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CattleArmy

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Retail gasoline price at record $3.29/gln By Tom Doggett
2 hours, 53 minutes ago



The U.S. retail price for gasoline set a new high of $3.29 a gallon after rising 3.1 cents over the last week, the federal Energy Information Administration said on Monday.

The national price for regular, self-service gasoline is up 58 cents from a year ago as expensive crude oil continued to be passed on to consumers at the pump, the Energy Department's analytical arm said in its weekly survey of service stations.

The American Petroleum Institute, the trade group for big oil companies, said on Monday that high crude prices are mostly behind consumer pain the pump.

API said the price of oil now accounts for about 70 percent of the cost for making gasoline, with federal and state excise taxes making up another large chunk of the price for a gallon of gasoline.

U.S. lawmakers on Tuesday are expected to press the executives from five major oil companies, including ExxonMobil, BP and Shell, at a congressional hearing on soaring gasoline prices and the industry's billions of dollars in record profits.

In the EIA's latest weekly survey, gasoline was the most expensive on the West Coast at $3.52 a gallon, up 0.6 cent. San Francisco had the highest city price at $3.65, down a penny.

The Gulf Coast states had the cheapest regional price at $3.21 a gallon, up 4 cents. Boston had the lowest city price, up 0.7 cent to $3.11.

The EIA also reported gasoline prices were up half a penny at $3.60 in Los Angeles, up 7.8 cents at $3.44 in Chicago, down 4.6 cents at $3.44 in Seattle, up 1.9 cents at $3.39 in Miami, down 0.3 cent at $3.22 in New York City, down 4.2 cents to $3.19 in Cleveland and up 3.7 cents at $3.19 in Houston.

Separately, the price of diesel fuel dropped for the first time in nine weeks, falling 2.5 cents to $3.96 a gallon, but still up $1.17 from a year ago.

The EIA's survey showed the central Atlantic states had the most expensive diesel fuel at $4.16 a gallon, down 2.6 cents. The Gulf Coast region had the cheapest diesel at $3.91, down 2.1 cents. :shock: :shock: :shock: :shock: :shock: :shock:

I cringe now pulling up to the pump.
 
Diesel is $4.15 here for road fuel.

Lined up some pasture in Oregon, now it isn't looking like such a good deal.
 
3.96 here, but I started using a fuel additive that is bumping my old one ton up about 5 miles per gallon.....

once it increases it to 100 mpg, I may be able to afford the fuel!!
 
U.S. lawmakers on Tuesday are expected to press the executives from five major oil companies, including ExxonMobil, BP and Shell, at a congressional hearing on soaring gasoline prices and the industry's billions of dollars in record profits.
Click to expand...

Record profits means these oil companies are more than covering their increased cost of crude oil!!!!!
 
$4.35 here and may rise,would'nt be surprise to see $5.00 gas this summer.Funny thing is ,actually not funny thing is the folks in the cities in this state are paying .75 cents to a dollar less per gallon then us.And making way more money down there,don't know how that works??Truckers are talking about striking,can't afford to nurse those three mile to the gallon road monsters,we all depend on.Should making haying and transporting this year a challenge!Keep on truckin'!!
 
I heard briefly on the news yesterday (not the full story, I'm sure) that that Congress is considering taking away tax cuts for the oil companies because fuel is so high in the US...the oil companies are there defending their position.

I guess I feel a bit differently about this oil situation than everyone else here. I don't like the price we are paying, but I don't think it is all caused by greedy oil companies.

I think we benefit hugely as a nation from all the taxes paid by the Oil Companies. They do lots of exploration, which doesn't always make a profit and they have spent much on alternative energy (which I think is a crock, alternative energy isn't feasible yet, to keep our country running).
They also are trying to expand the refineries in this country--which I think not being able to refine the raw product causes the price to be higher at the pump.

