Poll: Will Gas Hit $5/Gal by 4th of July?

[Allen K. Littlefield]

Originally Posted by thstone

I felt that it was obvious why gas went to $4.75/gal when Bush was in the White House (Bush familly comes from oil business in Texas) but its not clear to me what's going on now...??

That was your press in bed with the Progressive Dem party. Remember Halliburton, and as you have mentioned, Bush'es 'oil buddies' they constantly pounded on? Now that Bernacke has brought down the value of the dollar it costs more to of them to purchase oil. Oil companies, in spite of years of mis-education, do NOT set the price of oil, the speculators in the market do. George Soros is one of the major players here and he has stated one of his goals is to bring down this countries economy and bust the dollar. This can no longer be ignored. Remember we are loaning Brazil money (your tax dollars that you can so well afford) to DRILL for oil but we have a concerted effort to close down any drilling or new refineries in the USA. This is to ostensibly fund 'green energy'. Also the Fed govt makes about 15% on the gallon of gas so we have a tax increase to offset the extended Bush tax cuts. Oil co only makes around 5%. I am sure the new "investigation" by Holder will solve who is gouging...NOT! So, yes Virginia, govt. has a BIG role in the price of oil. How do you all like the drying up of 'trickle down'?

AKL

[thstone]

Hmmm. How do you explain Exxon/Mobil (and the rest of the oil industry's) record profits during the Bush years?

[Allen K. Littlefield]

Originally Posted by thstone

Hmmm. How do you explain Exxon/Mobil (and the rest of the oil industry's) record profits during the Bush years?

Higher prices, higher profits. Bush years, NObama years. Govt has stopped issuing drilling permits and the EPA puts so many hurdles in the way that the lawyer fees are astronomical. Why is it always supposed to be the companies fault and govt. regulation never is criticized? As soon as prices go up we hear, "Big Corps are evil and greedy". We never hear "Big Govt." takes our tax money and is greedy. AGAIN..... the profit margin for govt. in the form of taxes is based on percentage of price. If a gallon costs you more the govt. take a larger share. Around 15%. Oil co. is around 4 to 5% therefore profits are higher. I am sure others on this list have the exact figure. At least the oil company provides a real service but what does the govt. do? For years we have heard the old drum beat, "Big Corp. are evil" with no corresponding look at the massive increase in govt. depts. and their natural ever growing personnel. Govt. can shut down a company but a company cannot say no to taxes or ignore new, onerous regulations without fear of being shut down. Who is more powerful and greedy, the folks who make your cars, drill and refine your fuel, make your refrigerators, appliances, on and on ad naseum or the huge govt. work force that produces nothing and does "jobs no one wants done and would never hire anybody in the private sector to do anyway? More people work for the dept of agriculture than we have actual farmers for one example. I am sure you can think of others.

AKL

[RandallNeighbour]

Originally Posted by thstone

Hmmm. How do you explain Exxon/Mobil (and the rest of the oil industry's) record profits during the Bush years?

How do you explain their astronomical NEW record breaking profits during the Obama years?

[Allen K. Littlefield]

Originally Posted by RandallNeighbour

How do you explain their astronomical NEW record breaking profits during the Obama years?

1. NObama has more pals in the oil business than Bush did?

2. Since the dollar is worth so much less maybe the profits in real buying power are about the same?

3. Keeping the US dependent on foreign oil helps both terrorist nations and the oil companies profits?

4. The promise to bankrupt coal companies and to triple electric bills keeps driving the price of all energy up?

5. What about the astronomical NEW record breaking revenue for govt.?

All of the above tongue in cheek. I am sure we all can come up with more sterling explainable so have at it.

AKL

[thstone]

Originally Posted by RandallNeighbour

How do you explain their astronomical NEW record breaking profits during the Obama years?

I explain alll huge oil company profits during as nothing more than the oil industry grossly taking advantage of our dependence on oil. Nothing more, nothing less - simple good ol' fashioned greed.

The oil industry does it because they can and we are basically powerless to do anything about it. We're oil addicts who will pay anything for our fix.

[Allen K. Littlefield]

Originally Posted by thstone

I explain alll huge oil company profits during as nothing more than the oil industry grossly taking advantage of our dependence on oil. Nothing more, nothing less - simple good ol' fashioned greed.

The oil industry does it because they can and we are basically powerless to do anything about it. We're oil addicts who will pay anything for our fix.

Oil companies DO NOT set the price. The trading market does. Always the same old saw, greedy oil companies, never the actions of a greedy govt. Honestly guys chuck your high school and college propaganda, this grows tedious.

AKL

[Brucelee]

Originally Posted by thstone

I explain alll huge oil company profits during as nothing more than the oil industry grossly taking advantage of our dependence on oil. Nothing more, nothing less - simple good ol' fashioned greed.

The oil industry does it because they can and we are basically powerless to do anything about it. We're oil addicts who will pay anything for our fix.

If Exxon's numbers are correct (I assume they are easy to check) their profit on gasoline amounted to .02 cents per gallon.

Why would you consider that a huge profit.

BTW-They pay over 41% of gross profit by way of corporate income taxes.

How much SHOULD they make?

[JTP]

It's been $5.19 on Maui.

[thstone]

A small handful of producers (OPEC) who set production limits apriori is not a sellers free market.

Equally, a small handful of sellers (Big Oil Companies) who effectively set the market price of gasoline to consumers world wide is not a free market.

In a true open market, oil production would rise substantially as soon as oil prices increase. Instead, prices go up and production stays constant.

Therefore, the worldwide oil market is not free nor open. Q.E.D.

[tonycarreon]

Originally Posted by Brucelee

They pay over 41% of gross profit by way of corporate income taxes.

not true - that number comes from ALL the taxes they pay : income, payroll, taxes they collect from the consumer (state, federal gas tax, etc.). the real number is closer to 20% (it fluctuates year to year with 2009 being almost 0%, 2010 being 18%)...

[Brucelee]

Originally Posted by tonycarreon

not true - that number comes from ALL the taxes they pay : income, payroll, taxes they collect from the consumer (state, federal gas tax, etc.). the real number is closer to 20% (it fluctuates year to year with 2009 being almost 0%, 2010 being 18%)...

No, you are incorrect. That number would state and federal corporate income tax. It certainly does not include gas tax collections. Those go straight to the taxing authority after retail sale.

Check your facts out dude.