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When a barrel of oil goes up, so does gasoline, but not vice versa



Published: Tue, May 17, 2011 @ 12:00 a.m.

When a barrel of oil goes up, so does gasoline, but not vice versa

I noticed the other day that the price of gasoline was increased to $4.09.9 per gallon That struck me as off considering that the oil monopolies tell us that the price of gasoline is governed by supply and demand. Well the price of a barrel of oil had fallen from $115 per barrel to around $97 per barrel. Considering that there are approximately 40 gallons of gasoline in each barrel of oil the price of a gallon of gasoline should have fallen by about 42 cents per gallon. Did that happen? No. The price of gasoline actually went up by 10 cents per gallon.

The oil monopoly tells us that the instability of countries in the Middle East and the availability of oil determines the price of gasoline. I contend that is not true and use the facts in the paragraph above to back up my contention. The truth is actually that since oil is a monopoly the oil companies can charge whatever they want for gasoline. My car will not run on anything but gasoline.

Why is it that greed must always stand in the way of economic improvement? The economy of the United States will never be able to recover while the price of gasoline is so inflated. The oil companies are reporting record profits for the first quarter, but that does not seem to be enough for them.

Their advertisements on television espouse the fact that oil companies are pouring billions of dollars into the economy to improve life for everyone. That is just not true. What they are actually doing is gouging all of us who have to buy gasoline. There are several things we could do to drive the price of gasoline down, but as long as we have the current administration in office nothing will ever happen.

George L. Grim, Boardman

Our pay scales are out of kilter

There is something inher- ently wrong with a society that pays its sports figures more than it pays its policemen, its firemen, its servicemen, its nurses, its teachers and even its Nobel laureates.

We should be ashamed of ourselves.

Gary Barringer, East Liverpool


Comments

1commoncitizen(961 comments)posted 3 years, 4 months ago

Where are Ryan, Johnson,Hagan Gerberry and ALL of our elected officials on the cost of gas?? NOTHING is ever done to protect the consumer

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2AnotherAverageCitizen(1175 comments)posted 3 years, 4 months ago

Well that is how the oil companies make 34 billion dollar profit a quarter. But many on here still defend the big oil companies and say they need tax breaks from us taxpayers.

If the barrel of oil goes up, price at pump goes up immediately, but when oil barrel goes down, price at pump goes down next week..

But folks still defend the companies when we all pay so much for gas.

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3republicanRick(1151 comments)posted 3 years, 4 months ago

Same thing as orange juice. If there is a freeze in Florida, the price goes up the next day in the grocery store in Ohio.

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4ytown1(392 comments)posted 3 years, 4 months ago

@Mr. Grim
You stated:
"There are several things we could do to drive the price of gasoline down, but as long as we have the current administration in office nothing will ever happen."

What do you think is going to happen if the other side is in control of the White House? "W" was there 8 years? I will tell what will happen, "NOTHING", they all have the same beholding to big oil, they contribute way too much money to both sides of the aisle for any real change to take place.

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5jrolley325(800 comments)posted 3 years, 4 months ago

i love that the whole "government, stay out of private enterprise" crowd are the same ones crying about the government not doing anything about gas prices.

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6jrolley325(800 comments)posted 3 years, 4 months ago

but wait a minute, i thought a "free market" system is self-correcting? no government intervention needed. you can't have it both ways. you kicked and screamed over the government trying to fix healthcare, but now you want the government to somehow control gas prices?

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7AnotherAverageCitizen(1175 comments)posted 3 years, 4 months ago

What??? you want Govt to control the price of something. So many hate govt sticking their nose in private business. But now they want Govt to control gas price. But, don't take away the oil company tax benifits.

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8commoncitizen(961 comments)posted 3 years, 4 months ago

Peacelover,
This is the 5th time legilation was introduced and nothing has been done!!!
I called Hagan, Gerberry the last time gas prices were $4.00/gal and oil prices were around $150.00/barrel. I received NO response from Hagan. The response I received from Gerberry's office was because we(in this area) receive our gas thru the ports of Lake Erie????? (What???)

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9Stan(9923 comments)posted 3 years, 4 months ago

For the anti oil crowd . . . .. Here is a novel idea . Let's put a fifty cents per gallon excess profits tax on each gallon of gas and teach those oil companies a lesson !

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10redvert(2065 comments)posted 3 years, 4 months ago

I agree that the cost of a gallon of gas is ridiculous but have you noticed that after buying gas some of the same people that complain the most are the ones that will walk out of the convenience store with a $1.00 bottle of Evian water. You do know what Evian is spelled backwards don't you?

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11Capybara91(11 comments)posted 3 years, 4 months ago

The President met with the king of Jordan today and took the opportunity to lecture Arab leaders about economic reform. He didn't even appreciate the irony.

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12Freeatlast(1991 comments)posted 3 years, 4 months ago

jrolley325 Hey you better get your mine straight . I suggest 12 hours a day watching FOX to get you straightened out . :)

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13jrolley325(800 comments)posted 3 years, 4 months ago

haha...notice that the usual suspects had no response

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14Woody(452 comments)posted 3 years, 4 months ago

Couple of points:

1 - Shouldn't you liberals, progressives, or whatever the codeword for socialist is today, be happy with gas being so high? I mean didn't Obama say we can expect gas to be at $5-6 per gallon. You should be jumping for joy, we should all be buying bikes, taking the bus, car pooling, etc. Cutting greenhouse gases.

2 - For all you "BIG LABOR" people or anyone else for that matter who is upset with the profits "BIG OIL" is making, please go look at your retirement investments. Be it pension funds, IRAs, 401(k)s, mutual funds, etc, I bet you are sharing in those profits. Exxon paid $19 billion dollars to its investors last year.

I am not saying I am in favor of high gas proces. I drive a Bimmer, its even worse for me. I have to put premium in it.

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