Last but not least, if I'm not mistaken, it seems like EVERY country pays more for fuel than we do here in the US. When I was in Canada they were paying $1.10/liter while here it was $3.19/gallon. And it is worse most every place else. (Ok, Ok, Saudi Arabia is under $1.00--but I'd rather pay $4.00/gal. than live there.)
 
FH, I generally agree with you, but my problem with the oil companies is the "record profit" they are making. I have to go up on my prices this year, but I'm not passing on all my cost increases to my customers...my profits will be less.

If the government wants to solve this problem, they should open areas restricted from drilling and help oil companies to build more refineries (protect them from law suits from environmental wackos).

To compare fuel prices, you must first know the taxes that are part of that price.
 
RobertMac said:
FH, I generally agree with you, but my problem with the oil companies is the "record profit" they are making. I have to go up on my prices this year, but I'm not passing on all my cost increases to my customers...my profits will be less.

If the government wants to solve this problem, they should open areas restricted from drilling and help oil companies to build more refineries (protect them from law suits from environmental wackos).

To compare fuel prices, you must first know the taxes that are part of that price.
Click to expand...

I have to agree with you RobertMac- this arguments the oil companies are using that they need these profits from the tax breaks for further exploration and development is a crock of bull....Unless all accounting practices have changed since I was in Business College- those costs are already taken out before you figure profits.....

This is just out and out greed- and as long as they can get away with it- they aren't about to change.....
 
If gas keeps going up at this rate I'm gonna be walking to work. And it's a long walk......................... :cry:

gas is between 3.17 and 3.35 here. :shock:
 
The oil companies don't set the price of their product (crude, gasoline, or distilates) any more than we set the price of beef. Speculators set the prices, and as long as the supply / demand situation is where it is now, we'll be paying through the nose. You guys are right, they need to be allowed to drill in areas currently off limits and the red tape for increased refinery capacity needs to be reduced.
And maybe some of these new ultra low polluting :roll: pickups etc. should get better than 12 mpg like the '08 Ford diesel I drive.
 
silver, my beef with the oil companies is that if they are just covering cost, their profits would be relatively the same...not record profits!!!
I agree with you on the speculators...has anyone here had a problem getting fuel???? Doesn't seem to be a supply shortage!?!?!? :? :???:
 
RobertMac said:
silver, my beef with the oil companies is that if they are just covering cost, their profits would be relatively the same...not record profits!!!
I agree with you on the speculators...has anyone here had a problem getting fuel???? Doesn't seem to be a supply shortage!?!?!? :? :???:
Click to expand...

Well if I have a beef with the oil companies (and this may be what you are getting at) is if they put more of their obscene profits into exploration, development and refining we wouldn't be in this mess. My other job is in the oil patch and I'm not seeing the kind of activity 100 dollar oil and 10 dollar gas should invoke. Leads me to believe they are quite happy with the "work less make more" philosophy. Sheesh.... you suppose they're into black angus as well?? :wink:
Another problem seems to be that every oil company seems to feel that they need a multi billion dollar oilsand play on the go or they won't be able to play golf with the oil execs from the company that does. It's too bad, because every bbl of oilsands oil produced takes about 10 bbls fresh water and 1 bbl oil equivalent (boe) of natural gas to produce it.
And yes, I have seen supply shortages up here. Last winter you couldn't get some oils for a period of time, and this winter Imperial stations across western Canada ran out of fuel. In both cases it was because of an incident at a refinery that caused a shortage, and because supplies were tight all over they couldn't buy to make up for the shortfall.
 
Exactly silver, this mess didn't start recently...it has been coming for 20 years because of the strangle hold environmental wackos have had on the energy industry...blocking new refineries being built, new drilling, new electric plants. The focus of the industry regulators is all wrong...limit pollution at all cost...it should be maximum energy efficiency with minimum pollution. Of course this would go against the 'sound science' of global warming!?!?! :roll: :? :roll: :? :roll:
 

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