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

CBS Marketwatch ^ | 4/21/2006

[raybbr]

Marketing = commercials on how Exxon, BP and others are trying to save our ecology by drilling smarter.

Marketing suggests that there is competition. There is no other option for us but to buy gas for our cars. Seeing an ad on television or anywhere else doesn't influence me as to which gas station to go to. It's another way for a corp. to spend money on lobbyists and themselves.

[TYVets]

Marketing suggests that there is competition.

Send more liberals and enviormental wackos to Washington this fall and eliminate competition.

(110% Sarcasm)

[georgia2006]

good post

[georgia2006]

Ivy Mike

[RHINO369]

There is competition in the gas refiners market, but that isn't the reason prices are above 3 bucks. The problem is there is no competition in the oil pumpers market. OPEC controls the market. Oil isn't selling at 75 bucks because Exxon said so its because OPEC doesn't produce at 100% of there capacity.

So when Exxon makes a dime a gallon off your three bucks, Saudi Arabia makes a buck and a half off it.

[georgia2006]

judging fro mthe hairstyle and ford capri i'd say that pic was 1978 or 79..thus $1.03 would hardly be considered cheap

[georgia2006]

how many miles do you drive per month??? $400 per month is nearly $5000 per year or nearly 4-5x what the average person pays for gas in a year

[georgia2006]

there is no such thing as energy independence

[bjs1779]

Gas hits 1.48 in Red China today.

http://money.cnn.com/pf/features/lists/global_gasprices/price.html

[Lucky9teen]

Hey man, that was me 2 years ago.....

sarc

[brothers4thID]

Marketing= lobbying.

What you thought those big oil lobbyists worked for free?

[steveegg]

I wasn't talking about the existing oil fields; I was talking places like AN"W"R and the eastern Gulf of Mexico.

[RHINO369]

How much of the oil sold in China is domestic? Otherwise I can't explain why China's price is so cheap unless they have a large source of oil. There's a reason in Venezuela the price is 14 cents, thats how much it'd cost here if we could break OPEC. I think its a mistake to let Iraq manage its own oil reserve. We should have sold it to an American company and taken the money we got for selling it and used to rebuild Iraq. Then made damn sure those US owned oil fields sold well below market price at 100% capacity. Oil would be at 10 bucks a barrel in 6 months if that happened.

[steveegg]

All cars use a belt-driven alternator driven off the crankshaft.

[bjs1779]

I know. Take all the taxes off and we are still screwed. It is hard to believe their refinery efficiency offsets this.

[RHINO369]

Most of the cost of gas is the crude oil prices. Even with free unlimited refining we'd still have to pay 75 bucks for a barrel of oil.

[P.O.E.]

Inflation is being masked.

[bjs1779]

Most of the cost of gas is the crude oil prices. Even with free unlimited refining we'd still have to pay 75 bucks for a barrel of oil.

As far as I know, China is as dependent on outside oil as we are.

[RHINO369]

Those prices are from May 2004, and it doesn't say what the US was paying.

Thats why I was asking where they get their oil from. Notice how oil producing nations have super cheap oil. If China gets cheap oil from some friendly nation that could explain it. Most of the price of gas is in buying the oil. Thats where the real gouging is going on. Its costs middle eastern nations 4 bucks a barrel to pull oil from the ground and they sell it for 75. OPEC are the ones price gouging.

[stephenjohnbanker]

: ) $3.20 a gal here.