Steamed up my afternoon

[jjirons69]

$98 to fill up today - $3.62/gal at Costco. I know a lot of you pay higher than that and have way more room to complain. Just reading this today made my ears hot, especially after getting gas at lunch!

This is 1st quarter profits - first quarter only...The days of low gas prices are gone.

http://i2.cdn.turner.com/money/2011/04/29/news/companies/big-oil-gas-price-response/chart-oil-profits.top.gif

The six biggest publicly traded oil companies reported a total of more than $38 billion in first-quarter profits.

NEW YORK (CNNMoney.com) -- The first three months of the year were good to the oil industry -- although American drivers and their elected leaders are not offering congratulations.

This week, the world's six largest publicly traded oil companies reported a combined $38.1 billion in first-quarter profits. Of the so-called supermajors, only BP (BP)'s earnings declined from the year before.

The windfall stems from a surge in the price of oil, which jumped 16% in the first quarter, rising firmly above $100 a barrel in March.

But the spike in oil prices has been a blow to consumers, with gas prices rising near record highs across America.

As a result, the oil industry has come under fire from lawmakers in Washington for reaping billions in profits while U.S. drivers get squeezed.

Now, Big Oil is fighting back.

Shortly after posting first-quarter earnings of nearly $11 billion Thursday, Exxon Mobil (XOM, Fortune 500) issued a defensive statement arguing that it's not to blame for $4 gas. The company put part of the blame for soaring oil and gas prices on the U.S. government.

"For every gallon of gasoline and other products we refined and sold in the United States, we earned about 7 cents," said a statement from Exxon vice president Ken Cohen. "Compare that to the 40 to 60 cents per cents per gallon that went to the government (state and federal) in gasoline taxes."

The industry's top lobbyist also went on the offensive, saying the earnings that these companies reported this week reflect a strong economy and are a boon for investors, including many pension funds.

"The U.S. oil and natural gas industry's strong earnings signal growing strength in our economy," said Jack Gerard, chief executive of the American Petroleum Institute. He said Americans "should be proud" of an industry that supports millions of jobs and provides income for retirees who have shares of profitable oil companies in their retirement accounts.

The industry comments came after President Obama renewed his call for Congress to end tax breaks for the industry that he says are worth $4 billion. "As we work together to reduce our deficits, we simply can't afford these wasteful subsidies," the president wrote Tuesday in a letter to congressional leaders.

[markem]

$4.17 a gallon for me. I don't drive a lot, but still feel the pinch.

[pnoon]

$4.17 a gallon for me. I don't drive a lot, but still feel the pinch.
You can call it a "pinch". I think it's more like having your testicles crushed in a vice.
Posted via Mobile Device

[N2 GOLD]

I spent $125 to fill up my truck, $10 on each of my quads & another $21 on each of my 5 gal tanks. WFT!!! :mad:



Thats $187 just to ride this weekend... :mad:

[kelmac07]

$ 3.84 here in Virginia!! :td :td

[357]

$4.20 in Metro Detroit/Flint area

[BC-Axeman]

In Calif.: Profit < $.02 per gal, taxes > $.66 per gal.
Profit margin of Exxon as percent: 7.5%
A 7.5% margin is not all that great in any business.

It would cost me $200 to fill my pickup. I haven't filled it an a long time now.

[NCRadioMan]

Sorry bro, but I am against profits for productive companies.

This is the key and is what the story should actually be about:
"For every gallon of gasoline and other products we refined and sold in the United States, we earned about 7 cents," said a statement from Exxon vice president Ken Cohen. "Compare that to the 40 to 60 cents per cents per gallon that went to the government (state and federal) in gasoline taxes."

Remember, the gubment does nothing to find, drill, refine and distribute.

[shilala]

$4.05 here, $4.15 the next town over.
I know the high prices suck, but when she hits $4.00/gallon, it makes alternative products competitive. How cool would it be if we got used to $4.00 a gallon and it completely ended our dependance on foreign fuel sources?
The part that's the worst is that in a large %age of families, a $1.00-$2.00 increase in a gallon of gas is a large percentage of their income. It's literally the difference between being able to put socks on the kids or not.
They're saying it's supposed to surge to $5.00 pretty quickly. I know it's been said before, but this is a real early start to traveling season, so the artificial demand will be there to support the price.
I'm starting to smell like politics, so I'll shut up. Before I do, let me ask you to please keep in your thoughts and prayers the families who this will hurt the most, and please try to help any way you can, when you can, if you can. :tu

[Bunker]

$3.91 here south of Boston

I picked the right two months to have to work from home. I am not looking forward to that 35 mile commute again.

