Refineries not refining?
How about the prices are high because the economy is so bad no one is going anywhere?
Why would that make prices so high?
Well if you were a refiner you have paid upwards of...(see below) over the last year, but since the economy sucks thanks to Obama no one is driving anywhere, how do I know this?
Digest this data....
Crude Oil and Commodity Prices
October, Thursday 11 2012 - 16:53:05
| WTI Crude Oil | |||
| $92.40 | ▲0.33 | 0.36% | |
| U.S. Total Gasoline Retail Sales by Refiners (Thousand Gallons per Day) |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1983 | 46,218.3 | 48,906.1 | 54,111.7 | 49,093.7 | 52,021.3 | 52,517.2 | 51,898.0 | 51,905.6 | 52,676.3 | 50,724.3 | 51,150.8 | 51,879.1 |
| 1984 | 54,148.6 | 55,651.7 | 57,636.0 | 56,937.0 | 58,755.9 | 60,075.0 | 59,055.7 | 59,378.3 | 56,947.3 | 57,386.5 | 58,075.3 | 56,765.8 |
| 1985 | 54,584.3 | 53,829.7 | 57,297.6 | 59,075.2 | 57,563.7 | 58,832.1 | 58,563.3 | 58,096.1 | 56,979.0 | 56,949.0 | 58,100.7 | 60,295.9 |
| 1986 | 55,283.0 | 58,546.4 | 61,250.4 | 62,628.9 | 65,578.7 | 63,294.1 | 62,861.8 | 61,342.4 | 60,341.9 | 60,946.1 | 61,880.4 | 62,290.2 |
| 1987 | 56,488.6 | 60,641.1 | 61,627.2 | 61,733.5 | 61,750.0 | 64,315.2 | 62,404.8 | 62,643.9 | 59,339.3 | 60,707.9 | 58,877.0 | 61,720.2 |
| 1988 | 57,041.0 | 59,900.3 | 61,577.5 | 61,584.1 | 60,701.3 | 62,884.1 | 61,873.2 | 62,450.0 | 61,036.1 | 60,385.3 | 59,783.1 | 63,099.8 |
| 1989 | 55,556.8 | 58,492.6 | 60,500.1 | 60,242.0 | 62,088.7 | 63,521.0 | 62,335.0 | 63,362.0 | 61,922.8 | 61,973.6 | 61,339.0 | 63,182.4 |
| 1990 | 58,138.0 | 57,909.4 | 59,847.0 | 59,600.5 | 60,572.2 | 63,108.6 | 61,531.0 | 63,182.0 | 60,912.1 | 60,295.1 | 60,550.6 | 58,382.1 |
| 1991 | 56,924.5 | 59,384.5 | 61,553.8 | 61,982.0 | 62,244.9 | 63,319.4 | 62,600.6 | 62,534.0 | 60,346.2 | 61,181.3 | 60,442.9 | 61,521.7 |
| 1992 | 56,410.9 | 58,308.6 | 59,639.5 | 59,980.2 | 59,615.2 | 60,353.3 | 60,400.3 | 59,083.7 | 58,579.1 | 59,011.8 | 56,877.6 | 59,287.9 |
| 1993 | 53,826.6 | 57,305.3 | 57,624.8 | 58,138.7 | 57,465.8 | 60,391.1 | 58,807.7 | 58,453.0 | 57,462.3 | 55,432.4 | 55,743.5 | 56,074.7 |
| 1994 | 51,533.7 | 54,270.1 | 55,363.8 | 54,962.1 | 55,523.0 | 57,165.3 | 55,834.5 | 56,393.4 | 54,992.9 | 54,240.5 | 54,480.4 | 55,612.3 |
| 1995 | 51,200.2 | 54,138.2 | 55,592.4 | 55,456.8 | 56,242.2 | 58,547.4 | 56,944.0 | 58,296.8 | 56,580.9 | 55,610.5 | 55,907.4 | 56,471.5 |
| 1996 | 53,039.9 | 54,566.8 | 56,388.2 | 57,183.4 | 57,796.4 | 59,170.9 | 58,909.8 | 59,651.5 | 57,845.3 | 58,456.2 | 58,101.4 | 59,200.7 |
| 1997 | 54,440.6 | 57,313.3 | 58,443.8 | 58,854.0 | 57,840.1 | 59,820.3 | 65,294.2 | 64,803.7 | 63,680.2 | 64,355.2 | 62,252.8 | 66,017.1 |
