Posted on 04/21/2006 10:46:54 AM PDT by Rutles4Ever
SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed to a high of $75 per barrel Friday for the first time ever for a front-month contract on concerns about tensions surrounding Iran's nuclear activities, violence in Nigeria, and tight U.S. supplies of unleaded gasoline. June crude was last up $1.26, or 1.7%, at $74.95 per barrel. "We often see this sort of short covering in a record-setting bull market ahead of a weekend, since nobody is sure where we may be Monday," said trader Kevin Kerr, who is also editor of MarketWatch's Global Resources Trader.
Also, my point I was making earlier, was basically this:
Yes, the average profit on a gallon of gas is 6 to 9 cents. But the govt, which does nothing to provide the gas and therefore incurs no cost, and actually drives up the cost with an infinity of regulations, makes a profit of up to 40 cents a gallon (whatever it is you're paying in taxes at the pump). It's the govt that's price-gouging, not the oil companies.
Hawaii and California are one and two in the cost of gasoline. Boxer and Feinstein will start calling again for a windfall profits tax on the oil companies and an investigation. The issue of boutique blends and environmental restrictions prohibliting the building of refineries will never be raised. CA will be hardest hit given the number of commuters and time spent on the road.
Not a few. Just Ted Kennedy and Michael Moore. That would glut the market.
One thing I can say is that if I owned oil wells or refineries, I'd be contributing big time to the Democrats. The less exploration and new construction, the greater the value of my assets.
Yeah ... I guess that's what I mean.
It would be a fun experiment and who knows, we might just save America's SUV industry.
Great. It will still take eight or nine years for said oil wells to start producing oil. What do we do between now and then?
If we're politically realistic, at this point, Bush wouldn't get higher approval ratings if he captured Osama with his bare hands on live TV. I'm no trying to bash W, but reality is, the administration is on life support and this isn't helping.
Such a well thought out reply.
1. $1.13 in the year 2005 has the same "purchase power" as $1.00 in the year 2000.
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The above is from the website "Economic History Resources", is anyone here dumb enough to believe it?
Percentage wise, what would you allow a company to make on investment?
I long for the day when we thought fifty cents a gallon sounded absurdly high.
On Cavuto's show airing now, I just watched Brenda Buttner blast Dem strategerist Bob Beckel over the Dems obstructionism regarding oil exploration. She was really irritated...and one hundred percent correct.
There is ZERO excuse for not drilling our own oil and doing everything possible to increase the supply and refinement.
While the oil execs can claim free market all they want, they should also not obstruct new drilling and use the paid for pols to stop new companies from entering the fray.
These traders are lining the pockets of iran to build nuclear weapons. In their stupidity they are doing them a favor.
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BINGO!
Drilling at home will take much too long to solve the issues we have today. The quickest way to control and reduce prices is to simply demand less oil. Instead of drilling and waiting eight or nine years to get a drop of it, we'd be better off spending that time developing alternative fuels to completeley remove us from M.E. dependence, and in eight or nine years, be off the oil "schneid".
Iran has been threatening us since 1979. Ok, the Iran-Iraq War made them a little bit more humble but that seems to have disappeared by now. The threat won't abate until the mullahs are history.
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