Article

2013-04-09 Economy

U.S. Passes Saudis In Oil Output, No Thanks To White House

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Posted by trailing wife 2013-04-09 00:00|| || Front Page|| [11134 views ] Top

#1 OTOH BHARAT RAKSHAK > GAZPROM CEO: "SHALE GAS" INDUSTRY IS A BUBBLE.

I have lingering doubts myself - goes back to what I've said times before about how our future OWG-NWO concensus as per the issues of GWCC + "Peak Oil/Resources" is that there is no Consensus. BASICALLY ITS IN FREE-FALL UNTIL FURTHER NOTICE - EVERY GOVT, PERT IS CROSSING/TWIDDLING THEIR FINGERS HOPING THAT THEIR MATH IS THE CORRECT ONE, + THAT NOTHING GOES "BOOM" THAT WASN'T SUPPOSED TO.

Posted by JosephMendiola 2013-04-09 00:27|| 2013-04-09 00:27|| Front Page Top

#2 If the republicans were clever they'd thank obama.

Posted by Bright Pebbles 2013-04-09 05:28|| 2013-04-09 05:28|| Front Page Top

#3 The U.S. is primed to become the world's dominating energy powerhouse for decades to come unless President B.O. elects to quash this private sector stimulus of enormous proportion.

Like he did coal. :-(

Posted by Besoeker 2013-04-09 07:03|| 2013-04-09 07:03|| Front Page Top

#4 If it's so cheap and plentiful then why is it still a back-breaking $4.00 a gallon at the pump?
US corporations are not much better to us than the Big Turbans in Soddy.

Posted by bigjim-CA 2013-04-09 08:55|| 2013-04-09 08:55|| Front Page Top

#5 $3.42 per gallon in Georgia.

Posted by Besoeker 2013-04-09 08:56|| 2013-04-09 08:56|| Front Page Top

#6 $3.18 at Sam's this morning in Louisiana.

Posted by Glenmore 2013-04-09 09:21|| 2013-04-09 09:21|| Front Page Top

#7 $3.14 to $3.40 east to west Kansas.

Posted by swksvolFF 2013-04-09 10:26|| 2013-04-09 10:26|| Front Page Top

#8 If it's so cheap and plentiful then why is it still a back-breaking $4.00 a gallon at the pump?

Take that up with Bernanke not the oil companies. When you print a butt load of money [or press the computer keys to 'create' money] without backing or comparative increases in national productivity, then you get money worth a lot less. In 2005 the Treasury could mint a hundred pennies [that's the already debased zinc slug with a copper cladding] for a dollar. Today a dollar buys about 42 pennies in mint production. Commodities generally stay relative to each other outside of gross market speculation. It's the paper thingy used in commercial transactions that fluctuates as your government lies to itself and everyone else that "it's for your own good".

Posted by Procopius2k 2013-04-09 10:38|| 2013-04-09 10:38|| Front Page Top

If it's so cheap and plentiful then why is it still a back-breaking $4.00 a gallon at the pump?

Besides inflation, it's still priced at the international market, because if France wants to pay more for the oil than we do, the producers will sell to France.

Also, how many refineries are there? Do you think there's that much competition between them?

Posted by Rob Crawford 2013-04-09 10:58|| 2013-04-09 10:58|| Front Page Top

#10 Besides inflation, it's still priced at the international market, because if France wants to pay more for the oil than we do, the producers will sell to France.

Well, not exactly. There's a significant split between WTI and Brent - looks to be about 10% higher for Brent today. That's down a bit from 2012, but still damn significant, and reflects the difficulties in distributing crude from some of the new midland American oil sources.

Also, how many refineries are there? Do you think there's that much competition between them?

Refineries in Blue State America have been closing at a disturbing clip. Folks are citing their gas prices further up in the thread - mine is $3.55 here in central PA, and that's significantly down from three weeks ago. We've much higher prices here in the MidAtlantic because they've shut down or are shutting down a number of old refineries in the Philly area and aren't replacing them, well that and higher gas taxes. We also don't get much of an electric price relief from all that Marcellus Shale gas we're pumping - Pennsylvania utilities mostly use coal plants.

Posted by Mitch H. 2013-04-09 11:42|| http://blogfonte.blogspot.com/ 2013-04-09 11:42|| Front Page Top

#11 If it's so cheap and plentiful then why is it still a back-breaking $4.00 a gallon at the pump?
US corporations are not much better to us than the Big Turbans in Soddy.

Well, there's the fact that you have to ship all the oil from North Dakota to the refineries via rail.

