gas prices down for the - now 35th straight day - now under $3.71

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BoomerD

No Lifer
Feb 26, 2006
64,144
12,460
136
Originally posted by: Queasy
Originally posted by: miketheidiot
Originally posted by: Queasy
Originally posted by: dman
I don't think gas will ever be cheap and plentiful again, barring some 'discovery'. So, in the absence of news to that, I'll continue to try and be conservative, even if the prices drop down a bit in the short term.

As long as we keep blocking off-shore drilling, oil shale development, and places like ANWR, no it won't be cheap and plentiful again.

because there is a HUGE supply of oil in those places relative to current production and know supplies. :disgust:

- Oil Shale Reserves in Colorado, Utah, and Wyoming are estimated at around 1 to 1.5 trillion barrels.
- There was an article just recently stating that there is an estimated 30 billion barrels of oil off the coast of Alaska alone.
- ANWR is estimated at around 10 billion barrels.
- More is yet to be discovered. Example - Brazil recently found two oil deposits off their coast. They immediately jumped on developing these deposits.

I don't really have any problem with drilling for more oil, but then what?

Our refineries are already running at capacity. It's not like they're running out of oil.

If the USA would pass laws that prohibit selling US oil outside the country, AND selling the oil at "fair prices" not at the inflated world market prices, I'd be in favor of drilling more.

What about all the hundreds of thousands of acres of oil leases the oil companies are already sitting on but not drilling? Should they be required to drill those first?


How about the USA nationalizing it's oil industry and taking the massive profits away from the oil companies. If done properly, we could eliminate our national debt pretty quickly.


I worked in and around the oil fields (and oil shale industry) for years in Wyoming, Colorado, and Utah. I can't believe it costs more than $30-$50 per barrel in most oil fields to explore, drill, develop the wellhead, and ship the oil to a refinery.

The rest is pure profit, either for the oil company, or for the speculators who are raping the world.
 

Queasy

Moderator<br>Console Gaming
Aug 24, 2001
31,796
2
0
Originally posted by: BoomerD
Our refineries are already running at capacity. It's not like they're running out of oil.

Actually, they aren't right now because of a combination of high gas prices and people driving less. This forced refineries to produce less in order to stay profitable.

If the USA would pass laws that prohibit selling US oil outside the country, AND selling the oil at "fair prices" not at the inflated world market prices, I'd be in favor of drilling more.

We are a major cog in the global economy. This is just unrealistic.

What about all the hundreds of thousands of acres of oil leases the oil companies are already sitting on but not drilling? Should they be required to drill those first?

Just because they hold leases to the land doesn't mean there is oil there. Any number of factors can prevent drilling such as no oil, not enough recoverable oil to make it worthwhile, to lawsuits preventing any exploration (yes, that does actually happen). The leases already contain 'use it or lose it' clauses.


How about the USA nationalizing it's oil industry and taking the massive profits away from the oil companies. If done properly, we could eliminate our national debt pretty quickly.

That is just a horrible idea. The 'massive profits' the oil companies are making are only because of the immense volume they deal with. Look at their financial sheets and you'll see they have profit margins hovering around just under 10%. That is less than other industries such as banking and even Google. Additionally, Exxon may have enjoyed $40 billion in profits but they also paid out $30 billion in taxes. Same with the other oil companies. This doesn't include the fees that the oil companies have to pay on top of taxes which is very sizeable.

link

And it's not just Exxon Mobil that's paying the freight. From 1977 to 2004, according to Tax Foundation data, U.S. oil companies cleared $630 billion after taxes while paying $518 billion in federal and state corporate taxes at an average rate of 45%.

Over the same period, an additional $1.34 trillion in excise fuel taxes was collected from consumers by the oil companies and turned over to various governments.

 

Eos

Diamond Member
Jun 14, 2000
3,463
17
81
My last 4 tanks:

June 3: 4:09 ($.10 jump in 4 days)
June 4: $4.11 (I must have gone somewhere)
June 22: $4.13
July 8: $4.23

It's been at $4.25 since right after the 8th, and it dropped back to $4.23 yesterday. Whee!
I wonder how high the prices would be if a barge couldn't deliver to our very own tank farm not 15 miles away. Like those poor fucks in the middle of nowhere.
 

