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Gas Prices

#1 User is offline   Jetsfan0099 Icon

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Posted 29 April 2008 - 04:12 PM

Geez, I just got my drivers license over the summer and these prices are no fun. $3.41 is the cheapest I can find, my mom is going to be out of a job because she drives for a living and she can't keep up with these prices, and a lot of other drivers are going to be out of a job soon. They are just raping everyone with these prices, and it seems like they will not stop raising them....... This is friggen ridiculous........
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#2 User is offline   Pennington Icon

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Posted 29 April 2008 - 04:18 PM

All we keep hearing is that rising global demand is driving prices...well consider this for one moment.

From an investment perspective, if global consumption increases by 10%, then the cost of oil should increase by 10%. If analysts predict that global demand WILL increase by 20%, then oil futures should increase by 20%. This is simple economics.

Now lets consider what has actually happened:
Global oil demand in 2003 was 79 million barrels per day.
The IEAs forecast for 2008 is 87.2 million barrels per day.
This is a 10.4% increase in 5 years.

The price per barrel in 2003 (adjusted for inflation) was $31.62. Today the price is $115.63. That is a 265.7% increase.

I call BULLSHIT!!
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#3 User is offline   Jetsfan0099 Icon

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Posted 29 April 2008 - 04:36 PM

So do you agree with it being this high or not??
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#4 User is offline   Pennington Icon

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Posted 29 April 2008 - 04:44 PM

No, which is why I say its bullshit. The worst part about it is its not even the middle east who is doing this to us (a lot of people point the finger at them). Its Wall Street. Speculators looking to make money.
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Posted 29 April 2008 - 04:56 PM

Speak of the devil.

http://news.yahoo.com/s/ap/20080429/ap_on_bi_ge/earns_oil
QUOTE
By JANE WARDELL, AP Business Writer Tue Apr 29, 12:36 PM ET

LONDON - BP PLC and Royal Dutch Shell PLC, Europe's two biggest oil producers, posted forecast-busting first-quarter earnings on Tuesday thanks to record crude oil prices that are expected to bolster profits across the industry.
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The combined profits of $17 billion reignited calls for a windfall tax on oil profits as consumers struggle to pay for food and fuel.

British Prime Minister Gordon Brown suggested that some of those profits should be reinvested in costly exploration for new oil reserves in the North Sea.

BP posted a 63 percent surge in first-quarter net profit to $7.6 billion (4.9 billion euros), while Shell reported a 25 percent rise, to a record $9.08 billion (5.81 billion euros).

Revenue at BP jumped 44 percent to $89.2 billion (57.1 billion euros), while sales at Shell soared 55 percent to $114 billion (72.95 billion euros).

Last week ConocoPhillips reported a 16 percent rise in net income to $4.14 billion. Like BP and Shell, the third biggest U.S. producer far outpaced industry expectations. More big profits are expected from the biggest two U.S. companies, Exxon Mobil Corp. and Chevron Corp., when they report first-quarter earnings later this week.

Crude oil hit $111.80 per barrel during the quarter, while gas jumped an average of 22 percent. Crude has pushed even higher since, reaching a record $119.93 per-barrel this week.

BP shares jumped 6 percent to 613 pence ($12.18), while Shell rose 4.5 percent to 25.83 euros ($40.39).

The enormous profit reports from European companies coincided with the end of a two-day refinery strike in Britain that shut off 700,000 barrels of oil per day, brought from the North Sea to a BP plant.

Truck drivers staged a protest in London's Park Lane on Tuesday, blaring their horns to protest a 30 percent rise in the price of diesel over the past year. A similar protest took place in Washington, D.C. on Monday, and it wasn't the first.

"The price of fuel is becoming something many families are struggling with," said Sheila Ranger, a spokeswoman for the RAC Foundation, a commuter advocacy group. "This will be the last straw for some motorists."

Shell's Chief Financial Officer Peter Voser said oil companies are not to blame.

"We don't understand the oil price at this stage," he said. "The fundamentals will not justify an oil price as we see it at the moment."

Shell's earnings from oil production rose 52 percent to $5.14 billion (3.3 billion euros), due almost entirely to the price increases. The company said combined production of gas and oil equivalents increased by less than 1 percent to 3.4 million barrels per day, as a 9 percent rise in gas production outweighed a 6 percent fall in oil production.

Stripping out the impact of oil inventories that have risen in value, refining profits would have fallen 20 percent, Shell said.

"It seems that better marketing and trading were able to offset the weak refining environment," analyst Alexandre Weinberg of Petercam.

Shell has invested heavily to improve production after a string of setbacks, including an accounting scandal in 2004. More recently, it has faced attacks on its pipelines in Nigeria and a forced sale of part of its stake in a major project on Russia's Sakhalin Island to a state-run enterprise.

BP's profit follows an even rougher period for the company from production outages, U.S. environmental fines and fraud and the scandal-tinged departure of its chief executive.

Chief Executive Tony Hayward, who took over from John Browne a year ago, has focused on bringing new production and refining capacity on line to improve earnings.

"At last, it appears that BP is beginning to improve its operational performance and this looks set to drive a stronger financial performance in the second half," said Tony Shephard, analyst at Charles Stanley & Co.

