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Iraqi Oil Selling at $30 as OPEC Readies for New Battles
Reuters via Rig Zone ^ | November 19, 2015 | Alex Lawler and Rania El Gamal

Posted on 11/19/2015 1:25:17 PM PST by thackney

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Excerpted for Reuters
1 posted on 11/19/2015 1:25:17 PM PST by thackney
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...some crude grades for as little as $30...

Some grades can be worth that or less. Tough to judge without a description. Some North Dakota crude is selling currently for less than $20.

http://www.fhr.com/refining/bulletins.aspx


2 posted on 11/19/2015 1:31:07 PM PST by thackney (life is fragile, handle with prayer)
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To: thackney

What the Saudis are doing is literally killing my kids’ college fund.


3 posted on 11/19/2015 1:32:11 PM PST by STJPII
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To: STJPII

Feedstocks are cheap...

4 posted on 11/19/2015 1:35:30 PM PST by thackney (life is fragile, handle with prayer)
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To: thackney
Yeah but we will still be paying more than we should per gallon at the pump.

The price of a gallon is way too high for the barrel.

Think about how much a barrel of gas was in the early 1990s, and then how much we paid at the pump compared to today.

Honestly it should be about 55 cents a gallon. Of course that would make our economy boom, but they don't want us to have that.

5 posted on 11/19/2015 1:39:35 PM PST by Enlightened1
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To: Enlightened1

Do you think the EPA, taxes and refining regulations are unchanged from the 1990s?

We spend way more today to turn that crude into retail gasoline.


6 posted on 11/19/2015 1:44:20 PM PST by thackney (life is fragile, handle with prayer)
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To: Enlightened1
Honestly it should be about 55 cents a gallon.

That is only $23 a barrel. And the whole barrel of oil doesn't become gasoline.

7 posted on 11/19/2015 1:45:47 PM PST by thackney (life is fragile, handle with prayer)
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To: thackney

Remember the Iranian’s plan to replace the dollar as the currency in which oil is traded? I wonder how that project is coming along.


8 posted on 11/19/2015 1:48:54 PM PST by Steely Tom (Vote GOP: A Slower Handbasket)
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To: thackney

The price of $2.11 is too high. Perhaps it’s the depreciation of the dollar and higher taxes per gallon?


9 posted on 11/19/2015 1:59:13 PM PST by Enlightened1
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To: Enlightened1

10 posted on 11/19/2015 2:01:05 PM PST by thackney (life is fragile, handle with prayer)
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To: thackney

Thanks


11 posted on 11/19/2015 2:02:07 PM PST by Enlightened1
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; Calpublican; cardinal4; ColdOne; ..
Thanks thackney. Don't worry everybody about your investments, it's only a matter of time before Russia bombs Iraq's oil fields.

12 posted on 11/19/2015 2:05:10 PM PST by SunkenCiv (Here's to the day the forensics people scrape what's left of Putin off the ceiling of his limo.)
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To: Enlightened1

$1.51 Lindbergh Blvd. StL.


13 posted on 11/19/2015 2:09:14 PM PST by donozark (Herbicides improve visibility.)
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To: thackney; All

How much did you pay for a gallon of gas in 2011 when it was over $111 a barrel? I think the average was around $3.77 a gallon nation wide.

Since then the price of a barrel of oil has fallen to $40 a barrel.

Thus, the price of a barrel went down just shy of 75%. Why has the price per gallon not got down about 75%? By my estimate the price should be about $1.27 a gallon.


14 posted on 11/19/2015 2:19:40 PM PST by Enlightened1
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To: Enlightened1
Thus, the price of a barrel went down just shy of 75%. Why has the price per gallon not got down about 75%?

Because the taxes didn't fall 75%. The cost to refine didn't fall 75%. The cost to distribute and market didn't fall 75%.

The price of gasoline doesn't rise as much as oil, and it doesn't fall as much either.


15 posted on 11/19/2015 2:22:25 PM PST by thackney (life is fragile, handle with prayer)
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To: thackney

Wait a minute the TAXES and the cost of REFINEMENT is a PERCENTAGE per barrel and not a adjustable rate.

The only logical conclusion I can come up with is the depreciation of the dollar since the Fed is adding 85 Billion in NEW DOLLARS every month.


16 posted on 11/19/2015 2:29:17 PM PST by Enlightened1
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To: thackney
Here is a longer chart and ends in 2011, but at least you can get an idea of the timeline.


17 posted on 11/19/2015 2:32:41 PM PST by Enlightened1
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To: Enlightened1

The cost to refine is not a fixed ratio to the cost of the barrel.

Neither is the marketing, taxes, distribution, etc...

Dollar depreciation affects crude oil and gasoline equally.


18 posted on 11/19/2015 2:33:12 PM PST by thackney (life is fragile, handle with prayer)
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To: Enlightened1

GASOLINE PUMP COMPONENTS HISTORY {Price}
http://www.eia.gov/petroleum/gasdiesel/gaspump_hist.cfm


19 posted on 11/19/2015 2:34:23 PM PST by thackney (life is fragile, handle with prayer)
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To: thackney

Thanks!

How can the percentages fluctuate that much?

Does your electric bill percentages or phone bill percentages fluctuate that much?

It appears completely rigid.


20 posted on 11/19/2015 2:44:36 PM PST by Enlightened1
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