Posted by Thing From Snowy Mountain 2013-04-09 12:17|| 2013-04-09 12:17|| Front Page Top

#12 "Imports of foreign oil will fall from 60% in 2008 to likely 30% in 2013."

This is by far the most significant line. My entire life politicians have been promising energy independence. Well, here it is and what is the response? Full out war on fracking by politicians and the Left.

Posted by Iblis 2013-04-09 12:35|| 2013-04-09 12:35|| Front Page Top

#13 "If it's so cheap and plentiful then why is it still a back-breaking $4.00 a gallon at the pump?"

Federal and state ~~theft~~ taxes. Don't have time to look it up right now, but IIRC the oil companies' profit from a gallon of gas is frighteningly low compared to the taxes on that same gallon.

Posted by Barbara 2013-04-09 12:37|| 2013-04-09 12:37|| Front Page Top

#14 Equivalent of $9 a gallon in the UK - about 55% on that goes to the treasury in tax- for them to use as incompetently as possible !

The scandalous amount of tax on petrol and diesel is one of the major reasons our economy is remaining stagnant. It effects us all. Directly or indirectly.

Posted by Foxy 2013-04-09 13:12|| 2013-04-09 13:12|| Front Page Top

#15 That little sticker on every gas pump that states how much tax is on a gallon of gasoline is a scandalous lie.

At each stage of the process of turning crude oil into fuel, the federal government collects a tax. At the pump, the feds collect a percentage as do the states.

The year everyone was bagging on Exxon over their 10 billion in profit, they made approximately 6% profit on sales. The federal government collected 10.75% on the final sale, ergo, the feds made more money from Exxon selling gas than Exxon did.

Finally, the gas prices are artificially inflated by rules regulations taxes etc., the latest gimmick that jacked up prices was a series of regulations on transport of gasoline issued by the EPA, which forced most gasoline distributors to buy new equipment.

AND if all taxes on US gasoline were cancelled, even those on the production and transportation (yes the oil companies pay a fee on gasoline to use their own pipelines) the price of a gallon of gas would be approximately $0.92 per gallon.

Taking the UK as an example with their $6 to $9 dollar gas, if all of their taxes were cancelled gas would cost a brit about $1.00.

Its all about tax revenue.

Posted by Bill Clinton 2013-04-09 13:30|| 2013-04-09 13:30|| Front Page Top

#16 stunning information. Thank you BC

Posted by NoMoreBS 2013-04-09 14:47|| 2013-04-09 14:47|| Front Page Top

#17 I'm thinking this total is with refinery gains. I doubt we've equaled the Sauds in crude production. We might in a few years tho and it will be sweet indeed.

Posted by Shipman 2013-04-09 15:53|| 2013-04-09 15:53|| Front Page Top

#18 At each stage of the process of turning crude oil into fuel, the federal government collects a tax. At the pump, the feds collect a percentage as do the states.

Note the pump jack and add a few more tax "stages":

1. Tax on the lease income [from the producer to the land owner]. If gov't own land or offshore, ALL the lease money goes to the gov't.

2. Tax on operating expenses, ie; purchase of pump and materials, electricity to run the pump, income tax on the pumper [fellow that looks after the well], pipeline, well servicing, truck transport, tank battery, refinery and employees, wholesale distribution and delivery.

Posted by Besoeker 2013-04-09 16:27|| 2013-04-09 16:27|| Front Page Top

#19 I was raised in the oil business and I can remember my dad complaining about federal taxes on oil etc., as far back as the mid 1950s.

So I can remember gasoline at $0.25 per gallon at the pump. Most of the increases in the cost of gasoline (which by the way due to its being a high volatile, i.e., easy to evaporate from crude, is very easy to refine, it will do it at room temperature) is due to federal rules on refineries, added fees on leases on federal land, additional fees for environmental concerns about pipelines, gimmick fees and regulations on transport vehicles and fees and taxes on everything from drill bits to inspection of valves and fittings on refining units.

If you take the raw $0.92 per gallon and work backwards through the annual inflation rate to 1963, when gas was $0.25 per gallon, you would find that gasoline is actually cheaper now than 1963. Thanks to the crappy monetary policy of the federal government and the lack of a coherent energy policy.

Posted by Bill Clinton 2013-04-09 19:07|| 2013-04-09 19:07|| Front Page Top

#20 Errr...I meant to say NO thanks to the crappy monetary policy and lack of a coherent energy policy.

Posted by Bill Clinton 2013-04-09 19:08|| 2013-04-09 19:08|| Front Page Top

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