The Holy Roller Posted October 10, 2008 Share Posted October 10, 2008 Is there a way to check what the price of gas was the last time oil was trading at $86-90 a barrell? Gasoline still seems high to me (even with the lowering of prices lately). Quote Link to comment Share on other sites More sharing options...
cdrudge Posted October 10, 2008 Share Posted October 10, 2008 Here is a chart mapping the relationship of crude vs gas prices. Note though that the gas prices doesn't include taxes and will also vary based on the region. Along the same line of oil prices, I read an article earlier today that said prices could even go down to $50/barrel next year and one analyst said not to rule out $20/barrel. At $50 and even more so at $20, I don't know how anyone can't wonder why crude prices were so high. It's not as if THAT much less gas is being used around the world... Quote Link to comment Share on other sites More sharing options...
Grimm74 Posted October 11, 2008 Share Posted October 11, 2008 You cannot compare historic gas prices with historic oil prices. If oil goes up gas will go up for the most part but not alway vice versa....Here is a simple example...let say there is a ton of oil pumped from the ground, but only one guy making gas. Then gas would be very expensive while oil would be cheap. This is very simple and leaves out hundreds of other variables. The US has not built a refinery since 1970(from what I understand) and these refineries are responsible for producing ALL petro products...fuels, plastics, vaseline, etc... Quote Link to comment Share on other sites More sharing options...
The Holy Roller Posted October 11, 2008 Author Share Posted October 11, 2008 Here is a chart mapping the relationship of crude vs gas prices. Note though that the gas prices doesn't include taxes and will also vary based on the region. Along the same line of oil prices, I read an article earlier today that said prices could even go down to $50/barrel next year and one analyst said not to rule out $20/barrel. At $50 and even more so at $20, I don't know how anyone can't wonder why crude prices were so high. It's not as if THAT much less gas is being used around the world... Thanks cd. That's what I was looking for. Quote Link to comment Share on other sites More sharing options...
Scooby Posted October 11, 2008 Share Posted October 11, 2008 (edited) For the last 2 years, we have been using $65/bbl crude and $5.50/mcf for our economics on all of our prospect analysis'. With driving season over and pleasant weather plus the unknown election factor, prices will be weak until the election. Then winter will be around the corner and the president will be elected (less uncertainty of energy policy). Prices will then bounce and depending on the mildness of the winter, prices will either be flat on over supply (esp. natural gas) or prices will be at a bottom if we have no surplus heading into spring and the summer driving season. All it takes is one cold and stormy winter to keep supplies down. Of course, global political factors can also spoil any party. FYI, there are 42 gallons in a barrell. How much money does it cost for a barrell of Coca-Cola? There are 159 liters in a barrell, so at $2 per liter, it costs almost $320 for a barrell of cola. Now do it with Visine and it comes to like $300,000 per barrell. Now tell me, is oil or coke or visine overpriced? IT AINT OIL!!! Edited October 11, 2008 by Scooby Quote Link to comment Share on other sites More sharing options...
Grimm74 Posted October 11, 2008 Share Posted October 11, 2008 (edited) For the last 2 years, we have been using $65/bbl crude and $5.50/mcf for our economics on all of our prospect analysis'. With driving season over and pleasant weather plus the unknown election factor, prices will be weak until the election. Then winter will be around the corner and the president will be elected (less uncertainty of energy policy). Prices will then bounce and depending on the mildness of the winter, prices will either be flat on over supply (esp. natural gas) or prices will be at a bottom if we have no surplus heading into spring and the summer driving season. All it takes is one cold and stormy winter to keep supplies down. Of course, global political factors can also spoil any party. FYI, there are 42 gallons in a barrell. How much money does it cost for a barrell of Coca-Cola? There are 159 liters in a barrell, so at $2 per liter, it costs almost $320 for a barrell of cola. Now do it with Visine and it comes to like $300,000 per barrell. Now tell me, is oil or coke or visine overpriced? IT AINT OIL!!! I did not gulp down 5 gallons of soda on my way to and from work today, nor did my house gulp done 6 gallons of soda today. My garbage man, food delivery man, and mailman did not have a soda today as well. A liter of Coke in SC costs 50 cents not $2. My Visine usage is at an all time high though and I use about 6 drops a year. Last time I checked I cannot drill a hole in the ground and Visine and Coke come pouring out. Edited October 11, 2008 by Grimm74 Quote Link to comment Share on other sites More sharing options...
Scooby Posted October 11, 2008 Share Posted October 11, 2008 Lets use shoes then, should crappy shoes from spammers only charge us a little over cost? like $1? does gov't set prices? Or is that only on oil companies? Like a prejeduce against oil companies? Quote Link to comment Share on other sites More sharing options...
Grimm74 Posted October 11, 2008 Share Posted October 11, 2008 Lets use shoes then, should crappy shoes from spammers only charge us a little over cost? like $1? does gov't set prices? Or is that only on oil companies? Like a prejeduce against oil companies? I am not sure I understand. Is someone saying the government should set the prices of oil? I am not an oil company hater at all. In fact when you look at the amount Exxon pays in income taxes then add the 18 cents per gallon tax of each gallon Exxon sells(at the pump) the US government makes more money of gas then Exxon....but you will not see this reported. Also on a percentage bases Exxon makes less profit then a lot of other us companies... Big oil is a political football that hit its heights b/c of President Bush's "association" with them...Once Obama is elected and the demand for oil goes down this will all disappear...IMHO Quote Link to comment Share on other sites More sharing options...
