Do you think this will lower the price of gas?

[tirebird]

The long awaited survey of arctic oil and natural gas reserves was released today. Here's the link to the U.S.G.S. news release with a link to even more details.
http://www.usgs.gov/newsroom/article.asp?ID=1980&from=rss_home

[kwhizz]

John...........Didn't you see where our "Elected" Officials said that Drilling for more Oil won't make any Difference LOL.............Seems like the "Only" Place where the Laws of "Supply" and "Demand" doesn't seem to make any difference is with them........But.....Again.......They are much "Smarter" than we are.......Aren't they????

Ken

[Mr70]

Ever notice when the price of gas goes up overnight on the world market,we see an immediate increase at the pump the next day..But when the price of gas goes down overnight,they say we won't begin to feel that decrease at the pump for months.. http://forums.serverbeach.com/images/smilies/smashfreakB.gif

[427TJ]

Saw an article online today (analyst prediciton stuff) that said that gas could be down to $3.50 by labor day.

Found it: http://cbs2chicago.com/local/gas.prices.drop.2.778351.html

I'll believe it when I see it, of course.

[tirebird]

Me too, 427,....out here in the people's republic of California, with boutique blends of gasoline designed to meet different emission standards for different parts of the state, I'd be happy with $4/gallon by Labor Day.

[69 Post Sedan]

[ QUOTE ]
Me too, 427,....out here in the people's republic of California, with boutique blends of gasoline designed to meet different emission standards for different parts of the state, I'd be happy with $4/gallon by Labor Day.

[/ QUOTE ]

Wow, I don't feel too bad if someone is hoping for $4.00 by Labor Day. I just saw $3.98 a gallon today. http://www.yenko.net/ubbthreads/images/graemlins/headbang.gif http://www.yenko.net/ubbthreads/images/graemlins/headbang.gif http://www.yenko.net/ubbthreads/images/graemlins/headbang.gif

[68 Vert]

Until the oil companies decide to replace imported oil with domestic oil this won't make much difference.
Domestic crude oil production has been cut in half since 1970 and has been replaced by imported oil. I suspect until the last couple of years, it was cheaper to buy foreign oil instead pumping it out of US soil...

If you want to get educated in oil production, refinement, importation, capacity, history etc. go here, it's very informative:
Energy Information Administration (http://www.eia.doe.gov/oil_gas/petroleum/info_glance/petroleum.html)

Mike

[TimG]

Retailers really don't make much on a gallon of gas, that's why they hold the prices when fuel goes down and increase them immediately when the price goes up. An independent retailer may make ten cents per gallon, when a credit card company charges them 3% of the cost of a gallon of fuel they cut into that margin by about 100%. Retail fuel sales is a tough business, they need to have you buy all the inside the store items to make it because they don't make much on the fuel.

[Kim_Howie]

Watch this!!http://youtube.com/watch?v=UOpcPfAarjY

[Kim_Howie]

Somebody make above clickable?

[68 Vert]

http://youtube.com/watch?v=UOpcPfAarjY

Mike

[Kim_Howie]

Thanks Mike. Interesting tape

[Born30YrsLate]

Yeah...we'll pump domestic oil, but us business savvy Americans will sell it on the open market to the highest bidder instead of keeping for ourselves...

[427TJ]

Yep, and if we got serious about domestic drilling, doing so would piss-off the Arabs and we can't have that! There's a very good reason why our president eagerly holds hands with the Saudi oil sheiks when he goes over for a visit. They have the cheapest available oil and we need it BAD. Domestic drilling will happen only when OPEC oil hits $200--no, $300 a barrell AT LEAST. Wonder why oil has been dropping in price? Maybe because the Saudis saw Americans conserving/using less gas and screaming for domestic drilling. The OPEC boys got together (yes, they collude in secret) to stop all this talk about conservation and alternative sources of oil. Price creeps down and crisis (for Saudis and OPEC) subsides. Whew, Allah be praised!

Okay, okay, I'll stop now!

[Kim_Howie]

Don't blame this President. The Sudi deal was cut 50 years ago not to peek over the fence at each other. I think Roosevelt started it. http://www.yenko.net/ubbthreads/images/graemlins/biggthumpup.gif

[Kim_Howie]

Your congress & senate our the ones SCREWING us. Vote them OUT.