Plus I currently don't have a car either but that is another story.

[shilala]

In Calif.: Profit < $.02 per gal, taxes > $.66 per gal.
Profit margin of Exxon as percent: 7.5%
A 7.5% margin is not all that great in any business.

I'm not all that good at math, but I can't see how 2 cents profit on a $4.00 gallon of gas equals a 7.5% margin of profit?
Can someone figure me out on this one, please? :confused:

[BC-Axeman]

I'm not all that good at math, but I can't see how 2 cents profit on a $4.00 gallon of gas equals a 7.5% margin of profit?
Can someone figure me out on this one, please? :confused:
147B in income, 10.7B in profit for Exxon.
$.02 profit at the pump, $.66.5 tax at the pump.
Two different things.

[Steve]

Yup...and I gotta fill up the 10,000lb beast tonight on the way home...argh!

[Steve]

$4.17 a gallon for me. I don't drive a lot, but still feel the pinch.

You can call it a "pinch". I think it's more like having your testicles crushed in a vice.


Agreed!

[TBone]

Just filled up my bike and it was $3.89 a gallon, I went from a $11 fillup to a $17 one.

[Zeuceone]

havent seen prices this week but will in a minute.

[newcigarz]

I need to get some storage on the 'Duc, so I can use it more.

[357]

$4.20 (includes state sales tax, state gas tax, plus federal gas tax).

Subtract 6% state sales tax, $4.20 = $3.96 or $0.24/gal in sales tax

Michigan has $0.19/gal state gas tax

Federal gas tax is $0.184/gal (unless it is 10% ethanol then you subtract $0.045 for a total of $0.139/gal)

Since I try not to use gasahol in my non-flex fuel car, of that $4.20/gal, roughly $0.614/gal is taxes.

So the government is making almost 62 cents per gallon while Exxon/Mobil makes 7% of 3.34 = $0.2338 or about 24 cents/gal.

Which one is the real problem?

[J0eybb]

Oil brok 114 abarrel today.

[Eleven]

So the government is making almost 62 cents per gallon while Exxon/Mobil makes 7% of 3.34 = $0.2338 or about 24 cents/gal.

Which one is the real problem?


This.

Add to this that most of the Dumb Masses in America don't know the difference between a Profit and a Profit Margin, you get the hatred for the Oil Companies.

Thank God there are some of us that do know the difference and vote accordingly.

Now to educate the other 99.99999% of the population :)

[Skywalker]

You can call it a "pinch". I think it's more like having your testicles crushed in a vice.
Posted via Mobile Device

So that's what that feels like!!!:D

Paid $4.17 per gallon this morning!

[N2 GOLD]

Regardless of gas/oil prices, I dont see myself giving up my 500HP Ford V-8 for a Hy-anything that could fit in the back of my truck...


Death before dishonor!!! -(P

[shark]

I drive a Ford Escort ZX2 with 140,000 miles on it, but it has some mechanical issues. Just the same, the last tank averaged about 32 MPG, which isn't bad at all.

One alternative is E85, which around here runs in the mid-$3.00 range (gasoline is over 4 bucks). Problem with alcohol is, you get lower mileage because there's less chemical energy in it than gasoline. So, my question is, does anyone here drive a flex fuel vehicle, and if so, how's the mileage? I'm going to be looking for a new ride soon, so that's a major factor. Thanks! -(P

[shark]

Regardless of gas/oil prices, I dont see myself giving up my 500HP Ford V-8 for a Hy-anything that could fit in the back of my truck...


Death before dishonor!!! -(P


You got that right! If you can afford it, then drive it! But, and this is a big BUT, have you seen what diesel is running? think about this: trucks, trains, etc. run on diesel, so the shipping co.'s are feeling the pinch, and it's going to be passed onto the consumer. Everything that we use: food, clothing, etc. relies in some part on trucks or other means to get them to us....that's a problem.