| 1998 | 59,905.7 | 62,399.8 | 64,533.5 | 59,012.3 | 59,509.7 | 60,837.0 | 67,183.3 | 66,831.0 | 65,146.9 | 65,121.8 | 63,846.8 | 65,401.5 |
| 1999 | 60,254.0 | 62,779.7 | 63,320.2 | 63,722.4 | 63,464.7 | 64,458.4 | 62,669.7 | 61,363.0 | 59,265.4 | 60,415.4 | 59,078.1 | 62,719.0 |
| 2000 | 54,421.0 | 59,107.2 | 60,573.0 | 57,911.6 | 60,300.4 | 63,275.5 | 62,278.2 | 63,621.8 | 63,098.0 | 61,954.7 | 62,184.7 | 62,014.2 |
| 2001 | 58,139.5 | 61,731.0 | 62,859.5 | 62,301.3 | 62,878.9 | 65,417.0 | 62,534.2 | 64,390.5 | 62,214.2 | 60,864.4 | 60,024.8 | 60,793.5 |
| 2002 | 60,211.7 | 63,942.2 | 62,828.5 | 63,953.3 | 64,537.0 | 64,874.0 | 64,594.2 | 66,683.5 | 62,352.4 | 63,344.8 | 63,255.8 | 63,109.4 |
| 2003 | 60,247.9 | 60,803.4 | 60,815.8 | 61,728.4 | 66,315.5 | 66,426.5 | 66,803.1 | 66,812.7 | 63,949.0 | 64,615.5 | 63,778.4 | 63,394.5 |
| 2004 | 57,143.8 | 58,381.7 | 59,186.2 | 59,352.6 | 58,565.7 | 58,992.8 | 59,012.0 | 59,664.1 | 57,327.4 | 57,977.1 | 57,017.9 | 58,013.6 |
| 2005 | 54,938.7 | 58,368.8 | 58,330.0 | 59,093.3 | 59,474.5 | 61,731.9 | 61,109.4 | 61,220.9 | 57,866.5 | 57,075.2 | 59,094.7 | 59,426.1 |
| 2006 | 56,531.8 | 59,960.4 | 59,859.7 | 61,020.8 | 60,234.0 | 61,980.4 | 61,445.8 | 62,015.9 | 59,783.4 | 60,233.2 | 58,860.2 | 57,862.5 |
| 2007 | 54,698.1 | 56,954.9 | 57,278.7 | 57,354.7 | 58,719.6 | 60,865.7 | 58,806.7 | 60,178.5 | 57,912.9 | 57,843.2 | 56,579.0 | 54,650.0 |
| 2008 | 53,994.1 | 56,157.4 | 55,494.8 | 56,307.4 | 56,390.6 | 55,938.5 | 54,802.5 | 55,628.2 | 53,405.9 | 55,210.7 | 54,080.6 | 53,931.5 |
| 2009 | 51,108.7 | 50,968.4 | 51,298.4 | 51,215.6 | 50,957.0 | 50,419.6 | 49,677.9 | 49,966.5 | 48,669.6 | 48,461.0 | 47,454.3 | 47,441.4 |
| 2010 | 44,012.3 | 44,227.1 | 45,482.4 | 46,234.2 | 46,016.2 | 46,765.3 | 45,755.3 | 45,082.6 | 43,876.0 | 43,624.1 | 42,857.0 | 42,417.1 |
| 2011 | 40,331.0 | 40,924.9 | 41,608.1 | 41,555.0 | 41,172.9 | 42,477.2 | 42,448.3 | 42,351.8 | 41,972.6 | 32,015.0 | 30,971.6 | 30,413.9 |
| 2012 | 28,389.9 | 29,546.8 | 29,496.5 | 29,684.0 | 30,292.5 | 31,458.8 | 30,970.7 | |||||
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=A103600001&f=M
Lots of data you say, focus on Jan 2009 to July 2012, notice anything? Since Obama took over gasoline Retail Sales by Refiners has gone down 21,000 gallons!
Anyone want to explain the high prices at the pump? Ask Obama, if the economy is so great why no gas being consumed?
Back to the topic -- Gasoline prices high, why? Because the Obama adminstration has failed so miserably that no one is willing to travel, no one is willing to do anything but the bare minimum in driving, just to buy food etc., and then go home and bar the door. But the refiners need to show a profit to the shareholders, so they refine less and jack up the price!
