• The site migration is complete! Hopefully everything transferred properly from the multiple decades old software we were using before. If you notice any issues please let me know, thanks! Also, I'm still working on things like chatbox, etc so hopefully those will be working in the next week or two.

Gas Prices!!!



Congress grills oil execs on pump prices from Reuters News Agency...Today 4/1/08

WASHINGTON (Reuters) - The U.S. Congress dragged in executives from five international oil companies on Tuesday to explain why they should not be blamed for record-high gasoline prices after booking profits of $123 billion in 2007.

"(They are) reaping a major financial windfall," Markey said, pointing to Exxon Mobil Corp's 2007 profit of $40 billion, the biggest in U.S. corporate history.

Executives from the companies said factors beyond their control had driven prices up -- mainly crude oil prices that have leapt over five-fold since 2002 to a record $111.80 a barrel last month.

"The American people deserve answers and it is time for Big Oil to go on the record about these record prices," said Rep. Ed Markey of Massachusetts, a long-time oil industry critic and chairman of the House Select Committee on Energy Independence and Global Warming.

Markey supports legislation that would strip about $18 billion in tax breaks from the five biggest U.S. oil companies and put funds toward planet-friendly energy alternatives like wind and solar.

"Imposing punitive taxes on American energy companies ... will discourage the sustained investments needed to continue safeguarding U.S. energy security," Exxon senior vice president Stephen Simon said in testimony.
Click to expand...

This is why I am so upset with the oil companies. People can talk about the traders as the ones driving up the price all they want, but yet as you see above the Big Oil companies still REAP a HUGE profit!!! And when congress suggests stripping them of some of their HUGE profits, the oil companies basically threaten the United States' energy security. Basically to me, that amounts to blackmail plain and simple.

IF the Big Oil companies would bend a bit and make take less from us in lew of a little less profit, everyone would be happy. I mean seriously, with a profit of 123 BILLION in 2007 alone, just imagine adding up all the years prior to that, you would think we would be a SUPER POWER in energy! BUT NO!! We aren’t !!! Instead we still rely heavily on imported Oil from other countries and with all that profit, you would think the Big Oil companies would have come up with something by now with all that money at their disposal.

Instead they keep filling their already over flowing wallets and we eat it the end result !

*Rant Off*
 
I saw on another forum someone said that the profit was being used for finding viable alternatives to oil, the problem is, profit by definition comes after all expenses are reported
 


"Executives from the companies said factors beyond their control had driven prices up"
sounds like a load of crap to me :th_scratchhead:
 
UWISHU1 said:
"Executives from the companies said factors beyond their control had driven prices up"
sounds like a load of crap to me :th_scratchhead:
Click to expand...

The ONLY thing I could think of would be refinery shutdowns, either due to mechanical issues or possibly fires, but then they are covered by insurance in those circumstances. And I am sure mechanical issues do not cost them that much! Except where they are whinning cause they only made a $120 million in profits for the month instead of $200 milion :p

They sure know how to spin things to make them look like the poor kid who was lost at the park. They better dry those alligator tears, because those excuses are growing long in the tooth :)
 
It may be true that factors beyond their control have increased prices. However, the subject is profit, not expenses.

I understand supply/demand. But profit is money straight into your pocket (Received income - Cost of operation = profit).

When you're selling something that has a huge impact globally and my prices has an affect on it, I'd personally cap my profits to make sure the world is ok.

However, logic states there is no point to them changing their prices. People will still pay. Noone will stop you. Congress? Just a meeting to complain. By the time something bad happens, you will be long dead. Pretty logical but its just not right.

My biggest concern is the diesel prices and truckers.
 
AlphaBetaBase said:
It may be true that factors beyond their control have increased prices. However, the subject is profit, not expenses.

I understand supply/demand. But profit is money straight into your pocket (Received income - Cost of operation = profit).

When you're selling something that has a huge impact globally and my prices has an affect on it, I'd personally cap my profits to make sure the world is ok.

However, logic states there is no point to them changing their prices. People will still pay. Noone will stop you. Congress? Just a meeting to complain. By the time something bad happens, you will be long dead. Pretty logical but its just not right.

My biggest concern is the diesel prices and truckers.
Click to expand...

Alpha,

I could not agree more with that statement! Yes we will keep paying and yes they will keep making their profits from us. I think the Trucking industry is soooooooooooooo getting screwed with this stuff. And some of the Big Auto companies were considering going over to a diesel based engine in the future with all this bio-diesel talk. But if truckers can BARELY afford it? How do they, the oil companies and the automotive industry, expect us to afford it in a passanger car?

We are already seeing truckers disrupting traffic in major cities to protest the higher prices, and I think they are right, but something more constructive on their part needs to be done.

Good comments again sir!
 
i filled up at $3.49 today there needs to be some kinda boycott over this **** it's getting way outta control before summer it will probably be $4.00 and then by next summer $5.00 but i do blame the government they know that they have power it is all about supply and demand and we show that every time the raise gas prices we are willing to pay but of course it's not like we can all just call into work and say " yea i'm not coming in today i refuse to fill up my gas tank" because i am pretty sure that you would get fired right then and there
 


The truckers went on strike, STLMO_GTP.
Oranges cost too much. No orange car for me;)
Got gas last night. Premium $3.25. Guess we are doing better than most.
 
yea i heard about the trucker's going a strike on the news about 2 nights ago, that could benefit them but not us to much they are boycotting on deiesl fuel i remember it was probably a year or 2 ago that they was suppose it be a national boycott day i think it was titled " National don't fill up day" or something like that but that didn't work at all i think i saw more people at the gas stations on that day then any other, all i really know is that this is starting to get out of control
 
My truck driver husband says: When Diesel goes down, Everyone benefits! Diesel goes down= freight rates go down= savings to all.
 
This is from a gas station do the block from me.

Regular Unleaded: $3.55
Unleaded Plus: $3.45

How does that makes sense?
 


I was down in Louisville Ky over the weekend and it was $3.53 for 93 and in Evansville IN it was $3.59 for 92 and back in St. Louis when I got home it was $3.69. I was shocked usually Louisville has higher gas prices than St. Louis.

I guess somethings do change :p

Well except for the price of gas going down :(
 
I filled up on 93 octane for $3.45. I guess I can go back to regular for a while since I took out the ZZP PCM... :th_scratchhead:
 
i don't think i would ever switch back to regular, due to the fact that i talking to GM the other day and they said that you really should run 91 or higher you can slide with mid-grade sometimes but if you just put regular unleaded in there you will have problems in the long run, but hopefully these prices drop sometime.... i would hate to say it and i hate the thought of it but i do having a weird feeling that within a 10 or 20 yr span we will end up running ourselfs back into a great depression, just take a look around it is history repeating itself natural gas is up, electric prices are up, taxes are up, food has gone up, fuel for cars, unemployment is at a high...you get the idea i just have a feeling this is going to end badly whenever it does end
 
You must log in or register to reply here.
Back
Top