By small fraction, you mean more than half?
Posted on 04/25/2006 2:40:18 PM PDT by keithtoo
Crude oil and gasoline futures fell Tuesday after President Bush gave the Environmental Protection Agency the authority to relax regional clean-fuel standards to attract more imports of gasoline to the United States and to make it easier for supplies to be moved from one state to another. President Bush also said he would halt deposits of oil to the nation's strategic petroleum reserve until the fall, but analysts said that measure would have next to no impact on crude prices and certainly would not help make gasoline any cheaper. Even the fuel-specification waivers will have a marginal impact, analysts said, given that the main force behind today's soaring pump prices is the near-record price of crude oil.
ALLLRIIIGHT!
$2.99 instead of $3.05!!!!!
Get the price back around 1.85 and all of this will have been forgoten.
It's like slightly less ack-ack over France in 1942.
I thought that the liberals said those regulations were not responsible for high prices?
"...that measure would have next to no impact on crude prices and certainly would not help make gasoline any cheaper. Even the fuel-specification waivers will have a marginal impact..."
IOW, political grandstanding. Nothing else in the global supply-demand balance has changed, so the long-term trend will be up. Traders just started to feel it was profit taking time,and AP had to write something so they wrote this.
Someone looking to be fired at the AP?
The headline gave credit to Bush for a slight lowering of the price. You'd think they'd know better if their value their job.
BTW, this is a good thing what the President did. It was good when he did it after Katrina. It should be made permanent. It's right he get credit. Amazing what can be done when Congress can be bypassed.
Investigating big oil? Frist and Hastert made running jokes of themselves with that one.
Better idea - eliminate the Fed gas tax, lower state gas tax. Ease environmental restrictions in all states. Build refineraries. More nuclear power. DRILL OUR OWN OIL!! hear that SOROS Republicans beginning with Sensenbrenner!
And, really, if I hear anyone in my state whining I just slap them with the fact they voted to keep the Dem passed gas tax increase here last year. It's their own fault, so they can shut up here in WA.
No One learned anything from the embargo of the '70s.
Bush is a Texa oil man.
That's how he thinks.
Must frustrate him no end to pretend he cares about high gas prices.
And when we had the Carter era of 18% inflation, gas lines, 12% unemployment and gutting the military. Now those were the days.
It is all such a sham. The percentage of the retail price for gasoline that represents the real cost of crude oil, is a small fraction. Take the pump retail price...subtract profit margin, distribution cost, refining cost, state and federal taxation (argh), overhead for R&D and administrative and voila! You have a little amount left which actually represents the initial crude cost.
I listened to an "oil company executive" on a talk show today who tried to convince his audience that the price of crude change over the past 18 months or so had a direct correlation to the pump price and was the major cost controller. WHOA BUDDY! --- not so, for those of us who can do arithmetic. Even if you double the price of crude, it has a small impact on the true pump price.
Nice try guy. The crude cost is such a small percentage of the picture at the pump.
Honey, go fill up the SUV!
"Now those were the days."
I get all misty just thinking about it. Ahhh, malaise.
We should be using our oil to counter the supply moves of the cartel. When they cut back we open the spicket to influence price. When the cartel increases supply,we cut back.
I just spent £30 on half a tank of petrol. I bloody well hope the price drops soon.
Regards, Ivan
just heard on the radio that Sen.Coleman wants to be notified about 'price gouging' for gas.
the site to let him know is http://gaswatch.energy.gov/
I let him know his decision to not drill in ANWR is gouging what I'll pay in the future .
taxing gas at high rates doesn't help either.
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By small fraction, you mean more than half?
No our "spicket" is always wide open. Why would we want it any other way?
"And when we had the Carter era of 18% inflation, gas lines, 12% unemployment and gutting the military. Now those were the days."
Yeah I remember those days, weren't they great? (sarc)
I will take these days over those days.....
Great News!
I’m down to only about 1/3 of a tank, so I need to fill up in the next week. This should drop the price maybe as much as two cents a gallon!
Sure... you have access to the 'way back machine'?
Easy to throw an accusation isn't it?
Sort of a verbal molotov cocktail.
Maybe the Libs who shut down busnesses, and destroy refinery capacity, drilling in proved reserves and make enemies out of one-time friends like Iran would have more compassion for us.
Oops, John Kerry advocates 5.00/gal. gasoline.
Close to US$ 54! Ain’t all that tax great?
I agree there. But I can't resist messing with the cartel!
I forgot that. Do you still have your cardigan sweater? LOL
I've actually defended Coleman for his stance on ANWR because it was a campaign promise, I think pols should keep their promises, and without it he probably wouldn't have been elected in that state. Though the Wellstone Memorial backlash didn't hurt.
