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Old 03-30-2007, 08:20 AM   #15
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Did it again word is MISSPELL
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Old 03-30-2007, 08:37 AM   #16
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George,

Just a hint....you can go back and edit a post by clicking on the folder with the pencil eraser at the lower right hand corner of your post.

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Old 03-30-2007, 10:20 AM   #17
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But then on the other hand George, every time you correct the previous post, you add to your number of posts. Before you know it, you'll be a senior member and get all the cool stuff that senior members get.
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Old 03-30-2007, 12:29 PM   #18
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I guess if gas continues to rise my 3/4 tank lest over from november is looking pretty cheap at 2.09. I might have to take a trip soon.
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Old 03-30-2007, 02:54 PM   #19
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Rusty,

I always lookforward to your replys on the forum. I normally agree with you because of all the great info you share. When you give the example of the number of barrels we sell to Japan and the barrels we buy on the market it is a wash. But looking at the cost we don't make out so well. I think because of a trade treaty we sell to Japan at 1/3 or more less than the cost of world market we buy from. I may be wrong on that but I seem to remember reading this a while back.

Keep up the great replys and info.
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Old 03-30-2007, 03:50 PM   #20
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by rayt1:
When you give the example of the number of barrels we sell to Japan and the barrels we buy on the market it is a wash. But looking at the cost we don't make out so well. I think because of a trade treaty we sell to Japan at 1/3 or more less than the cost of world market we buy from. </div></BLOCKQUOTE>

Yes, it was an oversimplified example, but the principle still holds. Even if the Prudhoe Bay oil is sold at a discount to Japan (and I don't have any knowledge of pricing details), the oil that is purchased to replace it is purchased under terms of long term contracts as well. The majors don't buy much oil at spot prices unless their traditional sources of supply are disrupted.

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Old 03-30-2007, 04:12 PM   #21
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Rusty,

You are correct. I didn't think my reply all the way through (foot in mouth). Thanks again. You are doing a great job keeping us straight.
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Old 03-30-2007, 04:43 PM   #22
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While I don't want to get into a philosophical discussion on this, I did have the opportunity to sit next to an oil executive on a long flight not so long ago.

What I did learn is that many of us consumers think that all oil in fungible. However, the best oil is sweet, light crude out of the Middle East. By best as it was explained to me oil is cheap to extract, cheap to refine and the has the highest energy content. The next best is out of Central Africa which is held up due to political problems.

The other insight I learned is that blaming everything on the president/US Policy is oversimplifying the situation. There are many factors that drive the price, not the least of which is a growing demand in the far east.

That said, I would offer one perspective, we still enjoy the cheapest gas prices in the world besides those of net oil exporters.

And for those who blame oil executives, the first thing taught in any business course, is that the job and fiduciary duty of an executive at any corporation is to maximize shareholder value. They are rewarded for doing so. Don't blame the players, blame the rules. America was built on capitalism but, we often punish the best players. (before anyone starts, this is provided that all laws are abided by)

Also, I would be willing to bet that many that talk of corporate greed have mutual fund holdings in energy companies.

Please don't perceive this as a firm, one sided position or argument. Only as alternative thoughts, as I can see many sides to this problem.
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Old 03-30-2007, 06:24 PM   #23
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RustyJC , thanks I was not aware of that . Thanks for bringing it to my attention.
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Old 03-30-2007, 06:55 PM   #24
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And today-- the fuel price is expected to reach $4 @ gallon this summer because of the Iran debacle. It seems 20% of the worlds crude is shipped through the straits of Hormuz, which Iran can control easily.
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Old 03-30-2007, 08:49 PM   #25
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Tonight's ABC local and World news - gasoline already over $4.00/gallon in San Francisco! Can't wait 'till my daughter tells me SF diesel prices. Oh well, when you gotta go - go!
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Old 03-31-2007, 03:56 AM   #26
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It is amazing with all of the rising fuel costs Exxon/Mobil is showing record profits. Let's think about where to put the blame.
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Old 03-31-2007, 04:01 AM   #27
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Ted III:
It is amazing with all of the rising fuel costs Exxon/Mobil is showing record profits. Let's think about where to put the blame. </div></BLOCKQUOTE>For sure. We certainly don't want an oil company making a profit.
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Old 03-31-2007, 04:13 AM   #28
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Ted,

Let's think about this just a minute in terms of other commodities. Yes, the major oil companies are making huge profits because they purchase oil under the long-term contracts I mention (at lower-than-spot-market cost) and sell their refined products at market price.

Now, if I were a rancher, my profits are going to be maximized if I can raise cattle at the lowest cost possible and sell them when the commodity market price for cattle is at its high point. In the case of feed lot beef, if grain prices (feed) are low and beef prices are high, then I stand to make maximum profits. Should I, as a businessman, be expected to sell my cattle for less than market value?

Yes, the oil companies, OPEC, etc. can affect the supply side of the market, but they can't affect the demand side. Both work together (along with many other factors, geopolitics being one) to establish market prices for refined products such as gasoline and diesel fuel. Like it or not, we're in a worldwide economy, and if India or Asia are willing to pay more for energy to fuel their growing economies, we either have to match the price or watch the product being sold to the highest bidder, resulting in shortages here. That's why price controls didn't work in the 1970s and aren't the answer today.

It's easy to look for simple solutions and vent our frustrations at easy scapegoats, but the fact is that we're watching the marketplace at work. Having said that, do I like it? Not necessarily - I have to buy diesel, too. However, the upside is that my energy-related investments are doing quite well right now.

Rusty
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