WayneS

Higher Inventories Drag Down Oil Price

Although COP and XOM refining operations seem as significant as VLO to the average American, these operations are a small part of COP and XOM.

High Gold Prices: It's the Oil, Stupid

I have no idea what the average Nigerian thinks or knows. I know what the Ogoni and Ijaw claim. I don't think Chevron or Shell has an army. It is dispicable that Shell tried to bribe these people with promises of jobs: as they (the Nigerians) claim. I never said that these efforts worked, just that someone was trying to do something other than bomb them; answering rick12345.


On Nov 26 02:38 PM Michael Fitzsimmons wrote:

> WayneS: i am not so sure the average Nigerian would agree with your
> post.

High Gold Prices: It's the Oil, Stupid

This is what companies like Chevron and ExxonMobil are doing, except for the nuclear plant part, in exchange for chance to develop oil fields in mostly Africa and other parts of the world. They use the World Bank to provide transparency and to ensure that the funds are not siphoned off by corruption. They provide sanitary drinking water and are fighting malaria, educating the populace, providing job training, etc. Of course there are dictators like Hugo Chavez and Nancy Pelosi who scheme to nationalize the operations after the fields are developed. These humanitarian efforts are "subsidizes" that we the people are upset about.
On Nov 26 05:56 AM rick12345 wrote:

> I have an even better idea. Instead of trying to blow the piss out
> of countries like afghanistan, Iraq & Iran while spending billions
> to do so, why doesn't the US offer to build a few Hospitals, Universities,
> nuclear power plants and the like, in exchange for oil. In the meantime
> open your trade borders' to these nations and work co-operatively
> to develop a long term solution to the problem of dwindling oil reserves.
>
> A little international diplomacy can go a long way you know.

High Gold Prices: It's the Oil, Stupid

Too late. I retired last year at 55. Had to wait until then so I could keep affordable health insurance with my company. I live on pension and dividends from stock I have bought over last 35 years. In 6 years, I might get social security.
It's not a whole lot, but much more than I need.

On Nov 24 08:00 PM Genesis wrote:

> WayneS,

> I hope you follow a good investment advisor, cause you are apparently
> unable to reach any accurate conclusions on your own.
>

High Gold Prices: It's the Oil, Stupid

I agree with you with most of the times and enjoy your articles. Just some minor points we seem to disagree on.
See post above. Diesel for smaller vehicles should only be a stopgap between gasoline vehicles and something better. People get new cars every few years anyway. When I get my propane tanks refilled, I go to a gas station, where they fill them and I pay by the gallon (about the same price as gas & diesel).
Only, this pump is behind a chain-linked fence and the pumpers should be wearing face and I protection. The dangers are high pressure, highly flammable fluid and frostbite. Natural gas might be a good replacement for gasoline, but a lot of work needs to be done before it is safe for us to use. Also in my trailer, where my propane tanks goes, there is special provision to direct any explosion downward. At 7 1/2 tons it isn't going far. How about a 1-2 ton car?
My main idea to wean us off of imported crude is to just use less fuel through fuel efficiency, better driving habits, better choice of vehicle, efficient travel plans. This costs nothing. Can be done now. We do need to replace what we have, but we have been talking and researching for all of my life with no real improvement. My first car, 1960 Rambler, got over 30 mph and was pretty darn safe, after my father had seat belts installed.


On Nov 24 10:16 AM Michael Fitzsimmons wrote:

WayneS: but diesel comes from foreign oil, and it is foreign oil
> that is bankrupting the country. although i agree that diesel engines
> are more efficient, i disagree that diesel is the solution because
> it is not a *domestic* source of energy and therefore will not help
> the US unshackle the chains of foreign oil, deficit spending, a weaker
> currency, and a failed foreign policy based on fighting oil wars
> we cannot afford.

