DNRTFA
Glad I own oil....

Those oil companies are smart. They're not going to waste money fixing up Iraq's oil infrastructure until the surge works.

Control_this: Those oil companies are smart. They're not going to waste money fixing up Iraq's oil infrastructure until the surge works.

So. Never?

World oil prices advanced on Friday towards 100 dollars per barrel, briefly topping 96 dollars, as geopolitical jitters stemming from Nigeria and Venezuela stoked global supply concerns, traders said.

Nigeria Please.

but but but the economy's fundamentals are sound!

Oil has gone up 350% against the dollar and 250% against the Euro since 2001. Oil has been flat against gold during that time.

Fungible commodities with intrinsic value are resilient to artificial market arbitrage. Fiat currencies don't stand a chance at breaching that bulwark.

And frankly, if there weren't all this nonsense about oil "running out" compounded with the global warming hype, the price of oil would very likely be far less than this recent figure.

Watching my oil stocks rise, wringing my hands and cackling with glee ...

It's pretty amazing how cheap gasoline is considering you can only make 20 gallons of gasoline out of a barrel of oil.

So I wonder what oil REALLY costs us? $96 a barrel, so what, the question is much money have we spent on wars to "control oil" not to mention all the lives lost. With the self reliance and smaller govt. creed of the Republicans why is it ok to depend so heavily on foreign (read: unstable and often hostile) countries for this commodity?

/God, it's all so farked at the moment

skookum: And frankly, if there weren't all this nonsense about oil "running out" compounded with the global warming hype, the price of oil would very likely be far less than this recent figure.

Yeah, I wish those damn naysayers would shut up already about peak oil (new window). We'll worry about it when we run out and not a minute before.

Gotta vent:

There are 2 gas stations next to each other on my block. Yesterday the large one had a sign advertising $2.99/gallon for unleaded; the small one next door had $2.84/gallon. I went to the $2.84/gallon (of course!), prepaid (as you must do nowadays) and began pumping gas.... soon I noticed that the price runner is at over $3 before giving up ONE gallon.

I stopped pumping and went inside to complain about this, and they told me that I was pumping at the premium side. They apologized because the only unleaded pump was broken, and so they had removed all the signs and stickers saying "premium" or "unleaded" and just crossed their fingers and hoped no one would notice. Meanwhile they are charging $3.19 for premium.

If my cheap little Japanese engine explodes from their "mistake", I'm suing.

Noam Chimpsky: It's pretty amazing how cheap gasoline is considering you can only make 20 gallons of gasoline out of a barrel of oil.

FAIL

Noam Chimpsky: It's pretty amazing how cheap gasoline is considering you can only make 20 gallons of gasoline out of a barrel of oil.

and 9 gallons of diesel
and 4 gallons of jet fuel
and 2 gallons of liquefied gasses
and 2 gallons of petroleum coke
and 2 gallons of fuel oil
and 1 gallon of road oil
and 1 gallon of feedstocks
and 1 gallon of lubricants
and lots of other things

The oil companies can DIAF!

Noam Chimpsky: It's pretty amazing how cheap gasoline is considering you can only make 20 gallons of gasoline out of a barrel of oil.

there are 42 gallons in a barrel

janks369: Noam Chimpsky: It's pretty amazing how cheap gasoline is considering you can only make 20 gallons of gasoline out of a barrel of oil.

there are 42 gallons in a barrel

One barrel of crude oil, when refined, produces about 20 gallons of finished motor gasoline, and 9 gallons of diesel, as well as other petroleum products.

True Value: janks369: Noam Chimpsky: It's pretty amazing how cheap gasoline is considering you can only make 20 gallons of gasoline out of a barrel of oil.

there are 42 gallons in a barrel

One barrel of crude oil, when refined, produces about 20 gallons of finished motor gasoline, and 9 gallons of diesel, as well as other petroleum products.

yes, i realize that now, what I don't know is why Noam would say the 20 gallon stat as if the rest of the barrel is full of unusable waste products.

Product Percent of Total
Finished Motor Gasoline 51.4%
Distillate Fuel Oil 15.3%
Jet Fuel 12.6%
Still Gas 5.4%
Marketable Coke 5.0%
Residual Fuel Oil 3.3%
Liquefied Refinery Gas 2.8%
Asphalt and Road Oil 1.9%
Other Refined Products 1.5%
Lubricants 0.9%

I own oil stocks and oil futures and am really getting a kick out of some of these replies.....

If you can't beat the overlords, might was well welcome them.

I'm an Arabian Prince so I'm getting a kick out of these replies

Just remember kids, energy prices are cyclical

I'm a barrel of oil, so I feel very special.

Oil has gone up 350% against the dollar and 250% against the Euro since 2001. Oil has been flat against gold during that time.

Fungible commodities with intrinsic value are resilient to artificial market arbitrage. Fiat currencies don't stand a chance at breaching that bulwark.

Govt. spending is paid for by taxes or via inflation of the fiat currency maintained as legal tender by diktat. Since most people don't know that our currency is pyramided on federal debt they don't realize they're paying for the welfare/warfare state when inflation catches them at the grocery store or the gas pumps.

