Question: Gulf oil spil & gasoline. . . Summer !

[killain]

Well you don't need to have a Memorial day weekend for the start of summer. I just saw my first sign of the coming summer, Exxonmobil gasoline: $3.51.9 a gallon. Hang on, here we go . . .

 

[Rex S]

Spill was a new well being drilled so it should not have any bearing on prices and crude is actually coming down in $$. Don't know if we'll see it at the pumps though. 93 around here is 2.87 to maybe 3.00 in remote areas.

 

[njlouc]

The world economy is cratering!
The euro and other currencies are tanking. The final result is that as bad as our economy is/will be, it still beats the others.
So when oil is traded, it is traded in dollars. At least now we have a slight advantage making gas/oil cheaper. Later when the entire world tanks there will be a reduced demand for world oil.
However after that we will tank and it will not matter how much anything costs since no one will have the money to pay.

 

[killain]

Well around here, regular gasoline sells for $2.99.9 and 93 octane at Sunoco is $3.45.9 and ExxonMobile is $3.51.9 for 93 Octane.

 

[Mike G]

Bad Keyboard?

Killain, is your keyboard operating o.k.? Gas around here is $3.00/gal. If we ever see $350.00/gal, we won't be worrying about Vettes, that's for sure!

...although gold is now $1,200/ounce, and that's no typo!

 

[jrose7004]

Regular just dropped here today from $2.72 to $2.67 per gallon. It doesn't matter what happens but any excuse will raise prices. That's the way it's always been.

 

[killain]

Yeah. I just didn't add the first decimal point cause I thought you all would know that I mean $3.51.9 if I just typed $351.9 Sorry if I confused anyone.

 

[njlouc]

Yeah. I just didn't add the first decimal point cause I thought you all would know that I mean $3.51.9 if I just typed $351.9 Sorry if I confused anyone.

Instead of changing the amount, just change the date.

 

[1963SS]

Gas is up to $3.00 here. You're right, inventories are high but that will have no effect on gas prices. They do what they want with no regard to supply and demand. The prices are probably going up now so that every refining company can secretly put money into a slush fund to help ole' BP pay for the consequences of the spill. You don't really think that they are going to pay billions for the cleanup from their profits.......do you? When it's all said and done I'll bet their earnings statement doesn't take a very big hit at all.

And.....I don't believe in conspiricies but logic rules!!

 

[lowflyer]

Gas prices

Funny thing... gas prices are dropping! At least around here (Phoenix,AZ).

Prices have gone down about 25-30 cents in the last couple of weeks, which is really strange since it is that time of year when prices nomally "head north".

I also heard from a friend of mine who lives in Jersey that 2 of the refinerys are shut down due to " a lack of demand".

The spill in the gulf, as bad as it is, doesn't have any direct effect on gas prices since it was an exploratory well not a producing well.

I suspect the present price/demand structure is more of a result of the economy than anything else.

Ken Edney
Chandler, AZ

 

[jrose7004]

The Gulf oil slick will start it all back up in the coming weeks!

 

[geekinavette]

Just saw a news article yesterday stating that the Feds have fined BP something like $98mil (might be different, I really don't remember) over lack of action to contain this leak.

Question is how long is gonna take us gas-buying consumers to pay THAT debt off...

 

[njlouc]

maybe not!!

Yes - people are cutting back big time.
The oil cartels are treading on thin ice.

The world economies are very weak, and they have to be careful how they play the game. Aditionally they are scared to death of "demand destruction".
"Demand destruction" is when people start to use other forms of energy. We have been seeing it here more and more. So many oil distributors are losing accounts to nat. gas for home and commercial use.

The current BP spill has the world turning against oil companies. The big trend will be large scale alternate energy. Bigger than ever!!

SO if they raise prices in that old tired game they will put the nail in their coffins.

 

[killain]

Just saw a news article yesterday stating that the Feds have fined BP something like $98mil (might be different, I really don't remember) over lack of action to contain this leak.

Question is how long is gonna take us gas-buying consumers to pay THAT debt off...

It's interesting you make that point, cause we're gonna get it one way or the other. Last week when CNN was taping all the people who were marching about and ranting "Boycott BP" that the person who was being asked questions about the stability of the company BP, he said that boycott or no boycott, oil is traded amongst all oil companies. For example he said, "If say Sunoco in running low of say regular at some region in a perticular state, they don't refine more at the moment to cover the shortage, they simply pick up the phone and buy say 500.000 gallons from BP." He said it's done industry wide. Chevron buys from ExxonMobil, BP buys from Shell, Sunoco buys from Chevron and Chevron buys from BP. It's just the way it is !