BP's closely watched replacement cost profit rose 48 percent to $6.59 billion (4.34 billion euros), compared with $4.44 billion in the first quarter of 2007. The replacement cost figure is viewed by many analysts as the best measure of an oil company's underlying performance because it excludes changes in the value of crude inventories, measuring the amount it would cost to replace assets at current prices.

The company said refining availability improved for the sixth successive quarter.

"BP is still not firing on all cylinders but its operational turnaround looks to be on track with a strong second half recovery in prospect," said Charles Stanley & Co. analyst Tony Shephard.

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Posted 29 April 2008 - 05:28 PM

That and the biggest lie since the moon landing...ethanol. Ethanol consumes one gallon of gas to make it.... tell me exactly how that is conserving gas/helping the environment. Its driving gas prices up (also gets worse miledge) and perhaps worst of all, corn prices, the backbone of the American heartland. Stop ethanol, stop gasoline price increases.
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Posted 29 April 2008 - 07:27 PM

it was 3.45 on a gas sale day at my house 3.50 on normal days but at my brothers last time i was up there about amonth ago a place just out of the "downtown" are was about 3.35
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Posted 29 April 2008 - 07:49 PM

gotta blame china. they are expanding and using so much fuel.

3.40-3.60 out here in nova
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#9 User is offline   Pennington Icon

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Posted 29 April 2008 - 08:21 PM

QUOTE (santana @ Apr 29 2008, 08:49 PM) <{POST_SNAPBACK}>
gotta blame china. they are expanding and using so much fuel.

3.40-3.60 out here in nova

did you read my post? China is not the problem. The media will lead you to believe that consumption and growing demand are the problem. The figures I provided are indisputable proof that this is a falacy.

Unfortunately identifying the problem is much easier than developing a solution. I am as much of a capitalist as there is, but this is one of the problems with free trade.
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#10 User is offline   santana Icon

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Posted 29 April 2008 - 09:00 PM

QUOTE (Pennington @ Apr 29 2008, 07:21 PM) <{POST_SNAPBACK}>
did you read my post? China is not the problem. The media will lead you to believe that consumption and growing demand are the problem. The figures I provided are indisputable proof that this is a falacy.

Unfortunately identifying the problem is much easier than developing a solution. I am as much of a capitalist as there is, but this is one of the problems with free trade.


yeah ur post failed to convince me. there a number of reasons why its high. and honestly arguing about it isnt going to bring it down.
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Posted 29 April 2008 - 09:31 PM

3.41? thats cheap. i paid 3.96 last week and its hit 4.00 in san diego
Get it done MT
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Posted 29 April 2008 - 09:39 PM



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View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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Posted 29 April 2008 - 09:44 PM

QUOTE (Jetsfan115 @ Apr 29 2008, 10:31 PM) <{POST_SNAPBACK}>
3.41? thats cheap. i paid 3.96 last week and its hit 4.00 in san diego

NJ has cheaper gas prices then other places, but higher taxes on certain things, and we have toll booths on the highways.
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#14 User is offline   RetireChrebet Icon

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Posted 29 April 2008 - 09:55 PM

Im from NY and will be going back in the next 4 months(im statioined in GA now i think prices are cheaper), i drive an 02' lincoln' ls on 22 inch rims..at the time i thought it was cool to buy a big car like that 2 years ago..just got back from that gas station and had to charge 66$ to fill it up..that is F**king CRAZY..I havent been driving much in the past few months but so i havent realized how much gas has gone up untill tonight...I guess i wont be going anywhere far anytime soon!!
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#15 User is offline   santana Icon

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Posted 29 April 2008 - 10:03 PM

sucks to be in san diego.

highest ive seen it hit here in nova is 3.70 last weekend. dont get gas on weekends its lame.
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#16 User is offline   Mephisto Icon

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Posted 29 April 2008 - 10:19 PM

Gas has been projected to rise close to 200 dollars a barrel. Gas is only going to get more expensive. Invest in a bicycle.


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#17 User is offline   Mr_Jet Icon

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Posted 29 April 2008 - 10:55 PM

The question is are we going to learn a lesson from this gas crisis and change our ways? Or are we going to do what the baby boomer generation did after the 1970's gas crisis?
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View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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#18 User is offline   theanalogkid Icon

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Posted 29 April 2008 - 11:14 PM

QUOTE (Jetsfan115 @ Apr 29 2008, 10:31 PM) <{POST_SNAPBACK}>
3.41? thats cheap. i paid 3.96 last week and its hit 4.00 in san diego


A good $1 to $2 of that is pure tax.
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Posted 29 April 2008 - 11:27 PM

Just dropped $64 BUCKS TO FILL MY TANK YESTERDAY, AND THAT WAS FOR REGULAR! It's affecting food prices as well, because of the crazy cost of transportation. The economy is really going to shit.
Fifteen years ago after an especially disappointing loss to Miami, Esiason, then the Jets' quarterback, was making the seven-mile drive from the Meadowlands back to Manhattan.
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"Are you OK?" he said, trying to keep calm. "Are you OK?"
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#20 User is offline   JettingAwayAC Icon

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Posted 29 April 2008 - 11:47 PM

I think its insane, but just remember, the Saudi Arabian oil reserves are bound to run out within a few decades...when that happens, were sitting on gold with our untapped Alaskan reserves.
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