So those record profits from one quarter are withheld until losses are recorded six months later? That is what xoxoxoBruce is posting.

Profits/losses are reported quarterly, but they are also reported yearly, and for longer time spans. You have to consider what your hearing. Is that what tw is denying?

Annual profits from Exxon have been spectaculor. It's president makes no apologies while claiming that Exxon is a particularly well run company. For example, companies that operate refineries don't have very good annual profits.

So we have a few companies with massive annual profits. We have many others that only have good profits in some quarters. And then when we sum together all profits over the decades, the oil industry has only been typical of other American industries.

Exxon’s spectacular profits. Other companies with suddenly profitable quarters. Does that mean all oil companies are gouging America? No. That means perspective has been distorted by only hearing the headlines rather than look at the entire industry – that is no where near that rich.

I agree that the sensational headlines are misleading. That's the nature of the media now. I also feel the public should take a jaundice eye at the headlines, and realizing how the media works, dig a little deeper before condemning (or praising) any person or organization.

Returning to the question of higher gasoline prices. Why? There is no Katrina, etc to justify it?

I believe these oil traders have learned lessons from 2005 Katrina and from last year. They had to stock up in order to meet long term contracts. They did so too late last year. Therefore they had to sell oil off at a loss in the fall. I suspect oil traders were simply buying earlier so as to not be hurt by higher summer prices. IOW that price rise may actually be a good thing - industry preparing for a possible summer oil crisis. This is speculation based upon recent events and comments made by industry insiders. Appreciate the market. Even those participating in trading that is running up prices cannot be sure why prices are rising - because the market is that large.

Prices are not something to be controlled. Prices are the one real messaging system we have when a market is so big.

If they had to sell off at a loss in the fall why were home heating oil prices so high and suppliers blaming shortages?
Don't you think the spot traders running prices up on speculation makes the market unstable even though they are playing with a very small part of the market? The spot market jumps, the media screams, the public freaks because they don't understand the spot market, then the oil companies take advantage of the public's expectations of a jump in price by providing it.

Just don't buy gas on the 15th. Problem fixed. Ya right. I can't belive the dumb SOBs that foward that crap. :tinfoil:

The cheapest was $2.91 yesterday morning, almost filled up, but was only at 1/2 tank.

Dumb move.

All stations were at 3.09/3.19/3.29 on the way home last night... Grrrrrrrrr.

Well that "dumb move" cost you what? A dollar? Is a buck worth making an extra gas stop?

Regular this morning at the two stations I drive by $3.39 - $ 3.59 / gal.

Picked up a carpool partner this week. Theoretically, my commuting fuel expenses should drop to half the recent levels, no? Let's hope so.

I drove out of town on Saturday. Prices in the foothills of the Shenandoahs were 20 cents cheaper than in town. I had always heard that the blends of gasolines used in cities were more expensive for pollution control, but it was shocking to see gas for $2.79

if you live near any Native American reservation, you can often get gas cheaper there because they don't have to pay certain taxes

It's not entirely the blends, but what the traffic will bear, in the cities and 'burbs as opposed to rural areas.

They're fluxing pretty hard here right now. Some stores were at $3.149 yesterday, others at $2.969.

I spent $86 for gas last week...blecch!

Just got it for 3.09 POINT 9 (they think we don't get that it's really 3.10)

Put in 20 dollars for about a half tank. I can't translate that into 40 bucks a tank, though, because my car is goofy. Could be more, could be less.

Luckily, I really don't ever drive far anymore. It's sad, though, when a drive to the lake on a pretty day becomes an extravagance of sorts.