[N2 GOLD]

You got that right! If you can afford it, then drive it! But, and this is a big BUT, have you seen what diesel is running? think about this: trucks, trains, etc. run on diesel, so the shipping co.'s are feeling the pinch, and it's going to be passed onto the consumer. Everything that we use: food, clothing, etc. relies in some part on trucks or other means to get them to us....that's a problem.

I pump first thing in the morning about 6am. The fuel has been sitting still all night. If is was a cold night the fuel will condense & burn LONGER once it's in your tank. More bang for your buck.... :tu Try it...

[aich75013]

I suppose I'll start riding the rail to work. It adds slightly to my commute time but I suppose it's worth it.
Posted via Mobile Device

[kaisersozei]

I fondly remember being 18 years old and b)tching when gas went above 99c/gallon.

I have to drive. My daughter drives. I have to pay $3.90/gallon x2 cars. What's a guy gonna do?

[shark]

I fondly remember being 18 years old and b)tching when gas went above 99c/gallon.

I have to drive. My daughter drives. I have to pay $3.90/gallon x2 cars. What's a guy gonna do?

No doubt! We must be from the same age group. I clearly recall when gas went up to about $1.25 a gallon I wasn't happy.

[gettysburgfreak]

paid 4.19 yesterday for premium in western washington, doesnt help we have canadians crowding the pumps and driving prices up a little bit.

[357]

No doubt! We must be from the same age group. I clearly recall when gas went up to about $1.25 a gallon I wasn't happy.

I was in college in Missouri in 1998 and I specifically remember gas got as low as $0.74/gal. That was only 13 years ago. Gas had not double in the previous 60 years, and in the past 13 it goes up by a factor of 5? :bs

[N2 GOLD]

No doubt! We must be from the same age group. I clearly recall when gas went up to about $1.25 a gallon I wasn't happy.

I would gladly pay double that all day looooong.... -(P

[shilala]

I paid $3.99 last night. I can remember it being $2.62 on Salt Spring Road this Fall.
If I could just have one day's take of that country-wide difference, I could never spend all that money. What is that, right around 1/2 billion? Just imagine the party we could have, boys!!! :D

[jjirons69]

Less than $0.90 when I was in high school. We used to lead foot it all the way to the gas station just trying to burn it all out. I think my 69 Camaro might have gotten 12 mpg on a good day.

I need to get a motorcycle.

[Gophernut]

I need to get a motorcycle.

The thought I had when it cost me $60 to fill up my Saturn on Friday. Of course only a solution for 3 months out of the year around here.

[shilala]

Jamie, I can remember in '78 it was about $.73. That's the lowest I can remember it being. The only reason I remember is because we cut grass to fill gas jugs to ride out tri-rods and motorcycles and stuff. We knew whose grass we had to cut to fill our jugs.

I have a motorcycle. It ain't the answer, I promise. Lisa just got a new Hyundai Sonata Limited. That thing gets over 30mpg. It was good timing on our part. :tu

[BC-Axeman]

I can always seem to find places to cut (hmmm...unplug the fish tanks next?) so I can keep up with the price increase of fuel. It's when everything except income (inflation, higher taxes) goes up that I will get crunched. Now that OBL is dead oil prices should drop....right?

[xlc12rf]

$4.33 down the street. And I have a 75 mile ride to work. In the middle of a house purchase, which will put me more like 30 miles away. Mid-June can't come fast enough.

[awsmith4]

I was in college in Missouri in 1998 and I specifically remember gas got as low as $0.74/gal. That was only 13 years ago. Gas had not double in the previous 60 years, and in the past 13 it goes up by a factor of 5? :bs

I was 17 in 98 and distinctly remember gas dropping to below $0.70 a gallon. I had a Ford F-150 with (2) 15gallon tanks that I could fill up for $20 or so. We did a lot of riding, I remember being pinched when it hit $2gallon.

I agree that the tax is a major problem but also the source of the oil, we need new places to get the oil and alternative fuel. How cool would it be to have Natural Gas cars that you could fill up off your house! I know I am just wishing but maybe one day...

[neoflex]

I can always seem to find places to cut (hmmm...unplug the fish tanks next?) so I can keep up with the price increase of fuel. It's when everything except income (inflation, higher taxes) goes up that I will get crunched. Now that OBL is dead oil prices should drop....right?

