Oil prices maybe coming down. ?

[bigfrank Administrator Find all posts View Profile Close bigfrank]

You may want to think about dropping part of your oil stocks if this is correct. http://finance.yahoo.com/blogs/the-e...161933255.html

[barndweller Moderator Find all posts View Profile Close barndweller]

No way GAS prices will come down no matter what the price of oil. There is no longer any relationship between crude production and gas prices. Speculators control oil prices, not consumers. Supply has steadily increased yet consumers are paying more than ever for gasoline, shipping, & electricity. When the oil companies corner the market on bicycles and sunshine & wind, then the price of oil will nosedive.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

I heard a week or so ago that gas prices will go down in the summer. I don't expect by much, as I think we have seen the last of sub-$3 gas.

[Pstreet1 Senior Member Find all posts View Profile Close Pstreet1]

Speculators control oil prices, not consumers. Supply has steadily increased yet consumers are paying more than ever for gasoline, shipping, & electricity. When the oil companies corner the market on bicycles and sunshine & wind, then the price of oil will nosedive.

http://www.forbes.com/2011/05/10/oil...-earnings.html

At the gas tank integrated oil companies make about 7 cents per gallon. Meanwhile, the government extracts more than 48 cents, on average, per gallon. That’s right: Uncle Sam takes nearly seven times more out of drivers’ wallets via taxation than “Big Oil.”

[ArtsieAng Super Moderator Find all posts View Profile Close ArtsieAng]

]I heard a week or so ago that gas prices will go down in the summer.[/B] I don't expect by much, as I think we have seen the last of sub-$3 gas.

Seems to good to be true. I wouldn't expect much, either.

[barndweller Moderator Find all posts View Profile Close barndweller]

http://www.forbes.com/2011/05/10/oil...-earnings.html

At the gas tank integrated oil companies make about 7 cents per gallon. Meanwhile, the government extracts more than 48 cents, on average, per gallon. That’s right: Uncle Sam takes nearly seven times more out of drivers’ wallets via taxation than “Big Oil.”

Do Oil Companies Earn Just 7 Cents on a Gallon of Gas?
In opposing the Senate bill to repeal tax breaks for oil and gas companies, Paul claimed that the federal government makes more money in taxes on a gallon of gasoline than oil companies earn in profits. He presented a chart that carried the header "Regular Gasoline Tax v. Oil Company Profit, Per Gallon," showing 7 cents per gallon for the oil companies and 18.4 cents per gallon for the federal government. (In his May 17 speech, he said 7 cents and 18.4 cents per dollar, but it was clear from his chart that he meant per gallon.)

But the 7-cents-per-gallon figure grossly underestimates the industry's earnings. It includes only earnings from the sale of gasoline and not earnings on producing and selling crude oil. There are no independent figures on how much oil companies earn on a gallon of gasoline.]
Paul's per-gallon figure is consistent with a claim ExxonMobil Vice President for Public and Government Affairs Ken Cohen wrote in his blog, "Perspectives," when the company released its 2011 first quarter earnings in April.
Cohen, April 28: During the first three months of this year, for every gallon of gasoline and other products we refined and sold in the United States, we earned about 7 cents.

We called ExxonMobil and asked how Cohen arrived at his figure. Spokeswoman Kristen Hellmer said it was determined by dividing ExxonMobil's "downstream earnings ($694 million) by the number of gallons of gasoline and other products refined and sold during the quarter in the U.S. (9,355 million gallons). The result is 7.4 cents per gallon." Downstream earnings are what the company earns from refining crude oil into gasoline and other petroleum products and then selling it. But that ignores "upstream earnings," which is how much Exxon earns in producing and selling crude oil. And the cost of oil exceeded $100 a barrel in the first quarter of 2011.
Oil industry analyst Kloza called the 7-cents-per-gallon figure "disingenuous," because it ignores high earnings from oil production. "Bringing crude oil to market has been incredibly profitable," Kloza said. "It is disingenuous to say in the downstream we are making only this much."http://www.factcheck.org/2011/05/playing-politics-with-gasoline-prices/

[barndweller Moderator Find all posts View Profile Close barndweller]

http://www.forbes.com/2011/05/10/oil...-earnings.html
That’s right: Uncle Sam takes nearly seven times more out of drivers’ wallets via taxation than “Big Oil.”[/B]

The Federal tax on gas sold at the pump is 18.3 cents. That is what "Uncle Sam" collects. The largest single increase in the rate was under Reagan...a 5 cent hike.

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

As a country we are unbelievably spoiled even at today's prices and taxes. This website puts together an easily understood graph:

http://www.mytravelcost.com/petrol-prices/

Petrol prices around the world, May 2014

Here you can find information about fuel prices around the world. We present unleaded gas and diesel prices by country.

Fuel prices differ considerably across countries. The prices of fuel in some of the petrol producing states are less than a few dollar/euro cents for the liter. In contrast, in some European countries, a liter of gas cost more than 2 dollars. Prices also change over time. However, price movements are similar across countries. They either increase or decrease everywhere.

The data are drawn from a variety of sources including official government materials, oil companies, online resources specializing in gas prices, and others. These sources provide reliable information about fuel prices in a large number of countries. For the other countries, we provide an estimate using previously published data.

Currency:
Liter / Gallon:
Fuel type:


Note: * indicates that we have current information from an official source for that country. For other countries, we update earlier data with new information on global petrol prices and new exchange rates.

[CarolF Senior Member Find all posts View Profile Close CarolF]

As a country we are unbelievably spoiled even at today's prices and taxes.

Yes you are. Enjoy.

[Pstreet1 Senior Member Find all posts View Profile Close Pstreet1]

The Federal tax on gas sold at the pump is 18.3 cents. That is what "Uncle Sam" collects. The largest single increase in the rate was under Reagan...a 5 cent hike.

See other post:
The Forbes person was mistaken in saying "Uncle Sam;" he should have simply written "government."

This Wikipedia article, while Wikipedia is not my favorite source, does include the state by state tax on fuel from April 2014 and it is easy to click on http://en.wikipedia.org/wiki/Fuel_ta...te_ref-api_3-0.
California, including the federal tax, is 71.3 cents per gallon
Conneticut, including the federal tax, is 67.7 cents per gallon
Arizona, including the federal tax, is 37.4 cents per gallon
New Jersey, including the federal tax, is 32.9 cents per gallon
Alaska, including the federal tax, is 30.9 cents per gallon.

However, the average is, indeed, 49.9 cents per gallon for state and federal taxes.

"The United States federal excise tax on gasoline is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel. On average, as of April 2014, state and local taxes add 31.5 cents to gasoline and 31.0 cents to diesel, for a total US average fuel tax of 49.9 cents per gallon for gas and 55.4 cents per gallon for diesel. ( Motor Fuel Taxes, American Petroleum Institute, 25 April 2014)"

[nicko21tawny Junior Member Find all posts View Profile Close nicko21tawny]

Seems good to be true. I wouldn't expect much, not sure About it.