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Old 06-22-2012, 12:44 PM   #71
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Originally Posted by DBOL

I hope you have no retirement funds with Oil Co. in them,cause you are getting hurt if you do! HA!
I have at the moment no retirement funds at all as that's still a very long ways away, and until the energy price problems are solved I also have trouble feeling any sorrow for those who might be getting bent over by oil futures dropping.
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Old 06-22-2012, 12:54 PM   #72
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The daughter is in Tennesse and texted me that gas was $2.94/gal. Now that's not bad.
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Old 06-22-2012, 02:08 PM   #73
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Unleaded $2.91 in Port Isabel Texas
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Old 06-23-2012, 05:51 AM   #74
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and until the energy price problems are solved I also have trouble feeling any sorrow for those who might be getting bent over by oil futures dropping.

Many of those "getting bent over" by the dropping oil futures are retirement funds.... Most of the mutual fund companies invest in "big oil" just as they do many companies... So when big oil takes a hit, so does many peoples retirement funds. It really is a two edged sword ...
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Old 06-23-2012, 09:01 AM   #75
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A barrell of oil is at around $80. Ever wonder why gas/diesel is still thru the roof?
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Old 06-23-2012, 09:08 AM   #76
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A barrell of oil is at around $80. Ever wonder why gas/diesel is still thru the roof?
It's a thing called Gouging. I hate it! I find it funny that when oil drops like this it takes months for the price at the pump to change but if a leader in the middle east farts or a hurricane is forecasted in the gulf prices at the pump change instantly!!! These oil companies make billions of dollars in profit from screwing the consumer.
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Old 06-23-2012, 11:19 AM   #77
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A barrell of oil is at around $80. Ever wonder why gas/diesel is still thru the roof?
Think about it -- at 42 gallons to the barrel, $80 per barrel = $1.90 per gallon, just for the raw crude feedstock to a refinery. Add in refining costs and profits, distribution and marketing costs and profits, and federal and state excise taxes (plus other taxes in some areas) averaging 50-55 cents/gallon, it's not that hard to get to the current average prices of $3.43 for regular gasoline, $3.73 for diesel.

Believe it or not, over time, retail pump prices really do follow crude oil prices, though the difference varies with market conditions in the short-term, and tends to grow in the long-term, as refining and distribution/marketing costs rise. For explanations, you could start here.
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Old 06-23-2012, 11:24 AM   #78
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diesel

Just paid $3.24 a gallon for diesel south of Stlouis Mo.
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Old 06-23-2012, 11:59 AM   #79
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Think about it -- at 42 gallons to the barrel, $80 per barrel = $1.90 per gallon, just for the raw crude feedstock to a refinery. Add in refining costs and profits, distribution and marketing costs and profits, and federal and state excise taxes (plus other taxes in some areas) averaging 50-55 cents/gallon, it's not that hard to get to the current average prices of $3.43 for regular gasoline, $3.73 for diesel.

Believe it or not, over time, retail pump prices really do follow crude oil prices, though the difference varies with market conditions in the short-term, and tends to grow in the long-term, as refining and distribution/marketing costs rise. For explanations, you could start here.
While true do not think for one minute that gasoline is the only product to come out of that gallon of crude. Kerosine/tar/heating oil/gasoline/and many others.
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Old 06-23-2012, 01:23 PM   #80
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Up here the price of gasoline went up 5-10 a gallon while the price of oil dropped to $82 a barrel. Now it is $78 per barrel and gasoline just dropped a penny.
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Old 06-23-2012, 01:56 PM   #81
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While true do not think for one minute that gasoline is the only product to come out of that gallon of crude. Kerosine/tar/heating oil/gasoline/and many others.
Right, but gasoline is one of the most profitable. If you do all the math, a gallon of crude oil makes a little more than a gallon of products (due to refinery gain -- breaking heavy crude molecules down to lighter products) -- but that means half a gallon or so of gasoline, a quarter-gallon of diesel fuel, etc. You don't get a whole gallon of gasoline PLUS the other products, but rather a partial gallon of each.

Full disclaimer -- I'm a retired energy economist by trade, having worked for both the oil industry (early in my career) and the government. You don't have to believe me about fuel prices -- there's plenty of good info on the web, on the EIA site (U.S. Energy Information Administration (EIA)) and others.
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Old 06-23-2012, 02:03 PM   #82
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this is the breakdown of the processing a barrel of crude oil. Gasoline 19.3 Distillate Fuel Oil (Inc. Home Heating and Diesel Fuel) 9.83 Kerosene Type Jet Fuel 4.24 Residual Fuel Oil 2.10 Petroleum Coke 2.10 Liquified Refinery Gases 1.89 Still Gas 1.81 Asphalt and Road Oil 1.13 Petrochemical Feed Supplies 0.97 Lubricants 0.46 Kerosene 0.21 Waxes 0.04 Aviation Fuel 0.04 Other Products 0.34 Processing Gain 2.47
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Old 06-23-2012, 02:07 PM   #83
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Unleaded $2.91 in Port Isabel Texas
God don't I wish for here in Southern Oregon. That said, UnLd'ed has dropped 50 cents per gallon in just the past week. That said, we're still 50% higher than your number .....

BUMMER!

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Old 06-23-2012, 02:12 PM   #84
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A barrell of oil is at around $80. Ever wonder why gas/diesel is still thru the roof?
Because raw material cost is not the most significant factor in price at the pump?
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