What do you think of these gas prices?

[manning]

Will it alter your travel plans??

Chicago area suburbs have been seen at 2.799 for regular and I have seen premium at 3.01.

I get a magazine from a major oil company. What puzzles me is that in one of them they claimed they can make money at 10.00 per barrel and with their deep water drilling expect to produce at 6.00 per barrel. This claim was made sometime last year.

What happened???

 

[bicker]

The price for oil is based substantially on how secure the supply is, and as long as we're at war, the price will be unstable.

 

[CarolMN]

World demand is also up - especially from China. So far, the higher prices have not impacted demand much, if at all.

Best wishes -

 

[OntFamily]

The price for oil is based substantially on how secure the supply is, and as long as we're at war, the price will be unstable.

The price is based on perception of supply problems, not actual.

The top 2 countries supplying crude oil to the USA are Mexico and Canada (which last I checked are not at physical war with the USA - various trade issues notwithstanding). In fact, these two countries supplied during May '05 over 50% more crude oil than that which came from ALL Persian Gulf countries.

Of total petroleum products (crude + processed) - Canada is the largest supplier to the USA.

 

[manning]

In the Gulf of Mexico Thunder Horse is slated to go into production late this year/early next. At peak production, the semi-submersible platform, one of the world's largest, is slated to produce 250,000 barrels of oil per day, or about 17 percent of current U.S. production from the Gulf of Mexico. That is a huge increase.

It hasn't been proven yet, but it is said there may be another big find there by another oil company.

 

[Ali and boyz]

you wouldn't want to live in the UK as our fuel prices are horrendous

 

[manning]

you wouldn't want to live in the UK as our fuel prices are horrendous

Move over, we're catching up. You got the benefit of small cars. Alot of people here drive gas hungry cars. Think upper teens per gallon, not imperial, on the highways.

 

[becca011906]

We are still driving, we are using the AAA fule cost calculator and it still says we can drive there and back on less then $200 so that is still cheaper for us then flying family of 5 and renting a van when we get there!

 

[manning]

A major study by a major think tank just concluded a study as to why gas prices are so high. They have found out it is because all the oil is in Texas and Oklahoma and all the dips are in Washington DC.

 

[gw_lit]

Why are gas prices so high?

These numbers come from Yahoo financials:

BP/Amoco: $316 Billion Revenue, $20 Billion Profit, 25% Quarterly Revenue Growth
Chevron: $160 Billion Revenue, $13 Billion Profit, 30% Quarterly Revenue Growth
Exxon/Mobil: $296 Billion Revenue, $30 Billion Profit, 26% Quarterly Revenue Growth
Shell: $265 Billion Revenue, $18 Billion Profit
Conoco/Phillips: $137 Billion Revenue, $11 Billion Profit, 33% Quarterly Revenue Growth


Great numbers if you're a shareholder in one of these companies! Not so great numbers when you're filling the tank!