Oil at less than $48/barrel

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Brent Crude is considered the best crude oil there is, requiring less refining steps to a finished product.

Standard "bad word" you get? If you are referring to gasoline or another refined product, that's a function of the refinery more than it is of the base crude.

Originally Posted By: chrisri
Originally Posted By: kschachn
Brand? Do you mean the separate pricing quoted for Brent Crude?

If so, that is always quoted since it is a benchmark for light sweet crude.
Originally Posted By: chrisri
I've seen on news that oil is under 48 $, but some BRAND oil that's supposedly used in Europe is more expensive at 53 $ per barrel. Is this some media [censored] or there's some truth in it ?

It could be, maybe I heard wrong. I do remember however that they did mention it's oil for Europe in a sense it's different in some way. Probably standard [censored] we get . Greedy [censored].
 
Originally Posted By: kschachn
Brent Crude is considered the best crude oil there is, requiring less refining steps to a finished product.

Standard "bad word" you get? If you are referring to gasoline or another refined product, that's a function of the refinery more than it is of the base crude.

Originally Posted By: chrisri
Originally Posted By: kschachn
Brand? Do you mean the separate pricing quoted for Brent Crude?

If so, that is always quoted since it is a benchmark for light sweet crude.
Originally Posted By: chrisri
I've seen on news that oil is under 48 $, but some BRAND oil that's supposedly used in Europe is more expensive at 53 $ per barrel. Is this some media [censored] or there's some truth in it ?

It could be, maybe I heard wrong. I do remember however that they did mention it's oil for Europe in a sense it's different in some way. Probably standard [censored] we get . Greedy [censored].


No, I wasn't referring to actual fuel quality. I know we get high quality, low sulphur fuel, but if price of oil in world market goes down, oil companies wait at least a week to lower fuel prices. Their excuses are always; we had old stock or prices over here depend upon Mediterranean market.
But if price of crude oil goes up one can be sure that next morning prices on a fuel stations will be higher.
 
Oh I see. I thought maybe you knew something about worldwide crude stocks and refining. You should read up on it.

Originally Posted By: chrisri
No, I wasn't referring to actual fuel quality. I know we get high quality, low sulphur fuel, but if price of oil in world market goes down, oil companies wait at least a week to lower fuel prices. Their excuses are always; we had old stock or prices over here depend upon Mediterranean market.
But if price of crude oil goes up one can be sure that next morning prices on a fuel stations will be higher.
 
Originally Posted By: kschachn
Oh I see. I thought maybe you knew something about worldwide crude stocks and refining. You should read up on it.

Originally Posted By: chrisri
No, I wasn't referring to actual fuel quality. I know we get high quality, low sulphur fuel, but if price of oil in world market goes down, oil companies wait at least a week to lower fuel prices. Their excuses are always; we had old stock or prices over here depend upon Mediterranean market.
But if price of crude oil goes up one can be sure that next morning prices on a fuel stations will be higher.


Oh no, nothing like that. I just wondered if there really is difference in crude oil that's used over here.
Anyway thanks for your input on this, I've never heard of Brent crude oil so their (oil companies) claims appears to be valid.
 
Originally Posted By: ChevyBadger
Originally Posted By: Pajamarama
What price per barrel equates to sub-dollar per gallon gasoline?
This!


1998 prices!, I recall paying 99 cents a gallon

Accoring to this graph I would say below $20 a barrel

abd98.png
 
I was barely driving in the 90's, but have this dim recollection of paying less than a buck per gallon... Must've been a dream.
 
When I got my first car (1964 VW in 1978), gas and a pack of Marlboros were both $.55. I remember here in VA the gas got down to .89 in 1998 and in 2001. Pretty sure it was something like 17 bucks per barrel. I was also watching some old videos (9:01 on the vid)on the DC sniper (happened in 2002) and gas was a buck fifty.
DC Sniper Video
 
Originally Posted By: supton
I was barely driving in the 90's, but have this dim recollection of paying less than a buck per gallon... Must've been a dream.


Started driving in 1996 and was somewhere around .98. Could been lower but I've had a few to drink since then.
 
Though pump gasoline appears to be ridiculously cheap when you factor in all that is involved with making and then distributing it, I do wonder when the directly related topic of Corporate Greed will be addressed and comments and speculation as to what will be done to inflate these prices. I already know that the fill station make maybe a few pennies on each gallon pumped. Which makes me question where profits go...
confused.gif
 
Originally Posted By: MalfunctionProne
Though pump gasoline appears to be ridiculously cheap when you factor in all that is involved with making and then distributing it, I do wonder when the directly related topic of Corporate Greed will be addressed and comments and speculation as to what will be done to inflate these prices. I already know that the fill station make maybe a few pennies on each gallon pumped. Which makes me question where profits go...
confused.gif


Most of the profit goes to Federal, State and Local Government in Taxes drivers pay for every gallon.

Average regular in California is $2.59/gal, of this price more than 70 cents goes to various government levels. Retail station make about 5-10 cent a gallon which is barely cover the overhead cost (they make money in convenience stand for cigarette, water bottle ...), oil company make about 10-15 cents, the remaining of $1.50-1.60 is cost of crude oil + refining + transportation.
 
You have a lot more patience than I do to answer him.

