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HelicopterOff Topics News & Politics › Gas Prices Under President Obama in Pictures
01-12-2011 10:40 PM  7 years agoPost 21
dilberteinstein

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texas - USA

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Boy, I'm confused. According to the web site of the Department of Energy, nobody has bought any crude since 1994 until 2009 for Strategic Petroleum Reserve.

It appears that Clinton started filling the Strategic Petroleum Reserve in 1999 using the Royalty-in-Kind (RIK) program and was continued by Bush.
On July 21, 1977, the first oil - approximately 412,000 barrels of Saudi Arabian light crude - was delivered to the SPR. Fill of the Nation's emergency oil reserve had begun.

Purchases totaling 591.7 million barrels were completed by the end of 1994. However, beginning in FY 1995 until January 2009, direct purchase of crude oil was suspended in order to devote budget resources to refurbishing the SPR equipment and extending the life of the complex through at least the first quarter of the 21st century.

Fill was resumed in 1999 using a joint initiative between the Departments of Energy and the Interior to supply royalty oil from Federal offshore tracts to the Strategic Petroleum Reserve. This arrangement is known as the Royalty-in-Kind (RIK) program and continued in phases from 1999 through 2009, when the Department of the Interior discontinued its RIK program.

The first direct purchase of crude oil since 1994 was conducted in January 2009 using revenues available from the 2005 Hurricane Katrina emergency sale. DOE purchased 10.7 million barrels at a cost of $553 million.

http://fossil.energy.gov/programs/reserves/spr/

90% of life is "showing up"

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01-13-2011 12:49 AM  7 years agoPost 22
DGS

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Hamburg, NY

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Yup, gas prices and the whole economy went over the cliff when it became clear that Obama and the libs were going to run the country.

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01-13-2011 03:30 AM  7 years agoPost 23
spaceman spiff

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Tucson

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Yup, gas prices and the whole economy went over the cliff when it became clear that Obama and the libs were going to run the country.
Well done. See how easy it is? Simple math.

This (special emphasis ONLY this) = That.

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01-13-2011 09:02 AM  7 years agoPost 24
MPA

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Australia

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gas cost $7 – $8 a gallon in Europe.
It may not make a lot of difference however people should be aware that the imperial Gallon is 4.5 litres
The US gallon is only 4 litres

A gallon in the UK may be 4.5 litres not 4 litre US gallon so comparing the cost might need some correction for that.
Which would make US gallons cost you more because US gallon get less 0.5 litres less gas than imp gallons in europe.

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01-13-2011 03:20 PM  7 years agoPost 25
SSN Pru

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Taxachusetts

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Katrina was responsible for the HUGE increase in gas prices. Prices went from $1.75 a gallon where I live to over $3.50 then settled and then rose sky high again.

The speculators on the commodities markets are responsible for an artificial demand for crude. China's consumption is a fraction of what ours is so to believe that they are driving prices is to bury your head in the sand.

Stupidity can be cured. Ignorance is for life!

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01-13-2011 04:06 PM  7 years agoPost 26
helo_chris

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goodlettsville, tn

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A gallon in the UK may be 4.5 litres not 4 litre US gallon so comparing the cost might need some correction for that.
Which would make US gallons cost you more because US gallon get less 0.5 litres less gas than imp gallons in europe.
Not sure what the going price is right now in Canada but when I was traveling up there the price was about $1.20 a liter, which works out to the equivalent of about $4.80 per US gallon. At the time the price here was about $3. I think where people make their mistake and what is too often ignored in talking about gas prices is the amount of tax on that. In Europe just as it is here the largest part of the cost of a gallon of gas after the cost of crude is figured in is taxes. And in Europe those are reversed. I know in Tenn. the gas tax is I believe if memory serves me $0.41 a gallon. And is much higher in other states. I think someone else mentioned it but it bears repeating, the federal government makes more from each gallon of gas sold than the oil companies do.

"There is a fine line between cutting edge and bleeding edge.."

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01-13-2011 04:10 PM  7 years agoPost 27
fla heli boy

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cape coral, florida

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THAT WOULD BE ME!! The government for all of it's gum flapping about big oil making so much money, makes FAR more than big oil does. I believe big oil makes less than 10% profit. Most companies could not survive off that. The only reason they can is due to volume. Can you imagine how much the government is raking in???

