The Wordless Picture Thread

[STF]

Unfortunately neither of our leaders have any influence on the world price of oil. That is controlled by a group known as OPEC. Pretty much the saudis and Russians with a handful of small oil rich countries contributing. I hear people in Canada blaming it on the guy with the nice hair, and I’d like to blame him, but I can’t. Not that long ago Russia and Saudi had a race to the bottom to see who could sell for the cheapest. It killed world oil prices and dropped our local gas to a crazy low of $1.70 a litre.

Wow, your local gas is expensive Shawn.

I remember it being 99c a litre in Kingsville, On not too long ago.

[tcrideshd]

It’s complicated with the actual price of gasoline, opec definitely has a large control of supply, but here in the US it tends to be who in office, if we’re allowed to drill domestic, our dependency on foreign oil is not so dramatic, opec, mostly Russia and Saudi did try to crash our oil economy a couple years ago to slow our drilling and production. But they couldn’t sustain that for long and now oils at 84-85$ a barrel again , but the ones in office now are hindering new leases on federal land, yet I see them starting to loosen up, now their losing money

[BobH]

We just Skyped with a friend in the Netherlands and she told us they are paying 2 Euro a litre for gas. If my math is correct, that would make it $8.85 US for 1 US gallon. Nobody in North America should be complaining.

Bob

[Slur]

1.75€ (2$) a liter today in Athens.

[PaulFLUS]

Unfortunately neither of our leaders have any influence on the world price of oil. That is controlled by a group known as OPEC. Pretty much the saudis and Russians with a handful of small oil rich countries contributing. I hear people in Canada blaming it on the guy with the nice hair, and I’d like to blame him, but I can’t. Not that long ago Russia and Saudi had a race to the bottom to see who could sell for the cheapest. It killed world oil prices and dropped our local gas to a crazy low of $1.70 a litre.

Oh Crazy Joe DEFINITELY did this to us. If we had free reign to drill of the coast of Florida our gas would be less than $2.00 per gallon. What you say is true for countries with no natural reserve but the US has plenty. There is absolutely no excuse for us to pay this much.

[PaulFLUS]

....

[RezDog]

I don’t think that is entirely true Paul. Oil sales will always be based on world oil prices. There are some other factors but for those of us living in countries where oil prices are not government controlled no one is going to sell at less than world market value.

[PaulFLUS]

Well I don't claim to be an expert on oil futures but that's when our gas prices shot up was when new restrictions were put on domestic drilling.

Anyway, explaining the punchline always ruins the joke. The sticker on the pump was funny... emphasis on WAS.

[BobH]

Don't tell anyone but Canada ships about 4 million barrels a day of oil to the US iirc. Having the oil does not mean you have cheaper gas.

Bob

[tcrideshd]

Well like I said it’s complicated, I may not know a lot about it, only 40 years in the oilfield and trading oil portfolio for about that long. But yes we seen a rise in oil when the restrictions were passed down at the big signing after inauguration. But it’s been eased, because even uncle joe knows they need the royalties for government spending. And I will say this our government holds the majority of oil lease land in our country. But refinement costs are also dictated by oil we must buy, hear this must buy because we need different weights of oil to make the many products that is oil based.

Now this is dictated by world pricing, also we will not flood the market to the point of having the lowest gas prices here, it just doesn’t make sense for production companies nor investors such as myself to get gas down before refinement costs. This is something that killed our natural gas market in the early 2000, drilled the heck out of it came up with a surplus we had no way to store or sell. I costs 2-3 dollars to produce NG and we were getting 1.25. So now their waiting to build more ships to carry compressed gas, but for a change NG is at a price that makes drilling profitable right now.

You can drill all you want off the coast of Florida and you wont see a penny of reduction in price, first your oil and gas won’t even get to you, your still going to get it from Texas. Plus the cost of drilling per foot in the Atlantic is 20% more.

I could go into detail but joe isn’t the reason, he’s just part of the machine, by the way has many of you ever been informed of all the money the government takes in on royalties? No they don’t like you to know too much about programs that could ease the tax burden on the people. As for me I like to see gas at anywhere over 3.50,more oilfield workers making way above average wages putting money into the economy, corporations making more money to hire more people. Big companies have to make profits to pass down to the bottom, the old trickle down, but hey I’m biased, my pension is oil