Originally Posted By: HTSS_TR
Originally Posted By: MalfunctionProne
Though pump gasoline appears to be ridiculously cheap when you factor in all that is involved with making and then distributing it, I do wonder when the directly related topic of Corporate Greed will be addressed and comments and speculation as to what will be done to inflate these prices. I already know that the fill station make maybe a few pennies on each gallon pumped. Which makes me question where profits go...
confused.gif


Most of the profit goes to Federal, State and Local Government in Taxes drivers pay for every gallon.

Average regular in California is $2.59/gal, of this price more than 70 cents goes to various government levels. Retail station make about 5-10 cent a gallon which is barely cover the overhead cost (they make money in convenience stand for cigarette, water bottle ...), oil company make about 10-15 cents, the remaining of $1.50-1.60 is cost of crude oil + refining + transportation.
 
Originally Posted By: kschachn
You have a lot more patience than I do to answer him.

Originally Posted By: HTSS_TR
Originally Posted By: MalfunctionProne
Though pump gasoline appears to be ridiculously cheap when you factor in all that is involved with making and then distributing it, I do wonder when the directly related topic of Corporate Greed will be addressed and comments and speculation as to what will be done to inflate these prices. I already know that the fill station make maybe a few pennies on each gallon pumped. Which makes me question where profits go...
confused.gif


Most of the profit goes to Federal, State and Local Government in Taxes drivers pay for every gallon.

Average regular in California is $2.59/gal, of this price more than 70 cents goes to various government levels. Retail station make about 5-10 cent a gallon which is barely cover the overhead cost (they make money in convenience stand for cigarette, water bottle ...), oil company make about 10-15 cents, the remaining of $1.50-1.60 is cost of crude oil + refining + transportation.


Wow, that was helpful!
 
My dad worked for the oil industry for many years as a chemical engineer, whenever people talk about "corporate greed" concerning the oil companies I just laugh. Oil is a commodity traded on a global scale, and as such when the price is high the oil companies make a profit (a lot) and when the price is low they don't. But they also spend an enormous amount on exploration and R&D, but only when they have the money to do so since there is very little exploration when prices are low. These days exploration is a vastly different landscape than it was 35 years ago, now with many fields blocked off as federal lands no new exploration and drilling permits are being issued - even for what were previously known recoverable oil fields. This is why the only new activity is on private lands (which the EPA wishes to restrict BTW).

Everyone likes to say the "oil industry" controls the supply and subsequently the price. Here in the US that is beyond ridiculous. Depending on the current price, oil companies here pump as much crude as is economically viable. People like to throw around terms that sound good to the uneducated and place blame on the Great Corporation, but they really don't have a clue - and are too lazy to find out the truth.
 
Just like big pharmaceutical companies...

They spend billions on R&D trying to get a drug to the market after FDA approval, not to mention the lawsuits after a drug recall and tons of lawyers circling like vultures .

It takes tons of $$$$ to actually see a return on your investment, R&D, marketing, etc....etc...
 
Last edited by a moderator:
Originally Posted By: HTSS_TR
Originally Posted By: MalfunctionProne
Though pump gasoline appears to be ridiculously cheap when you factor in all that is involved with making and then distributing it, I do wonder when the directly related topic of Corporate Greed will be addressed and comments and speculation as to what will be done to inflate these prices. I already know that the fill station make maybe a few pennies on each gallon pumped. Which makes me question where profits go...
confused.gif


Most of the profit goes to Federal, State and Local Government in Taxes drivers pay for every gallon.

Average regular in California is $2.59/gal, of this price more than 70 cents goes to various government levels. Retail station make about 5-10 cent a gallon which is barely cover the overhead cost (they make money in convenience stand for cigarette, water bottle ...), oil company make about 10-15 cents, the remaining of $1.50-1.60 is cost of crude oil + refining + transportation.


I thank you for your helpful post, HTSS_TR!
 
Originally Posted By: kschachn
My dad worked for the oil industry for many years as a chemical engineer, whenever people talk about "corporate greed" concerning the oil companies I just laugh. Oil is a commodity traded on a global scale, and as such when the price is high the oil companies make a profit (a lot) and when the price is low they don't. But they also spend an enormous amount on exploration and R&D, but only when they have the money to do so since there is very little exploration when prices are low. These days exploration is a vastly different landscape than it was 35 years ago, now with many fields blocked off as federal lands no new exploration and drilling permits are being issued - even for what were previously known recoverable oil fields. This is why the only new activity is on private lands (which the EPA wishes to restrict BTW).

Everyone likes to say the "oil industry" controls the supply and subsequently the price. Here in the US that is beyond ridiculous. Depending on the current price, oil companies here pump as much crude as is economically viable. People like to throw around terms that sound good to the uneducated and place blame on the Great Corporation, but they really don't have a clue - and are too lazy to find out the truth.


If as you say the industry doesn't control prices by controlling supply, then how do you explain what is going on with prices right now?
 
Originally Posted By: grampi


If as you say the industry doesn't control prices by controlling supply, then how do you explain what is going on with prices right now?

Good Point. How did the people at the helms of the oil companies and OPEC allow such a glut of oil? Who undercuts the price of their own product to this degree?
 
If you would have read my post more carefully I said the US industry does not. The US industry pumps as much crude as is economically viable.

We don't have a cartel here in the US.

Originally Posted By: grampi
If as you say the industry doesn't control prices by controlling supply, then how do you explain what is going on with prices right now?
 
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