"The law of supply and demand is not to be conned. As the supply of money (of claims) increases relative to the supply of tangible assets in the economy, prices must eventually rise. Thus the earnings saved by the productive members of the society lose value in terms of goods. When the economy's books are finally balanced, one finds that loss in value represents the goods purchased by the government for welfare or other purposes with the money proceeds of the government bonds financed by bank credit expansion." -Alan Greenspan, 1967 "Gold and Economic Freedom"

Bernanke will continue to ruin the dollar as he promised during his 2002 speech against the perils of deflation after credit bubbles in a paper currency regime begin to collapse. It is unlikely he will be removed before his term expires under the next president in 2010. Paul Volcker supports Obama, and Paul Volcker was the man who saved the dollar after Nixon cut the link to gold. Until we have a man like Volcker heading the Federal Reserve again gold will continue to remain a store of value vis-a-vis the dollar. When you see the Fed finally forced to put interest rates into double digits, be prepared to unload your gold positions for dollars.

"We can guarantee cash payments from here on out, what we cannot guarantee is the purchasing power of that cash." -Alan Greenspan during remarks on Social Security, Feb 16, 2005

Von Mises: says you


http://www.youtube.com/watch?v=mcm0k9mQKPg

Von Mises: When you see the Fed finally forced to put interest rates into double digits, be prepared to unload your gold positions for dollars.


Well stated. Of course, now is a poor time indeed to buy gold with dollars. The best move at the moment is exporting goods to countries whose currencies are at higher par. For reasons of practicality, availability, and others beyond the scope of this discussion, I choose eBay, and I choose to clean out my closets of the collectible detritus of ages past. I am only one man effecting an economic action that is scarcely a rounding error in the grand scheme of the value of the dollar, but at the very least I can sleep knowing that my fragmentary contribution to the economic channel is being implemented correctly.

I sold some Magic cards. Those awesome Europeans paid off my CAR. Not bad for a weekend of auctions. Viva la Euro!

The oil companies can DIAF!

Why because with all that they manage a 9 to 11% profit margin?

I liked this headline much better than the formulaic "Oil prices drop/raise to $xx.xx because of blahblahblah."
It made me smile.

bahr: the best move at the moment is exporting goods to countries whose currencies are at higher par. For reasons of practicality, availability, and others beyond the scope of this discussion, I choose eBay, and I choose to clean out my closets of the collectible detritus of ages past.

Sweet idea, bit of a paper trail but its a nice way to clean the crap out of the closet and move some of your wealth into Euros.

MIguy: Noam Chimpsky: It's pretty amazing how cheap gasoline is considering you can only make 20 gallons of gasoline out of a barrel of oil.

and 9 gallons of diesel
and 4 gallons of jet fuel
and 2 gallons of liquefied gasses
and 2 gallons of petroleum coke
and 2 gallons of fuel oil
and 1 gallon of road oil
and 1 gallon of feedstocks
and 1 gallon of lubricants
and lots of other things

The oil companies can DIAF!

I know all that but my point still stands. Add the value of all of those things together and it's difficult to see how anyone is getting rich except for the sheiks. Can't be a whole lot of mark up for the refiners and distributors.

Noam Chimpsky: Can't be a whole lot of mark up for the refiners and distributors.

Really? (new window)

Exxon paid more in income taxes last year ($27B) than 50% of USA taxpayers combined. Not 50% of the population, 50% of the population that actually file and owe income taxes.

They also operate at about a 7 to 10 % profit margin.

It's not gouging, it's completetly "fair", and they employ 10's of thousands of Americans, who also pay taxes.


I know it's not popular to say anything other than "FarK tEh OiL c0ManI3z!!111!!" but they have invested hundreds of billions and work off of a small margin.

MIguy: Noam Chimpsky: Can't be a whole lot of mark up for the refiners and distributors.

Really? (new window)

What is your point? They can't possibly be making their money after the crude drilling. They are being well compensated by their Arab employers.

They'll happily take their product elsewhere, if that's what you want.

Gotta vent:

There are 2 gas stations next to each other on my block. Yesterday the large one had a sign advertising $2.99/gallon for unleaded; the small one next door had $2.84/gallon. I went to the $2.84/gallon (of course!), prepaid (as you must do nowadays) and began pumping gas.... soon I noticed that the price runner is at over $3 before giving up ONE gallon.

I stopped pumping and went inside to complain about this, and they told me that I was pumping at the premium side. They apologized because the only unleaded pump was broken, and so they had removed all the signs and stickers saying "premium" or "unleaded" and just crossed their fingers and hoped no one would notice. Meanwhile they are charging $3.19 for premium.

If my cheap little Japanese engine explodes from their "mistake", I'm suing.

Remember when gas stations used to advertise cigarette prices on signs made to look like gas price signs? Of course cigarettes used to be cheaper than a gallon of gas

It's probably... no, definitely a bad sign that I read, "It's pretty amazing how cheap gasoline is considering you can only make 20 gallons of gasoline out of a barrel roll."
/Needs sleep.
//Badly.