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The price of gas
Old 07-13-2006, 07:29 PM   #1 (permalink)
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Thanks Rolando.

I hope this doesn't come under the title of "politics"

Okay we all know the price of gas is going up and up, but can anyone tell me why the price skyrockets at the pump immediatly when it takes 3-4 weeks for oil to get from Nigeria to the US when one of Nigeria's pipelines springs a leak? Why doesn't the price at the pump go down when they get that same leak fixed two days later?

I used to work for an enviornmental company that had contracts with pipeline companies and I'm here to tell you that those companies get that pipline fixed in a matter of 1-2 days. The clean up may take a week or two but that pipeline is fixed toot-sweet.

In the mid 70's during the Arab oil embargo it cost the domestic oil companies $15 a barrell to pump oil out of the ground. I know that inflation has played a part in the increase in costs but why would it cost that much more for the oil companies to get that same oil out of the ground from a well that has been on automatic since the 70's?

Could it be that the oil companies are now dedicating a particular oil field to the retirement fund of Exxons former CEO that is now enjoying a $144,000 a week retirement pension?

I'm sooooooo confused and now broke.

Rick D.
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Re: The price of gas
Old 07-13-2006, 09:40 PM   #2 (permalink)
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Quote:
Originally Posted by rixafter6
Thanks Rolando.

I hope this doesn't come under the title of "politics"

Okay we all know the price of gas is going up and up, but can anyone tell me why the price skyrockets at the pump immediatly when it takes 3-4 weeks for oil to get from Nigeria to the US when one of Nigeria's pipelines springs a leak? Why doesn't the price at the pump go down when they get that same leak fixed two days later?

I used to work for an enviornmental company that had contracts with pipeline companies and I'm here to tell you that those companies get that pipline fixed in a matter of 1-2 days. The clean up may take a week or two but that pipeline is fixed toot-sweet.

In the mid 70's during the Arab oil embargo it cost the domestic oil companies $15 a barrell to pump oil out of the ground. I know that inflation has played a part in the increase in costs but why would it cost that much more for the oil companies to get that same oil out of the ground from a well that has been on automatic since the 70's?

Could it be that the oil companies are now dedicating a particular oil field to the retirement fund of Exxons former CEO that is now enjoying a $144,000 a week retirement pension?

I'm sooooooo confused and now broke.

Rick D.

Another point you might have forgotten....

The Gas we buy today.. was not purchased today or yesterday.. it was purchased and processed months ago.. in most cases over 6 to 9 months ago... and Barrels of oil werent that high at the time our gas at the pump prices go up.

I did a little checking.. most of the gas in the Phoenix area being sold this month was bought as barrels of oil back BEFORE Katrina and RITA... before the oil prices jumped.

Just my penny and a half.. the rest I spent on gas today.
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Re: The price of gas
Old 07-13-2006, 09:50 PM   #3 (permalink)
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If you truly enjoy economics.
This will help you understand the speed and variation of price changes in the oil industry
or really any other industry for that matter.

read: http://economics.about.com/cs/micfro...elasticity.htm

It'll help explain why costs for photographers going up while revenues are remaining
flat - hence lower profit margins.
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Re: The price of gas
Old 07-14-2006, 07:15 PM   #4 (permalink)
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Master Po:

Even though he gave the answers, all that math gave me a headache. It was much easier explained here:

http://economics.about.com/cs/macroe.../aa032003a.htm

On page two of the article if you substitute gas for glass it all seems pretty simple. "The Broken Window Fallacy."

Rick D.
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Re: The price of gas
Old 07-15-2006, 12:37 AM   #5 (permalink)
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Quote:
Originally Posted by AGellert
Another point you might have forgotten....

The Gas we buy today.. was not purchased today or yesterday.. it was purchased and processed months ago.. in most cases over 6 to 9 months ago... and Barrels of oil werent that high at the time our gas at the pump prices go up..
What sucks is that the price jumps high but the oil we are "buying" has already been purchased months before hand. I wish I could buy anything, then sell it months later for way more without spending a dime.

-joshua
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Re: The price of gas
Old 07-15-2006, 07:21 AM   #6 (permalink)
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Quote:
Originally Posted by AGellert
Another point you might have forgotten....
I did a little checking.. most of the gas in the Phoenix area being sold this month was bought as barrels of oil back BEFORE Katrina and RITA... before the oil prices jumped.
I think that is kinda the root of the issue. We aren't really buying the gas they have already, we are buying the gas that will replace it. If I expect my lab to raise the price of paper or processing between the time I take money for an order and the lab processes it, I might find myself with the short fall.

Gas speculators are trying to figure out, with all the activity in the oil producing activity, out the future price is going to be and adjusting today's price to make up for that risk level.

When a pipeline breaks or there is some other type of disruption, that raises the spector of uncertainty and can show the weaknesses or other risk that might cause a major disruption later. That will cause the price to go up and stay up, even after the passing of the incident, because they don't know if it can happen again but believe that it certainly might.

But even when I tell myself that, it still chaps me when I buy the darn stuff.
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Re: The price of gas
Old 07-16-2006, 10:04 AM   #7 (permalink)
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"... can anyone tell me why the price skyrockets at the pump immediatly ...".

Easy answer, they do it because they can.
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Re: The price of gas
Old 07-16-2006, 10:49 AM   #8 (permalink)
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Just curious, what is the price of gas in other areas of the world? Here in Bloomington, Illinois, regular unleaded gas is $2.95 per gallon.

Jean
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Re: The price of gas
Old 07-16-2006, 04:32 PM   #9 (permalink)
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Quote:
Originally Posted by jeandarnall
Just curious, what is the price of gas in other areas of the world? Here in Bloomington, Illinois, regular unleaded gas is $2.95 per gallon.
Jean
$6.50 in the Netherlands to $.12 cents a gallon in government subsidized gas in Venezuela
http://money.cnn.com/pf/features/lis...bal_gasprices/
google so easy to use
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Re: The price of gas
Old 07-16-2006, 07:16 PM   #10 (permalink)
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Hello Rix,
I read your article and enjoyed it.
But price elasticity is about the sensitivity of price structures. It doesn't have to be
about true supply and demand, but percieved supply and demand, plus corporations
hedging their bets, and maybe even throwing in some "exploitation" fees that hurt
us all in the long run.
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