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$120 Crude Oil

08/19/2015 1:16 PM

That was a while ago, seems like many years now. today 40 dollar crude is back! look at a snapshop from today, you can tell the US is awash in supplymost will benefit from this positive news

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#1

Re: $120 crude oil

08/19/2015 2:03 PM

Yeah, I got to go dig up some of the old doomsday reports about the end of oil. Makes you think.

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#3
In reply to #1

Re: $120 crude oil

08/19/2015 2:12 PM
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#2

Re: $120 crude oil

08/19/2015 2:10 PM

Just wait until it is priced in Euros instead....

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#4

Re: $120 crude oil

08/19/2015 2:40 PM

Radio in truck this morning: "The price of a gallon gasoline rose 40 cents over the weekend, financial animalist say this can be attributed to problems at the BP refinery in Whiting Indiana".

Does BP supply all gasoline in the northern Illinois area, or are the other brands, which have raised their prices accordingly, following suit?

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#8
In reply to #4

Re: $120 crude oil

08/19/2015 5:09 PM

I just caught it: financial animalist. I wonder what they would look like?

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#12
In reply to #4

Re: $120 crude oil

08/20/2015 10:49 AM

"Does BP supply all gasoline in the northern Illinois area, or are the other brands, which have raised their prices accordingly, following suit?"

There are like three oil companies in the US (all the other ones were bought out and only exist as brand names to promote the illusion of competition), and they all use similar algorythms for their price-setting computers, these programs look not only at supply, demand, and refinemant capacity, but also the price the other two companies are charging. So when Exxon bumps up the price of gas by a nickel a gallon, PB and Amaco follow suit within seconds.

It's technically not a 'collusion' or a 'trust,' since there has been no explicit agreement to price-fix, but it has become, in effect, a 'virtual trust,' since it has the outcome of a trust without anyone doing anything actually illegal. Not even corporate expionage, since they all look at each others publically posted prices, which are, as the label says, public information. The programs that set the prices have such similar results because the forces that shaped them were identical, despite being designed independantly. It's like how all cars started getting that same 'mutant potato' shape after computer modeling replaced wind tunnel tests on clay models. Same forces (aerodynamics) shaped all the designs, and all cars were being tweaked for 'efficency,' weather to improve MPG, or to improve acceleration and top speed. Same forces, same rough goals, simmilar outputs.

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#13
In reply to #12

Re: $120 crude oil

08/20/2015 11:24 AM

Thank you for the clarification.

I had suspected that there was some sort of electronic wheel-of-stupid-excuses for raising prices involved. But you have set me straight. Now the only thing left to be wary of is the gas pump that checks your wallet to determine tolerance level.

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#5

Re: $120 crude oil

08/19/2015 2:54 PM

The price of oil is going down and the price of gasoline is going up??? WTF???

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#6

Re: $120 Crude Oil

08/19/2015 4:56 PM

The last time crude sold for $40.00/bbl, gas was $1.80/gal.

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#7
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Re: $120 Crude Oil

08/19/2015 5:03 PM

I can see BP has problems, I went to the refinery sometime back to repair a gang welder generator. It was a shock to see guys welding in the gasoline fumes.

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#9
In reply to #6

Re: $120 Crude Oil

08/19/2015 9:15 PM

Was that before or after taxes? There have been significant increases in federal and state gasoline taxes to pay for "infrastructure improvements".

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#10
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Re: $120 Crude Oil

08/19/2015 9:26 PM

After taxes, I think. But that was 1970 something.

Inflation and the CPI have gone through the roof since then.

Not to mention speculation and futures buying that artificially drive prices up even higher, but add no value.

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#11

Re: $120 Crude Oil

08/19/2015 10:01 PM

the greenish line is 40 bucks. around 2000-2002 it tagged it.

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#14

Re: $120 Crude Oil

08/20/2015 1:13 PM

Off Topic (Just a Pommy Whinge)

So that none of our American friends think that they are being stiffed for the price of gas. The average US price last week was $2.716 up just over 8c. In the UK I buy gas at £1.11 per litre. Multiply by 4.546 to get imperial gallons, then by 1.57 to convert to US $ then divide by 1.2 to convert from Imperial gallons to US gallons (No wonder you guys can't get a decent MPG out of your cars, your gallons are only 0.83 the size of ours). So I pay the equivalent of $6.602/per US gallon.

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#15
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Re: $120 Crude Oil

08/20/2015 1:26 PM

We already know that Europe pays per litre what the US pays per gallon. That's because Europe has fair taxes on the fuel to pay for things like road repair. (And why the fuel for farm vehicles has a dye in it that permanently stains the fuel lines: farm equipment fuel does not pay road taxes, since the farm equipment does not use the road. You try sneaking that cheaper fuel into your street car, however, and you'll get caught id Officer Friendly decides to look under the gas cap.)

That's also cries of 'unfair gasoline taxes gouging the consumer' in the US are just idiots bellyaching. Our fuel taxes are a BARGAIN compared to the rest of the world (except for OPEC nations, I doubt they HAVE taxes on fuel, since they're raking in so much money from the oil fields). But that also means that the US government has little control over the price of gas, there's nothing to trim away.

If we want to blame anyone for 'high gas prices,' we should blame the oil companies, who have the stranglehold on the supply and production line. Fuel demands are climbing, but instead of building another refinery to meet that demand, they simply jack up the prices further. Scheduled maintenance on a refinery? Jack up the price of gas. More unrest in the Middle East? Who cares that our crude comes from South America, jack up the prices. The Moon is in the Seventh House? Jack up the prices. Someone is complaining about the price of gas? Jack up the prices. Just feel like it? Jack up the prices.

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#16
In reply to #15

Re: $120 Crude Oil

08/20/2015 1:40 PM

I would rather hear "Just feel like it? Jack up the prices." than to be fed pabulum, which is high in gluten.

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#17
In reply to #16

Re: $120 Crude Oil

08/20/2015 2:23 PM

But when has any multinational corporation been honest with their customers?

Or their employees?

Or any government?

Or any Oversight Comittee?

Or any ... you get the idea...

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#18
In reply to #17

Re: $120 Crude Oil

08/20/2015 4:45 PM

But when has any multinational corporation the United States government been honest with their customers?

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#19
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Re: $120 Crude Oil

08/20/2015 4:53 PM

I don't know, but the pharmaceutical industries have always been upfront with everybody.......NOT!

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#20
In reply to #18

Re: $120 Crude Oil

08/20/2015 4:58 PM

I saw an example of IDOT screwing Shell Oil, by putting a new curb/median that doesn't allow access to a popular filling station from one direction. Someone didn't fork over, so they got forked over.

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#21
In reply to #20

Re: $120 Crude Oil

08/21/2015 9:11 AM

Heh. Heh, heh. HAHAHAHAHAHAHA!!!!!!

You just made my morning, thanks.

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#22

Re: $120 Crude Oil

08/21/2015 1:09 PM

AUG21, check out the headline,a break BELOW $40! wheres my dollar a gallon gas??

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#23

Re: $120 Crude Oil

08/21/2015 1:55 PM

39?!?!

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