Gas Prices, etc. ....

[Jay481985]

It's wierd around here (and please don't see this as a flame). The stations that are franchises and that are owned by some middle eastern family require payment up front. The ones that are American owned and staffed mostly do not....

We have at least four examples of this in our neighborhood.

its probably because they were taken advantaged, when some american see's a foreigner i bet you they most likely pumped and drove away.....

[Jay481985]

My personal economic index:

1965: 1 hour of work at McDonalds after school paid for 4 gallons of regular gas. My car got 32mpg.

2007: 1 hour of work at McDonalds pays for just 2 gallons of regular gas, and cars get around 32mpg.

Uh oh.

Productivity gains since 1965: 500%

Uh oh......where'd the money go?

cable tv, high speed internet, cellphone/iphone/blackberry/ itunes.... just more unnecessary items to add more bills at the end of the month.

[Jay481985]

I saw that and did some research. It probably uses more energy to destablize the bonds and ignite the hydrogen atoms then it produces.... or laws of physics be damned!!!

[oldbuckster]

Reg. Un-Leaded ; $3.79 .............. and climbing !!!!!!!!!!

[SteelerFan]

I sold this last summer. It got over 60 mpg on regular gas. Think I'm kicking myself now?[:'(]

[Mighty Favog]

......and I thought I was doing somewhat well at $3.71 / gal. for 94 octane this past friday (local Sunoco).

then I got hit with $2,000 in medical bills (out of $5,400 submitted to the Blue Cross) from a 2-day stay in the hospital with pneumonia and pluresy (sp). And all they did was give me I.V.'s a couple Chem-16 runs of lab work.....[:'(]

[oldbuckster]

Reg. Un-Leaded ; $3.82 ................ I seem to remember more outrage when it hit $3.00 per gallon than I see now, What's up with That ????

[Guest srobak]

Because we had these prices last summer... everyone seems to have forgotten. However - wait until it crests $4... I think then you will begin to see some genuine anarchy. Side note - in the past week, I have seen THREE Smart-Cars around the Chicago burbs. I have NEVER seen one on the road prior.

[JJkizak]

That Smart car ain't too bad lookin.

JJK

[Guest srobak]

Well... I think it leaves a lot to be desired, but I really don't like that kinda styling in cars. However - it is made by Mercedes - and you can see some of the visual cues. If it got good mileage - I don't think I would care what it looked like, really. Hell - I ride a lime-green motorcycle, and have leathers to match. You think I wanted it that way? I didn't have a choice in the matter, really.

[oldtimer]

Your sponsors made you?

[kev313]

Because we had these prices last summer... everyone seems to have forgotten.  However - wait until it crests $4... I think then you will begin to see some genuine anarchy. Side note - in the past week, I have seen THREE Smart-Cars around the Chicago burbs. I have NEVER seen one on the road prior.  

I've been paying $4.09 for a week.

[Arky]

wow, i'm about to choke at $3.44.

[Duke Spinner]

well ..

i voted for Bushy #2 ..

'cause the alternative was worse ..

What ...???

he's goin' OUT ...

does anybody think he gives a *** about the Energy Rape-age happening ..?

What ... was Daddy's .. Bidness ...? [*-)]

[JJkizak]

I think I feel an oil song coming on. You can oil my brain, lube my shoes, grease my ears, and take all my cash but don't you, step on my K-horn blues.

Sorry, but it rhymes nice.

JJK

[Tom Adams]

Paid $3.48 for regular yesterday.

When Congress created ANWAR, the measure passed with the provision that a certain small region be set aside for oil exploration drilling. That region was surveyed and all parties agreed that there would be NO negative environmental impact to drilling there. The oil deposit is very large. That was over 15 years ago. To date, Congress has not allowed drilling.

