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Old 02-17-2009, 11:04 PM
 
Location: NJ/NY
15,409 posts, read 12,042,970 times
Reputation: 10988

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I want to know:

1. When oil went down to $40.00 a barrel gas around here was going for $1.39/gallon, so how come at $36.00 a barrel we are paying $1.69/gallon?

And

2. How come nobody in congress is talking about it?

Is this just happening here? Or are you guys experiencing the same in your locations?
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Old 02-17-2009, 11:17 PM
 
16 posts, read 22,258 times
Reputation: 19
please stop thinking, you arent a good American if you question the government and think for yourself, just continue to pay whatever the oil companies decide the price will be and watch David Letterman to hear what he has to say about the latest celebrity news
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Old 02-17-2009, 11:19 PM
 
Location: southern california
61,306 posts, read 79,566,669 times
Reputation: 55458
they are getting what they think they can. DC and chevron lied. its a demand sensative market.
you buy less the price goes down. time to put them out of business alternative fuels.
this means we will no longer make our enemies rich and they will go back to camels and single shot rifles. are you aware that alaska pipline oil goes to japan. whats up with that sarah.
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Old 02-17-2009, 11:54 PM
 
4,089 posts, read 4,914,007 times
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All barrels of oil are not priced equally. The price of Texas Crude or Bent crude may not be the same as the price for Saudi crude. Most of our gas is refined from Arab oil. The spread between domestic oil and Arab oil is higher than usual. Also, there are distribution issues with domestic oil that affect the price also.
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Old 02-18-2009, 12:06 AM
 
48,508 posts, read 88,633,133 times
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Canadian oil last I knew was our largest supplier. In fact there are not alot of refiernies that can't handle the sour crude from saudi. But as stated oil does vary with West Texas crude being cheaper but limited in its amount and distribution. Right now many lower producing wells are being capped because at their low outpuit they cost too much to run.Certainly oil/gas follows demand more than most products do tho as we have seen during these deflationary times.
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Old 02-18-2009, 02:02 AM
 
Location: The Planet Mars
2,150 posts, read 2,393,950 times
Reputation: 523
Quote:
Originally Posted by AnesthesiaMD View Post
I want to know:

1. When oil went down to $40.00 a barrel gas around here was going for $1.39/gallon, so how come at $36.00 a barrel we are paying $1.69/gallon?

And

2. How come nobody in congress is talking about it?

Is this just happening here? Or are you guys experiencing the same in your locations?
Gas in my area (NY) has gone from about 1.79 a gallon, to now paying 2.09 a gallon.

What I've read and heard is that Feb/March/April are the times when refiners shut down some of their refineries for maintenance, resulting in a shortage of certain products - gas this year.

I guess that makes sense, given that we haven't built a single new refinery in this country in over 30 years..

The only solution is for us to get off oil and move to alternative fuels..
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Old 02-18-2009, 02:04 AM
 
Location: Imaginary Figment
11,456 posts, read 13,324,712 times
Reputation: 4773
I hold ACORN responsible.
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Old 02-18-2009, 02:06 AM
 
27,971 posts, read 36,086,769 times
Reputation: 4083
HowStuffWorks "How does oil speculation raise gas prices?"
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Old 02-18-2009, 02:38 AM
 
Location: Desert Southwest
263 posts, read 1,125,463 times
Reputation: 504
The recent rise in gas prices is due to the fact that refiners are cutting back production. Demand for gasoline in the U.S. was very weak in the last part of 2008 and that has resulted in shrinking profit margins for refineries and too much inventory. This has triggered reductions in refinery utilization rates from 87.4% of capacity down to 81.5% as of the first week of February. Not counting outages caused by hurricanes, utilization rates this low have not been seen in 17 years. Prices will probably continue to go up until such time as the excess supply in the system is sold off. Once that happens, prices will likely fall and then stabilize until either demand goes up or drops even further.

So at least in current circumstances, the price of a barrel of oil has no real bearing on the pump prices for gasoline that are now being seen.
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Old 02-18-2009, 05:46 AM
 
1,905 posts, read 2,271,562 times
Reputation: 543
Barry is obviously controlling the price for his oil buddies in Chi-town.
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