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congress/oil compaines/crude/record profits

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Gary in TX

03-16-2006 13:19:02

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Hey guys, have yall been reading some of the articles on the oil companies being questioned by congress on high gas prices? A blind man could see that its nothing but the oil companies, seeing an opportunity to gouge and strangle us to death with these gas prices. I see no reason why gas should be over the $1.30 a gallon price we were paying just a few short years ago. This is outrageous. We all need to write to our congressmen and senators and the president as well. Heck they are supposed to work for us don't they? If they won't do anything, vote em out and get someone in there who will. This sucks!

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TRC

03-17-2006 03:58:49

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Re: congress/oil compaines/crude/record profits in reply to Gary in TX, 03-16-2006 13:19:02

I hate to say this, but this post belongs in the Politics forum, not in Tractor Talk.
Tim

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Gary in TX

03-17-2006 05:58:59

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Re: congress/oil compaines/crude/record profits in reply to TRC, 03-17-2006 03:58:49

yall just forget I even mentioned it. You all are obviously among the rich and elite of the country who have no money worries at all. Just a wake up call for all those out there who have more money than they know what to do with. There is a larger population out here that these high gas prices are hurting real bad. I guess if your sitting smug up in a $300,000.00 home driving new vehicles you don't really think about anyone else. Not all of us have that pleasure. I only hope that those who are sitting smug and all, driving their high dollar vehicles and have their big fine homes are brought down a notch or two one day.

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farmallbee

03-17-2006 03:08:01

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Re: congress/oil compaines/crude/record profits in reply to Gary in TX, 03-16-2006 13:19:02

The general mentality in this country is to complain, not educate oneseslf and not not make changes as to affect the big picture. Case in point drive past any high school in the US and the parking lot is full-when public transportation is provided for all enrollees. If gas prices are not too high for a 16 year old who has an alternative one must assume that they are not to high for an adult that does not have an alternative. Gas prices will decrease when we decrease consumption-insteading of using verbal energy lets try cognitive energy to tackle the problem. Most americans could care less about there money and really want someone else to take if from them.

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Gary 3020

03-17-2006 05:45:59

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Re: congress/oil compaines/crude/record profits in reply to farmallbee, 03-17-2006 03:08:01

oh my gosh, are yall this dense, most kids in this country have the parents right where they want them. most are driving new cars/trucks that the parents have bought them cause the kids have no clue how to fix anything that goes wrong. Dont' tell me it ain't true cause I see it all the time. Parents need to wake up and smell the coffee.
You talk about decreasing consumption, ok send all the illegal aliens, and arabs, and any others back where they came from, bring jobs back to Americans and to America.

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wgm

03-16-2006 17:53:10

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Re: congress/oil compaines/crude/record profits in reply to Gary in TX, 03-16-2006 13:19:02

Here are the real reasons gas and oil prices are where they"re at:

1. The feds required 45 different gas reformulations across the country. If you drove the 400 miles from Chicago to St Louis and stoppped for gas every 100 miles you would be putting 4 different blends of gas in your car. 2. Market manipulation by the hedge fund managers with a little help from big oil. I came across a web site a while back that listed by day for the last several years the reason gas and oil prices had to be raised. Some of the reasons were hilarious. The oil industry now issues daily press briefings detailing any and all incidents in there refineries simply to influence the traders.
3. The oil industry has purposely shut down over 150 refineries in the last 25 years to the point where we use as a country about 20 mil barrels of oil per day but have refining capacity of about 16 mil barrels. It doesn"t take mathematician to figure this one out. Then we have congress passing laws relaxing environmental laws so more refineries can be built. Well, the oil industry isn"t going to build any refineries any time any where. Marathon Oil annouced last fall they MIGHT add on the their Garyville, LA refinery. But they"re going to study it for 2 or 3 years then make a decision to build or not. If they do build I"m sure some other refiner will shut down capacity to keep things just where they are.
4. Then we have the cool dudes and soccer moms who have to drive the gas sucking 4 wheel drive trucks and suv"s most of which, about 99%, have never been driven off the pavement.

This is exactly why we"re where we"re at today.

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larry h

03-16-2006 15:30:12

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Re: congress/oil compaines/crude/record profits in reply to Gary in TX, 03-16-2006 13:19:02

never uuse caps then we will be selling .50 feeder calves if 75% iof the people want higher prices due to 401k ira etc how many people do you see sellimg off their fuel co. holdings

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Steve KS

03-16-2006 14:17:53

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Re: congress/oil compaines/crude/record profits in reply to Gary in TX, 03-16-2006 13:19:02

I hate the high gas prices as much as the next guy, but lets put the blame where it"s due - the futures market speculators. You can"t blame the oil companies - they don"t set the price. So how is price determined? Well from your Econ 101 class you learn that price (in theory) is a funtion of supply and demand. Let"s start w/ supply. As a matter of fact the oil companies are pumping about the same or more than when gas was $1.30. (Keep in mind OPEC is a MUCH larger supplier than domestic producers, their output hasn"t changed that much either) So that leaves demand. That one"s a little harder to pin down, but it"s pretty obvious that demand has increased due to more countries becoming industrialized (read China). Has demand increased by that much though? Personally I don"t think so, and here"s where the market speculators come in - they are the ones who actually set the price each day for oil and gas. So why is the price so high? The speculators are constantly betting that supply and demand will go one way or the other due to some occurance worldwide. Presently they"re all convinced that demand is going through the roof. Personally, I think the bubble will burst one of these days - just like the tech stock bubble. Why? There just isn"t a sound economic reason why oil/gas is so high. This is what Mr. Greenspan would call "irrational exuberance."

