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Old 05-06-2011, 07:40 PM
 
338 posts, read 426,954 times
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so, whats the price of oil at closing today?
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Old 05-06-2011, 07:51 PM
 
1,845 posts, read 1,469,657 times
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Quote:
Originally Posted by Lancet71 View Post
Gas and oil prices have high and low limits. Dealers cannot charge what they want. There are parameters and then you get all the taxes that vary from state to state but yes even though it might seem like they don't, they do monitor it and enforce the prices.
A dealer can charge whatever they want. If I wanted to open a gas station that has $10/gallon then nothing will stop me from doing so. However, having $10/gal and every other station in $4, then I'm not going to do much business.

Quote:
Originally Posted by Smash255 View Post
Hyperbolize much??

Do you think you are insulting people by saying secular-progressive-liberal-left?? This is New York, its not the South.....

The idea that speculation plays no part in this is utterly laughable. The issues in the Middle East, Oil Speculation, and the greed of oil companies (which constantly top the most profitable list) are key reasons why gas prices are so high.
Speculation is taken by all levels, the speculation being that the availibility or demand for oil is going to be higher or lower. The stock market, whether it be companies, energy, or commodities, is going to be driven by two factors: facts and personal opinion. We would wish that we were strictly driven by realistic perspectives based in facts, but thats pretty far from actuality.

Its not the greed of oil companies, the .gov makes more profit on a gallon then the oil company. Middle east (really OPEC) does price fix, but any attempts to reduce our reliance of the ME has been met by the "ZOMG! The enviroment is going to die" people.
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Old 05-06-2011, 08:44 PM
 
9,343 posts, read 16,975,931 times
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Originally Posted by pequadude View Post
so, whats the price of oil at closing today?
Wholesale gasoline $3.09-01/100, down 53/100 cents a gallon

Wholesale heating oil $2.84-57/100, down 4-12/100 cents a gallon

Product value $125.69, down $0.82 a 42-gallon barrel

Crack spread $28.50, up $1.80 a 42-gallon barrel

Crude oil $97.18, down $2.62 a 42-gallon barrel
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Old 05-06-2011, 08:54 PM
 
Location: Long Island (chief in S Farmingdale)
14,415 posts, read 7,831,084 times
Reputation: 2567
Quote:
Originally Posted by SilverBulletZ06 View Post
A dealer can charge whatever they want. If I wanted to open a gas station that has $10/gallon then nothing will stop me from doing so. However, having $10/gal and every other station in $4, then I'm not going to do much business.



Speculation is taken by all levels, the speculation being that the availibility or demand for oil is going to be higher or lower. The stock market, whether it be companies, energy, or commodities, is going to be driven by two factors: facts and personal opinion. We would wish that we were strictly driven by realistic perspectives based in facts, but thats pretty far from actuality.

Its not the greed of oil companies, the .gov makes more profit on a gallon then the oil company. Middle east (really OPEC) does price fix, but any attempts to reduce our reliance of the ME has been met by the "ZOMG! The enviroment is going to die" people.

The oil companies are making record profits, the most profitable company, and 2 of the to 3 are oil companies (I believe its 4 of the to 10) Oil company profits have nothing to do with taxes.

As far as the environmental crowd, drilling more in the U.S won't do much to diminish the prices of oil and gas, it would take ten years to be put to use anyway and the impact would be minimal, we would still be reliant on the middle east and big oil.

We need to get away from oil all together, invest in other sources, and stop giving the most profitable industry $4 billion a year in subsidies.
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Old 05-06-2011, 09:00 PM
 
1,794 posts, read 1,359,046 times
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Originally Posted by Smash255 View Post
We need to get away from oil all together, invest in other sources, and stop giving the most profitable industry $4 billion a year in subsidies.
Unfortunately, the best way to do that, nuclear, was just set back 10-15 years by the events in Japan.
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Old 05-06-2011, 09:25 PM
 
9,343 posts, read 16,975,931 times
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Originally Posted by Smash255 View Post
As far as the environmental crowd, drilling more in the U.S won't do much to diminish the prices of oil and gas, it would take ten years to be put to use anyway and the impact would be minimal, we would still be reliant on the middle east and big oil.
If the market truly believed that the restrictions against drilling on the Atlantic and Pacific Coasts, not to mention the Gulf Coast and Alaska, as well as restrictions about building refineries, were lifted, prices would decline without needing to wait any 10 years as current expectations of tight global supplies would be more than offset by expectations of increased U.S. supplies.
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Old 05-06-2011, 09:29 PM
 