BoomerD

No Lifer
Feb 26, 2006
64,144
12,460
136
According to gasbuddy.com, we have a couple of stations around here that have dropped below $4/gallon, but most are still between $4.05 and $4.25.
 

TehMac

Diamond Member
Aug 18, 2006
9,976
3
71
In Taxifornya we're at 4.55 for premium stuff, around 4.35 for 87, which is the gas I can use, but I try and stick with 89 for better performance.
 

dman

Diamond Member
Nov 2, 1999
9,110
0
76
Wonder how much of the drop is just seasonal in nature. It's near the end of the summer driving season and prices tend to drop this time of year anyway. I bet they go back up by winter time (heating oil,etc).
 

Amused

Elite Member
Apr 14, 2001
56,515
16,238
146
Illinois has some of the highest prices on average because of special formulations required by the state (ain't government control cool?)

Price yesterday: $3.72 for reg at the Shell on Washington and Veterans in Springfield.

Cheapest in town is 3.65
 

murphy55d

Lifer
Dec 26, 2000
11,542
5
81
No changes here. We just bought a Dodge Dakota SLT Quad cab that gets relatively low mileage anyway, so it'll just become cheaper to fill up. :shrugs:

The high gas prices sure allowed for some great deals on big trucks and SUVs. We took advantage.
 

BoomerD

No Lifer
Feb 26, 2006
64,144
12,460
136
Originally posted by: TehMac
In Taxifornya we're at 4.55 for premium stuff, around 4.35 for 87, which is the gas I can use, but I try and stick with 89 for better performance.

What part of kahleeforneeya are you in? I'm in norcal, and prices are quite a bit less than what you've posted.

BTW, unless your car's engine was built to run on the 89 octane,you're just throwing away money...
 
Jul 10, 2007
12,041
3
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Originally posted by: Amused
Illinois has some of the highest prices on average because of special formulations required by the state (ain't government control cool?)

Price yesterday: $3.72 for reg at the Shell on Washington and Veterans in Springfield.

Cheapest in town is 3.65

dude, $3.65 is CHEAP. even $3.72 is below avg.
 

ultimatebob

Lifer
Jul 1, 2001
25,134
2,446
126
Originally posted by: amdhunter
Originally posted by: rdubbz420
hhmmm... gas prices are high?
<-----bikes everywhere.

Good for you. Just stay the f out of my lane in traffic and things will be A-OK.

I swear, there seem to be a lotta n00bie bikers/moped riders on the streets these days, just begging for someone to ram their ass off the road. :disgust:

Those mopeds are friggin dangerous, man! I'm still in a cast from my last riding attempt :(
 

KK

Lifer
Jan 2, 2001
15,903
4
81
Awesome, I'll have to go out today and look for a new ford expedition.
 

ObiDon

Diamond Member
May 8, 2000
3,435
0
0
Originally posted by: BlahBlahYouToo
Originally posted by: Amused
Illinois has some of the highest prices on average because of special formulations required by the state (ain't government control cool?)

Price yesterday: $3.72 for reg at the Shell on Washington and Veterans in Springfield.

Cheapest in town is 3.65

dude, $3.65 is CHEAP. even $3.72 is below avg.
no doubt. i'll look when i go out later today, but i don't think even regular is under $4 in the portland area.
 

ObiDon

Diamond Member
May 8, 2000
3,435
0
0
Originally posted by: KK
Awesome, I'll have to go out today and look for a new ford expedition.
just stay away from the H3s and escalades! they're all mine! i'll make a killing in detroit and compton reselling them!
 

spaceman

Lifer
Dec 4, 2000
17,609
170
106
wasnt it like $3 per this spring?
3.95 vs 4.15 is like getting a taco bell taco with 4 extra shreds of lettuce.
big deal.
 

jpeyton

Moderator in SFF, Notebooks, Pre-Built/Barebones
Moderator
Aug 23, 2003
25,375
142
116
Originally posted by: clowntard
wasnt it like $3 per this spring?
3.95 vs 4.15 is like getting a taco bell taco with 4 extra shreds of lettuce.
big deal.
It was $3/gallon in February 2008.

Don't expect prices to drop as fast as they rose, if at all. We're being conditioned to buy gas at progressively higher prices. Sharp increases, followed by small drops...people see $3.95 instead of $4.15 and they suddenly think it's okay to start driving around like idiots again.