High Gold Prices: It's the Oil, Stupid

Actually, I only have a diesel-powered truck because my home is a 7 1/2 ton 5th wheel trailer (retired). I was pleasantly surprised that the truck gets pretty good fuel mileage for everyday driving. It was out of necessity that I was introduced to the better efficiency of diesels. Wayerhauser will soon (I heard) be producing bio-diesel. Even ExxonMobil (notice no "e" on the end) is investing in bio-diesel. This is just one way we can get away from importing crude.
I learned in the 60's that gas stations don't make a profit on gasoline from my friend's father. He owned the gas station so he could use the garage for his profitable business, speedometer repair. Back then gas stations were a come on for garages. Now, they are a come on for grocery, convenience and discount stores. I was told recently by a gas station owner that if someone buys "at the pump" he loses money.
Back to natural gas. I hope we use natural gas for power and even vehicles. My wife owns leases with gas wells. A gas-powered generating station will be built in 10 months and power 55k homes in the Texas panhandle. Also, there are thousands of wind generators around here.
But, it's getting too cold here in eastern New Mexico and I have a diesel truck capable of moving my trailer over the mountains to arizona.

PS that $.47 a gallon is the excise tax we pay at the pump, which the government made the gas station remove signs indicating this.
The government takes a good chunk of money from every step from reservoir to gas pump.
In the 1800's "gasoline" was a waste product. Oil companies talked the motorcar busines to use this waste instead of alcohol. There's other things that are made from crude that are much more profitable than gasoline. The refineries wouldn't miss the losing trend they are in today.
Since I was born in the 50's all of the homes I have lived in were heated with natural gas. Whoops, except when I lived in Berlin, where I carried brown coal 3 blocks and up 5 floors to heat our apartment. I told my wife, before she came over, she would love our apartment: "it has two fireplaces." She was doubly mad when she found out there was no bathroom, just a WC.


On Nov 24 08:00 PM Genesis wrote:

> WayneS,
>
> It appears you want a pat on the back for saving on fuel costs by
> using a diesel-powered truck.
>
> I found the following ratio on the Internet: "Three barrels of crude
> will produce two barrels of unleaded gasoline, and one barrel of
> heating oil." Heating oil is essentially the same thing as diesel
> fuel. So... are you suggesting that we throw away all the gasoline
> since it is "inefficient", and have every motor vehicle in the U.S.
> run on diesel?
>
> Then you compare gasoline to ethanol... ??
>
> Also, according to Wikipedia, 47 cents out of every gallon goes toward
> taxes, not "half of the cost of gasoline."
>
> Also, this statement is absurd: "Gas stations don't make a profit
> on gasoline. Never did." I guess before the quickie mart days, Goober
> had to rely on tips from windshield washing.
>
> There are so many absurdities in this post (nat gas is used to heat
> homes; tf, nat gas produces heat), that I do not have time to address
> them all.
>
> I hope you follow a good investment advisor, cause you are apparently
> unable to reach any accurate conclusions on your own.
>
> On Nov 24 09:49 AM WayneS wrote:

High Gold Prices: It's the Oil, Stupid

We use natural gas to heat our homes. In vehicles, heat is a waste product. Gasoline and ethanol is not much better. Diesel engines are the most efficient we have. My one-ton dually truck gets 23 mpg, better than most cars. Even the vehicles that can get better than 23 mpg don't because of bad driving habits. These habits not only waste 25-40% of the gasoline purchased, but kill and maim millions per year. The US exports vehicles to Europe that get 47 mpg.
At $4/gal, waste was curtailed and 1700 lives were saved.
Over half of the cost of a gallon of gasoline goes to taxes. Gas stations don't make a profit on gasoline. Never did. Refineries are losing money. We import 70% of the crude.
Why doesn't "government" fix the problem. We the people would vote them out of office for messing with our right to waste gasoline with fast, imposing vehicles. Lose/lose situation.