[Fast67VelleN2O]

[ QUOTE ]
Your congress & senate our the ones SCREWING us. Vote them OUT.

[/ QUOTE ]

http://www.yenko.net/ubbthreads/images/graemlins/stupid.gif

[442w30]

[ QUOTE ]
Your congress & senate our the ones SCREWING us. Vote them OUT.

[/ QUOTE ]

How is that? http://www.yenko.net/ubbthreads/images/graemlins/confused.gif

[427TJ]

That's just Kim being Kim. We still love him anyway.

[mockingbird812]

poke HERE! (http://youtube.com/watch?v=UOpcPfAarjY )

[Seattle Sam]

[ QUOTE ]
[ QUOTE ]
Your congress & senate our the ones SCREWING us. Vote them OUT.

[/ QUOTE ]

How is that? http://www.yenko.net/ubbthreads/images/graemlins/confused.gif

[/ QUOTE ]

Congress is preventing any serious domestic exploration which could lead to increased availability of oil. They claim it will take ten years to get it out so it's not a solution. Guess what? If we had started ten years ago we would have a very different situation today.

And don't get me started on ANWR. The environmental activists have effectively brainwashed Congress (and most of the media) on this one...

[Kim_Howie]

Congress & Senate passed a law we can't drill for oil anymore. That's SCREWING us. http://www.yenko.net/ubbthreads/images/graemlins/bs.gif

[442w30]

[ QUOTE ]
Congress & Senate passed a law we can't drill for oil anymore. That's SCREWING us. http://www.yenko.net/ubbthreads/images/graemlins/bs.gif

[/ QUOTE ]

In 1990, an executive order was signed by the president that banned offshore drilling. The president is not part of the legislative branch, is he?

Drilling is not the solution. Long-term energy policy is; drilling is mutually exclusive. To panic in lean times and make demands that won't pay off for a few years is not the way we need to behave as a country. The world is much more competitive than it was before, so what can we do for ourselves to come out ahead instead of using short-sighted solutions?

Certainly your view is not unique in Internet-land, but just because many people are saying the same thing doesn't mean it's what should be.

[68 Vert]

IMO, I'm not convinced it's because they (oil companies) can't drill, it's that they didn't want to. Again, it was easier/cheaper for them to buy foreign oil and refine than to explore for new reserves.
It has been reported that it costs the oil companies about $60 per barrel for US oil and up until a year or so ago, foreign oil was less than that.

Now that oil is $1xx a barrel, it's now more lucrative to explore and refine US reserves. We'll see what happens...

Mike

[Mr70]

The large 4WD SUV persona is what really amazes me today.
Every dealer lot around here is filled with them,even with 1/2 off sticker and looking to go the way of the DoDo.
Once part of every familes DNA for the last 15 years.So much so that the Govt.threatened to step in & pull the reins back on SUV production in the mid 1990's,wanting automakers to offer more of a balance of fuel efficient vehicles in each of their line ups.
The automakers lobbied hard against that and won,basically telling the Govt. this is America so mind their own business and let the American consumer tell them what to do.
Well we have & literally overnight,with SUV sales/production at an all time low and factories retooling as I type.
I swear I saw the salesman who sold me mine flipping burgers yesterday.

[442w30]

Once there were wagons. Then there were minivans. Then there were SUVs. Then they started having SUVs based on car platforms. And now these crossovers are evolving even more.

I still lament the loss of station wagons in our culture, but while it's true Detroit built what the market demanded, a great number of consumers wanted utility and Detroit gave them SUVs due to their profit margins. Detroit has no one to blame but themselves for their short-sightedness, but it isn't like there hasn't been any precedent.

[wwchevy]

"In 1990, an executive order was signed by the president that banned offshore drilling. The president is not part of the legislative branch, is he?

Drilling is not the solution. Long-term energy policy is; "

President lifted the drilling ban, but it has no meaning because of the Congressional ban. It did however wake up the oil suppliers of the world because gas prices immediately started going down after the ban lift. Apparently they are afraid of us drilling for oil here- so I'm for it.

