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Old 02-02-2013, 06:06 AM   #29
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News this evening, Exxon made 40 BILLION in profit last year. Guess it wasn't enough.

Where as oil prices used to rise and fall due to all the 'reasons', take note now it follows the stock market. That has nothing to do with supply and demand.

Dave

Notice it says "profits", not profit margin ? Anyone know the difference?
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Old 02-02-2013, 06:31 AM   #30
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Where I get my Diesel, it went down 4 cents this week.
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Old 02-02-2013, 09:34 AM   #31
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Where I get my Diesel, it went down 4 cents this week.
In pa it's 4.09
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Old 02-03-2013, 02:09 AM   #32
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I wish we could buy gas at the dollar store!
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Old 02-03-2013, 07:37 AM   #33
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Oh so right on stock market goes up so does crude, stocks crash so does the price of crude. Funny how that works. On the news last night they were talking about the change over from winter gas to summer gas in CA. I've never heard of anything so stupid, I know they blend diesel in the winter but gas, come on give me a break. Jim
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Old 02-03-2013, 07:51 AM   #34
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Stock market up! Crude prices up! Don't we have a song that goes along with that? (Happy days are here again, the sky above is clear again-------)
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Old 02-03-2013, 02:50 PM   #35
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Ref the winter/summer blend comments. EPA regulations set what gas formulations are used in certain markets. Different temperatures require a different formulation to stay within the guidelines.

I do think that I have found the greediest station out there though. There is a Shell station in Kissimmee that always charges 90 cents a gallon more on regular for credit. The sign is designed so that when you look at it you are led to believe that the higher price is diesel.
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Old 02-03-2013, 04:21 PM   #36
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I wish we could buy gas at the dollar store!

Yeah, it would be a DOLLAR a quart...working toward a Dollar a pint.

Ken
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Old 02-04-2013, 10:21 AM   #37
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So the EPA requires the refineries to go to the summer blend in January!

Discussion this morning is the actions of the Fed to weaken the dollar will raise the national average price for regular to about $3.75 (Now at $3.57), over the next month. All commodities (food) are affected.
The good news, the price of fuel and food is not figured into the coast of living index so we won't have to worry about our tax money being diverted to increases in Social Security, or retired pay.
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Old 02-05-2013, 05:11 AM   #38
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So the EPA requires the refineries to go to the summer blend in January!

Discussion this morning is the actions of the Fed to weaken the dollar will raise the national average price for regular to about $3.75 (Now at $3.57), over the next month. All commodities (food) are affected.
The good news, the price of fuel and food is not figured into the coast of living index so we won't have to worry about our tax money being diverted to increases in Social Security, or retired pay.


Isn't it strange that the two biggest expenses in a family's budget are not included in the cost of living index.....
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Old 02-05-2013, 07:11 PM   #39
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But-There is no inflation, (saw it on the news) and the fact that my 1 pound can of coffee has gone to 13, 12 and now 11 ounces at a slightly higher price is just a coincidence.
But the quality and efficiency of fuel for our vehicles hasn't been effected very much, oh wait, we do actually pay more for the ethanol dilution or ultra low sulfur diesel that actually deteriorates faster, reduces mileage and damages the fuel systems and gaskets...while adding to the cost of food stuffs...
All in the name of speeding up the arrival of the next ice age.
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Old 02-05-2013, 07:57 PM   #40
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First the oil companies can sell every gallon of gasoline they produce. The demand is constantly increasing as the China, Brazil, So. Korea economies compete with ours.

Second, there is only a finite amount of oil left and every second the worlds known reserves are increasingly depleted. Makes oil a scarce commodity.

Third, by the US exporting of manufacturing to China we also made them a huge competitor for crude oil in the world market and they have no qualms about buying Iranian or Venezuelan oil because of human rights or political embargoes.

The US imports most of its oil from Canada, Mexico, and Nigeria. Very little comes from Middle East. However Europe is totally dependent on Middle East and Russia with some North Sea for Britain and neighbors.

Since OPEC does not control prices for many producers, including the US, their pricing affects but does not dominate world oil pricing now. They did have a huge ability ie. the Arab Oil Embargo of 1973 to impact prices. Today new discoveries like Alaska, North Sea, Russian oil has diminished OPEC's power.

The producers outside of OPEC can set their own prices.

Oil futures - a vehicle for huge investors and speculators to generate money without actually owning any oil is an economic engine of world capitalism. Not supply and demand. Bigger than all of us. Bigger than the President of the US as both BUsh and Obama know so well.

The fact that these oil futures trades add no utility is the subject of debate. The hedge fund managers and speculators in futures are largely unregulated. Should they be regulated is a subject the US government has considered - and has it's champions and detractors.

World oil prices therefore are determined more by politics and speculation than by spikes in demand. Speculators think a hurricane will strike the gulf, up go prices. Threaten an Isreal-Iran war prices go up. Just imagine what would happen to the world's economy if that war really broke out.

Oil prices, like gold, copper, and other commodities are determined by many factors in a manipulated market. Need cash dump stuff on the market, want prices to rise, shut down a mine or a refinery. No brainer here, buy oil cheap, sell high and maybe a few political jitters to drive price even higher.

Whats all this mean?

Winners? The richest men in the world and their brokers, traders, and hedge fund managers. If you have money in these funds you can win too.

Losers? The poor schlubs who have to buy gas at these prices.

Greed? By all means. It is one of the driving forces of capitalism. Is this evil? You decide.
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Old 02-06-2013, 06:51 PM   #41
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I still have one more reservation to make for this summer. Then there will be news that gas will go to $5 a gallon.....for the summer Rving season. Never fails....Are there any hurricanes forming?
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Old 02-07-2013, 04:00 PM   #42
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Diesel Jumped 10cents. Now even with Premium.
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