gas prices

[Jesseda]

Have you been driving more since gas prices have came down some? I have doing the same amount of driving, I am still not happy with the prices, They said the prices will soon start going up because the united states people are happing with the 30 to 40 cent drop in prices.. Is everyone happy that prices are still over $3.00 a gallon? T. Boone pickens said it will not go below a $100.00 a barrel because we depend to much upon forien oil, is this true.. I am buying a electric heater for my bedroom this year to save from turning on the gas all the time.. I only drive to local places and try not to go all the way to another town to look for something.. Do people fell the same as me that enough is enough we want our prices back pre-katrina!!!! I cant afford groceries because that have went up really really high this past 2 months, and property tax went up a lot this year, whats the deal, why is everything going up morethan what the minimum wage has .. We are making less with this new minimum wage due to inflation!!!!

[jsibelius]

I really never changed my driving habits. I don't live far from my work and I'm otherwise kinda a homebody, so there wasn't much to cut in the first place.

[OU Adonis]

I haven't changed my driving habits and I get about 15mpg in city. I do watch the gas tank more and sigh when I fill up however.

[Insider]

I never changed my driving habits. I wish gas prices were lower (purely selfish), but do not think they are out of proportion to the rest of the world...if anything, our gas prices are still a bit low.

I think that the gas prices are high for low-income families, but our gas prices have been abnormally low for many, many years. People need to pay attention to how much gas costs in other countries. People complain because our gas prices go up, but they are still driving huge vehicles that get 10 miles per gallon. The 'american way' is to live in excess. Americans live extravagant lives and are slowly starting to pay for it.

Does anyone in this forum that is complaining about gas prices have ANY idea how much it cost to get that oil out of the ground? To process it? It is not as easy as you think. Oil does not flow in underground rivers. It is hidden in rocks. It can cost millions of dollars PER WELL to get oil (and natural gas) out of the ground. If it is offshore, that cost can skyrocket into the hundreds of millions of dollars per well. Think about that when you complain about gas prices.

[mecarr]

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Does anyone in this forum that is complaining about gas prices have ANY idea how much it cost to get that oil out of the ground? To process it? It is not as easy as you think. Oil does not flow in underground rivers. It is hidden in rocks. It can cost millions of dollars PER WELL to get oil (and natural gas) out of the ground. If it is offshore, that cost can skyrocket into the hundreds of millions of dollars per well. Think about that when you complain about gas prices.

Well, however expensive it is to obtain and process oil, it surely is cheap enough to allow oil companies to record astronomical and record profits. It's not like they're barely making it...

[OU Adonis]

Gas prices
Most expensive places to buy gas
Rank Country Price/gal
1. Eritrea $9.58
2. Norway $8.73
3. United Kingdom $8.38
4. Netherlands $8.37
5. Monaco $8.31
6. Iceland $8.28
7. Belgium $8.22
8. France $8.07
9. Germany $7.86
10. Portugal $7.84
108. United States $3.45

Where gasoline is cheapest
Rank Country Price/gal
1. Venezuela 12 cents
2. Iran 40 cents
3. Saudi Arabia 45 cents
4. Libya 50 cents
5. Swaziland 54 cents
6. Qatar 73 cents
7. Bahrain 81 cents
8. Egypt 89 cents
9. Kuwait 90 cents
10. Seychelles 98 cents
44. United States $3.45

[Insider]

I agree, 'Big Oil' is making record profits, but they are also paying record taxes.

Take Exxon Mobil for example, which recently reported the highest quarterly profit ever. Yet if its profits are at record highs, its tax bills are already at record highs too. Between 2003 and 2007, Exxon paid $64.7 billion in U.S. taxes, exceeding its after-tax U.S. earnings by more than $19 billion (They paid more in taxes than they made in the U.S.). Also, Exxon’s profit margin stood at 10% for 2007, which is hardly out of line with the oil and gas industry average of 8.3%, or the 8.9% for U.S. manufacturing (excluding the sputtering auto makers).

If a profit margin of 10% means they are ripping American's off, what about the aerospace or machinery industries — both 8.2% in 2007. Chemicals had an average margin of 12.7%. Computers: 13.7%. Electronics and appliances: 14.5%. Pharmaceuticals (18.4%) and beverages and tobacco (19.1%) round out the Census Bureau’s industry rankings. The latter two double the returns of Big Oil, though of course government has already became a tacit shareholder in Big Tobacco through the various legal settlements that guarantee a revenue stream for years to come.

Please learn your facts BEFORE you try to point fingers at 'Big Oil.'

[GuyB]

I agree, 'Big Oil' is making record profits, but they are also paying record taxes.

