Info That Should Anger The Public

[Scar My Machine]

"The second-largest U.S. oil company by market value after Exxon Mobil said its second-quarter earnings more than tripled, driven by higher oil prices and a surge on refining earnings, a sector until recently in the doldrums.

Chevron posted a profit of $5.41 billion, more than triple its earnings in the same quarter last year. Exxon’s income shot up 91% to $7.56 billion. Conoco Phillips, the third largest U.S. oil company, saw its adjusted earnings triple to $2.5 billion.

Chevron’s second-quarter income from oil and gas sales rose 181%, significantly outpacing Exxon and Conoco, which reported increases of 40% and 87% respectively." ...the Wall Street Journal

"Analysts say they expect the world's largest non-government controlled oil company, Exxon, to report a staggering $10 billion profit -- a 60 percent increase.

Shell is expected to post a healthy 22.2 percent gain, translating to $5.9 billion for the company, which is right on par with competitor Chevron's profits." ....ABC news

Or we could all just say that outrageous corporate profits (at our expense) are perfectly acceptable and just continue to accept 4-5 or 6 and 7 dollars a gallon for gas.

Your thoughts...............

Edited April 26, 2011 by Scar My Machine

[Vater Araignee]

Or we could all just say that outrageous corporate profits (at our expense) are perfectly acceptable and just continue to accept 4-5 or 6 and 7 dollars a gallon for gas.

Your thoughts...............

All I have to say is typical.

Well that and bitch about my wife putting me in a position where I have to buy an extra 4 or 5 gallons a week. And about people using the car to go get a pop and bag of chips or to make it even worse, only a block away. Ok I can come up with hundreds of things to bitch about concerning oil and both sides are to blame.

[Troy Spiral (13)]

The price of gas does suck, cant argue with that.

I'm not really sure by what process gas prices get set. I know its not a direct "price of oil = price of gas". If it was though, it would annoy me, but not as much as the money we throw at useless things like Brittney Spears and other members of the Cult of the Entertainer. At least commodities serve some (useful) purpose. I don't have a problem with companies making profits per se.

I know Saudi Arabia is the No 1 producer and we are the No 1 consumer (of oil) or at least we were. I keep wondering when we'll find a reason to go to war with them, but they play their cards pretty well to avoid that (and we don't want to irritate them for the same reason, one of the reasons we turn a blind eye to their terrorist-friendly religious schools I'm guessing).

I think Oil companies sell "to the market" (that is the world market) so whatever happens, the price is a world-price rather than say, Shell selling to a specific place. So the rise of say China's demand for oil affects the price for everyone (although last I read it'll be another 20 years before they overtake us in oil consumption.)

What angers me more About 50% of American adults do not know that the earth orbits the sun, and takes about a year to do it and 30% of Americans believe in astrology. (What that implies about our understanding of reality and lack of critical thinking skills that aren't taught at all in schools , or rarely taught.)

[candyman]

Actually, China is the #1 user and Russia is competing with it. That is part of the reason for prices rising. China had a law where you had to pay for ALL of the car up front if you wanted one which really kept the consumers to a minimum. Their driver laws also kept alot of people from driving. A few years ago those laws were overturned...and then chaos. They really changed the market.

Also, panic drives up prices in all sectors. In the middle east clashes with rebel groups, war, economic crisis, anything that unbalances shit can make the prices fluctuate...that includes greed.

Then there is the oil companies...they are subject to panic and piracy and disasters and yes also greed.

Then there is us...same shit different people.

Then there is ETHANOL...which will eventually be the undoing of us all if they keep increasing the amount in gas. But hey, what is wrong with a little more pollution and less fuel economy as long as we use a renewable resource that takes away from the world food market and costs alot to make? Nothing right?

[Troy Spiral (13)]

The most accurate data I could find when I posted that , only goes up to about 2007-2008 , data after that is mostly guesswork, but China is the largest "energy" consumer, but not for oil specifically. The USA uses the most oil. We are especially good at guzzling it down for various reasons.

The point is well taken though, the demand from China/India/Russia (more accurately the rate at which its growing) is more relevant to the price than our own production or consumption. (regardless of what politicians "drill baby drill!" would have us believe) as far as I can tell the world-market is the problem, something we can't fix, only avoid or restructure our energy usage I'm guessing.

One Comparison:

http://www.ritholtz.com/blog/2010/06/oil-consumption-around-the-world/

Another:

http://business.rediff.com/slide-show/2010/mar/12/slide-show-1-worlds-10-biggest-oil-consumers.htm

United States is the world's largest consumer of oil. It used 19.5 million barrels per day in 2008.

The US government increased its crude-oil price forecast for 2010 this week based on an outlook for higher demand as the global economy recovers. It has a total oil prudction of 8.5 million barrels per day. The total oil reserves amount to 21.317 billion barrels.

Oil consumption as per the 2008 US Energy Information Administration study. The 2009 data is yet to be released.

March 12, 2010 19:27 IST

United States 19.5 million barrels per day.

China consumed 7.8 million barrels of oil per day

Japan consumed 4.8 million barrels per day

India's oil consumption has risen to 3 million barrels per day

A major oil producer, Russia consumed 2. 9 million barrels per day

[candyman]

Yes but the data from China is based off of the models made when their laws were overturned...after 2008 or so their vehicle sale skyrocketed when the laws preventing most car purchases was removed. Before that it was only common for a family there to have one car IF they had one...now they can finance and shit so they are buying more. The last brief I had on it was using late 2010 data which also dealt with them building all of those major road projects that indicate a greatly increased amount of motor traffic.

[Simon Bar Sinister]

it's speculation on the commodities markets that's driving the gas prices upward.

there's actually an oversupply/glut of oil in the world markets right now.

Edited April 26, 2011 by Simon Bar Sinister

[Troy Spiral (13)]

it's speculation on the commodities markets that's driving the gas prices upward.

there's actually an oversupply/glut of oil in the world markets right now.

Makes sense, it doesn't "feel" like its realistic for prices to change as quickly as they do, if its just a straight supply-demand thing due to the massive scale that this stuff moves on.

The commodities speculation makes the most sense.

I vaugely remember reading something about the actual refineries turning the oil into gas were more the problem than the oil itself (lack of refining capacity). Thats just me remembering some mental vapors though, of my billion different subjects i follow this one at least not yet, is low on the radar (for some reason). Its interesting though thats for sure.

[phee]

ICK

[Gaf The Horse With Tears]

Makes sense, it doesn't "feel" like its realistic for prices to change as quickly as they do, if its just a straight supply-demand thing due to the massive scale that this stuff moves on.

The commodities speculation makes the most sense.

I vaugely remember reading something about the actual refineries turning the oil into gas were more the problem than the oil itself (lack of refining capacity). Thats just me remembering some mental vapors though, of my billion different subjects i follow this one at least not yet, is low on the radar (for some reason). Its interesting though thats for sure.

Troy, both things are correct. The #1 and #2 factor affecting gas price is Speculators and Capacity. You guys are looking at skued data on imports though. It's not reflecting how much refinded Gas is brought into the US from refinerys in other countrys. We keep closing them down and not building new ones. There is a illusion out there too... not all refinerys make Gasoline and Diesel fuel. Some make plastic... we use a shit load of plastic and it's made from oil.

I also want to point out that people need to look at the break down of the oil companys profit statements. Exxon for example, the majority of thier income is from transporting Oil from say Iraq to France. They are a petroleum transport company that happens to own some gas stations and refinerys. If memorys serves, they only get about 10% of thier income from refined fuels.