Crimson Red Sports

http://www.foxbusiness.com/markets/2011/06/23/oil-prices-dive-as-iea-announces-oil-release/

Why could this not have been done sooner? This should drop our at pump prices I would think. RTR!

The price of crude was already dropping prior to this move. This administration tries to take credit for anything positive that may occur, while blaming or deflecting the avalanche of bad news on GWB.

I agree, G W Bush must have broad shoulders, he sure gets a pile of lies dumped on him. RTR!

On a postive note gas prices are dropping. I paid $3.28 yesterday.

It was 3.49 in Heflin yesterday. So I hope to see 2.98 before long. Just a wish I guess. RTR!

The $3.28 was at Murphy's (Walmart). The brand names are always a little higher.

Saw it at 3.31 at a Circle K in Mobile. Good stuff, but I am still a little on edge about the economy as a whole.

Hey cb I think it will go back up again soon. RTR!

I passed an independant station on my way to work this morning that has it $3.26/gal.

$2.98? Hell, we are giving the stuff away now! >:(

There is really no reason that gas should be any higher than $1.50-$2.00 per gallon.

This is the most sensible thing I read all day. RTR!

Our economy is in the dumps and the most profitable businesses in the US are oil company's. I am all for free enterprise but I think gas prices should be regulated.

You might want to think that one over and get back to us.

Oil prices rose this week. The 1/30th of a days consumption did not work to overcome the marked increase in demand brought on by the Independence Day increase in driving. OOPS. BTW, that amt. of oil dumped on the market will be used up by the time most of you get out of bed this morning. These people cannot implement anything. They live in a fantasy world of academic theory and hypotheticals.

"The government that governs best, governs least." -- Jefferson

Too many people on both sides of the aisle have ignored this sage advice from one of our founders. Washington, Jefferson and others from this time warned of allowing government to fulfill functions that it had no business being over, and now we are reaping the problems of it.

Excellant post.  #+

This fall I'll have 3 kids in college. In two years four tuitions. Is that reason enough?

BTW, next thing y'all will want is someone to pump it for you, check the oil, and get the windshield. >:(

:o I believe this is the second time this week. Comrade Pmull?

I only posted this once and you grilled me then. Calm down and give Chech some of your crap, He's been off vacationing for 6-8 months, he needs a reality check.

Oil company profit margins are lower than most other industries. Also do not forget that the owners of oil companies are you, me, and your neighbors. Anyone with a pension plan, 401K, etc. is likely vested in oil. So by regulating prices, you are not only disrupting the supply/ demand economics, but giving Grandma a cut in pay.

What about the Oil from South America do we invest in that? I am not sure and I would like to hear your thought please. RTR!

I don't buy your theory that oil company profit margins are lower than most other industries. Exxon Mobile make more profit in 2010 than any other US company. They were #2 in the world. BP was # 4 in the world. Chevron was # 14 in the US and # 29 in the world. Looks like a pretty high profit industry to me.

No, no, No.Profit margin is the markup,-- the actual profit-- net profit. This is lower in oil because of the huge costs involved in exploration, leasing, drilling, production, transporting, refining,  and marketing. So the actual profit made per gallon, or per barrel, is very low compared to say a pair of shoes. Oil companies just  sell a lot of units. I'm way over simplifying but trust me on this, when the price is low, the oil companies lose huge-- when the price is high they win big-- it does balance out in favor of the oil companies, but not as much as the talking heads on TV would have you believe.

Then youy have to remember that the profits go to investors,-- not some Mr. Big. The investors are just about anyone with a retirement plan.

Pmull is irate about his cost of gas (I don't blame him) but is brave enough to e-fight it out. You all should respect that.  That being said:

If you want a boogeyman to blame for he gasoline prices try this:

1 State taxes
2 Federal taxes
3 Drilling restrictions in the U.S. (Obama and the democrats)
4 Lack of tort reform (I throw this in at any chance).
5 Lack of more U.S. refineries and refinery space.

Does anybody know for sure? RTR!

The "Big Five" oil companies are bringing in an obscene amount of profit at a time the economy is in the worst shape of my lifetime. They deserve a profit but not the amount of profits they are reporting. These huge profits are after big bonuses and salaries are paid to excutives. Gas/diesel is a commodity that is required for our economy to function. It is as important as utilities such as natural gas and electric power. If they can not report a more modest profit then I feel the government needs to take action. Gas is too important for supply/demand to dictate the market price.

