What's the real story with gas prices and control of oil in Iraq?

[ieffinhatecardio]

We're in the time of year when we do more driving than any other time of year and conveniently gas prices are through the roof and oil companies are making record profits.

What the hell's the deal with this? Aren't we controlling oil production and distribution in Iraq? Didn't the price of a barrel of oil just lower?

And most importantly why are gas prices so high right now?

This is a job for 240.

Rob, what's the real story?

I'm buying a hybrid because it's starting to sicken me to spend so much money on gas every week. Factor in gas, insurance, payments and excise tax and the cost of owning what is an absolute necessity is astronomical.

[The Enigma]

I'm buying a hybrid because it's starting to sicken me to spend so much money on gas every week. Factor in gas, insurance, payments and excise tax and the cost of owning what is an absolute necessity is astronomical.

JHC, are you saying the huge Bush tax cuts don't make up for the soaring inflation?

[ieffinhatecardio]

 

At least for me they don't.

In all seriousness though, what the hell is the deal with our oil companies controlling oil production and distribution in Iraq? Are they? Aren't they? And why the hell is gas so expensive?

[240 is Back]

Bush said we need to help secure Iraq so that we can be assured we are able to buy oil at prices we want - not prices they want.  You take from that what you will.

and those damn insurgents keep attacking the pipeline, according to CNN.  they don't like their oil leaving.

once we get that shit under control there, we (our oil firms) will be the faucet and control who they sell to.  it'll give us an edge in a world where we're losing in mnfg.  while it is stealing to tell someone at what price they will sell their resource, I dont think any american will complain in the end.

[240 is Back]

AAA reports that gas prices dropped 4 cents this week, just as many (and I) said last week when investors sold futures based onhigh inventory levels.  The oil is there.  the companies just fudge with the flow to turn lots of short gains.

[ieffinhatecardio]

Bush said we need to help secure Iraq so that we can be assured we are able to buy oil at prices we want - not prices they want.  You take from that what you will.

and those damn insurgents keep attacking the pipeline, according to CNN.  they don't like their oil leaving.

once we get that shit under control there, we (our oil firms) will be the faucet and control who they sell to.  it'll give us an edge in a world where we're losing in mnfg.  while it is stealing to tell someone at what price they will sell their resource, I dont think any american will complain in the end.

So once the pipeline is secured oil prices will stabilize and hopefully fall? You're last point is an accurate one, we Americans won't complain when and if prices drop. Ultimately we want stable gas/oil prices, how that is achieved is not something to think about.

Gas prices have not dropped around here. I'm still paying $3.10 for 87 octane and once a month $3.35 for 92 octane.

[240 is Back]

People who buy stocks based on future performance believe it will keep dropping, and I do too.

As much as some of us hate the war, when we get to keep prices stable as they jump worldwide, in the next few decades, we're going to be glad we took Iraq.   When Cheney said last week that we're in Iraq so that our grandchildren would live better lives, he was being completely honest.

240 or Republican or libertarian or liberal or reluctant moderate repub again.

[The Enigma]

And most importantly why are gas prices so high right now?
 

Gas is a tradeable commodity on the NYSE. Traders have been buying large amounts of unleaded gas futures due to the uncertainty of Bush's War on oil supply.
In an attempt to help Bush before the Nov elections, BIG W.S. trading firms SOLD their unleaded gas holdings and the price dropped 1.00 per gallon very quickly. A lot of the increase we see is due to Wall Street taking advantage of an OIL president in the WH. That is why you see the RECORD profits for Big Oil.

OPEC has NOT squeezed the US like years ago.

In other words........we're being screwed..............by ourselves.

[Slapper]

[...]When Cheney said last week that we're in Iraq so that our grandchildren would live better lives, he was being completely honest.[...]

By "our" I think Cheney was referring to his kind's (rich) grandchildren. Believe me if I tell you he could care less about yours or mine.

[militarymuscle69]

So once the pipeline is secured oil prices will stabilize and hopefully fall? You're last point is an accurate one, we Americans won't complain when and if prices drop. Ultimately we want stable gas/oil prices, how that is achieved is not something to think about.

Gas prices have not dropped around here. I'm still paying $3.10 for 87 octane and once a month $3.35 for 92 octane.

We won't see gas much under $3 again....it has nothing do do with math...they get us used to $3.20, then lower it to a more acceptable $3. It has nothing to do with supplies, storms, or anything else they try and tell us....

[The Master]

We won't see gas much under $3 again....it has nothing do do with math...they get us used to $3.20, then lower it to a more acceptable $3. It has nothing to do with supplies, storms, or anything else they try and tell us....

 

[militarymuscle69]

 

you think it is different? why to debate with emoticons...

[headhuntersix]

I paid 2.99 today..I hope it keeps dropping. 

