The Associated Press
Executives from major oil companies testified before Congress on April 1, 2008, about gas prices and profits.
Yes, they make billions while we pay more at the gas pump
56% (293 votes)
No, the oil companies would just pass the taxes on to the consumer
27% (142 votes)
No, they made their profits fair and square and should be allowed to keep them
15% (80 votes)
I don't know
2% (10 votes)
Thoughts
oil company profits
Submitted on April 3rd, 2008 by AnonymousThese oil companies are making less profit in America than any burger joint. Their costs go up so you pay more, end of story.$100 per barrel = $2.50 per gallon before they buy it. Then add all of the refining, storage, transport, and other costs. Then the gross and truly obscene wind fall profits called taxes($.48 in Maryland).
So, try thinking just a little bit for a change.
A barrel of oil has gone up about 2.5x in recent years. A gallon
Submitted on April 3rd, 2008 by AnonymousSUPER POSTING!
The cost of refining has increased as well, so the pump price will rise by a bigger percentage than the barrel price. I'm not an expert, but I do know that over 50% of our imported oil comes from that bastian of instability Canada. With that said we should drill wherever there are oil deposits and build a few more refineries. If the US uses its own oil that will decrease demand on other producers thus creating a world price drop helping the rest of the world's economies. Hey the Russians are doing it and China co-operating with Cuba is drilling 50 miles off the Florida coast.
Just look around your home and see how many plastics there are--all based on petroleum. It will take many years before petroleum becomes a memory.
In the meantime the oil companies are working on modern alchemy to come up with non petrol lubricants and fuels. Remember, gasoline and other oil fuels started life as worthless byproducts of lubricant manufacturing.
Finally, love your idea for the hybrid diesel. I'd like expand it to a turbo or super charged hybrid diesel and use them to RECYCLE cars from the 50's, 60's, and 70's. I'm picturing a lot of cars that I could rebuild (not hotrod) to modern specs with modern technology!!!!!!!! First one in my mind: 71 Pontiac Gran Prix. The rest of you could recycle whatever cars you like.
We can't drill forever
Submitted on April 2nd, 2008 by MathManIf crude oil prices are set by the market, developing the oil fields in Alaska would have very little effect on prices. There is not enough oil there to influence the world market. That is a political solution, but not a practical one.
Blaming Democrats for high oil prices for not supporting drilling on the ANWR makes no sense. But in general, if you think the solution to gas prices is in more domestic production, then they are the party to blame. If you think the solution lies in finding other energy sources, then the Republicans are to blame.
As the first anonymous points out world energy demand is increasing. We will not be able to drill out way out of the situation for ever. So, why not save some of our harder-to-get sources and use them in the future when they will be scarcer and much more valuable?
Not so fast.
Submitted on April 2nd, 2008 by AnonymousIf you really think that drilling in Alaska would reduce our energy dependence, then you are mistaken.http://www.msnbc.msn.com/id/4542853/
So your adhom that you throw in the end really is baseless. Being so bull headed and blocking everything? Healthcare for poor children and Stem Cell research ring a bell.
They'll just pass the tax to the consumer.
Submitted on April 2nd, 2008 by AnonymousA barrel of oil has gone up about 2.5x in recent years. A gallon of gas has gone up about 3x in recent years. You do the math on who's ripping who off.
Once this country straightens out and allows more efficient cars to be sold, we're all at the oil companies' mercy. For example, the BMW 123d diesel gets around 50mpg and has excellent pollution-limiting technology to make them clean. However, they aren't for sale here since the federal guidelines haven't approved BMW's pollution-limiting tech. That's a tragedy. Competition for more efficient vehicles shouldn't be limited in this way - competition pushes forth innovation, something our domestic companies need to continue to work on.
The real improvement in gas mileage will be the diesel-hybrid. Gasoline hybrids (ie. Toyota Prius) are limited to 45-50mpg. Standard diesel vehicles have been doing this for years. Once the deisel hybrids become available, we should be able to see 75-100mpg easily attainable. There you go GM/Ford/Chrysler.. innovate a 75-100mpg diesel hybrid in a decent-looking car and you'll finally make some sales headway on Toyota.
why?
Submitted on April 2nd, 2008 by Anonymousit is easy to blame the oil companies but they are not to blame. the price is set on the world market. it is more cost effective at these prices so they make more money. would the same people be willing to bail them out if they don't make any money?
enough of the knee jerk reaction thinking that taxing the oil companies will make the price go down. quit being so naive.
blame China and India for getting cars, beijing adds 2000 cars per day, it is simple supply and demand.
you want to blame someone blame the congree for not allowing drilling in alaska, cutting dependance on foreign oil will bring the price down, but the democrats just love to block everything and by being so bull headed they hurt the american people and blame everyone but themselves