For some reason that staement doesn't make me feel very comfortable !And as far as supply and the price, here in the Delaware Vally we have six refineries, mostly Sunoco's and Chevron, but there's two independent. Of the six, two shut down last fall. Reason, not needed as it didn't benefit them cost wise to refine Gasoline at the current price. And now I watch the morning news, and the experts stated that as far as all of the oil spilled in the gulf of Mexico, and as huge the leak, all that oil is about as much as we here in the United States in a week ! Very sobering.

 

[Patrick]

Just saw a news article yesterday stating that the Feds have fined BP something like $98mil (might be different, I really don't remember) over lack of action to contain this leak.

Question is how long is gonna take us gas-buying consumers to pay THAT debt off...

What the Feds handed BP was a $68 Million "running tab" for reimbursement of the government's efforts to clean up the spill. It's the first of probably many such bills.

BP's problem right now isn't financial- that have the reserves to pay these bills. BP's big problem is its current public image, and that image isn't being helped by a CEO who makes makes dumb statements like "when you consider the amount of oil spilled, compared to volume of water in the Gulf, it's actually rather tiny." And this gem: "I'd like my life back."

He even went on to respond to the people holding protests against BP by using that old line about sticks and stones may break my bones... I don't he gets that with every indifferent, callous word he utters, he's directing people to get sticks and stones. :eyerole

As others have said, the BP rig was an experimental one that was not part of the "grid." So it's spill isn't affecting world oil supply, and therefore price. What will affect price is Obama's edict halting all off-shore drilling. The statistic I read is that we get 48% of our domestic supply from the Gulf.

 

[geekinavette]

What the Feds handed BP was a $68 Million "running tab" for reimbursement of the government's efforts to clean up the spill. It's the first of probably many such bills.

BP's problem right now isn't financial- that have the reserves to pay these bills. BP's big problem is its current public image, and that image isn't being helped by a CEO who makes makes dumb statements like "when you consider the amount of oil spilled, compared to volume of water in the Gulf, it's actually rather tiny." And this gem: "I'd like my life back."

He even went on to respond to the people holding protests against BP by using that old line about sticks and stones may break my bones... I don't he gets that with every indifferent, callous word he utters, he's directing people to get sticks and stones. :eyerole

As others have said, the BP rig was an experimental one that was not part of the "grid." So it's spill isn't affecting world oil supply, and therefore price. What will affect price is Obama's edict halting all off-shore drilling. The statistic I read is that we get 48% of our domestic supply from the Gulf.

Oh I'm sure he's constantly shooting himself in the foot, and no BP is surely nowhere near in "financial trouble". However, do you really think BP is going to eat this "running tab" itself? Whatever that total ends up to be...don't you think WE are going to be the ones to ultimately pay it off?

 

[Patrick]

However, do you really think BP is going to eat this "running tab" itself? Whatever that total ends up to be...don't you think WE are going to be the ones to ultimately pay it off?

We have been repeatedly told by both BP and this administration that taxpayers will bear none of the cost of cleaning up the Gulf. If that promise is violated by BP, they need to be held accountable for breaking that promise in Court. If the administration tries to raise taxes to pay for the clean up, they need to be seriously accountable for it at election time.

 

[Mike G]

We have been repeatedly told by both BP and this administration that taxpayers will bear none of the cost of cleaning up the Gulf. If that promise is violated by BP, they need to be held accountable for breaking that promise in Court. If the administration tries to raise taxes to pay for the clean up, they need to be seriously accountable for it at election time.

...we were repeatedly told in mid '07 that "the contagion from the subprime decline would not spread to the rest of the market", that allowing AIG, Citigroup and Bank of America to go bankrupt would cause the global economy to die, that there were weapons of mass destruction in Iraq. Aren't we fed up with being LIED TO by now?.....ad

 

[geekinavette]

Yeah being "told" anything by big oil or government really doesn't mean diddly squat.

I hope you're right, Patrick! Only time will tell.

 

[Remo]

More Input

Patrick,
Let's move this thread over to the "Off Topic" forum. It'll get a larger audience. That way BP and big government can get some valuable input.:L
Remo:cool