What's going on with gas prices.

[jdmidwest]

Bingo Brian, the so called shortages and scares have only one purpose, more profit for the oil companies which are mostly owned by overseas entities. They have not done a thing to improve the situation, why would they. They can blame it on something else and make a killing off of it. The more they make in US the more they have for their own companies. BP (British Petro), Shell are owned by the Dutch and English. Citgo was by Chavez in Venezuela. Exxon, who knows, probably us.

Price per barrel of oil is $52 or $53 today, alot lower than the $70 last year but the headlines are calling for $4 a gallon. Chavez has taken over the oil in his country, which we buy a lot of. Looks like we need to look to the south to control a dictator and find him a new job to control that market.

What happened to that huge oil field they found in the Gulf last year? What is going on with ANWR? Most of the oil from Alaska goes to Japan anyway, so how does that help us?

[snagged in outlet 3]

Oil closed at $64.40 a barrel today not $52.

Snagged.

[fishingjim]

I got a new pick up last year that would burn E85. I was up in Iowa last weekend. Gas was $2.79 at most stations. I filled up with E85 for $2.29 I didn't get quite as good mpg on the trip home, but I like the idea of not sending that money to the Middle East. Personally, I think we need to explore every form of alternative energy available.

[Phil Lilley]

I do like the idea of using ethanol even if it's the same or more than gas/oil. But the jury is still out on ethanol- how it's made and all.

[Wayne SW/MO]

Part of the problem with Ethanol is that it was made to use corn surpluses, and its still being made from corn. I saw a news piece this week that pointed out that the price of corn is increasing and taking many other food items with it. The fallacy of this, and the news didn't mention it, is that Ethanol doesn't have to be made from corn. There's also the price support part of the equation.

[catman70]

They're advancing technology that allows one to make ethanol from the husks and stalks of corn. The problem (other than the subsidies) is that it takes roughly 5 gallons of fresh water to make one gallon of ethanol. If I'm not mistaken, one the the major controversies over the proposed ethanol plant East of Springfield is its affect on the water table.

As for supply shortages: Do you know how many oil refineries have been built in the U.S. in the past 10 years? 0 Last 20? 0 There hasn't been a new refinery built in the U.S. since 1976 – over 30 years ago. I think it's amazing that the price is as low as it is. If you think raising taxes on these companies will somehow help, think again. You want cheaper gas? Reduce regulations and put tax incentives in place for the construction of new refineries.

My 2 cents anyway.

[snagged in outlet 3]

Popped up to $3.17 a gallon here in St. Lou today. Ethanol is a scam.

[bojack]

wholesale gas dropped $.25 this week,oil dropped, gas at the pump rose over $.40 last week and now that oil and gas (wholesale) are down they jack up the gas price today another $.28. the oil companiew don't want any new refineries. watch the oil companies financial report at the end of june. OIL COMPANIES REPORT RECORD PROFITS~~ANOTHER 15 BILLION THIS QUARTER. what ashame.

[catman70]

I'm don't mean to argue in favor of high gas prices, but the size of the industry (as well as taxes) be taken into account. Did you know that you pay roughly $1 in taxes to the state and US for each gallon pumped? Therefore, tax revenue from gas was higher that the profit the oil companies received. Also, the size of the initial investment is directly proportional to the amount of revenue and profit seen from that investment. That is why profit margins are taken into account when determining the profitability of an endevor. I've included this chart so that you can see the other industries that are more profitable than oil.

[Snow Fly]

Left Troy, IL. {drive a Ford diesel}for KC on Tuesday morning stopped to fill up 1 mile into MO. {one of the cheaper stations in the area}, IL. tax on diesel super high. Payed $2.69 for diesel with unleaded gas going for $2.94.

Came home today, stopped same station, Diesel $2.65 unleaded gas $3.19. A friend of mine works at the refinery Wood River IL. and said that gas is based on a supply of 17 days on hand,now have 3/4 refineries down for whatever reason and the supply on hand is down to 14 days.

Someone mentioned a topic that still hangs with me. I was reading an article on refineries and it was mentioned the last refinery built in the USA was, I believe, 1975.You keep reading about all the monies spent by USA oil companies for exploration. My question like others, what good is a large oil field find if you have no way to produce the finished product.

Like computer games, production down = demand up = BIG $$$$$$$$