DemonKnight Posted October 12, 2008 Share Posted October 12, 2008 (edited) The US has not built a refinery since 1970(from what I understand) and these refineries are responsible for producing ALL petro products...fuels, plastics, vaseline, etc... Dont I know it! That stuff is gonna put me in the poor house. ETA: Now that I read this I actually made a point. If what you say is true, how come I havent seen any increase in the price of Vaseline or Plastic? Not that I've bought Vaseline.... ever. Astroglide is much easier to clean up. Edited October 12, 2008 by DemonKnight Quote Link to comment Share on other sites More sharing options...
Grimm74 Posted October 12, 2008 Share Posted October 12, 2008 Dont I know it! That stuff is gonna put me in the poor house. ETA: Now that I read this I actually made a point. If what you say is true, how come I havent seen any increase in the price of Vaseline or Plastic? Not that I've bought Vaseline.... ever. Astroglide is much easier to clean up. I do not know the distribution or manufacturing process involved in getting these products to market, but as for plastic how do you know the price of them has not gone up in line with oil in some small measurable way... Some of these increase in costs can probably be offset my efficiencies such as improved manufacturing process, cutting company expenses, and many more. As for oil that manufacturing process is pretty much the same as always and is set as a commodity that can be traded. Do you think there is some great conspiracy that when oil goes up only gas goes up and any other oil based product do not? Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted October 12, 2008 Share Posted October 12, 2008 In fact when you look at the amount Exxon pays in income taxes then add the 18 cents per gallon tax of each gallon Exxon sells(at the pump) the US government makes more money of gas then Exxon....but you will not see this reported. You seem to just be making stuff up, or reciting figures you heard on Hannity and Colmes... which is not recommended if you want to be factual. Exxom Mobile's profit margin was 11.65% in 2007. On a generously priced $3 gallon of gas before taxes, that's 35 cents of profit per gallon. The American Petroleum Institute released numbers that say it was lower, but I'm not sure anyone should trust a study from the highest paid lobbying organization in America. Quote Link to comment Share on other sites More sharing options...
Grimm74 Posted October 13, 2008 Share Posted October 13, 2008 You seem to just be making stuff up, or reciting figures you heard on Hannity and Colmes... which is not recommended if you want to be factual. Exxom Mobile's profit margin was 11.65% in 2007. On a generously priced $3 gallon of gas before taxes, that's 35 cents of profit per gallon. The American Petroleum Institute released numbers that say it was lower, but I'm not sure anyone should trust a study from the highest paid lobbying organization in America. I appreciate your insults but we can have an open and honest talk here. Since you are so big on facts you left out one very important fact...How much in income tax did Exxon pay in 2007? I am pretty sure when you do the math the oil companies earn less on gas the the government... Why do you not want this to be true is the question? http://seekingalpha.com/article/63131-exxo...bill-30-billion I do not watch Hannity and Colmbs. They both annoy the heck out of me. Please check your facts before posting.... Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted October 13, 2008 Share Posted October 13, 2008 (edited) I appreciate your insults but we can have an open and honest talk here. Since you are so big on facts you left out one very important fact...How much in income tax did Exxon pay in 2007? I am pretty sure when you do the math the oil companies earn less on gas the the government... Why do you not want this to be true is the question? http://seekingalpha.com/article/63131-exxo...bill-30-billion I do not watch Hannity and Colmbs. They both annoy the heck out of me. Please check your facts before posting.... Take your numbers and knock 41% off the 35 cents. I don't believe that Exxon actually paid 41% of their profits in taxes... but lets go with your link's numbers anyway. Then tell me how 20.65 is less than 18 (the amount of federal tax on a gallon of gas). Please check your math before posting... Edited October 13, 2008 by AtomicCEO Quote Link to comment Share on other sites More sharing options...
Grimm74 Posted October 13, 2008 Share Posted October 13, 2008 (edited) Why do you think the tax numbers are incorrect? This is what they reported to the SEC. If this is not true then there is a major problem. Exxon will have committed felony fraud. Also all my tax numbers do not include tariffs, property taxes, sales taxes, employment taxes(huge), licesening fees and much much more.... Employment taxes must be huge for a company this size. I employ 5 people and pay about 7.5% of their TOTAL salaries... Where did you get your total number of gallons of gas sold by Exxon in 2007? Edited October 13, 2008 by Grimm74 Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted October 13, 2008 Share Posted October 13, 2008 Why do you think the tax numbers are incorrect? This is what they reported to the SEC. If this is not true then there is a major problem. Exxon will have committed felony fraud. I thought they were incorrect, because it didn't look right and I didn't want to put any effort into it. But you got me... I put 30 seconds worth of effort into it and found that Exxon Mobile paid about 6 bil in taxes in 2007 to the US. The rest of that from your link is foreign tax. Your original assertion that Exxon makes less money from a gallon of gas than the federal government is still nonsense, and you've done nothing to show me otherwise. Every time I look into it a little bit more, I find that argument to be further and further from the truth. Quote Link to comment Share on other sites More sharing options...
Grimm74 Posted October 13, 2008 Share Posted October 13, 2008 Every time you look a bit more it seems further from the truth? Please provide me with some more details. I just want good information. If you can prove me wrong that is great. I just do not see it. What is your source for 6 billion in taxes in 2007? What are the foreign taxes? Do you believe that someone had a patent on a system that improved mpg on automobiles by as much as 50%, but the oil companies bought out the patent and shelved it? Quote Link to comment Share on other sites More sharing options...
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