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Old 05-24-2008, 02:50 PM   #1
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I hope this is not political.. Did anyone see and hear the oil exectives before congress this week? Did I get it right the oil companies are now making $0.04 on a gallon of oil and they were making $0.10 per gallon of oil refined. The usage is down but they are making record profits. How can this happen? I say HUH !!!
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Old 05-24-2008, 02:50 PM   #2
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I hope this is not political.. Did anyone see and hear the oil exectives before congress this week? Did I get it right the oil companies are now making $0.04 on a gallon of oil and they were making $0.10 per gallon of oil refined. The usage is down but they are making record profits. How can this happen? I say HUH !!!
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Old 05-24-2008, 03:16 PM   #3
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I heard the guy(s) testify and one did say just that. Their 'profit' for a gallon was 4 cents.
The folks making the money on gas right now it the govt. The do nothing except cash the checks the companies send them. Feds get $.18 and the states vary - I believe Georgia is 8 or 9 cents. (and our DOT is over a billion in the hole financially!!)
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Old 05-24-2008, 04:47 PM   #4
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Here's something that may interest you as to what's involved with high oil costs and related issues. It's rather long but after listening to what this fellow had to say, it now all makes sense to me.

http://video.google.com/videoplay?do...98272&q=&hl=en
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Old 05-24-2008, 06:53 PM   #5
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The US oil companies that own some oil wells are making big bucks on the oil they pump out of the ground, but very little on their refining and distribution operations. And since the US wells supply only a small portion of the oil we use every day, the per gallon profit of the oil companies is low.

And not all US oil companies have big profits - some that buy nearly all their oil on the world market and are primarily in the refining business are making very little or even losing money in this market. Sunoco and Tesoro, for example.


By the way, the federal gov't gets the same tax whether gas sells for $1 or $5. Ditto for the states, except that state sales tax on fuel obviously rakes in more when prices are high. But if you buy fuel with money you would have spent elsewhere, the state sales tax income is still the same - they would have got the sales tax $ either way.
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Old 05-24-2008, 06:54 PM   #6
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Doc, we have here in NC one of the higher gas taxes around. It is because we have more paved roads than most states around here. There was a article in the paper this week saying the money not going into a highway fund but into a general fund and the state can do as they wish with the tax money. The state was wanting to go up on the fuel tax because we are using less fuel and the state not getting the money that they were getting. I am sure they could use it as it costing the state more to run vehicles. I bet a school bus don't get very good mileage with all the stops and starts.
Last Friday coming back from Winchester,Va. on I95 the cost of diesel at exit 4 was $4.54 and a few miles down the road in NC. it was $4.79. I filled up in Va. and I should be able to get back to Va. Thursday for the Meadows of Dan rally. After this rally we going to stay home until fall.
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Old 05-25-2008, 03:01 AM   #7
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">because we are using less fuel </div></BLOCKQUOTE>
Yes. and the every eveing the news has been reporting about how many folks are staying home and just not driving as much, and so what happened to the so called "Supply and Demand" that in the past always controlled the price of fuel and oil?
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Old 05-25-2008, 03:52 AM   #8
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As we use less oil, the oil producers just send it to India & China where the use is going up every day.
If you think it is bad now just wait until India & China starts to past polution laws.
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Old 05-25-2008, 05:12 AM   #9
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">
If you think it is bad now just wait until India & China starts to past polution laws. </div></BLOCKQUOTE>
Yea, right. The communist shoot the radical enviromentalist over there. They just ship there pollution over here in toys, Lead anybody?
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Old 05-25-2008, 06:24 AM   #10
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30 years ago the US could control world oil pricing by reducing demand.

Today the US is no longer the only major oil consuming country. Reducing the damand for oil in the US doesn't have much effect on the world wide price of oil.

The oil world no longer revolves around the USA.

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Old 05-25-2008, 08:27 AM   #11
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RVRoadRoamer, You confused me on the state part. I always thought each state taxed on a per gallon basis, much like the Feds do. If that is the case the price per gallon is irrelevant. I also always thought that state collection was via the wholesaler and the total gallons delivered where the state could care less whether I pump from Joe's on 4th street or some other retail gas station. If this is correct there is no way the wholesaler would know the retail price today vs. yesterday vs. tomorrow at any specific retailer?

Please set me straight, thanks, ken, '04 DSDP...
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Old 05-25-2008, 08:47 AM   #12
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The video posted here by LVJ58 on May 24 was pulled right after I posted it on the Woodall's Open Forum site. Some folks can't handle the truth I guess and feel the need to suppress open discussion on a very important topic to us who use dino fuel.
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Old 05-25-2008, 12:03 PM   #13
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Bob, I don't know why they're so paranoid at that other place and rush to remove important topics posted for folks to review, evaluate, then form their own conclusions.

I sure hope this one doesn't follow suit, as it would appear the information provided by the video could very well be credible.

It reveals how our nations destiny could possibly be manipulated by a select powerful group of players.

It more or less confirms what I've always suspected.

Jim
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Old 05-26-2008, 01:29 PM   #14
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The fact that Congress wants to sue OPEC to lower the price of oil ought to tell you something about the average intelligence level of our ????Esteemed Leaders. Give me a break. Then the CEO of Shell who can run circles around the cumulitive IQs of Congress tells them to get off their butts and do what needs to be done to get this country independent of OPEC. The US oil industry has taught the rest of the world how to do it. So let OUR GUYS do it at home. Colorado/Utah Oil Shale, East Coast, Left Coast (Heaven Forbid Streisand might see an oil derrick), Offshore Florida and the rest of the ever trustworthy Gulf Of Mexico.
Let's quit all the posturing and go to work. I'd even consider coming out of retirement if it would help (40+yrs in the patch) but might have to anyway if something isn't done about our energy problems soon. Never thought about being a corn farmer so my crop could make Ethanol rather than feeding people, cattle and whatever else.
Still though, life here is still better than anywhere else in the world.
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