Great reason!!

"True value." That's a good one. Okay, I'll go for it: what is oil's true value?

Ok Olivant - Mr. Question - what is oil's true value? What is the true value of underpants, prophylactics, beer, a visit to the doctor. What does "True Value" have to do with it? The real question is who is profiting by 100% increases in price? Gee, Exxon made record profits. $40 billion. CEOs all over the globe are making obscene salaries. So, true value has nothing to do with it. How about true greed, true profit, true manipulation, true artifical value. How about true, fuck the consumer, I want my money!

Business bad? Fuck you, pay me. Oh, you had a fire? Fuck you, pay me. Place got hit by lightning huh? Fuck you, pay me.

Before you next opine (rant), you should read posts more closely. Saladbar refered to the "true value" of oil and I asked Saladbar to state its true value. I ask you the same thing since you apparently don't think its price reflects its true value.

Supply and demand determines price, not value.

If supply and demand determined the price I would have thought it would been lowered due to us wanting it more and more.

Aka: More customers = Lower the price. Or do they like their profits too much? The greedy mother.........!!!!

That is true if supply is unlimited.

Speculation determines price. The IEA predicts not that high of a change from demand from this time last year. So demand isn't driving the high prices alone as you say. The Saudi's increased supply without showing much cost savings for it. So what else? I read (can't remember the source sorry) market trade oil shares are well over one hundred times the amount of actual oil on the market.

So goombah asks a good question, what IS the real value without speculation? "Predicting" a very high value of oil and having only to use very little cash or credit to pay for the positions makes it easy to create a self-fulfilling prophecy methinks, so I guess somewhat lower. But real economists don't know either.


Well, I guess excess speculation is forcing America and everyone else in the world to a lesser degree to cut down on their consumption of oil! That is the good news if it doesn't plummet us into a recession.

mary cas -- you know I love you but calm down a bit already. Dont blame the "big" oil companies in the U.S (Heck isn't the biggest oil company in the U.S. like the 14th or 15th biggest of all oil companies in the world?

And, record profits? Well I say good for them (AND ME and probably you in some shape or form) Big oil companies (US Companies that is) dont necesarly make bigger profits as the price of gas increases.

And, let's think about this- what is the purpose of a corporation?>??? Well, duh, to increase value and wealth for its shareholders. Who are the shareholders or owners of the "big" oil companies? Well I can claim some sort of ownership and I bet you can as well. Last time I checked some pension plans, mutual funds, etc... own some 75-80 percent of the oil industry.

Calm!?, I'm Calm! The sad thing is the poor slobs at the bottom of the socio-economic ladder. My wife works for a company that provides care-givers to the elderly. AS you can imagine they are not well-paid. They are refusing assignments because the cost of the gas cuts deeper into their hourly wage than is profitable.

This gas "crisis" doesn't hurt us too much. Have you drastically change your spending habits? Probably not. But these people have to. It wouldn't be so hard to swallow if our wonderful leaders of the land would offer a pep talk; hang in there, we're working on plans to bring it back down. Even tell us that we're working on making a Nook-u-ler powered car.

How about everyone buying oil stocks? If oil companies are rigging the price and making undue profits, I am sure by the profits on the oil stocks will more than compensate for the couple of hundred dollars increase in your gas bills. Then no one complains, right?

I don't think that would work SV. Since the oil prices have been artificially inflated, the balloon will burst someday and then we would be screwed twice. Actually the reverse might be better. Everyone should sell their oil stock and buy stock in windmills, solar power and hydro electric.

MC, you have hit it right on the head. There are plenty of people out there who are trying to make ends meet who are paid anywhere from minimum wage to even $10 or $12 per hour. If you have to spend a day's wages just to get to and from work each week, when you need every penny to pay for increasing food prices, increased utilities, etc., what do you do?? The thing that we all seem to forget is that it's summer, we just came off a comparatively mild winter (at least here in the NE), so what happens this winter when people can't afford to heat their homes? What will happen then?

