The Scare
 

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Once you find out about what the oil companies actually pay for oil, (with production costs under 35 dollars per barrel) you kind of lose faith in America in general.

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What do they pay for oil, production, transportation to refineries, refinement, more transportation, overhead, marketing, etc.? What profit margin is acceptable?

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I thought 99 cents a gallon was pretty darn acceptable. My grandfather thought filling his car up for 5 bucks was pretty acceptable too. Transportation to refineries: it's not like they have to pay for gas...

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BTW, I'm not saying $5/gal is acceptable. Just wondering what the numbers really are. But yeah, it would be great to see 99/gal again! :)

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What was his yearly wage?

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Not sure, but he was doing pretty well, working offshore. But to Timmy...do you find the 400+% profit acceptable? Take into consideration that a normal retail store makes about a 60% profit per product.

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I completely understand inflation, and 5 dollars a tank would be unacceptable with what todays dollar is worth. But the dollar isn't so worthless that oil is worth 124 dollars a barrel.

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I think grocery stores make like 3%. It's not very good anyway.

Wow. Do you have any links to source data showing 400% profit?

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I can't remember the exact numbers but I remember reading somewhere that if gasoline prices had tracked with inflation in general they should be pretty high today. Not that I want that of course (unlike our President).

I don't know how the breakdown of what gets made from a barrel of crude except I have read that somehwere from 21-23 gallons of gasoline is refined from each 42 gallon barrel that recently seems to be on the market for $80-$120 per barrel. Of course the other 50% of the oil also goes into making petroleum based goods that brings $$.

We are actually exporting refined gasoline for the first time in about 30 years because the poor economy and high gas prices have driven our domestic demand down. Up till now our refineries were at capacity just trying to supply America.

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That's what I was looking for. So, the oil companies make a 400+% profit? Wow.

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What about the oil pipeline that Obama refuses to let come through the US? It just amazes me that he refuses to allow something that could really put thousands of people at work!

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I doubt this seriously.

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Hang on, looking.

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That is said to bring gas prices up. The oil would be used to produce diesel fuel that will be exported.

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Sorry, can't find it. But I remember reading it costs them about 35 dollars per barrel. At the 124 they're charging, thats about 400% profit.

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http://auto.howstuffworks.com/fuel-e...gas-price1.htm

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ILG!!! How are you and your husband doing?!!!!

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Hey, PO! We are well. We have been very busy with a multitude of things. I am taking a class and planning to start nursing school full time in the fall. That's both scary and exciting! We bought a mini-storage unit. My daughter graduated from college, found a job and moved off. (That's scary and exciting too!) Lots going on!

How are you and yours?? :)

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Glad all is well! We are doing fine. I heard the storage industry was a money making deal. True?

My son, his wife, and their son (2 year old), are currently living with us. My son just adopted her little boy. Very happy about that. She is expecting a child in May. So, we have a house full, but it's all good - sometimes they go away for the weekend. LOL!

So very happy to hear you are well!

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Sounds like a full house! Yipes! They say with the economy that is happening more and more....

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Ok, what seems to be being ignored in this discussion of gas prices is the speculation in crude? The cost of getting a barrel of crude is something like $4-5 (7 years ago, when I was in the industry), but they get to charge the spec price due to collusion, which is pretty evident in the oil companies ruthless extermination of competitors.

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If I formed a new oil company, how soon will it be exterminated?

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That all depends on how far in bed you were with Obama.

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Well, he's making pretty good money. There just isn't an available house, for them, around here. He wants to build on our adjoining property. That could take a while.

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I see. Hopefully you enjoy it. ;)

Oh, and to answer your question on the mini-storage. So far, so good!!:thumbsup

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I enjoy it most of the time. My husband and I don't get the privacy we would like to have and enjoyed when he moved out at 18. But, we will survive. Somehow. LOL!

Good to hear it!!

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THREADJACK!!! :lol

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I did not post one single pair of shoes!!! :smack :heeheehee

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According to a CNN Money report from 2008, the average net profit margin for the S&P Energy sector, according to figures from Thomson Baseline, is 9.7%. The average for the S&P 500 is 8.5%.

Not quite as profitable as we may think, if this report is to be believed.

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Yet. :heeheehee

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Here, allow me (and it's on topic, even!).

So, if gas prices get too high, we can always use these:

http://www.runningshoeswizard.com/im...king_shoes.jpg

:D

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http://ecx.images-amazon.com/images/...0,190,246_.jpg

:heeheehee

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Creepy! :heeheehee

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Ya, that report is as accurate as the "net profit" of a blockbuster movie, k?

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I understand your cynicism, but unfortunately, I have no way to refute or reinforce its validity.