What will gas prices settle at over the course of this summer

[Strapping.Young.Lad]

$4 isnt that bad. Thats a Dollar US a litre. We pay $1.17CDN a litre up here.

Thats $1.04 USD Which is $4.16 a gallon!

[iamwin]

Assuming the predictions of a lighter hurricane season hold, we may not have the supply disruptions which will hold prices below $3. Remember, the higher gas prices right now are refinery related and not crude prices. Crude prices actually support a gas price approximately $.30 less than where they are now.

[tom3]

Originally Posted by FordRules

$4 isnt that bad. Thats a Dollar US a litre. We pay $1.17CDN a litre up here.

Thats $1.04 USD Which is $4.16 a gallon!

Compare your taxes with the US tax rate on gas. But as long as we have oil industry connected people in the White House, the oil companies get richer and we get poorer.

[Smashing1]

Originally Posted by iamwin

Assuming the predictions of a lighter hurricane season hold, we may not have the supply disruptions which will hold prices below $3. Remember, the higher gas prices right now are refinery related and not crude prices. Crude prices actually support a gas price approximately $.30 less than where they are now.

They are predicting a lighter hurricane season? Last I heard, this was supposed to be a pretty severe season. Worse than they predicted for last year (when we were miraculously saved by El Nino). I hope you are right. I already paid three thirty something for premium this morning, and I didn't like that one bit.

[vsd]

Originally Posted by BrickTamland

The time to investigate them began back on August 30th, 2005. Katrina hit the day before, took out 20% of our oil capacity, prices mysteriously jumped more than 20%.

I voted $3-4.

And yet the oil industry managed to make unheard of record profits. Go figure. If the oil industry took a hit like the consumers did, and still is, then I would be a lot more understanding, otherwise they're just capitalizing on a crisis.

[Quickening]

Originally Posted by vsd

And yet the oil industry managed to make unheard of record profits. Go figure. If the oil industry took a hit like the consumers did, and still is, then I would be a lot more understanding, otherwise they're just capitalizing on a crisis.

Let me repeat myself for those that fail to understand how the oil business works..

Are you kidding me? Mysteriously jumped? Yeh, because 20% of the supply was taken out creating a lower supply, which always drives up price and demand. Another thing, the companies don't decide the price of oil. The stock markets of the world decide it. What they set the price as depends on what analysts say about the world, supplys, stuff happening in the middle east and such. Have you ever heard of a company selling a product under market value?

[johnstarnes]

If Bush orders an attack on Iran after a (likely staged) "Gulf of Tonkin" style "incident" (it was also staged and faked according to the military commanders of the time), $5 gas would not be surprising if the Port of Hormuz gets shut down by sunken tankers.

[Old Dood]

I needed to fill up today and was going to when I got back to Lansing...

It went up to $2.95/gallon twenty minutes before I got home...

I will wait until tomorrow...sometimes it drops 10 cents/gallon in one day after the hike.

[johnstarnes]

Originally Posted by Quickening

Let me repeat myself for those that fail to understand how the oil business works..

Are you kidding me? Mysteriously jumped? Yeh, because 20% of the supply was taken out creating a lower supply, which always drives up price and demand. Another thing, the companies don't decide the price of oil. The stock markets of the world decide it. What they set the price as depends on what analysts say about the world, supplys, stuff happening in the middle east and such. Have you ever heard of a company selling a product under market value?

Market pressures I understand...what I don't understand is the MINDBOGGLING increase in their profit margin, plus individual oil CEO's raking in 400-600 MILLION dollars in one year....

[FordFan]

Where the hell is the Ethanol? If gas prices stays like this for too long it will change the whole industry.

Damnit.

[rmodys]

Originally Posted by johnstarnes

Market pressures I understand...what I don't understand is the MINDBOGGLING increase in their profit margin, plus individual oil CEO's raking in 400-600 MILLION dollars in one year....

It is mind bottling.

[XP300]

Originally Posted by johnstarnes

Market pressures I understand...what I don't understand is the MINDBOGGLING increase in their profit margin, plus individual oil CEO's raking in 400-600 MILLION dollars in one year....

The profit margin (per gallon, barrel or what ever) has stayed the same. We are driving more, using more products derived from oil, thus increasing the overall profit of the oil companies.

Some oil executives have received huge salaries, stock options, etc., but nowhere near $600 million.

What about Bill Gates, he got to be the richest man in the world selling defective product (windows).

If you hate the price of gas, drive less. If we all drove less the price of oil might go down.

Then again we buy most of our manufactured goods from China and they are increasing their thurst for oil, thereby driving up the price. It's a vicious circle isn't it.

Everyone needs to change their lifestyle to fit their income. If you can't do that, get a better job. If you are constantly negative, your life will be miserable and you'll always be looking to blame someone else (Oil companies, CEO's, Bob Lutz, George Bush or Pee Wee Herman).

[Quickening]

Originally Posted by XP300

The profit margin (per gallon, barrel or what ever) has stayed the same. We are driving more, using more products derived from oil, thus increasing the overall profit of the oil companies.

Some oil executives have received huge salaries, stock options, etc., but nowhere near $600 million.

What about Bill Gates, he got to be the richest man in the world selling defective product (windows).

If you hate the price of gas, drive less. If we all drove less the price of oil might go down.

Then again we buy most of our manufactured goods from China and they are increasing their thurst for oil, thereby driving up the price. It's a vicious circle isn't it.

Everyone needs to change their lifestyle to fit their income. If you can't do that, get a better job. If you are constantly negative, your life will be miserable and you'll always be looking to blame someone else (Oil companies, CEO's, Bob Lutz, George Bush or Pee Wee Herman).

That last part nails the situation on the freakin head. Great post.