Gas Prices Revisited

[LBR]

Just wondering how the folks that claimed President Bush was the cause behind high fuel prices explain the recent fall. Reckon he's content with all the cash he raked in over the last several months? Maybe it's because of mid-term elections? Maybe he just wanted to see his popularity in the polls go up?

It seems ignorant (by that, I mean uninformed--not stupid) to hold to any of the above, the same as it's ignorant to blame the prices on him (or Congress, or anyone else) to begin with. Here's why.

First, I'll start off with I'm not a stock trader, and I myself am very ignorant of just how it all works. However, I have a reasonable level of intelligence (at least according to tests I've taken) and can understand the following:

Gas futures are traded on the open market. Prices are dictated by those who buy and sell the shares--it's a free market. Folks who were savvy enough to have shares in gas futures made a bundle--as I understand it, anyone with the money could buy into it.

I could be wrong, but I've yet to see any explanation other than "it's Bush's fault!". Anyone care to enlighten me?

Chad

[ipscshooter]

Yeah, I'm confused too. I thought we invaded Iraq so we could take all their oil for free...

[Lanse couche couche]

Its all a conspiracy by Iowa corn farmers. They staged 9-11 to start a war leading to oil shortages, thus boosting the market for ethanol.

[Tazman]

LBR there arefour main factors in the price of gasoline, you covered one, the others are OPEC, taxes, & the oil companies.

Congress, state, county, & city governments control the taxes charged on gasoline.

ipsc I am confused to, all the whack jobs were saying we took Iraq for their oil, why isn't gas a dollar a gallon now?

Lanse you may something there, I had heard that Bin Laden and the Taliban are major share holders in the ethanol market!

[petasux]

ORIGINAL: Lanse couche couche

Its all a conspiracy by Iowa corn farmers. They staged 9-11 to start a war leading to oil shortages, thus boosting the market for ethanol.

For a couple months right here in Iowa Ethanol was actually about a nickel higher then regular, if its a conspiracy then they really are going to have to work on that selling point

[DougMD]

I am into it on another politics hunting forum with a guy thinking it is big oil that is raising prices. He says the decline is for election purposes, though he hasn't provided a shred of proof to support his contention of the biggest grand conspiracy in the history of the world.

[LBR]

No argument from me Taz--I'm just curious to hear the explanations from folks that said President Bush is the one in control of the price. As I understand it, taxes are a huge part of the final price of a gallon of gas--seems like the actual profit to the oil companies per gallon is a dime or less?

If I ever get an explanation from the "left" on fuel prices, I'm gonna' ask about the stock market (as of yesterday at a 4 month high, and less than 200 points from the record high) and the economy (booming)--and this is during a war.

Shoot, President Bush doesn't have to worry about retiring from all that money he is supposedly making from oil--he could sell the secret to being able to single handedly control fuel prices, the economy, and the stock market and make an absolute fortune.

Chad