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Discussion in 'The Tiki Bar' started by Dave S, Mar 5, 2008.
Gas forcasts. . .. probably not as accurate as weather forcasts.
Over a month ago I said "$2-2.50" by summer. I'm sticking with that and planning accordingly.
"The gasoline producers are trying to make some money in the wake of a dismal 2008. When crude prices were so high in the first half of last year, refining margins — the difference between what refiners pay for crude and what they get for products they make from oil — were dismal. In the latter half of the year, margins improved as oil prices receded, but refiners continued to struggle because people were simply driving less and buying less gasoline."
These are true statements - by percentage - which is how they measure success. Actual profits in straight dollars and cents were probably not off at all, but dropped by percent to 1/2 of the previous year when put in terms of %profit compared to crude costs.
Do you know that to be true? I understand that refiners were badly hurt by the rising crude prices since they had to pay more but getting increased prices lagged and they ate a lot of profit margin.
I did a very quick check on the web. Valero has no oil wells. They refine and retail. Second quarter results, when crude was very high were reported as, "second quarter 2008 income from continuing operations of $734 million, or $1.37 per share." Third quarter, when prices started to come down was reported as, "third quarter 2008 income from continuing operations of $1.2 billion, or $2.18 per share." They report fourth quarter on 27 Jan.
No, just pisses me off (probably the key word).