We'll blame Barack!

Thanks for the support SB. We who have computers, cell phones, fairly new cars, take vacations and generally live comfortable lives tend to forget about the MILLIONS of people who eke out a living on minimum wage; those who clean bathrooms, wash dishes, do laundry, CARE FOR THE RICH ELDERLY, mop floors, etc. They are ones who should be asking "What the F*CK is Going on with Gas Prices?"

I'm too with you MC & SB. Even though I can thankfully say at this point in my life it's not the struggle that it was even 10 years ago, I will NOT forget my struggling years as a single mother. One person is easier to care for than 3. I could do without if need be. I still don't consider myself in the "safe" "upper" side of the pay spectrum and life experience has taught me to be very cautious.

Anyway, I pray I never get to the point where I can be used and abused (for lack of a better word at the moment)and have an "oh well" attitude about it. I can't see that happening.


TIS

I filled up my tank today. $50!!!! Fifty dollars for my piece of doody little tank!!!

The local news today had the news that the price of milk went up. It's now more than $4.50/gallon. Why?? Well, the milk producers are blaming the high price of getting the milk to market (i.e. gas prices).

Let's see... Exxon made $11.4 BILLION in profits in the first quarter... let's see how much they made this past quarter. It's enough to make milk curdle.

EDIT: BTW - The price of gas is up to $4.39 locally.

I just paid $3.20 for a gallon of milk.

You guys need to move to Texas.

And have you as a neighbor?? Thanks, but I'll pay the higher prices.

SC, you could do a lot worse, you wouldn't want me to live next door would you?!!

I'm one of those old foggies who likes to read a newspaper with my morning coffee and breakfast. So this morning, much to my chagrin, I read that in Baghdad the gas lines are two miles long and it takes four hours to get to the pump, while pushing your car in 100 degree heat, only to get there and have the power go off so the pump can't pump. The good news - gas is the equivalent of $1.44. More good news (sorta) Iraq has 60% of the Middle East oil supply in the ground and several foreign countries have deals to buy Iraq oil. I wonder if one of those countries could be Halliburton....I mean the U.S.of A.

USA was buying Iraqi oil when Saddam was in power. Saddam, when hung, was worth no less then $150million, due to oil and drug trafficking.

MC, you still read a newspaper??? Actually, that's my morning ritual as well.

I thought about what I wrote the other day. Where I live, housing is high, so there are many un- and semi-skilled workers who commute in from an adjoining county 30-60 minutes further north where it's cheaper to live. Let's say those workers have to fill up twice a week, and let's guess that they make $10 per hour. That means that they are spending 30% of their weekly pay (and that's pre-tax, no less) on gas alone.

Sex For Gas

Police: Kentucky john paid prostitute with $100 fuel card

JULY 2--A Kentucky woman is facing prostitution charges for allegedly trading sex for gasoline. Angela Eversole, 34, was nabbed last weekend during a police stakeout at a Days Inn, where she allegedly trysted with customer Kenneth Nowak. According to court records, Nowak admitted paying for Eversole's services, in part, with a $100 Speedway gas card. Eversole was hit with a prostitution rap and also charged with doing business without an occupational license. Nowak was charged with promoting prostitution. Eversole and Nowak are pictured below in mug shots snapped following their June 27 arrests. A local prosecutor noted that it was sad to see someone selling their body for gas, in this case about 25 gallons worth.

http://www.thesmokinggun.com/archive/years/2008/0702081gas1.html

Gives new meaning to the phrase, "Fill 'er up."

Just heard on MSN that the average price of gas today is $4.10. Last year they say it was $2.95.

Is anyone here finding themselves not going anywhere far for the 4th, because of gas prices???? I don't usually go away for this holiday, but if I were in the habit of traveling, I doubt I would this year.



TIS

$4.14 is the cheapest around here, most are $4.24 right now

$4.45 around here.

DC is back!!!!