STORM2K

It's time for my monthly "Gas price survey!"

What's your prices?

Ours is down to $2.54

Wonder if Congress and their intentions of an investigation of oil companies HUGE, HUGE profits had anything to do with prices coming down? Did you SEE Exxon's profit? 10 BILLION $'s

Dennis

I paid 2.32 this morning. Can you believe this thrilled me?

$2.78 at the gas station that actually had gas.

It's gone down about $1.00 since it's peak up my way. I paid $2.29 per gallon for regular and UNDER $20.00 for the first time!

Actually, Dennis, I'd like to see which months were the most PROFITABLE for them and compare them to prior year. That should shed some light on the whole gas price mess.

The cheapest here is $2.38.

You see the big gas boys posted a record 20 BILLION in profits just last quater....Why are we paying more when they are not....Their cost can't be going up with their profits being that high...

feederband wrote:You see the big gas boys posted a record 20 BILLION in profits just last quater....Why are we paying more when they are not....Their cost can't be going up with their profits being that high...

I didn't really doubt that the main source of their "record" profit came from the last quarter. If there were higher costs that they were going to incur due to the hurricanes, they needed to be recorded at the time the expense happened (called accruing) if they haven't actually paid the cash for it yet. Businesses are supposed to match the revenue and the expense to the time that it actually was earned (a standard accounting principal). Therefore, IF they truly did incur massive costs from the hurricanes, it should've been posted IN THAT QUARTER.

Stephanie wrote:

feederband wrote:You see the big gas boys posted a record 20 BILLION in profits just last quater....Why are we paying more when they are not....Their cost can't be going up with their profits being that high...

I didn't really doubt that the main source of their "record" profit came from the last quarter. If there were higher costs that they were going to incur due to the hurricanes, they needed to be recorded at the time the expense happened (called accruing) if they haven't actually paid the cash for it yet. Businesses are supposed to match the revenue and the expense to the time that it actually was earned (a standard accounting principal). Therefore, IF they truly did incur massive costs from the hurricanes, it should've been posted IN THAT QUARTER.

I simple terms I think we all got gouged...

Lowest around here is $2.23.

It's been weird watching the prices drop. Just three weeks ago, it was still around $2.80, and just 6 days ago it was still $2.50! 30 cents down in one week was a nice thing to see, wonder what'll happen next week?

Net profit is up. Margins are not. You can't possibly expect oil companies to spend more money to make the same amount of profit.

If they altruistically gave back all $20 billion in net profit, that would be a little over $60 per person in the US. How much did you spend on gas in the 3rd quarter?

gtalum wrote:Net profit is up. Margins are not. You can't possibly expect oil companies to spend more money to make the same amount of profit.

If they altruistically gave back all $20 billion in net profit, that would be a little over $60 per person in the US. How much did you spend on gas in the 3rd quarter?

Are you counting every person or just the driving public...?
I know you don't believe it but we have been robbed including you...Although I know from past posting you don't mind giving up money to Big oil...

It is $2.73 down the road, a block from my house.
But I can get it for $2.54 a little further down the road.

Finally some relief in sight, of coarse it didn't fall until after
we filled all vehicles and gas cans for Wilma.

feederband wrote:Although I know from past posting you don't mind giving up money to Big oil...

No, you just fail to understand basic economics.

I have modified my driving quantity and style so that I spend very little on gas despite the increased prices.

gtalum wrote:

feederband wrote:Although I know from past posting you don't mind giving up money to Big oil...

No, you just fail to understand basic economics.

I have modified my driving quantity and style so that I spend very little on gas despite the increased prices.

Here's basic Accounting:

Net profit = Revenue - Expenses.

Margin % = Net Profit/Revenue

Net Profit is up because net/net they brought in more revenue.

Margin is not up because the Net Profit is at (or near) the same ratio it was to Revenue the last time. That means Net Profit went up the same amount as the revenue. If the Margin % was higher, then that means that expenses were lower; if the Margin % was lower, that means that expenses were higher. With extra expense they should've incurred (and reported) due to the hurricanes, I would've expected the Margin % to be lower. The fact that the Margin % is the same leads me to believe that even though expenses probably were a bit higher than normal, it wasn't catastrophic enough to hurt the bottom line with the gas prices increased as they were.

I understand that. Thanks for the explanation. Some here apparently need it.

My main point is that they could've afforded lower margins thus not raping the public. They still would've made money. There was no real need for them to hike up the gas prices so high and quickly and then lower them S L O W L Y. They really had no idea as to what the true cost of shutting down and then restarting the rigs and refineries because they raised the gas rates higher than they needed to. Actually, I'm sure that they did know the cost, but assumed that the average Joe and Jane didn't have a clue so they took advantage of the situation. I'm sure that didn't bother them in the slightest though.

We need to protect those bonuses, golden parachutes, etc.

Just bought gas for $2.02 today. Our gas has been falling like crazy the last 2 weeks here. I figure it will be below $2 sometime over the weekend. It hasn't been that low here since the end of July.

$2.58 per gallon, here. It's fallin', but, I'm still not impressed!

I do not even look anymore, I just pump.

LOL, me, too, Linda - they got our pocketbooks, eh?

They know we've gotta have it to "get there"!