Posted on 09/14/2008 8:23:31 AM PDT by DGHoodini
The price of Crude Oil was $99.57 as of 11:15AM EDT today!
And on a Sunday, no less. :oD
Most certainly, a hurricane that tears up a region where 25% of US refining capacity resides will cause refined product prices to go up, duh! And will also cause crude prices to go down - as demand is reduced. Economics 101, not the conjured wizard of OZ, are affecting market prices.
Hey, I may not be able to balance a checkbook, and I may only be able to count to 21 (with my pants off), but one thing I do know is how to set prices on key commodities in a multi-trillion-dollar economy!
We need more refineries so our gas prices go down as well. Gas is still too damn high!!!
Expect refinery pressures from the hurricane to drive retail prices up short-term.
Hurricanes cost these companies plenty. They are not a welcome event that anyone with real assets on the line cheers about (day traders and speculators might make a quick buck, but they can also take a bath). The companies, executives and employees, do the best they can to minimize damages from these unwelcome events, and get back in operation as quickly as possible. They make their soup bowl by providing product to all of us for extremely low prices.
And NYMEX RBOB gasoline is down 14 cent a gallon as of 12:21pm today. Guess the refineries haven’t been hit that hard as the speculators are getting the news before we do??
Costs for transportation will overwhelm the infrequent outages due to unpleasant weather. Next?
I've been tracking that difference and it's the middle men to the retail pump hosing us.
Go figure, $3.99 - $3.13 = $0.86 margin per gallon split between 2 middle men and the retailer.....that's more margin than the refiners or the state of NC.
The middle men are doing the gouging, not the refiners.
A free market means that prices will go up when availability goes down - and the product will be distributed to those who value/need it most.
See my post #42.
Sometimes when you’re making a good point, you just have to live with some collateral damage.
It it ain't about money the insiders can make then it has to be a colluded attempt to destroy our economy and this nation....there's no other options than those in this situation.
You should go over and post at DU, where your ilk reside.
That’s an asinine comment.
Houston and Bay refiners have no power as in electricity - what, you think the refineries run on windmills ?
Gheesh, get a clue.
Are you suggesting this because you think I'm a free marketer, or because you've got a tin ear for irony and assume I'm the opposite? Either one is likely.
“Even back then the oil companies needed twenty dollars per barrel to make any kind of a profit”
yea right...and that’s why investors were receiving dividends on their stock...the oil companies were feeling charitable... LMAO
>>>Gasoline went up 40 cents a gallon yesterday on Long Island.
The Ike spike. It’ll go down again when they’ve got the Gulf oil production back in the pipeline.
Your postings represent you as a non-free market, self-centered idiot. Reform or go find your type elsewhere.
You do not have a clue what you're talking about. Not even half a clue.
Most likely they are paying attention to sites that give out information specific to the indiustry, sooner than the MSM gets arounf to it. Nt really insider trading if the info is made public sooner than a press release. I saw no news stories/reports about the price drop today, but you can rest assured, it’ll be in the “news” tommorrow, buty it was there for anyone to see, who checks the Oil-Price.net site. I just did it out of foorce of habit, since there usually isn’t much change/trades during the weekends. Most times, the price stays where it was friday evening, till early monday morning.
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