I won't defend him on the pandering at expense of the oil companies because he and Congress won't get their butts in gear and do things that would help alleviate this energy shortage. To my knowledge he made no promise not to cut the federal, and advocate states cut, the gas tax.
He'd better occupy his time wiping that tax off the books then putting out Liberal propaganda.
I generally like Cioleman well enough, far better than I expect of a Republican from his state. But my tolerance for rudderless pandering has reached a new low.
Good post!
Senator Coleman, Look! There is a price gouger in your mirror.
Until we build new refineries and start pumping oil from our land I will never believe the the government has any intention of doing anything but gum flap.
The people need to demand that the government authorize 10 new refineries and open all viable oil fields. If they happen to find oil in my back yard I will donate my property to the cause.
By small fraction, you mean more than half?
-----
Your model looks like it was created by the oil companies...:-) --- it leaves out profits at the manufacturing, wholesale and retail levels. No way that crude is near 55%. Not at todays inflated prices.
I utterly hate it. Britain is a net energy exporter, it should not be like this.
Regards, Ivan
Right! What about those North Sea oil fields?
The North Sea Oil fields are still producing - the government is actually giving companies incentives to drill.
I am just so sick of the Middle East. I long for the day when we are free to turn the Islamic world into the largest sheet of glass on the planet.
Regards, Ivan
The percentage of the retail price for gasoline that represents the real cost of crude oil, is a small fraction. ... I listened to an "oil company executive" on a talk show today who tried to convince his audience that the price of crude change over the past 18 months or so had a direct correlation to the pump price and was the major cost controller. WHOA BUDDY! --- not so, for those of us who can do arithmeticYou sure about your arithmetic? 1 barrel of oil = 42 gallons. When the price of crude gets to $84/barrel, crude costs $2/gallon before refining costs, shipping, etc. And you don't get 1 gallon of gasoline for each gallon of crude. Not sure what kind of fuzzy arithmetic you're using to assert that the price of crude is such a small fraction of the pump price.
I am just so sick of the Middle East. I long for the day when we are free to turn the Islamic world into the largest sheet of glass on the planet.
A barrel of oil is 42 galons.
At $73.00/barrel. Crude oil costs $1.74/gal.
In Englewood colorado, gas near my work is $2.72/gal.
Thus, in my area, crude acounts for 64% of the cost of gasoline.
Gas companies are doing what they can, very sensitive right now to accusation of so-called gouging.
If a Democrat or RINO politician wants to find a, "Gas Gouger," he simply needs to look into the mirror.
Compare oil and gasoline prices from a decade ago. Which one has risen more?
Er,
Make that,
A barrel of oil is 42 gallons.
At $73.00/barrel. Crude oil costs $1.74/gal.
In Englewood colorado, gas near my work is $2.72/gal.
Thus, in my area, crude accounts for 64% of the cost of gasoline.
Gas companies are doing what they can, very sensitive right now to accusation of so-called gouging.
If a Democrat or RINO politician wants to find a, "Gas Gouger," he simply needs to look into the mirror.
One guy around here thought the petroleum industry is no different from Pizza Hut competing with Pappa Johns.
"Easy to throw an accusation isn't it? Sort of a verbal molotov cocktail."
Given Bush's behavior about avoiding investigation, failure to explain price increases, and his authorization now of an "investigation" I think my analysis has merit.
"Maybe the Libs who shut down busnesses, and destroy refinery capacity, drilling in proved reserves and make enemies out of one-time friends like Iran would have more compassion for us.
I agree about the reserves but the refiners have no interest in new capacity. That would cut their profits. Does not make business sense. As for Iran, I blame the Iranians.
"Oops, John Kerry advocates 5.00/gal. gasoline."
I'm shocked he advocates anything. Hard to tell with him often.
Great News!
I’m down to only about 1/3 of a tank, so I need to fill up in the next week. This should drop the price maybe as much as two cents a gallon!
I'm making deliveries tomorrow. I'll fill up twice.
I am at the point where I want to scream at the next Islamist I see -
I don't care about your religion.
I don't care if you're offended.
I don't care about your grievances against Israel. If you'd spouted half the crap at me that your people have spouted at Israel, I'd have nuked you a long time ago.
If you try to tell me what God to worship, I in turn will want to take the nearest shotgun and use it to blow the back of your head off.
If you try and kill me or my fellow citizens, again, time to eat buckshot, you camel shagger.
If you go on television and complain how awful we are, again, time for a dose of lead, followed by drowning your remains in pig fat.
Now shut up and go away.
Regards, Ivan
Ouch.
That's the truth!
:)
Talking out both sides of his mouth at once.
but more often out of the opposite end of his alimentary canal.
The people need to demand that the government authorize 10 new refineries and open all viable oil fields. If they happen to find oil in my back yard I will donate my property to the cause.
The oil companies have been closing refineries over the last decade. They're not in any hurry to build new ones.
Sounds like a plan.
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