[JBGRAY]

Factor in the fact that the US hasn't built a refinery in many years now.  We are also importing a lot of refined gasoline now, instead of oil to refine ourselves.  The EPA has not made things easier as well.  With more regulations due to environmental concerns, what used to take a week to refine gasoline in US refineries now takes a month(reducing sulfur content to more appropriate levels).  With so many regulations, it is almost akin to the desalination plants in California....they work, but are inefficient and take a lot of time, capital, and energy to perform.  Perhaps it is now just simply easier to import already refined gasoline from countries that do not observe all of the environmental regulations.

I am curious, however.  From what I have read and studied, one of the big reasons we are in the middle east today militarily is for positioning and to stave off Chinese and Russian influence in the region.  Russia and China simply seek to do business there in regards to oil, without having to resort to imposing their poliitcal beliefs on the people and governments there.  Is it because the US fears the plunging dollar?  Perhaps we should stop printing so much money and somehow put an end or at least reduce the influence of the Rothchild controlled Federal Reserve.  Perhaps a return to a gold standard, or a run on the dollar? 

Or, maybe we should look for oil sources elsewhere?  Siberia in Russia is said to have the world's largest single source of oil, I believe there is still time to patch our current diplomatic problems with that Nation.

Oh, first post, so..hey.

[ieffinhatecardio]

We won't see gas much under $3 again....it has nothing do do with math...they get us used to $3.20, then lower it to a more acceptable $3. It has nothing to do with supplies, storms, or anything else they try and tell us....

As skeptical as I am generally I hope you're not right on this one.

We need an alternative fuel or an entirely new engine.

I wonder how a nuclear powered automobile would work out? 

[militarymuscle69]

As skeptical as I am generally I hope you're not right on this one.

We need an alternative fuel or an entirely new engine.

I wonder how a nuclear powered automobile would work out? 

Iran could probably help us with that!!

I was thinking the other day the impact say a water powered car would have on the world......I mena if everything went to water would we be able to keep up with the demand?

[headhuntersix]

Dude ..i would love to have em annouce that we came up with that..followed by another one saying that we are pulling eveything out of the middle east..everything. We will continue to protect Israel but everybody else can go fuck off. We will share the tech as welll. The rags would go back to farming dirt within months. Hav fun eating sand

[The Enigma]

Factor in the fact that the US hasn't built a refinery in many years now. 

Welcome aboard JB.

Does this account for a price "surge" (no Iraq pun intended) of gas from $1.30 in 2001 to over 4.00 per gallon in some area's of the country?

I think NOT.

[militarymuscle69]

Welcome aboard JB.

Does this account for a price "surge" (no Iraq pun intended) of gas from $1.30 in 2001 to over 4.00 per gallon in some area's of the country?

I think NOT.

Amen sister.....me and my wife were talking about this, she doesn't see the big dela in gas prices and if it wasn't for me she wouldn't even know what it is...I made the point that for about 10 years gas only rose about $.30....then in the past 3-4 years it has jumped $2? WTF?

[The Enigma]

I made the point that for about 10 years gas only rose about $.30....then in the past 3-4 years it has jumped $2? WTF?

Correct and NO change in refinery numbers in all those years.

Lets NOT forget the RECORD profits by big oil in the last 3-4 yrs. It sure seems like Cheney's secret energy task force has FVCKED us all.

The Refinery excuse...........holds no water.

[militarymuscle69]

Correct and NO change in refinery numbers in all those years.

Lets NOT forget the RECORD profits by big oil in the last 3-4 yrs. It sure seems like Cheney's secret energy task force has FVCKED us all.

The Refinery excuse...........holds no water.

Along with all other excuses....I remember before Katrina paying around $1.75 here in MO...a few days later it was like $3.50...cool I thought, I understand it is only temporary....asses

[Tre]

Getting the house cleaned out for the big move this weekend, I've come across a ton of old receipts. 

In May of 2002 - approx 5 years ago - I paid $1.59/gallon for gas.

Yesterday, I paid $3.41/gallon. 

[OzmO]

Everyone just needs to say:

B.O.H.I.C.A.

Afterwards justify what you pay becuase of the war on terrorism. 

We are such stupid people.

[bmacsys]

AAA reports that gas prices dropped 4 cents this week, just as many (and I) said last week when investors sold futures based onhigh inventory levels.  The oil is there.  the companies just fudge with the flow to turn lots of short gains.

The oil is there. There is no shortage. Old fucks like me remember when gas was scarce. In the late 70's you could only buy gas on certain days. Ever see an gas station with a "no gas" sign? I haven't. You saw plenty in the late 70's. Walmart and Exxon-Mobil both had sales of 350 billion gross dollars in 2006. Walmart made 10 billion in profits. Exxon-Mobil made 45 billion in profits. 450% more profits than Walmart! That shows you Exxon-Mobil must be buying very low and selling very high. Gas and oil prices are artificially high.

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