Drilling is a very important part of what our energy policy should be.
Conserve, drill in the US, Nuclear power, Coal and alternative energy. I didn't fill my truck up with alternative energy today- it uses gas like everyone elses vehicle. Windmills, solar panels and french fry grease are great unless you want to get to work tomorrow.

[Mr70]

"It did however wake up the oil suppliers of the world because gas prices immediately started going down after the ban lift. Apparently they are afraid of us drilling for oil here- so I'm for it."

I was surpised by that too and agree,they must see us as a much bigger threat then even we thought we were.

[Xplantdad]

Who was the dude who put the ban on offshore drilling anyways? http://www.yenko.net/ubbthreads/images/graemlins/hmmm.gif

It seems like all the other countries in the world can drill off of our shores...just not us... http://www.yenko.net/ubbthreads/images/graemlins/dunno.gif

[Kim_Howie]

The ban has been enforce 27 years. I don't who started but your speaker of the house & head leader our for it. Nancy Pelose & "good old boy" Harry Reid.

[Kim_Howie]

Like I said VOTE them all out!! http://www.yenko.net/ubbthreads/images/graemlins/beers.gif

[427TJ]

I'll say it again:

[ QUOTE ]
if we got serious about domestic drilling, doing so would piss-off the Arabs and we can't have that!
They have the cheapest available oil and we need it BAD. Domestic drilling will happen only when OPEC oil hits $200--no, $300 a barrell AT LEAST. Wonder why oil has been dropping in price? Maybe because the Saudis saw Americans conserving/using less gas and screaming for domestic drilling. The OPEC boys got together (yes, they collude in secret) to stop all this talk about conservation and alternative sources of oil. Price creeps down and crisis (for Saudis and OPEC) subsides.

[/ QUOTE ]

The business of America is BUSINESS and business LOVES cheap (see: outsourcing). Arab-OPEC oil is the CHEAPEST available so it will remain our major source until it becomes CHEAPER to drill here and in Alaska. Believe me, all those anti-drilling politicians will come right around when OPEC oil hits 300/bbl because voters will march to D.C with torches to demand domestic drilling or we'll burn the place down.

The current worldwide system of oil extraction, refining, and distributiuon will remain in place until it is no longer cost-effective. When that day comes, and it surely will someday, opposition to domestic U.S. drilling will crumble and the wells will go in, yes, even in ANWR.

Kim's right, but I'll add that ALL Washington politicians are corrupted by the very wealthy and very powerful corporate lobbies that control the government. Only a precious few of them are not 100% compromised by the cancerous corruption that keeps the status quo in place. If we were to vote them out we'd only get a whole new crop of ready-to-be-corrupted (and made rich) eager beavers in their place.

Okay, okay, I'll stop now!!!

Kim: http://www.yenko.net/ubbthreads/images/graemlins/beers.gif

[Kim_Howie]

Kim , They can't be any worse than what we have in there now. http://www.yenko.net/ubbthreads/images/graemlins/haha.gif http://www.yenko.net/ubbthreads/images/graemlins/haha.gif http://www.yenko.net/ubbthreads/images/graemlins/beers.gif

Bill

[HEMIBEE]

I pray that we drill and stop sending billions of dollars to other countries that use our money to invest in their military, and drilling will add hundreds of thousands of US JOBS, the speaker of the house refused to put the subject to discussion today.............NICE

[TDW]

I have called Pelosi (202-225-0100) repeatedly and asked her to AT LEAST let there be a discussion and vote on domestic drilling. Looks like all that has accomplished is raise my phone bill. That woman is a horrible person.

[Chris_69_SS]

try this one.....very interesting

http://video.google.com.au/videoplay?docid=3340274697167011147

[kwhizz]

According to Harry Reid.........."Oil is No Good.....Because it makes us Sick"..........This Guy has a Bag of Rocks for a Brain.....

This is what we have in Washington.........Wonder why their approval Rating is at 9%........Sheesh......

http://www.yenko.net/ubbthreads/images/graemlins/flag.gif

[Kim_Howie]

My grand son has more common sense than our current congress!! http://www.yenko.net/ubbthreads/images/graemlins/shocked.gif

[Mr70]

You're underestimating your Grandson.

