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Cheaper Oil Prices

Discussion in 'Off Topic Threads' started by grntitan, May 30, 2011.

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  1. grntitan

    grntitan Well-Known Member

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    Saw this on the news. What do you guys/gals make of this? Of course i realize he has his best intrest in mind but sounds as if we could surely benefit as well. Am i seeing it with cloudy glasses? Please explain.
     
  2. Remstar311

    Remstar311 Member

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    Because they don't want us to start developing alternative energy and drilling our own wells in NY, PA and TX.
     
  3. grntitan

    grntitan Well-Known Member

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    Remstar--Oh i understand their reasons. They see lost income if we become less reliant on their oil. I plainly see he doesn't love America, he loves the American money. I'm just thinking it would help the average joe at least for awhile if they get oil prices down. No?

    Rick--you probably nailed it. As i said, "am i seeing it thru cloudy glasses"?
     
  4. Catpower

    Catpower Molon Labe TS Supporters

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    I think Rick Barker nailed it
     
  5. TOOLMAKER 251

    TOOLMAKER 251 Active Member

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    Because one of the worlds largest oilfields was discovered in Texas and announced recently.
     
  6. turbobike

    turbobike Member

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    BUT!! Goldman and Sachs is predicting $5.00 gas by summer? Who can we believe?
     
  7. Chichay

    Chichay TS Supporters TS Supporters

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    After a while, raising prices follow the law of diminishing returns. Wish the federal and state governments would learn the same thing when it comes to income taxes. Chichay
     
  8. slic lee

    slic lee Active Member

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    Israel made the right turn this time and found more oil than the saudis had, so much that the butcher of syria,assad, told them the oil wells and natural gas platforms will be the first things to destroy in the upcoming war.
     
  9. porky

    porky TS Member

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    I don't believe that oil and gasoline prices will be going down much more than they already have. Our government has developed a liking for the taxes that the high prices bring and oil companies love the profits.
     
  10. Shooting Jack

    Shooting Jack Active Member

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    I was visiting in Savannah Georgia this week and gas was from $3.24 to $3.43 a gallon. Cheapest I've seen it in a long time. Jackie B.
     
  11. TOOLMAKER 251

    TOOLMAKER 251 Active Member

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    Some people think the state and local governments like the higher prices of fuels because it brings in more revenue. Fuel is taxed at a fixed rate so it doesn't matter if it sells for $2.50 a gallon or $5.00 a gallon. Higher fuel prices will actually decrease the amount of road tax's governments receive because of less consumption.
     
  12. GoldEx

    GoldEx Active Member

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    Toolmaker, fuel is taxed at a flat federal tax rate of 13.9 cents a gallon (assuming 10% ethanol content), a 19 cent per gallon road tax and at the state sales tax rate of 6% so the higher the cost per gallon, the more $$ for Michigan from sales tax.

    JK.
     
  13. Jim101

    Jim101 Active Member

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    Just wait, Feds are getting ready to print a few more billions for their quantative easing 3. It will drive the dollar down even more and oil prices will go up.




    Jim
     
  14. TOOLMAKER 251

    TOOLMAKER 251 Active Member

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    JK I see that 9 states charge sales tax plus road tax on gasoline, my state is not one of them.
     
  15. sliverbulletexpress

    sliverbulletexpress TS Member

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    What I'm trying to figure out is why you pay attention to CNN?
     
  16. grntitan

    grntitan Well-Known Member

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    SBE--Actually i saw the story originally reported on St.Louis Fox local news. When i wanted to read or hear the whole story their site had a link to CNN and is the one i provided. Why they would have a link to their competitor, i don't know. I'll try to do better.
     
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