I see oil is down to about $114/barrel. Gasoline prices in my venue have dropped from approximately $4/gallon to $3.40/gallon. Is anyone going to speculate that this oil price correction has been orchestrated by Dick Cheney and his OPEC puppets to promote a Republican presidential victory? I wonder how this change will affect the profitability of Exxon? Is Barrack Obama going to feel sorry for Exxon and provide some governmental support in the face of this profitability crunch? What if oil prices drop still further? If you plot the profitability of Exxon over the long haul -- say over a 20 year cycle, a 10 year cycle, a 5 year cycle -- do their profits look so obscene and exploitative? Would it be better to nationalize the oil companies and let congress decide where to explore, where to produce, where to prospect, when/where to drill, what price points justify what actions?
Is anyone going to speculate that this oil price correction has been orchestrated by **** Cheney and his OPEC puppets to promote a Republican presidential victory?
I don't know who or what is the catalyst driving prices, to get that out of the way. However, I predicted a 20-25% drop in oil prices months ago. Looking at the monthly prices every year since 9/11 and, especially, Katrina, and based on the way oil prices ran in '06 for the mid-term elections (down 28% for those) it was obvious this would happen. Also, based on the charts, I predict prices will zoom right back up after the election but stay below this year's highs until next summer. Then they'll tighten down the screws on us again until the 2010 midterms and we'll play the game again. I'd bet in another two years we'll be looking back with nostalgia about the good ol' days when gas was only $4 a gallon.
No. We do not want to nationalize our oil industry. Anti-trust action though... Whisper that into a few top executives' ears and maybe things will calm down a bit.
Gasoline mixed with rubbing alcohol is currently selling in Lawton, OK for$3.45 a gallon. Unadulterated gasoline is selling for $3.55 where it is available.
I see oil is down to about $114/barrel. Gasoline prices in my venue have dropped from approximately $4/gallon to $3.40/gallon. Is anyone going to speculate that this oil price correction has been orchestrated by Dick Cheney and his OPEC puppets to promote a Republican presidential victory? I wonder how this change will affect the profitability of Exxon? Is Barrack Obama going to feel sorry for Exxon and provide some governmental support in the face of this profitability crunch? What if oil prices drop still further? If you plot the profitability of Exxon over the long haul -- say over a 20 year cycle, a 10 year cycle, a 5 year cycle -- do their profits look so obscene and exploitative? Would it be better to nationalize the oil companies and let congress decide where to explore, where to produce, where to prospect, when/where to drill, what price points justify what actions?
I will speculatethat yes it is a political ploy. These companies would be making a killing at $40 a barrel. They have alot to lose if the dems get in office. After the election, you will see prices jump way up again. Yes Exxon profits do look obscene and exploited. They are squirming right now wondering if they will lose their loopholes and be taxed.
I will speculatethat yes it is a political ploy. These companies would be making a killing at $40 a barrel. They have alot to lose if the dems get in office. After the election, you will see prices jump way up again. Yes Exxon profits do look obscene and exploited. They are squirming right now wondering if they will lose their loopholes and be taxed.
Companies Donnie? If you had read yesterdays news there is a hedge fund in Switzerland (Vitol)that at one point owns/ed 57 million barrels of oil..3 days US supply and that is only one hedge fund. A rational person would ask why would a hedge fund purchase such a large supply of oil but I guess it is easier blaming it on the oil companies.
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I will speculatethat yes it is a political ploy. These companies would be making a killing at $40 a barrel.
Actually, if the price per gallon of gas were what it is now, and a barrel of oil was only $40 they would be making a killing since the world market price of the barrel of oil is a cost of doing business. The only catch to that is that most people are probably like me and always looking for the best deal whenthey fill uptheir car. If I see a downward trend in the price of gas, I may only fill my car halfway. I feel like it is my civic duty to do my part. I don't care if I am only savinga few cents.
If the price of a barrel of oil were to make it to $40, the price for a gallon of gas would follow right behind for that very reason. If speculators get a whiff of $40 oil, you can bet it will send their high priced futures they are holding to go in a sell mode. They are going to want the most they can get for them as the price goes down.
I do think political policy affects the price of oil, which in effect makes is cost more to turn it into gasoline. I think this idea of not drilling and thinking alternative forms are going to help is a catalyst to high oil prices because in reality, our economy is fueled by oil and that is fact whether anyone likes it or not. Also, the idea of punishing the very industry who provide this great service by stealing their profits is counterproductive to what I hope we all want.
Cheap gas.
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Good point--how in the world is taking profits away via taxes supposed to lower prices?
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Good point--how in the world is taking profits away via taxes supposed to lower prices?
Because the Dems say it will...
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RE: Oil price correction
if the Republicans are doing that, its one of the stupidist things ever
no one forgets the economic blow to the gut that gas prices have caused the past 2-3 years as a direct results of the Iraq invasion and everyone looks to the Republican leadership and points their fingers and rightly so
now that said, the Democrats have done NOTHING to improve it either - because they're letting the Republicans hang themselves - its just that most don't recognize that fact
Oil price correction
that yes it is a political ploy. These companies would be making a killing at $40 a barrel. They have alot to lose if the dems get in office. After the election, you will see prices jump way up again. Yes Exxon profits do look obscene and exploited. They are squirming right now wondering if they will lose their loopholes and be taxed. 