[Kim_Howie]

http://www.yenko.net/ubbthreads/images/graemlins/haha.gif http://www.yenko.net/ubbthreads/images/graemlins/haha.gif http://www.yenko.net/ubbthreads/images/graemlins/haha.gif http://www.yenko.net/ubbthreads/images/graemlins/beers.gif

[Schonyenko2]

Maybe you, and your new best friend , the goveners wife, should just step outside and lite up together. Maybe a couple of verses "get on board the peace train".
And go on back and listen to what T Bone Pickens, and ol Newt are saying. And remember the adage,"if you find it, they will buy it". Meaning foreign investors.Nothing will be accomplished without some assurances on many issues that are related to ownership, delivery points, infrastructure, etc. Some things that are contradictory to free market trade, but somewhat necessary for national energy independence, and national security. The answer lays in a balanced middle approach, that takes a critical, impartial, forward thinking path, to self reliant energy policies. There is some right, and some wrong on both sides of the energy debate, but Picken's reference to the greatest shift of wealth is correct. Without a comprehensive balanced energy plan, we will jepordize our national security, and become not much more than a third world nation, goverened not by the people, but by unregulated commodity speculators, and mega corporations. http://www.yenko.net/ubbthreads/images/graemlins/flag.gif

[Salvatore]

Man there is alot of gray matter under all that hair! http://www.yenko.net/ubbthreads/images/graemlins/scholar.gif Some VERY good points guys. If we look back about 100 years ago we had many oil companies and refineries in this country. Also I believe Pennsylvania is heavy in crude oil. http://www.yenko.net/ubbthreads/images/graemlins/biggthumpup.gif

[kwhizz]

We "Agree" 100%..........But........Reid "Still" has a Bag of Rocks for a Brain......... http://www.yenko.net/ubbthreads/images/graemlins/biggthumpup.gif

Ken http://www.yenko.net/ubbthreads/images/graemlins/flag.gif

[Kim_Howie]

You sound like you need to be in congress !! What a load of BS http://www.yenko.net/ubbthreads/images/graemlins/haha.gif http://www.yenko.net/ubbthreads/images/graemlins/haha.gif http://www.yenko.net/ubbthreads/images/graemlins/haha.gif http://www.yenko.net/ubbthreads/images/graemlins/beers.gif

[ORIGLS6]

[ QUOTE ]
There is some right, and some wrong on both sides of the energy debate, but Picken's reference to the greatest shift of wealth is correct. Without a comprehensive balanced energy plan, we will jepordize our national security, and become not much more than a third world nation, goverened not by the people, but by unregulated commodity speculators, and mega corporations.

[/ QUOTE ]

We're damned close to that now.

[kwhizz]

For Amusement "Only"........LOL


http://www.youtube.com/watch?v=miXAZj-tcGI

http://www.youtube.com/watch?v=xxgV78vpNDk

[hvychev]

I have not read every post in this thread, but I wanted to give an update. I live 9 miles from down town Chicago and gas around here is pretty high. I don't go far to work/school and fill my 2003 Crown Victoria up about every two weeks. The last time I got gas it cost me $4.17 per gallon. Today it was $3.99. I believe that 4 weelks ago when I got it was like $4.27? I guess it could go back to that $3.50?

[NovaMob03]

Politics aside...just wait til the major oil companies post their 2nd quarter profits coupled with their excuses as to why they're reaming the American public. Bastards! http://www.yenko.net/ubbthreads/images/graemlins/frown.gif

[USA1]

I say it doesn't matter what 'type' of energy we use (solar fossil wind hydrogen or whatever)...we are ALL going to pay. All these companies, the new and the old, will take complete advantage of American pockets....period. They aren't going to lower any price.

It amazes me that people and politicians really think that going to an 'alternative' fuel source will help us where it really counts - in our wallet. Nope! Not a chance. It's just not gonna happen. It makes no difference what source we use.

[tirebird]

Don't forget that those countries owning more than a trillion U.S. dollars of our debt, China and India, are keeping the price of oil high by subsidizing the price back home. Both China and India subsidize gasoline and diesel prices to keep their economies producing all the computer software and hardware, toys, electronics, etc., etc.that we buy here. The price of gasoline in those nations is roughly $2.50/gallon, with the government picking up the balance. If they stopped the subsidies, the price would go equal what the rest of the world is paying and the consumption would drop. That would drop the price of gas here. These subsidies prevent the price of oil from falling because demand is increasing in China and India.