Food prices are rising around the world. Much of this is caused by the heavy subsidies the federal government pays to farmers who grow corn and maize for ethanol production. It has been several years since any new acreage has been planted in corn for food in this country. Back in 1998 the Senate voted on an EPA mandate for ethanol. Louisiana Democrat Senator Bennett Johnson tried to prevent that mandate from becoming law. He said that American consumers would need a few extra bucks to pay for their corn flakes every morning if the mandate made it through. The Senate was tied 50-50 on the bill to prevent the EPA from going forward with the ethanol mandate. The tie had to be broken, and it was, by the President of the Senate (Al Gore if you must know). The bill was defeated and the EPA was allowed to proceed with the mandate. That was 14 years ago. Now we have these increasing food prices.

Then there is the large oil deposit offshore from the Gulf Coast of Florida. The Florida Governor says no way you’re drilling off my coast; it’ll ruin our tourist economy with those ugly drilling rigs. Never mind that the rigs would be over 25 miles off the coast and could only be seen with the naked eye from the top floor of a 25 story building.

Oil is traded on speculation. That needs to STOP. Not sure how. But it darn sure doesn’t need to be on the futures market.

Exxon’s profit margin during the past three record profit years is hovering around 11.5%. Many sectors of our economy like furniture, financial institutions, cosmetics, etc. have had substantially higher margins. The reason the oil companies profits have been increasing is because the price of crude oil has gone up thus bringing gas prices up thus increasing the dollar amount of sales. That’s the “P” side of the P&L. Factor in all those things that go on the “L” side of the P&L and you get around an 11.5% profit margin.

All oil refineries in this country are at max capacity with no new refineries on the drawing boards because of the NIMBY – not in my back yard – position of many locales. It’s well known that part of the issue is that demand for gas is out-stripping supply therefore the laws of supply & demand take hold. Folks want cheaper prices but say no to refineries being in “their back yard”.

When folks in this country realize that what we have is not a political issue, but an issue with the Imperial Federal Government (IFG) that is no longer “…of the people and by the people…” then change will happen. But until we as a nation continue to stick our collective heads in the sand; cry “oh help me IFG. It’s never my responsibility/fault for my actions”; never hold our elected officials accountable for their screw-ups; continue down the slippery-slope road of political correctness; then I think we got coming what we deserve.

Hopefully this post was neutral enough to not warrant the big ka-bosh from Amy for it’s not my intent. I’m just venting and frustrated fed up.

Tom

[LarryC]

All oil refineries in this country are at max capacity with no new refineries on the drawing boards because of the NIMBY – not in my back yard – position of many locales. It’s well known that part of the issue is that demand for gas is out-stripping supply therefore the laws of supply & demand take hold. Folks want cheaper prices but say no to refineries being in “their back yard”.

Great thread and info IMO. On this point, though, I thought the expressed view of major oil companies was disinterest in building more refinery capacity. So, is this really an important factor? I don't recall the companies even claiming that NIMBY is a factor, and if they do, wouldn't it only be CYA?

[Don Richard]

The reason the oil companies profits have been increasing is because the price of crude oil has gone up thus bringing gas prices up thus increasing the dollar amount of sales. That’s the “P” side of the P&L. Factor in all those things that go on the “L” side of the P&L and you get around an 11.5% profit margin.

And while exorbitant profits are being made by the OCs they are still getting tax breaks at the Federal level "to look for new, domestic sources of oil.

[Mighty Favog]

What got me was a news story (forget where) that said someone was trying to get the IRS to tax large corporations (i.e.- OC's) for windfall profits. My questions were 1.) at what tax rate? 2.) who sets the threshold of what is a windfall and what isn't? And (more of a statement) 3.) the OC's more than likely won't mind making just a "little" less of a windfall than before the tax.

Sounds like a another "feel good" tactic the government is trying to satisfy us with that really does little to nothing.

[Guest srobak]

I've been paying $4.09 for a week.

Are you running premium, or are you just buying at the BP at LaSalle & Ontario? Schaumburg area is bouncing between 3.65 and 3.79 for regular.