Oil executive responds to outcry

[w¡n9Nµ7 §£@¥€r 123]

I am actually considering buying an SUV next year. It will be time for a new car and this time I want an SUV.

[Alex+R 0]

But...why?

[one...two...tree 2,762]

But...why?

Yes...why?

[William33 110]

Everyone keeps citing the gas prices outside the US. Who cares about that, as we don't live there, we live here.

But since it was mentioned, most of that is tax, for the given country.

The complaint here, is about the spike in prices and huge oil company profits. It doesn't take a genius to see what is going on here.

It's a simple case of the consumer getting screwed. Our Legislators only talk about it, with no action.

Well...let's invade Saudi Arabia and then we will be in control of our own energy destiny. Then we don't have to be at the mercy of world markets. Bush tried in Iraq, but it hasn't turned out like he thought it would.

The price of gold and platinum has gone up as well over the last 1 1/2 year. Oil, gold, and platinum are commodities on the world market. Nobody complained when domestic oil companies got $8 a barrel in the mid 1980's and lift costs were $5+ a barrel here in the USA oilfields. Now it is $60+ and they are making record profits.

Like the Shell executive said...cut consumption and the price will drop. What have you done to cut consumption? Nada!

Most Americans have never kept track of our ever increasing foreign oil imports that are now 60+% and growing. Let's face reality here. The US Congress has no control of world oil markets and we are the biggest consumer of oil in the world.

That explanation does not justify what is happening. Consumption is what it is. Prices should rise (or fall) proportionate to the market price I agree, yet oil companies are getting record profits? They are riding the $$$ wave, and offering excuses like the Shell Executive. What, did you think he would say: We are screwing you because we can?

The current pricing is not proportionate. Period.

As a footnote, I agree that huge gas guzzlers are a big problem. They serve no purpose and waste natural resources.

Edited May 26, 2007 by William33

[homesick_american 1]

I am actually considering buying an SUV next year. It will be time for a new car and this time I want an SUV.

You're a fool if you buy one.

[w¡n9Nµ7 §£@¥€r 123]

But...why?

Yes...why?

Once I figure it out I'll let ya'll know. It occurred to me this afternoon that I may want one.

[AnaAndDaniel 0]

But...why?

Yes...why?

Once I figure it out I'll let ya'll know. It occurred to me this afternoon that I may want one.

we are looking at the santa fe.

Daniel

:energetic:

[w¡n9Nµ7 §£@¥€r 123]

But...why?

Yes...why?

Once I figure it out I'll let ya'll know. It occurred to me this afternoon that I may want one.

we are looking at the santa fe.

Daniel

:energetic:

What a coincidence, I saw a Santa Fe and that's what triggered the thought.

[AnaAndDaniel 0]

But...why?

Yes...why?

Once I figure it out I'll let ya'll know. It occurred to me this afternoon that I may want one.

we are looking at the santa fe.

Daniel

:energetic:

What a coincidence, I saw a Santa Fe and that's what triggered the thought.

yep. my wife likes the white ones. i'm keen on the brown ones. although gonna wait a bit. maybe even go for the the veracruz.

Daniel

:energetic:

[Jamie76 0]

The thing is, oil companies do not set the price of a barrel of oil. That is set on world markets. Back in the mid eighties to mid nineties when oil was selling at $10-$15 a barrel oil companies were not making a profit like they are now seeing. On the contrary, they were laying people off left and right. Many of the mergers that were seen in this time were based on survival.

The only real way to reduce the price is to reduce demand. Easier said than done as many people are tied to driving for their jobs. More people are expected to take to the roads this Memorial Day weekend compared to last year so that tells me people haven't reached the breaking point yet.

[homesick_american 1]

Nobody has even mentioned the declining value of the dollar relative to the euro and the pound as a reason.

I guess nobody here reads the business section?

[Jamie76 0]

Nobody has even mentioned the declining value of the dollar relative to the euro and the pound as a reason.

I guess nobody here reads the business section?

As a reason for increasing oil prices or the high fuel prices seen in Europe?

[homesick_american 1]

Nobody has even mentioned the declining value of the dollar relative to the euro and the pound as a reason.

I guess nobody here reads the business section?

As a reason for increasing oil prices or the high fuel prices seen in Europe?

Increasing oil prices.

High fuel prices in Europe are mainly due to additional taxes.

[Jamie76 0]

Nobody has even mentioned the declining value of the dollar relative to the euro and the pound as a reason.

I guess nobody here reads the business section?

As a reason for increasing oil prices or the high fuel prices seen in Europe?

Increasing oil prices.

High fuel prices in Europe are mainly due to additional taxes.

Well certainly a falling dollar would be one factor as the price of oil is pegged to the USD. Then you could also say that the rising price of oil is linked to our huge trade deficits. Huge sums of USDs are in the hands of foreign countries which is in turn lowering the value of the dollar.

[peejay 327]

Everyone keeps citing the gas prices outside the US. Who cares about that, as we don't live there, we live here.

But since it was mentioned, most of that is tax, for the given country.

The complaint here, is about the spike in prices and huge oil company profits. It doesn't take a genius to see what is going on here.

It's a simple case of the consumer getting screwed. Our Legislators only talk about it, with no action.

Well...let's invade Saudi Arabia and then we will be in control of our own energy destiny. Then we don't have to be at the mercy of world markets. Bush tried in Iraq, but it hasn't turned out like he thought it would.

The price of gold and platinum has gone up as well over the last 1 1/2 year. Oil, gold, and platinum are commodities on the world market. Nobody complained when domestic oil companies got $8 a barrel in the mid 1980's and lift costs were $5+ a barrel here in the USA oilfields. Now it is $60+ and they are making record profits.

Like the Shell executive said...cut consumption and the price will drop. What have you done to cut consumption? Nada!

Most Americans have never kept track of our ever increasing foreign oil imports that are now 60+% and growing. Let's face reality here. The US Congress has no control of world oil markets and we are the biggest consumer of oil in the world.

That explanation does not justify what is happening. Consumption is what it is. Prices should rise (or fall) proportionate to the market price I agree, yet oil companies are getting record profits? They are riding the $$$ wave, and offering excuses like the Shell Executive. What, did you think he would say: We are screwing you because we can?

The current pricing is not proportionate. Period.

As a footnote, I agree that huge gas guzzlers are a big problem. They serve no purpose and waste natural resources.

As the Shell executive also said...they have no incentive to build more refining capacity if it is not in their own interests to do so. That is another factor in addition to the barrel price.

All I can say is that Congress has had many investigations over the years with Presidents of either party in the White House and alternating party majorities in Congress. They go through the motions when their constituents complain loudly, but there is little Congress can do if laws are not broken.

They can tax the ####### out of profits, but that won't do much to get more refineries built. The Dems want to tax them and the Repubs want to give them tax breaks. Neither is a realistic and coherent energy policy for the future.