Yikes.......$104 a Barrel !!!!!

Discussion in 'The Tiki Bar' started by Dave S, Mar 5, 2008.

  1. comsnark

    comsnark New Member

    Apr 10, 2007
    NJ Shore
    SeaRay SunSport
    5.7LX
    Gas forcasts. . .. probably not as accurate as weather forcasts.
     
  2. fc3

    fc3 Just another eclectic geek TECHNICAL Contributor

    Nov 12, 2006
    Northern NJ
    1999 Sea Ray 330DA
    Twin 7.4 MPI (310 propshaft HP) V-drives
    Twin Mercury Marine marinized 7.4L L-29 V8s
    Cast iron block w 4-bolt mains
    Over a month ago I said "$2-2.50" by summer. I'm sticking with that and planning accordingly.

    Best regards,
    Frank
     
  3. Hampton

    Hampton Air Defense Dept TECHNICAL Contributor

    Nov 26, 2006
    Panama City, Fl
    2008 44 Sedan Bridge
    Cummins QSC-500's
    Straight Drives
    "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.
     
  4. fc3

    fc3 Just another eclectic geek TECHNICAL Contributor

    Nov 12, 2006
    Northern NJ
    1999 Sea Ray 330DA
    Twin 7.4 MPI (310 propshaft HP) V-drives
    Twin Mercury Marine marinized 7.4L L-29 V8s
    Cast iron block w 4-bolt mains
    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.

    Best regards,
    Frank
     
  5. Hampton

    Hampton Air Defense Dept TECHNICAL Contributor

    Nov 26, 2006
    Panama City, Fl
    2008 44 Sedan Bridge
    Cummins QSC-500's
    Straight Drives
    No, just pisses me off (probably the key word).
     

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