OPEC melts down and oil drops 5%

[RoadToad]

I don't get the timing on tapping the reserves. Back when OPEC tightened up the supply and prices were high, they wouldn't do it. Now, when prices are already dropping, they decide to tap the reserves. Don't get me wrong; if it saves me money, I'm not complaining. I'm just having a hard time understanding the logic.

[HURRICANEBOB]

That's interesting; are you speaking from experience?

Not as far as you know....

Efficiency means accomplishing work with less effort and more time for rest.

[artcarney_agr]

I don't get the timing on tapping the reserves. Back when OPEC tightened up the supply and prices were high, they wouldn't do it. Now, when prices are already dropping, they decide to tap the reserves. Don't get me wrong; if it saves me money, I'm not complaining. I'm just having a hard time understanding the logic.

The timing is perfect for someone to start a campaign for re-election. You're going to see lots of "I care" moves in next few months. Do you think it's any coincidence that the news is now clamoring about a few troops coming home? There's plenty more to come...

[walkeraviator]

I stick to my stance that we are paying what we shoudl be paying for gas. The problem is that we got so used to our wages going up and gas prices staying teh same, we started budgeting that money for other things. Now that gas prices have caught up to inflation in one big jump, we are feeling the pinch. Yes it *****, but it was just a matter of time before printing money to buy oil cheaper than teh rest of the world caught up with us.

1981..Median Income 19,000...Today its approx. $50000 (most recent was 2009 at $49777) That is an increase of 160%

1981 Average New Home Price was $83000, today it is over the 2006 data of $305,000.... that is an increase of 270%

1981 Gas was $1.38/gal (national average...i remember paying the same price in teh late 90's)... Todays gas price nationwide is an average 3.55/gal.. an increase of 157%
http://fuelgaugereport.aaa.com/?redi....com/index.asp


Seems like its just keeping up with inflation to me. Yeah it *****, but that is the reality. We are not spending any higher a percentage of our income on fuel than my parents did 30 years ago when I was born.

[mhall]

I hate big oil!

[kyfanatic]

I stick to my stance that we are paying what we shoudl be paying for gas. The problem is that we got so used to our wages going up and gas prices staying teh same, we started budgeting that money for other things. Now that gas prices have caught up to inflation in one big jump, we are feeling the pinch. Yes it *****, but it was just a matter of time before printing money to buy oil cheaper than teh rest of the world caught up with us.

1981..Median Income 19,000...Today its approx. $50000 (most recent was 2009 at $49777) That is an increase of 160%

1981 Average New Home Price was $83000, today it is over the 2006 data of $305,000.... that is an increase of 270%

1981 Gas was $1.38/gal (national average...i remember paying the same price in teh late 90's)... Todays gas price nationwide is an average 3.55/gal.. an increase of 157%
http://fuelgaugereport.aaa.com/?redi....com/index.asp


Seems like its just keeping up with inflation to me. Yeah it *****, but that is the reality. We are not spending any higher a percentage of our income on fuel than my parents did 30 years ago when I was born.

I disagree,wages haven't increased that much in comparison to cost of living,I know I was working 30 years ago and fuel prices were nowhere near what I put out today, I was making $32,000 a year in 1981 and I doubt if I spent $50 a week on gas,I only make about $10,000 more a year today and spend $140 on gas and drive fewer miles.You can dig up every statistic you want,but we are being screwed in the name of Green Obama.

[kydonky]

I disagree,wages haven't increased that much in comparison to cost of living,I know I was working 30 years ago and fuel prices were nowhere near what I put out today, I was making $32,000 a year in 1981 and I doubt if I spent $50 a week on gas,I only make about $10,000 more a year today and spend $140 on gas and drive fewer miles.You can dig up every statistic you want,but we are being screwed in the name of Green Obama.

wow, another person bind to greed of big oil corp. Record profits year after year after year. Blame obama, saudis, g w bush anybody but big oil. Gas will keep its grip on us with thinking like that. Gas is going up if we don't take some of the monopoly from opec, exxon, bp and oil in general. Obama has not been that green I think bush signed more environmental laws than obama. But heygotta blame someone and it can't be big oil.

[walkeraviator]

"Big Oil" as you guys call them are simply oil companies. Businesses. The whole PURPOSE of s business is to make a profit. Yes, they make record profits, but thats because they spend record amounts of money to make those profits. The typical business should make between 5% and 8% profit yearly. Yes, the huge numbers are staggering, but they are really only making about 7% profit. All we see is the Billions they make, not the Billions they spend to make that money. If you want to blame someone, blame the people making three times as much off a gallon of gas as the oil companies. The Government. Their taxes account for a lot more of the price of gas than the profits of the oil companies.

[mhall]

I hate big oil

[kyfanatic]

"Big Oil" as you guys call them are simply oil companies. Businesses. The whole PURPOSE of s business is to make a profit. Yes, they make record profits, but thats because they spend record amounts of money to make those profits. The typical business should make between 5% and 8% profit yearly. Yes, the huge numbers are staggering, but they are really only making about 7% profit. All we see is the Billions they make, not the Billions they spend to make that money. If you want to blame someone, blame the people making three times as much off a gallon of gas as the oil companies. The Government. Their taxes account for a lot more of the price of gas than the profits of the oil companies.

Exactly,Some folks would rather do a plug for Obama and the Dems instead of pointing fingers at the real money stealer = Big Government,they find new ways to daily leach more money from us,while spending it on things we disagree with.Why should I support half of Mexico and Central America that comes here illegally while my own family suffers? Why should my tax dollars go to every 3rd world turdhole that hates us? Why should my tax dollars go to deadbeats that have generations of a family that never works a day? Why should my tax money go to programs that practice reverse discrimination?

[kydonky]

"Big Oil" as you guys call them are simply oil companies. Businesses. The whole PURPOSE of s business is to make a profit. Yes, they make record profits, but thats because they spend record amounts of money to make those profits. The typical business should make between 5% and 8% profit yearly. Yes, the huge numbers are staggering, but they are really only making about 7% profit. All we see is the Billions they make, not the Billions they spend to make that money. If you want to blame someone, blame the people making three times as much off a gallon of gas as the oil companies. The Government. Their taxes account for a lot more of the price of gas than the profits of the oil companies.

Like BP actually owns the Gulf of Mexico, Exxon owns Puget Sound and Alaska, Cheveron owns the North Sea. They are so kind as to lets us use the Gulf sometimes. Geez whiz. Lets just let them have free rein in "OUR" oceans and territories and see how long life and the economy improves in Alabama, Mississippi and Florida.

[DJD]

Exactly,Some folks would rather do a plug for Obama and the Dems instead of pointing fingers at the real money stealer = Big Government,they find new ways to daily leach more money from us,while spending it on things we disagree with.Why should I support half of Mexico and Central America that comes here illegally while my own family suffers? Why should my tax dollars go to every 3rd world turdhole that hates us? Why should my tax dollars go to deadbeats that have generations of a family that never works a day? Why should my tax money go to programs that practice reverse discrimination?

Wouldn't it be nice if you could only get that welfare check if you could pass a drug test. Any assistance with tax payers money should only be issued if they meet the requirements. I have to take them just to be on staff for certain projects.
Of course I'm prolly being racial or insensitive to the burden of some welfare recipients.