Yeah right, the oil companies will find a way to use it as an excuse to raise prices.:td
Luckily I work from home but am now second guessing doing a lift with bigger tires as planned since it will effect my current gas mileage. Luckily my wife works fairly close to the house too but right now each truck costs about $80 to fill. My wifes truck gets filled about once every two weeks were I usually end up filling up every week, week and a half which is better than when I used to have to commute. Fortunately I live just outside of SC so I can jump the state line and save about 20-30 cents a gallon. Still makes me sick to see the profits. The economy is slowly starting to turn around but these gas prices as of late are going to undo it all in a hurry.

[Coach Deg]

Was out of town this weekend paid $3.89. Went to the marina today to start up the boat!!!!!!!!! $5.10 at the marina!!!!!!! I need a trailer!!!!!

[jjirons69]

How cool would it be to have Natural Gas cars that you could fill up off your house!

Fiber One bars would get me to work and back. ;)

[Steve]

Was out of town this weekend paid $3.89. Went to the marina today to start up the boat!!!!!!!!! $5.10 at the marina!!!!!!! I need a trailer!!!!!

THAT is why I can't ever see myself owning a boat that I Ican't trailer!

I got off easy today, I only had to fill up 1/2 tank in the truck, it was only $60. I pais $3.79, the station a block up was raising thier price from 3.79 to 3.93. Argh!

[Kinky_yk]

$4.00 a gallon, I remember the times....
Where I live in a fairly remote city in Northern Canada we paying $5.26 a gallon, looking back (a few years now) $4 a gallon was like a vacation. Oh and by the way if anybody says that when the prices go up they'll drive less, walk more, buy a more efficient car, etc, etc, they are lying to you and themselves. Our prices are most likely going to increase by about 20% (local politics) in the next year and it hasn't - and won't - change anybodies habits, we're kinda stubborn that way.

[E.J.]

At least it is getting warm enough that I get to ride my bike to work.... It isn't so much the savings from not driving(though that is a nice side bonus), I enjoy the process and getting my exercise at the same time is nice....

[357]

Price went down to $4.00, then the next day the same gas station had it at $4.29. OVERNIGHT.

[kydsid]

A tank of gas equals a box of cigars for me now. :(

[macpappy]

I'm old. I would "help" out around a local gas station when I was in the 8th grade and their was a price war. We were selling gas for 26¢ a gallon.

I'm not trying to start a political fight but if Washington would stop bending over and kissing the environmentalists butts for votes, then we could start drilling for oil in the Gulf of Mexico again. Don't tell me about the oil spill. I live just outside of New Orleans and I know what it did. I also know that the last major oil rig problem that affected the gulf was in 1979. That's a pretty good track record for drilling safety if you ask me.

I'll stop now before I start ranting.

[awsmith4]

Fiber One bars would get me to work and back. ;)

:r :pn

[D. Generate]

I spent a week and a half visiting family in Reno and paid $4.00 a gallon. In London it's £1.35 a litre, or almost $8.90 a gallon.

I'm fortunate in that living and working in London, I can ride a bicycle anywhere I need to go. Public transport is an option but it's not always reliable and certainly not pleasant. A one month oyster card is £106.

I love riding, I love bikes. I know it's not feasible for everyone, particularly in the States, but relying on oil for transport isn't either.

[Sled Dog]

Cost me over $10 to fill up my little plastic jug I use for the lawn mower.... not cool.

[kaisersozei]

I'm not trying to start a political fight but if Washington would stop bending over and kissing the environmentalists butts for votes, then we could start drilling for oil in the Gulf of Mexico again. Don't tell me about the oil spill. I live just outside of New Orleans and I know what it did. I also know that the last major oil rig problem that affected the gulf was in 1979. That's a pretty good track record for drilling safety if you ask me.


Yup, and there's a lot more "non-deep water" space off our coasts where we ought to be drilling. Might not bring the price down immediately, but we'll all still be driving 5-10 years from now and I don't want to deal with these prices for that long.

[357]

Yup, and there's a lot more "non-deep water" space off our coasts where we ought to be drilling. Might not bring the price down immediately, but we'll all still be driving 5-10 years from now and I don't want to deal with these prices for that long.