1,794 posts, read 1,359,046 times
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Originally Posted by Walter Greenspan View Post
If the market truly believed that the restrictions against drilling on the Atlantic and Pacific Coasts, not to mention the Gulf Coast and Alaska, as well as restrictions about building refineries, were lifted, prices would decline without needing to wait any 10 years as current expectations of tight global supplies would be more than offset by expectations of increased U.S. supplies.
So doing nothing of importance is important if people believe it to be important?
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Old 05-06-2011, 10:55 PM
 
Location: Long Island (chief in S Farmingdale)
14,415 posts, read 7,831,084 times
Reputation: 2567
Quote:
Originally Posted by Walter Greenspan View Post
If the market truly believed that the restrictions against drilling on the Atlantic and Pacific Coasts, not to mention the Gulf Coast and Alaska, as well as restrictions about building refineries, were lifted, prices would decline without needing to wait any 10 years as current expectations of tight global supplies would be more than offset by expectations of increased U.S. supplies.
It would take a long time for the prices to drop, if they even drop. The prices wouldn't drop 10 years in advance. On top of that we would still need to rely on Big Oil. We need to invest in other sources, get away from not only importing oil, but get away from oil period.
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Old 05-06-2011, 11:55 PM
 
1,845 posts, read 1,469,657 times
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Originally Posted by Smash255 View Post
The oil companies are making record profits, the most profitable company, and 2 of the to 3 are oil companies (I believe its 4 of the to 10) Oil company profits have nothing to do with taxes.
Because the #1 source of energy in the most energy-using country is: OIL! Profit through volume, looking at pure numbers without context means nothing. Apple makes far more profit on a gizmo then the oil companies do on a barrel.

Quote:
As far as the environmental crowd, drilling more in the U.S won't do much to diminish the prices of oil and gas, it would take ten years to be put to use anyway and the impact would be minimal, we would still be reliant on the middle east and big oil.
I'm going to give you a chance to retract that statement before my head implodes. Because I know that your smarter then that statement.

Quote:
We need to get away from oil all together, invest in other sources, and stop giving the most profitable industry $4 billion a year in subsidies.
You'll be happy to know that there are a few people pushing to reduce subsidies across the board. And I agree with alternative energy. We should have gone nuclear 30 years ago. Cars shouldn't be saddled with several hundred pounds of junk. Our 55mph limit should have been 65mph 20 years ago after the 80's box-on-wheels designs went away. Putting a footprint for a bank of solar panels shouldn't increase my taxes.
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Old 05-07-2011, 12:36 AM
 
Location: Massapequa Park
3,173 posts, read 3,491,148 times
Reputation: 1320
Quote:
Originally Posted by Smash255 View Post
It would take a long time for the prices to drop, if they even drop. The prices wouldn't drop 10 years in advance. On top of that we would still need to rely on Big Oil. We need to invest in other sources, get away from not only importing oil, but get away from oil period.
What you're missing or ignoring, is the impact more domestic production has on our trade deficit. The vicious cycle that exists:

--------
Higher oil prices (*or the more we import*) increases our trade deficit --> which weakens the US dollar --> which fuels even higher oil prices and higher prices on EVERYTHING [Back to step 1 in the cycle]
--------

The US currently imports about 400 Million Barrels a month, or about $40 Billion in dollars that leaves the country. That is close to our entire trade deficit on a monthly basis. If we close that gap through increased domestic production, it will lead to a stable dollar and prices for EVERYTHING will be cheaper for US dollar earners.

The problem with the US today is we don't produce enough stuff. One area where we are actually improving is oil/gas production. Every year we import less and less oil.

There's no telling where oil prices will be heading, I think $200-$300 a barrel in the future, but you gotta understand the relationship oil plays on our trade deficit and USD$ to truly realize why we need to drill more here. Even if it just keeps the price at $100 Barrel for the next 15 years, that will be a major success which can be achieved through starting drilling projects now. I do agree with you that we should eventually get off oil. That ain't happening until you find a combustible fuel that can be mass produced like oil (biofuels certainly can replace it) or much better batteries than what is available today. Find ways to produce ethanol 30% cheaper than it costs today and get the volt under 20 grand with a much better battery (like 200 miles on a 4hr charge) ---and then I think we'll get real close to killing all imports of oil and become a net exporter of oil.

ps- on Thursday the House passed HR 1230 (Restarting American Offshore Leasing Now Act)..oil took a 10% nose-dive that same day. Was that the cause of the drop?
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