Crude futures prices tap $75 for first time ever in NY

CBS Marketwatch ^ | 4/21/2006

[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.

[gogeo]

Marketing=gas station.

[Rte66]

The law of diminishing returns.

[jude24]

Your system works great if you're in the investor class.

Woe betide the poor schmuck, however, who just earns enough to pay his own bills. Now he's gotta figure out how to afford to get to work - all because of some damned speculators.

[redgolum]

We'll have $4 a gallon by fall, perhaps $5. And a Democratic Congress, to boot!

Swiftly followed by impeachment and war crime trials.

[gogeo]

Lifting the gasoline taxes means nothing.

Actually, it would mean that road construction would come to a stand still.

[Grampa Dave]

Taxes paid by Californians when we buy gasoline:

http://www.lao.ca.gov/2000/051100_cal_travels/051100_cal_travels_finance.html

• State and federal transportation revenues are collected primarily through the state and federal excise (per gallon) taxes on gasoline and diesel fuel.

• Californians pay the following taxes at the pump:

• 18 cents in state tax for each gallon of gasoline and diesel fuel (generally referred to as the "gas" tax).

• 18.4 cents in federal tax for each gallon of gasoline.

• 24.4 cents in federal tax for each gallon of diesel fuel.

• 7.25 percent uniform state and local sales tax, plus optional local sales taxes for transportation or other purposes varying by county. The majority of the uniform state and local sales tax proceeds are not used for transportation purposes.

---

Counties and cities can add taxes to the base tax rate.

Gasoline buyers in San Francisco pay about 8.5% sales tax on gasoline.

As noted above the California Sales is based on the $ cost. The dirty secret is the sales tax is calculated after all the state and federal taxes are added to the per gallon cost.

[G.Mason]

"Do we have those materials in the ground ? We have plenty of oil in the ground."

We import a very large percentage of those strategic metals, but like oil, we are prohibited from getting it by enviromental laws making it unprofitable.

Also, where do we get the refineries to crack it? Supposedly they take 10 years to construct.

Perhaps we should start hanging a few million enviromental wacko's and refine their oil?

[Hemingway's Ghost]

My son-in-law's maternal grandparents own an oil company, so the higher the price of oil, the larger my grandchildren's inheritance.

How wonderful for them. Rest assured, we hoi polloi shall eat cake in honor of your grandchildren.

[AxelPaulsenJr]

They would have been able to do more, if there were enough of them to break filibustering.

[BW2221]

"We are under attack.

It is an economic adversary.

Pres. Bush should take the lead as he did after 9/11. This symbolic gesture would have him on record as the one to take the helm.

The motto of this war should be something like: "Throw off the yoke of OIL."

Why fund the terrorists?"

I agree. Bush should try to take control of the situation rather than letting the situation control him and cost the GOP votes in November.

By the way, which terrorists are you referring to? The ones in the Middle East and Venezuela or the ExxonMobil leadership?

[mwyounce]

TURN THOSE MACHINES BACK ON!!!

Think big, think positive, never show any sign of weakness. Always go for the throat. Buy low, sell high. Fear? That's the other guy's problem. Nothing you have ever experienced will prepare you for the absolute carnage you are about to witness. Super Bowl, World Series - they don't know what pressure is. In this building, it's either kill or be killed. You make no friends in the pits and you take no prisoners. One minute you're up half a million in soybeans and the next, boom, your kids don't go to college and they've repossessed your Bentley. Are you with me?

[thinking]

yes...and in most counties, a 100 mile drive is a summer vacation,as well as being blessed with a moderate climate....

[Rte66]

As long as the wells aren't in Venezuela.

[RightWhale]

If the US is cut off from Russia and South Africa and can't get some of these stregic metals, they are available through asteroid mining. The 1967 UN Outer Space Treaty is the only serious obstacle.

[Charlotte Corday]

Yep, and for every dollar your grandkids make, several thousand go to Chavez, the Saudis, and Iran. Enjoy!

[OregonTide]

What IF....
Bush calls a press conference...announces he is declaring a State of Emergency and is authorizing immediate drilling and exploration in all areas...

[Jeff Chandler]

Yep, and for every dollar your grandkids make, several thousand go to Chavez, the Saudis, and Iran. Enjoy!

Hey, I'm not the one blocking drilling in Alaska, California, Florida, and the Gulf.

[BW2221]

"We are under attack.

It is an economic adversary.

Pres. Bush should take the lead as he did after 9/11. This symbolic gesture would have him on record as the one to take the helm.

The motto of this war should be something like: "Throw off the yoke of OIL."

Why fund the terrorists?"

I agree. Bush should try to take control of the situation rather than letting the situation control him and cost the GOP votes in November.

By the way, which terrorists are you referring to? The ones in the Middle East and Venezuela or the ExxonMobil leadership?

[rightinthemiddle]

There should be more of a disconnect between oil prices and gas prices. There is actually on over-supply of oil right now, since the refineries are behind.

Oil should be lower, in proportion, to the price of gasoline right now.

[G.Mason]

" ... By the way, which terrorists are you referring to? The ones in the Middle East and Venezuela or the ExxonMobil leadership?"

Are you aware that "the ExxonMobil leadership" does not set the price of the oil they purchase?