Amen, and had the drilling in the Gulf been closer to shore in shallow water, that spill would have been capped in 1/4 the time.

[OLS]

The day the uprising first broke in Tunisia, some 4 months ago, I traded my truck for a tiny-a$$
Chevy Cruze. I thought, "Hmm, this is going to spread fast, and if it gets to Sau.Ara., look out." Well
as usual, I prove to be eerily good at predicting bad. Granted, it was getting time to either fix the
niggling little broke crap and change the Serp. belt or go new vehicle anyway, but....
So my fillup only recently passed what my truck USED to take at the old price. But Chevy lied, it doesn't
even sniff 39 mpg. Of course, I drive like a maniac. But I digress.
1.) STOP ALLOWING speculation on oil futures.
2.) take back all subsidies
3.) get the F OUT of the middle east.
After these three things are done, there will be precious little else we can do about it and we'd better
strap in for the long haul. As long as a gallon of "biofuel" takes way more energy to to produce than it
replaces, we might as well be Vietnam and all be on bikes.

[BC-Axeman]

I wish more people drove tiny cars, walked, pedaled or solared there way around. That would leave more, cheaper fuel for me.


Unfortunately, as long as the middle-ages-east is part of the world, we're stuck in it with them.

[Steve]

Saw one of these last weekend a little north of town

http://www.marax.at/funpix/ford_f650_01.jpg

And I thought it was bad filling up my 250!

[kydsid]

^forget the cost of diesel for that thing. Imagine what the cost of AT tires that big is :o

[357]

Thing is the "fixes" being sold to us aren't what the public wants. Americans like big comfortable cars/SUVs/trucks. We don't want to be shoehorned into a tin can and risk our lives just to cut our gas price down by 30%. Americans want to be comfortable and be able to haul their family (and their crap) around without costing an arm an a leg. Last time gas was over $4 and went back down, the first thing that hit the skids was hybrid sales. Go figure. You'll never get the extra $3-5000 back from a hybrid unless gas is over $4 consistently for 5 years.

Brad I think you're right to an extent. Speculation on oil futures needs to go. Let the market dictate the price, not speculators or some production group strangling us like OPEC.

[BC-Axeman]

Speculators are the market. All commodities are future traded.
I agree that OPEC is a cartel and should be illegal.

[jjirons69]

http://i2.cdn.turner.com/money/2011/05/05/markets/oil_prices/chart_ws_commodity_energy_oil.top.png

Oil prices plunged more than 8% Thursday as weak economic data and a strengthening dollar drove crude to its biggest one-day drop since April 2009.

The main U.S. oil contract for June delivery settled down $9.44, or 8.6%, to $99.80 a barrel. That's its lowest level since mid-March and marks its biggest one-day percentage drop in two years. Brent crude, the European benchmark, fell $10.73 to $110.46 a barrel.

The drop hasn't translated into lower gasoline prices though. The national average price for a gallon of gasoline rose for the forty-fourth straight day to $3.985 on Thursday, according to motorist group AAA.

Lower crude prices usually translate into lower gasoline prices, but the effect is delayed.

[mhailey]

Speculators are the market. All commodities are future traded.
I agree that OPEC is a cartel and should be illegal.

:tpd: Speculators are what drive the oil business. There is nothing wrong with speculators. Every investor (no matter what the investment), is a speculator.

[DPD6030]

I'll pay the national average! Here it is $4.29/gal. :hn

[OLS]

Bull$hit, you can stop oil futures trading with a stroke of the pen...Speculation may well be what drives the market,
and I agree, it IS THE MARKET. But the market IS NOT ALL OF AMERICA. Stay out of things that crush families
in whimsical fashion, go trade pork bellies and orange juice. Speculation won't change, just what's illegal to play with.

[OLS]

After thinking about it more, I realize that buying oil in general is speculating, because you secure supplies
and contracts in advance. BUT you do not have to have traders in expensive ties who buy and sell but
never touch involved. Let's leave pricing to the people ho actually know and understand the effects of
world events on the price of a barrel of oil. Wide swings anytime an arab farts are the fault of commodities
speculators out for an exiting buck, not people who make a living trading oil from the patch to the consumer.

I mean I GUESS, what do I know.