Take Exxon Mobil for example, which recently reported the highest quarterly profit ever. Yet if its profits are at record highs, its tax bills are already at record highs too. Between 2003 and 2007, Exxon paid $64.7 billion in U.S. taxes, exceeding its after-tax U.S. earnings by more than $19 billion (They paid more in taxes than they made in the U.S.). Also, Exxon’s profit margin stood at 10% for 2007, which is hardly out of line with the oil and gas industry average of 8.3%, or the 8.9% for U.S. manufacturing (excluding the sputtering auto makers).

If a profit margin of 10% means they are ripping American's off, what about the aerospace or machinery industries — both 8.2% in 2007. Chemicals had an average margin of 12.7%. Computers: 13.7%. Electronics and appliances: 14.5%. Pharmaceuticals (18.4%) and beverages and tobacco (19.1%) round out the Census Bureau’s industry rankings. The latter two double the returns of Big Oil, though of course government has already became a tacit shareholder in Big Tobacco through the various legal settlements that guarantee a revenue stream for years to come.

Please learn your facts BEFORE you try to point fingers at 'Big Oil.'

Could you provide a source for these stats?

[hipsterdoofus]

I'm not real sure how it helps you by switching to electric appliances...you do realize that it requires fuel of some kind to generate your electricity?

[Insider]

I think the reason they are using a small electric heater is so they do not have to heat the entire house. Plus, electricity is cheaper in the winter than in the summer. ONG released a statement a while back saying the price of gas this winter is going to be dramatically higher that in the past. They said it could be up to double last years rates. This is because they were buying their gas for this winter back when prices were through the roof.

[solitude]

I think the reason they are using a small electric heater is so they do not have to heat the entire house. Plus, electricity is cheaper in the winter than in the summer. ONG released a statement a while back saying the price of gas this winter is going to be dramatically higher that in the past. They said it could be up to double last years rates. This is because they were buying their gas for this winter back when prices were through the roof.

They would only need to double rates if they had to preserve their current profit levels. But I know you're game here -- everyone makes a sacrifice except the big utilities. Yet, they'll be shutting off gas to people having a hard time paying those bills so ONG can maintain their hefty profits. One word: inhumane.

By the way, I understand ONG is not allowed to "profit" - only the companies they buy their gas from are - in a big way. Surprise! ONG buys their gas from their parent company - ONEOK!

What a joke.

[citizenkane]

Americans think they have a God-given right to cheap energy. They are wrong. If you think the business is so easy, why don't you try investing your own money in the drilling of an oil well and report back to us?

[solitude]

Americans think they have a God-given right to cheap energy. They are wrong. If you think the business is so easy, why don't you try investing your own money in the drilling of an oil well and report back to us?

Who said the business was easy? That has nothing to do with anything.

[citizenkane]

Who said the business was easy? That has nothing to do with anything.

It certainly does. Reward comes from risk...unless you live in Cuba.

[Jesseda]

Yes the reason I am switching to a small electric heater is to save on gas plus not waste money, i am not going to be in the living room duringthenight, why should the living room stay nice and warm lol, plus yes i did hear that prices will be double this year yikes!!!! So i will have a electric heater on and try not touse my gas unless its like 0 degrees outside (hopefully i didnt just jinks mysself and we turn out to have the coldest winter on record)

[jawgie]

I know a couple that makes a combined income of 15.00 per hour with 2 little kids and 2 cars to insure and drive, ask them how the gas prices affect their lives, they are trying to keep up the mortgage etc.
I'm sure there are alot of those stories out there too.
So I understand trying to keep costs down by using whatever means we can.

[PennyQuilts]

I was 45 years old before I picked up an economics book and got a clue. Before that, I sort of looked at economics as something I didn't want to dirty my pure hands with. I was an idiot. They should be teaching economics to kids more than they do. Until I studied it (although I am not claiming to be an economist) I had NO IDEA how things worked. I assumed the worked the way I conjured up in my head. There is a lot of room for heroes and villians when you are building a story book, mentally. In the real world, there are unintended consequences and predictable results and they bear little resemblence to the fairy tale I had in my head about how money and the economy worked.

[Insider]

The source is the U.S. Census Bureau's Industry Rankings

[GuyB]

Ok could you provide a link for this?

[MadMonk]

I just finished up driving a 3,000-mile round trip on vacation. Even with current gas costs, it was way cheaper than flying and my SUV is a lot more comfortable than a cramped airline seat. I'd almost forgotten how fun road trips can be if you make the journey part of the vacation rather than just a means to get there. I'm already planning next year's.