Think of it this way - you"re a farmer and you grow wheat. For some reason or another, the price of wheat goes to $10/bu. Are you all of a sudden a greedy farmer out to gouge the bakers? No, you"re only being rational - just like the oil companies. When the price is high you sell as much as you can. That"s why oil companies are seeing record profits - they"re selling about the same amount of oil, but the price is about double what it was a couple years ago.

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Gary in Tx

03-16-2006 18:40:14

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Re: congress/oil compaines/crude/record profits in reply to Steve KS, 03-16-2006 14:17:53

Steve, you say that the oil companies are pumping the same amount as they did when it was $1.30 a gallon? Ok, gas prices should still be around the $1.30 to $1.40 range. Oil companies making billions of dollars of profits in one quarter is nothing but screwing the consumer. You can pull out all the college bull you want too, thats one thing thats wrong with this country, to many people educated beyond their intellegence. Plain ole common sense says we are getting the shaft!
No offence meant, hope none taken.

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Jak

03-17-2006 14:58:21

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Re: congress/oil compaines/crude/record profits in reply to Gary in Tx, 03-16-2006 18:40:14

Right on Gary!!I can't believe the crap people come up with to try to justify the fatdaddy bigbucks price gouging.Sorry bstrds ought to put every one of the ones getting rich on trial for robbing the working folks.Enron in a different line of work!I am sure GM is feeling the effects of it too.

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Steve KS

03-17-2006 07:48:03

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Re: congress/oil compaines/crude/record profits in reply to Gary in Tx, 03-16-2006 18:40:14

No offense taken at at all. You're absolutely right, prices SHOULD be about the same as they were. But the reason oil companies are getting record profits is simple 3rd grade arithmatic - no college needed. For simplicity, lets say in 2004 Bob's Oil Co. was selling 200 barrels of oil, the price was about $35/bl, that equals about $7,000 in gross revenue. This year Bob's still selling the same 200 barrels of oil, but the price is now $70/bl, he's now making $14,000 in gross revenue. His costs stay roughly the same, so - record profits. Now the only argument you could make is that the oil companies are setting the price of oil - the simple truth is that the domestic oil producers simply don't control that much of the world market to be able to have much of an impact on the price.

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VADAVE

03-16-2006 16:01:21

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Re: congress/oil compaines/crude/record profits in reply to Steve KS, 03-16-2006 14:17:53

I'm throwing the BS flag. Do you think the oil companies are buying based on the price of the futures market? NO! Their prices are set by contracts with the cartel. However they would have to believe the futures market is setting the price and so would the local dealer. No the furtures market is stting the pump price and that is why we're seeing big oil company profits.
As far as supply is concerned do you think that just maybe the shut-sown of oil refineries might have something to do with that? Then, of course, if you have a natural disaster that can be exploited by keeping the refineries down for some maintainence it will restrict supply further and "nobody will complain".
Yeah we've been hit by two events 1)there were minimal refineries and they then were brought down thus reducing supply. and 2)Local stations and oil companies began setting retail prices based on a small pewrcentage of the volume--that sold on the commodity exchange.

Now we farmers need to heed the example and band together to reduce supply.

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Steve KS

03-17-2006 07:57:56

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Re: congress/oil compaines/crude/record profits in reply to VADAVE, 03-16-2006 16:01:21

I think we're on the same page here Dave, just looking at it from different angles. I was basing the argument off of the position that the oil companies were producing the oil, not buying it. But you're right, I'm sure they do buy some, and I'm sure have contracts for what they buy.

As to supply, why do you think the refineries were shut down? Many were shut down due to governement regulations - don't you think they would be producing if they could? If you were selling wheat and the price was twice what is is now, wouldn't you want to plant/grow/sell all you could?

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Huh

03-16-2006 13:59:01

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Re: congress/oil compaines/crude/record profits in reply to Gary in TX, 03-16-2006 13:19:02

Why on earth would anyone want the goverment involved in controling prices. I think cars, TVs, meat, milk, gas, drugs, etc... are too high but I sure as the hell don't want congress or anyone other goverment enity screwing around with prices. I am sure that the Soviet Union fixed all of their price problems.

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03-16-2006 13:34:29

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Re: congress/oil compaines/crude/record profits in reply to Gary in TX, 03-16-2006 13:19:02

One reason gas is higher is taxes- Wi+ federal tax is about $.44 a gallon. Current market price crude about $70.00 a barrel (42 gallon/barrel?) Gas yield about 40%, light oil 30+%, heavy oil 10-15%, solids 10-15% depening on crude, varies. This after light gasesvapors seperated. Need to hatch more dinosaurs and squeeze them,- or go Amish. RN

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Bob

03-16-2006 13:28:29

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Re: congress/oil compaines/crude/record profits in reply to Gary in TX, 03-16-2006 13:19:02

Check out the two links in the first post (mine) in the thread linked below:

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