US Oil companies buy more crude oil from South America than Middle East countries.

OK. Let's try again. First no oil company unilaterally sets oil prices. This is a function of supply/demand on the world oil market. Further, these profits get paid to shareholders in the form of dividends. The shareholders are teachers, fireman, union members, the guy next door,--anyone with a retirement plan is vested in oil. So the oil companies do not get rich, the people who own stock might if they own enough. But in bad times for the oil companies, the shareholders don't make anything, or little.  So it balances itself out. I promise that if the govt. gets involved more than they already are, things will get worse. Try to find an example where that is not the case, involving private industry.

Well as we all know when the Obama bunch gets into anything it goes south. I am really interested to know how much more could they get involved in the Oil industry? Would it be with regulations or prices or what? RTR!

I agree less government involvement is best. I also agree oil companies are public stocks. But some of the wealthiest people in the world run companies owned by stock holders. Walmart is an example. The Waltons seem to be doing OK. I don't like giving tax breaks and incentives to established companies that are making money hand over fist. I also don't like like the oil companies sheltering their tax burden. As far as retirement plans go, paying $3.50 a gallon at the pump in hopes it will help my quarterly mutual fund bottom line does not look like a good investment. I don't know the answer and I'm quite certain the Obama administration does not have a clue. But I do think we need to send a strong message to BIG OIL that if they do not hold their profits down to a more modest level we will do something to hold it down for them.

Well pmull I have to e-cred ya on this one. We should do something but what in the world could we do if we were to try and do anything at all? RTR!

Obama gives Hugo Chavez piles of tax dollars to drill deepwater wells while at the same time limits U.S. drilling. Now you want to limit price at the pump for U.S. companies. You two keep it up and we won't have any U.S. oil companies  and will be reliant solely on foreign oil. :P

WV you put up a good e-fight. I think you and I are more alike than different. We will never see eye to eye on everything and gas prices seem to be one of those issues.  :-*

Hey brethren seeing eye to eye is good and that means we all know something is wrong with this rat race BUT what do we do? We don't want to cut our nose off to spite our face but why does this keep happening! RTR!

So you give up? :-\

BTW,   #+

Over regulation by commie pinkos on an already embattled industry. Hope this helps. RTR

I didn't give up I thought I won.  ;D

When I was arguing that Big Oil should not get tax breaks, incentives and shelters while their profit is at an all-time high I thought it was a given I don't want to give tax payer money to Hugo Chavez. I feel like the oil industry can support itself. If it requires government assistantce profits need to be lowered.

 #+ Friendly e-fights can be fun.

I think the real winner in all this is the Oil companies. RTR!

Now we know why Rutledge chose to throw at pmull. Jeff was never big on socialism. Who gets to decide when a company is earning too much?  Will all the investors sell and buy other stocks, dropping the price per share to nothing, and leaving the oil companies with no money to operate with? BTW, I would be telling everyone I see if I had been lucky enough to have been beaten by Rutledge. Your turn!

I have never been big on socialism myself. BTW, I'm glad to see you bring something new to the table. I think the oil companies are doing just fine. They don't need the governments help but they know a good thing when they see one. They will accept the free handouts as long as we give it to them. They have the finances to support themselves. I want them to do well, we need them to be strong. Until something changes and they actually need help we need to stop the free handouts.

For the record Jeff was not picking on me. It was a freak play. He felt to be the best you have to beat the best. Without that perfect throw he would have probaby ended up playing for the barn.

WV, why did the gas prices jump $0.20 in two days? The price of crude oil did not go up 5%. Gas prices go up $0.10 at a time but come down $0.02 at at time. Why?

The price of crude and the price at the pump never correlate incrementally while decreasing or increasing. Also there are different prices on different varieties of crude. Why do you ask, Nancy Grace? 8)

Also I may add that there are regional differences of prices at the pump, unless you were referring to the national average.

I have kinda/sorta argued a similar issue with the price at the pump. It seems that that second a national average increase is televised the retail outlets raise the price. But if the national average goes down, the independent service station owners argue that they have to sell what is in the ground first before dropping the price. It is never in the favor of the consumer but it is still cheaper, I contend, than drilling for it yourself. I am merely a drilling guy, but if you are fed up and do decide to dig your own well, I will be glad to e-help.