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+--- Thread: High Oil Prices - who gets the increases? (/showthread.php?tid=56329)
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High Oil Prices - who gets the increases? - h linamen - 06-09-2008
A few days ago oil jumped $11 per barrel in one day. Does anyone have a good understanding of the process and can explain, as the barrel prices explode, who is getting this extra money? The oil producing states? Refineries? ... or speculators?
I'm sure everyone gets a piece of the pie, but who is getting the bulk?
Re: High Oil Prices - who gets the increases? - jdc - 06-09-2008
just watch for this headline in the next little bit:
Today ___________ (insert favorite oil company) posted a record profit for the last quarter, up 1 billion percent over this time last year and up 1 million percent from 1 quarter ago.
And there you go...
Re: High Oil Prices - who gets the increases? - maco - 06-09-2008
http://money.cnn.com/2008/06/09/news/international/saudi_oil.ap/index.htm?eref=ib_topstories
Saudi Arabia seeks oil price curb
Information Minister says current oil price is 'unwarranted' as kingdom plans meeting of producers, consumers; will cooperate with OPEC.
The kingdom will work to ensure there will be no "unwarranted and unnatural oil price hikes that could affect international economies, especially those of developing countries," said Madani.
"There is no justification for the current rise in prices," he said.
Re: High Oil Prices - who gets the increases? - cbelt3 - 06-09-2008
In other words, the shareholders. Which for most of these are institutional shareholders. Mutual funds, retirement funds, etc. Whom are owned by 'small' investors. In other words, us.
Re: High Oil Prices - who gets the increases? - OWC Jamie - 06-09-2008
(1)You can buy a couple hundred gallons at your local station and sell it next year for a tidy profit (your closet might get a bit gamey),
or (2)you could buy it before it even comes out of the ground.
http://www.wtrg.com/daily/crudeoilprice.html#Light
#2 is a bit popular right now.
Trick is to make sure you don't end up with an empty balloon.
Re: High Oil Prices - who gets the increases? - Grateful11 - 06-09-2008
Yes gas went up 16¢ Friday but down 15¢ today and Crude dropped $3.73/barrel. Actually
I excepted to see big jumps at the pump like they usually waste no time doing but they didn't
do it, not yet anyway. Actually some stations around here dropped a cent or two. The
cheapest I saw this morning was $3.87 and the highest was $3.99, I also saw diesel for
$4.99.
Re: High Oil Prices - who gets the increases? - JoeH - 06-09-2008
Pump price at the low price stations here went up 6 cents a gallon over the weekend. No drop yet. The convenience store gas I pass on the way to work jumped 15 cents a gallon today from the time I passed it this morning to when I passed it just now going home.
P.S. The price at the low price places was $3.999 on Friday, the high price place $4.039.
Re: High Oil Prices - who gets the increases? - Dennis S - 06-10-2008
[quote cbelt3]In other words, the shareholders. Which for most of these are institutional shareholders. Mutual funds, retirement funds, etc. Whom are owned by 'small' investors. In other words, us.
Well, that is just wonderful. Everything is OK, then.
Re: High Oil Prices - who gets the increases? - StarGlazer - 06-10-2008
I believe the current, sudden rise in price is speculator driven. It is a bubble, just like the dot.com and real estate bubbles, and will burst eventually. However, increasing world demand will probably keep the price from dropping all the way back to the previous prices.
That's my $0.02. That and $4 will buy you a gallon of gas for the next few hours.
Re: High Oil Prices - who gets the increases? - mattkime - 06-10-2008
Then again, the history of the market isn't a reliable indication of the future. Gas prices could also stay lodged at this point for a while.