[tirebird]

One other note, the high price of oil will bring about more exploration and more production, including shale oil from Canada and the oil sands of our West. But it will also bring about more innovation, something that makes America strong. Take a look at this video and you'll see that there is a positive side of the high price of oil. Here is just one company that can use algae to make any kind of fuel you want; gasoline, diesel, jet fuel, etc. The main scientist claims, as you'll see, that the process can supply the entire energy needs of the nation by using farms on 1/10th the area of New Mexico.

http://cc.pubco.net/www.valcent.net/i/misc/Vertigro/index.html

[TDW]

Wow. More record profits for the oil companies announced today. In fact, the highest ever for any company in history. Ouch to our wallets.

[Xplantdad]

[ QUOTE ]
Wow. More record profits for the oil companies announced today. In fact, the highest ever for any company in history. Ouch to our wallets.

[/ QUOTE ]

Wow...what a surprise! No one could see that coming... http://www.yenko.net/ubbthreads/images/graemlins/rolleyes.gif

[442w30]

[ QUOTE ]
Wow. More record profits for the oil companies announced today. In fact, the highest ever for any company in history. Ouch to our wallets.

[/ QUOTE ]

That's gross profit, not net.

Did you track the prices of those stocks today?

[Born30YrsLate]

$138 Billion in Sales...$11.7 Billion in Profit (wouldn't that be net?)

[442w30]

Net profit is the measure of efficiency of a company. You have to divide net income before taxes by gross sales and express as a percent. When compared with prior periods, net profit on sales can reveal management efficiency trends.

However, I guess what I was getting at is that often, when a number is announced to the press, the public gets upset and say, "Look at those oil men . . . they're ripping us off!" when the reality is their profit margin is not something to shout home about.

Regardless, I believe profit is good and I don't hate a company that's maximizing profit.

[HEMIBEE]

the oil companies make 8 cents per gallon of gas, the federal government makes 17 cents per gallon in federal tax, and can't seem to use it in the places we need it, like filling the huge pot holes and maintaining bridges, you have to remember that the fuel cost all over the world have gone up not just here in the u.s.a.

[Mr70]

That reported 11.7 Billion profit is over a 3 month period...that's $88,982.05 a minute!

http://citizentom.files.wordpress.com/2008/03/hummer-gas-prices_jpg_w300h300.jpg

[COPO 70 RS/Z28]

[ QUOTE ]
Net profit is the measure of efficiency of a company. You have to divide net income before taxes by gross sales and express as a percent. When compared with prior periods, net profit on sales can reveal management efficiency trends.

However, I guess what I was getting at is that often, when a number is announced to the press, the public gets upset and say, "Look at those oil men . . . they're ripping us off!" when the reality is their profit margin is not something to shout home about.

Regardless, I believe profit is good and I don't hate a company that's maximizing profit.

[/ QUOTE ]

You have to look at ROI, if you look at profit as a component of return on investment over the last 10 years the industry underperformed most Major Industrial sectors.

[68Biscayne427]

Another interesting article...
Why Oil Will Become Cheaper... (http://money.cnn.com/2008/06/06/news/economy/tully_oil_bust.fortune/index.htm?postversion=2008071513)

[firstgenaddict]

If we are going to limit the profits earned by the oil companies then we also must guarantee their minimum profitability as well, correct? Wow so now we have the government penalizing companies for profitability... which industry is next?


Now as far as drilling...
The land of the United States is not owned by the government it is owned by the people and we should be able to use it as we see fit, however that may be. If I own property and want to drill for oil, short of me directly harming an individual, there should be no meddling by the government.

[68Biscayne427]

Very complex.... Mineral Rights (http://geology.com/articles/mineral-rights.shtml)

[SSJunkie68-69]

check this out.....

http://www.nozzlerage.com/

[HEMIBEE]

11 billion dollar quarter doesn't seem like that much when you look at the banks that profit 400 billion dollars a year and need to get bailed out by the tax payer's, I'm not sticking up for the oil guy's but I think the media is pushing the blame in the wrong direction. heaven forbin we group doctors or lawyers in a group and look at the profits they yeald....