, if untaxed gas is $1.62 and there is another 34.5 cents/gallon in state and federal taxes on fuel in MO, then the $2.299/gallon I just paid is not so horrible, considering that extra ~$0.30/gallon has to cover transportation to the station and some profit for the guy who is selling the gas.
T
Thats how I am seeing it, but again..I'll reserve judgment. Also..I think its likely that oil companies buy futures contracts to their advantage which would certainly jack up the profits..especially if they can actually manupulate the price somewhat. Now that is not illegal..bc companies do that all the time. Like if General Mills sees the costs of grains going up they buy contracts at the lower price banking that grain will go up. Its a business decision. And who is the government to take those profits away. But no-one complains about General Mills making high profits..if indeed they do. General Motors should have invested in Honda Futures
With Senate investigations coming it is political fodder that the politicians use to please the masses.
Price gouging an essential product like oil is legalized robbery anyway you slice it. Everything in this country and around the world revolves around oil. You can't deliver goods to market without it. You can't make life saving prescriptions, heat your home, provide safe water to the masses, deliver food to stores, etc.. You could list pages of things that are effected by higher gas and oil. When you increase the cost of oil you also increase the cost to do EVERYTHING! Yes the list would include your friendly insurance company as well as uncle sam that will pass that nice energy charge on to you in higher premiums and taxes.
When there is collusion amongst a small group to manipulate at the cost of human lives its a disgrace!
So when its all said and done these folks will have silver lined pockets and stashes of cash that they legally stole from hard working folks. These folks won't have the means to have health insurance anymore, children with no college tuition and on, and on......
To sit back as long as it has been and not do anything is why we are paying for high oil. When people scream and they threaten to investigate you will get a price correction since the profiteer will want to capture the profit which will increase selling. If there is no threat the price escalates since you have a free reign of buyers that manipulates price upwards. I have not heard one word of investigation into oil companies collusion the past 5 years and yet we have the highest oil prices I have ever seen. In essence free reign has been granted to willfully manipulate higher energy prices.
You know what? It would be better for me to pitch a tent and live on a deserted island than work for a living! I work my backside off and have been since I was 13 and theree is times when I say WHY? Why, when you bust your bottom and you have some greedy ### eat away at all you have worked for years.
I will continue to work hard for my wife and kids. Thats what I will focus on. I will continue to scream at the blood suckers everytime I pay their mandatory bill!
When there is collusion amongst a small group to manipulate at the cost of human lives its a disgrace!
So when its all said and done these folks will have silver lined pockets and stashes of cash that they legally stole from hard working folks. These folks won't have the means to have health insurance anymore, children with no college tuition and on, and on......
To sit back as long as it has been and not do anything is why we are paying for high oil. When people scream and they threaten to investigate you will get a price correction since the profiteer will want to capture the profit which will increase selling. If there is no threat the price escalates since you have a free reign of buyers that manipulates price upwards. I have not heard one word of investigation into oil companies collusion the past 5 years and yet we have the highest oil prices I have ever seen. In essence free reign has been granted to willfully manipulate higher energy prices.
You know what? It would be better for me to pitch a tent and live on a deserted island than work for a living! I work my backside off and have been since I was 13 and theree is times when I say WHY? Why, when you bust your bottom and you have some greedy ### eat away at all you have worked for years.
I will continue to work hard for my wife and kids. Thats what I will focus on. I will continue to scream at the blood suckers everytime I pay their mandatory bill!
The price at the corner Shell station here across the lake from Seattle has dropped to $2.669 since Wednesday, when it was $2.819 if I remember correctly.
We are screwed up here, we only have what? one or two pipelines.
We also have a local government that passed a 9.5 cent gas tax, claiming --although we know better--that they will work on the roads and bridges.
We are screwed up here, we only have what? one or two pipelines.
We also have a local government that passed a 9.5 cent gas tax, claiming --although we know better--that they will work on the roads and bridges.
Exactly, everyone is up in arms about this, yet the profit from a family of four is about $1.50/day.
I easily fritter that much away myself
BTW, I'm sure I'm picking up someone's slack. I drive over 40K miles/year. So some slacker needs to pay up, LOL.
T
The oil companies profit margins aren't much different from Walmarts, about 6-8%. Besides what'ca you bitching about, if you own mutual funds or have a retirement program at work you will get part of that profit. Yet today we still enjoy the cheapest gas prices in the industrialized world.
A few months ago I said, "chill out gas will come back down", now I can say the we may see 2 dollar a gallon gas by the end of the year.
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Well, the one product that they produced that everyone wishes someone was there to twist their arm and put a gun to their head when they had to opportunity to buy it cheap. It was their stock
I'm glad that I worked for Exxon Co. USA when the windfall profit taxes came into being. Exxon said that they would merely give a good chunk of it away to employees in the form of stock. They saved millions ..and still kept the money. Even if we sold it ..they kept the money. I'm glad I checked that box to enroll in the DRiP.
I just wish that I had worked there longer
Well said.
Good new is coming, eh MarkC? I hope.
Thanks for the graph Al - IMNOTW the line is not so steep after the peak.
Yes - we are very high on the gas tax list.
Thanks for the graph Al - IMNOTW the line is not so steep after the peak.
Yes - we are very high on the gas tax list.
I agree with you. And I don't understand that part. But bear in mind..that peak on the Spot was so steep and so short..I'm not sure it changed the pump price much, except at a couple very high volume stations.
BUT - Al it (the peak) did give the owners a mental or even subconcious "reason" to increase the price on the signs and the pump. Sometimes more than once in the same day!
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