Any more questions? Ask them in the voting booth
ReplyDeleteFeds send oil, gas prices higher via QE3
Posted in: Gas Prices,
by Patrick DeHaan on Sep 14, 2012 03:14 PM
Just when we were all hoping for some relief at the gas station this autumn, the Federal Reserve announced its third round of quantitative easing, weakening the dollar and sending oil prices higher- gasoline is sure to follow.
The program, dubbed QE3, works like this: the U.S. central bank implements quantitative easing by buying financial assets from commercial banks and other private institutions with newly created money. In turn, this sends the value of the U.S. dollar lower, the global currency of crude oil, thus making oil more expensive to buyers holding American Dollars.
We're seeing oil prices tinker on triple digits as a result, and it may not get a whole lot better. Since QE3 is expected to keep the dollar weak, it may keep oil prices elevated, and thus oil and gasoline prices high. As the economy has weakened during Obama's presidency, the Fed has continued its loose monetary policy, keeping the dollar weak thus oil prices strong, since oil is globally traded in dollars. Essentially, this makes oil more attractive to use as a hedge against inflation, and makes oil cheaper for countries holding stronger currency against the dollar.
The trickle down is that prices at the pump may not fall as quickly, nor as much as earlier expected. Why? We're still dealing with the slow increase of production from the fallout from Isaac, and now the Fed is beating the strength of the dollar. It's a recipe for high gasoline prices, and September may close out as the most expensive September at the pump in history-- and it's not over yet.
Quantitative Easing, Falling Dollar Help Drive Gas Prices Upward, GOP Says
ReplyDeleteBy Matt Cover
May 24, 2011
A new report blames the falling value of the dollar and the Fed's quantitative easing policy for inflating the price of oil, and therefore the price of gas. (AP File Photo/Matt Rourke)
(CNSNews.com) – A falling U.S. dollar and the Federal Reserve’s quantitative easing policy have helped to drive gas prices to near-record highs, accounting for an estimated 56.5 cents of the current price of a gallon of gas.
An analysis produced by the Republican staff of Congress’ Joint Economic Committee blames the falling value of the dollar and the Fed's quantitative easing policy for inflating the price of oil, and therefore the price of gasoline.
The report explains that while many factors contribute to the market price of oil, one is the value of the “unit of exchange” – the currency in which barrels of oil are traded.
“Oil is an international commodity that trades in dollars,” the report states. “The value of the unit of exchange, in this case the dollar, plays an important role in determining the ‘headline’ price for the underlying commodity.”
Essentially, as the dollar weakens in value the price of oil can go up because more dollars are required to buy one barrel of oil. When the falling dollar is combined with other market factors, such as geopolitical volatility and rising demand, oil prices can climb even faster.
The value of the dollar affects the price of oil because oil is traded internationally in dollars – no matter where it is bought and sold, it is always priced in dollars. When the value of the dollar falls, the price of oil will rise to reflect the fact that the dollar is worth less.
As an illustration, the JEC Republicans point out that the dollar price of oil has increased 150 percent since 2008. By contrast, if oil were sold in Canadian dollars its price would only have increased by 96 percent over that same period.
The report also notes that the Fed has engaged in two separate rounds of quantitative easing, a policy that is designed to pump new money – liquidity – into the economy. Because quantitative easing inserts large amounts of cash into the economy, it can push the value of the dollar downward.
“A consequence of the Federal Reserve’s policy of easing was to put downward pressure on the value of the dollar.”
The report then charts the price of oil and the value of the dollar, showing a strong correlation between the two – as the dollar changes in value so too does the price of oil.
“[I]f the dollar’s value had remained unchanged since the announcement of QE1 [the first round of quantitative easing], the price of oil (Brent Crude) would be $17.04 per barrel less.”
While more than just oil prices are reflected in the price of gas at the pump – things like transportation costs and station overhead also contribute – the price of oil strongly correlates to the price of gas, demonstrating that when oil prices rise, gas prices typically rise too.
The JEC Republicans noted that because the declining dollar is contributing to the rise in oil prices it is also contributing to the rise in gas prices. According to their calculations the declining dollar, caused largely by the Fed’s quantitative easing policy, has accounted for 56.5 cents of the current $3.96 per gallon price of gas.
Put simply, were it not for the falling dollar caused by quantitative easing, gas would be 56.5 cents cheaper than it is today.
“In other words,” the report says, “the dollar’s decline accounts for 56.5 cents of the $3.963 current price of gasoline.”
DUH, gas sales are down because of the plethora of Chevy volt's sold. Who needs gas when cars run on electricity. 30 million volts have been sold. I know that's true because I get my knowledge from Joe Biden.
ReplyDelete