Posted on 03/31/2014 12:25:50 PM PDT by thackney
“OIl seems fairly priced right how, and hopefully it stays at about this level.”
Horse hockey!!!
gas is $3.38, diesel is $3.60+ in Texas.
Oil is overpriced, and too easily influenced (always increased) by the variations caused by the political/media narrative.
“Please.
Oil was $20 a barrel as recently as 2002.
You really think $75 oil will cause the Mullahs to bat an eyelash?”
You can’t possibly be serious.
They have greatly expanded their welfare state since then to quell opposition and justify their existence.
They need $110 to balance their budget, they are running in the red. Unlike Washington they simply can’t print money.
BTW in 2002 they were just about to go bust when Bush asked the Saudis to pull back in the name of Texas oilmen.
I remember the good ol days when democrats were publicly flogging petroleum executives when gas hit 2 bucks. Now with Obama at the helm not a peep.
I pay slightly more than $4 a gallon here in Commiefornia, so we have very different ideas of what “fairly priced” means with regards to oil/gas. I know a significant chunk of the cost is state taxes, but still...
The EPA has other plans.
I note that stations local to me have dropped to $3.11 today from $3.19-$3.25 as recently as Saturday.
Otherwise the price between crude and gas correlates surprisingly closely. Check out a five year chart of crude/gas prices at gasbuddy. Our minds really notice a price increase but don't have that same reaction to a price decrease. Or something but the numbers are there.
Having watched the oil patch for a period of time I'm very pleased with where we are going but now we need more refining capacity.
Spill didnt cause pump price spike some had feared {Houston Ship Channel}
http://www.freerepublic.com/focus/f-news/3137440/posts
The US already refines more than we use ourselves. We export the surplus.
Frankly I've never quite understood the gas import/export numbers. They're government numbers so maybe that explains it ...but for the week ended 3/21 we imported 628,000 gallons a day. I don't have a handle on exports.
Any sense on how/why we import and export and what the export numbers are?
And I'd still like to see more refining capacity to handle things like fires and other unanticipated shut downs. While refining has gotten a lot more efficient in the last 20 years how many news ones have been built? Something like 1? Or has that only been approved and not built yet?
I'm a belt and suspenders guy.
Oil might be fairly priced right now but gas is averaging about $4/gallon in San Diego and most of us here don't think it's about right.
We should be pumping Saudi Arabia and Iraq dry at $50/bbl or less.
Hope I caught you before you went to dig it up for me.
Sorry.
Net imports/exports combined are available.
http://www.eia.gov/dnav/pet/pet_move_neti_a_EP00_IMN_mbblpd_m.htm
http://www.eia.gov/dnav/pet/pet_move_neti_a_epc0_IMN_mbblpd_m.htm
http://www.eia.gov/dnav/pet/pet_move_neti_a_EPP0_IMN_mbblpd_m.htm
- - - - -
And I’d still like to see more refining capacity to handle things like fires and other unanticipated shut downs.
- - - - -
Nobody is going to spend billions of dollars building/expanding refineries that don’t normally run every day.
- - - - - -
While refining has gotten a lot more efficient in the last 20 years how many news ones have been built?
- - - - - -
We have built the equivalent of several large ones expanding the existing, it is cheaper that way. It is why our total refinery capacity had been rising, even with some closures.
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MGIRIUS2&f=M
But most of the state keeps electing those that add the high taxes and over burdensome regulations.
Excellent information, thanks very much.
Of course taxes are a good part of the cost but aren’t the taxes pegged in part to the cost of the gas?
Many are per gallon.
Some are percent of price.
STATE MOTOR FUEL TAXES: NOTES SUMMARY
http://www.api.org/oil-and-natural-gas-overview/industry-economics/~/media/47E397E1D3B14F61BAADCB6CA56A9F84.pdf
One would think the high cost of gas is most onerous to the low-info voters who keep electing Demonrats in California; or perhaps they can't make the connection.
I remember well when the press kept telling us oil was too high when it first hit $40 under Bush.
If $40 under Bush is too high, then (adjusted for inflation) anything a penny more than $50 under Obama is too high.
Sigh...
Iran is having no problems now after all of the sanctions lifting that started last November.
All of the anti-Western countries will rush to Iran’s aid as much as needed.
And all of the oil they sold in the last decade they made an absolute killing off of.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.