The Economic Impact of the G20 Ending Oil Subsidies

A subsidy is not money given to a tax payer, it is an adjustment to the taxes paid. It is a socialist policy. It is not under the jurisdiction of law. Tax them the maximum amount they can pay without going under. With "Big Oil", the difference between subsidy and no subsidy is 3%. If they lose subsidies, they will just move to where there is profit (overseas). For the 500 other oil companies in the U.S., this would mean bankrupcy and loss of millions of jobs. For the IRS, this would mean loss of $Trillions of revenue .
Polosi's idea of double-taxing "American Big Oil companies" is a better plan, except that is illegal at this time.

How Natural Gas Can Save the U.S. Economy

Any politician that has suggested fuel efficiency or anything sane has been laughed out of office: look at Jimmy Carter. We the people are the government. We just don't care as long as we can play nascar on the highways. Who even respects simple traffic laws? Who respects the environment? We are shooting ourselves in the foot. Everything we or the government claim we want accomplishes exactly the opposite.


On Aug 12 08:29 AM Nyetnichevo wrote:

> good article, thought provoking. Maybe our biggest problem is the
> vast wasteland our political system has become in DC? Too much stupidity,
> greed, and corruption. That is what's at the heart of our growing
> national malaise. Fix that and the market will take care of the rest.

How Natural Gas Can Save the U.S. Economy

Michael
I agree with you totally on natural gas. As I said I worked on coal gasification 30 years ago. It wasn't economically feasable at that time at 70% efficiency. Oil companies have been pumping produced natural gas back into the formations or using it for gas lift for as long as I can remember. It has always been cheap and rarely used for power plants.
I still disagree about XOM. I know they spent at least 10 years and a lot of money and manpower researching coal-bed methane, tight-gas, high strength steel (gas pipeline in harsh environs), gas trains, LNG ships, etc. They are now utilizing this research to further natural gas production and transportation.
I think the time for gasoline autos is passed. It is 17% efficient andthe average driver wastes 25-40% of the gasoline they buy through stupid driving habits or choice of vehicle. In the 60s, many trucks where I lived ran on propane (but had to be started with a liquid fuel). I have no answers, just questions. My first car was a 1960 Rambler stationwagon. It was bigger and heavier than 90% of the SUVs of today. It got over 30 mpg. There has been no improvement in 50 years. In the early 70s Mother Earth News had plans to make a hybrid out of any old vehicle. We're just going around in circles.

How Natural Gas Can Save the U.S. Economy

"Has anybody seen those new Exxon Mobil (XOM) commercials about algae investments? Heh heh algae for gosh sakes? Hydrogen fuel cells, algae, what’s next - magic dust? Big oil will use anything to distract Americans so that they continue their gasoline addiction while waiting for the magic bullet of the future – always the future. Meanwhile, Exxon, Conoco (COP), BP, and Chevron (CVX) sit on truly massive reserves of natural gas."

Algae will be used for biodiesel.
XOM sold (selling) all of their gas stations in US.
XOM has already sold the majority of their oil fields in US.
XOM is developing gas fields, including expensive tightgas.
There was a gas pipeline ready to be built from Alaska several years ago.

Where is the conspiracy? It looks like they are on your side.

PS: I worked on coal gasification 35 years ago. We made methane.

Oil Prices Indicate the Bear Is Alive and Kicking

We, as a nation, are addicted to gasoline vehicles. Right now roof shingles, lubricants and polymers are making money. But we will ensure that gasoline will again be profitable.

Oil Manipulations Exposed

Worried American - WWII was fought over oil. We cut off Japan's supply of oil for our own use and they retaliated.

Oil is still cheap. We are extremely wasteful, just like the 60's.

Everything is the same, but different.

America's Energy Policy: Coming to Terms with Reality

Representative Maxine Waters, Democrat of California, let the cat out of the bag. Congress wants to emulate OPEC and nationalize US oil companies. As it is, our government is no more trustworthy than Chavez and dozens of other dictators. Now they want to steal my retirement money just as I retire.

Rep. Kanjorski's Unreasonable, Unconscionably Ridiculous Idea

I like Troyfan's "Windfall Taxes."
In 2007, the combined net income for ExxonMobil, Chevron and ConocoPhillips was $71.19 billion. Their combined taxes were $168.66 billion.