Bush Says Little Can Be Done About High Gas Prices

Sierra Times ^ | 4/22/2006 | AP Staff

[BeHoldAPaleHorse]

Drilling is not the issue.

Refinery capacity is.

[BeHoldAPaleHorse]

I remember when ol man Bush (HW) said Americans should pay $4.50 to $5.00 a gallon just like the Europeans. His dream is now coming true.

When, exactly, did he say this?

[FerdieMurphy]

We truly are between a rock and a hard spot.

We're between a liberal president who calls himself a compasionate "conservative" (and, as we all know this tag means the wearer stands for nothing)and democrat candidates who are unapologetically marxists!

Bring on the revolution. This is a lot more important than a tea tax. We, citizens and taxpayers, are already housing the enemy. They live in tony Georgetown digs with a fat expense account and a sea of coolies to staple their foolish legislation and vapid speeches.

[BeHoldAPaleHorse]

Saying there is little he can do just pisses people off.

Yeah, being told the truth generally pisses people off.

[Kokojmudd]

E-85 is code for Federal Government Bail out for GM.

[ClaireSolt]

First, I don't regard Bill O'Reilly as a conservative. He is eccentric, imho. His rants on gasoline prices are irresponsible demagogery. He so infuriates me that I literally cancelled my TV. Media could do a lot to educate consumers as to the power they have. Changes in consumer behavior are a powerful force. Instead most appeal to emotions to get ratings from people acting like babies who don't want to face reality. There are huge changes going on, and when people get with the program, it will be better.

[Bikers4Bush]

You don't say? Odd how the gas prices around me jump whether there's a refinery issue or price per barrel issue.

They are both a problem but cheaper costs per barrel will have an immediate impact on the price of a gallon of gas at the pump.

To say anything to the contrary is foolish.

[FerdieMurphy]

Gas prices are not the major issues. They're just another smoke screen to hide what's really going on in which we need to be acutely interested.

In respect to the gasoline prices, however, this illustrates how anxious our politicos are to bring this problem to a head. They've had decades and they do nothing but berate appointed judges and supreme court nominees.

My favorite democRAT warrior, the "Honorable" Senator Patrick Leahy told one of those lower court judge nominees that he was astounded that the candidate wrote disparaging remarks about the growth and evil of federal government.

"I love my government" the Cheshire Cat from the PRV said and "I can't understand why someone wouldn't."

[lepton]

No more soup for you.

LOL

[Hemingway's Ghost]

They are both a problem but cheaper costs per barrel will have an immediate impact on the price of a gallon of gas at the pump.

The speed of this impact depends on the direction of the price, however. If the price per barrel of oil is going up, gasoline prices go up almost instantaneously. If the price per barrel of oil is going down, gasoline prices go down very, very slowly.

[lepton]

"and the oil companies make about 9 cents per gallon"

That is right up there with the Easter Bunny.

What's the figure your sources state?

[FerdieMurphy]

And so will we.

All those mailers from the GOP get recycled quickly here. All those telephone solicitors are promptly told that we are not Republicans. We're Monarchists.

That really gets them.

[from occupied ga]

Not so idiotic in theory.

Totally idiotic in theory and practice - soviet style socialism at it's finest. Do you remember the Disasterous price caps on gas during the Jimmy Carter years? And the shortages and lines? Apparently not.

[HitmanLV]

Thats leadership? Is there any doubt with positions like this, the american public is going to kick Dubya & the GOP in the balls in November?

Unless they shape up.

[from occupied ga]

and the enviro wackos call the shots

Almost right - I'd phrase it shoot the envirowackos.

[Cold Heat]

He is a Populist Putz....

[silverleaf]

Federal state local taxes on a gallon of gas = average 50 cents per gallon. That is a "windfall profit"

http://www.taxfoundation.org/news/show/1054.html

[ClaireSolt]

The congress will be elected in elections where these issues can be effectively used against the obstructionists who have voted against energy issues. It will not be decided by the White House.

[CertainInalienableRights]

That is right up there with the Easter Bunny

Actually, its not. Most oil companies are publicly held. Their financial records are public knowledge. You can calculate the figures yourself. The volume of product the oil industry puts out every day is mind-boggling.

Or, coming from the other direction, about 10% of our gasoline is imported already refined (because we don't have the refining capacity to meet demand). That 10% is around 60 million gallons per day. So, the oil industry is putting out about 600 million gallons of gasoline per day.

Multiply that times 365 and times 9 cents and you'll see where the profit figures come from.

Of course, profit is not the same thing as dividends or cash on hand. The oil industry is very capital intensive. Most of the profits are reinvested back into the business, but unless they are expenses (like depreciation), they show up on the balance sheet, not the income statement. Like any business, profits can be high, but that doesn't necessarily translate into being rolling in cash. Income statements are only part of the overall picture.

If you compare the profitability of oil companies to businesses in general, in the last few years the oil companies have moved from "pathetic" to "below average". The numbers are huge because the oil industry is huge, but the returns compared to other businesses are only "record-setting" when you compare them to the awful historical performance of the oil industry.

[FerdieMurphy]

5. Don't buy from Exxon Mobil

Your suggestions were right on target until you posted this one.

Exxons net profit is well under 10%. I own stocks AND mutual funds that grow over 20% per year.

No. 5 would sound better if it said "Don't buy from Citgo because it's owned wholly by communist Venezuela!