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01-13-2011 04:14 PM  7 years agoPost 28
helo_chris

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goodlettsville, tn

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If you look back at Exxon/Mobils earning statements when all that flap was going on about posting "record profits" you will see that those statements were very biased. Their margins I believe were about 10.5%, exactly where they had always been. Never mind the fact that they are the largest corporation in the world.

"There is a fine line between cutting edge and bleeding edge.."

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01-13-2011 06:11 PM  7 years agoPost 29
SSN Pru

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Taxachusetts

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big oil haters always talk about big oil profits. What they don't tell you is that the numbers they are providing are gross profits, not net...

Stupidity can be cured. Ignorance is for life!

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01-15-2011 08:19 AM  7 years agoPost 30
shawmcky

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Isle of Wight,United Kingdom

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Announced on the News today,BP to merge with Russian oil company to enable exploitation of Russian owned Fields,apparently your government is not happy.Look it up.I wonder if there will be any preferred customers for this oil or just a question of who pays the most for it(Market Forces)

Team- unbiased opinion.K.I.S.S principle upheld here

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01-15-2011 12:46 PM  7 years agoPost 31
fla heli boy

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cape coral, florida

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good question. I've always wondered what our "wise" government would do if they allowed our oil companies to drill on government property.
If we were smart, we would allow only American companies to drill, the oil would be mandated to stay within our borders and the price should be fixed as to help stabilize fuel prices and help the economy.
Before you know it, the rags would be pumping oil at 10 bucks a barrel to get our business back. Hello dollar a gallon gas again. Talk about lighting up our economy!!

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01-15-2011 02:14 PM  7 years agoPost 32
shawmcky

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Isle of Wight,United Kingdom

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I might be wrong but i dont think anyone will be selling any energy source "cheap".More likely a cartel that keeps prices level across the board.There is no reason to sell cheap,too much demand.

Team- unbiased opinion.K.I.S.S principle upheld here

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01-15-2011 03:18 PM  7 years agoPost 33
fla heli boy

rrKey Veteran

cape coral, florida

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true. But if the US gov entered into a deal with an American company, they could dictate the terms. If none of that oil ever left US soil, the world commodity market would be of no consequence. And with us not sucking up the rest of the worlds production, the demand would drop significantly in the middle east and they would have to lower their prices accordingly.
Oops, edit that. It would probably have the reverse effect and they would raise prices to make up for us not buying their oil.
Oh hell, I don't know.......I don't think anybody else does either.
But I still think it's doable here in the states, but nobody's got enough cajone's to go up against the tree huggers.

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01-15-2011 05:33 PM  7 years agoPost 34
CWALDO123

rrApprentice

Germantown , Tn - Shelby

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Where are all the wacky democrats that were on the tv and hanging out at the gas stations raising he## when gas hit $3.00 during the Bush admin. Since we have Obama in there I havent heard a peep out of these morons.
And it's funny that we can't drill off the coast of Florida but it's ok for CUBA

Hirobo Evo 50 ,Jr9303 ((( Are Those Things Hard To Fly ?? Nah !! Snicker )))

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01-15-2011 06:16 PM  7 years agoPost 35
fla heli boy

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cape coral, florida

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we've got enough oil deposits in this country to choke Saudi Arabia, yet we won't pump a drop and we won't build a refinery.
Make me president and that would be in my top 3 things to do within my first day of sitting in that chair.
Some people like to say we're just saving ours until everybody else runs out. Well, I highly doubt that anybody in our government is that smart.

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01-15-2011 07:30 PM  7 years agoPost 36
dilberteinstein

rrNovice

texas - USA

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fla heli boy

Make me president and that would be in my top 3 things to do within my first day of sitting in that chair.
Ok, I'm writing you in. But I'm telling now - do not drag another Michelle into the white house! ewwww!

90% of life is "showing up"

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01-15-2011 07:34 PM  7 years agoPost 37
fla heli boy

rrKey Veteran

cape coral, florida

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trust me, you're safe on that one!!!

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