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FitInRight

How many of you think the soaring gas prices are mainly due to "price gouging"? Think about it!

Maggie:

It is not due to price gouging at all.

You all must remember that gasoline (oil) is a global commodity - the entire world uses it, not just the US. Also, with the falling dollar, it costs more to buy oil than it did previously.

Also, you must consider speculation. Mostly due to hedge funds, which basically pretend that commodities are tradable stocks. Do you have any idea how much money these people make? BILLIONS

They don't want oil to go down, they want it to keep going up. As does the US government, because of course more tax money is gotten from it. (If the price of a gallon is $3.90, the government (state and fed) gets a combined $0.40 of that - yes, you are paying $0.40 cents of nothing but tax per gallon of gasoline pumped) In comparison, the gasoline station you are at would get around 6 cents (assuming a credit card was not used, otherwise less due to idiotic transaction fees). Oil companies themselves make around 8 cents per gallon pumped.

To break it down, this is what you are paying for in each gallon pumped (assuming it is $3.90/gal)

Crude oil: $3.43
State & local tax: $0.22
Fed tax: $0.183
Retail: $0.067

Price gouging is not the reason why gasoline is going up.....

Ginger:

I have thought about it. Here are a couple of the numbers. Worldwide demand for oil is 87 million barrels a day. Worldwide production is currently 85 million barrels a day. As long as the demand is greater than the supply, the price will continue to rise. Neither you nor I can increase the supply, but we can decrease the demand.

Mac....Of Moot and Mac:

I believe there is local gouging.....I also believe the demand overseas has fueled this rise. those two factors coupled together have brought us to this point/

FitInRight:

I so agree.
Good to see you. :)

Sruli:

I think it is. They got everyone bent over a barrel and all we can do is take it. Well at least until we get better alternative fuels and a better transportation infrastructure in the U.S.

FitInRight:

Yep..."sand" in the vaseline. LOL

Sruli:

Ouch! That is rough! ; )

FitInRight:

Well...if they are bending us over a barrel. lol

Mac....Of Moot and Mac:

I need a link....................please

Russ:

hello, SMS ! Long time.!
As an accountant I can truly answer, no. There are many factors involved, but "gouing" is the least of them.. Politics, demand and supply are far more important, plus once you get the oil, you have to refine it- there has not been a refinery built here for many years.

FitInRight:

Hey Russ...good to see you!
Well...I have seen firsthand the gouging in action...and it is sad.

Newyrsevex1:

My daughter noticed something interesting. A local gas station always has the lowest prices in town. As she was riding by, she saw a long line of cars. As they got closer to the sign, she witnessed the electronic display numbers go up two cents. The next day as we were driving by, the price was back to where it had been. Reel 'em in and raise the price when they're not lookin'!!

FitInRight:

Hahaha...tha's just wrong!!

Newyrsevex1:

I agree!!

Rick:

I don't. I'm invested in energy markets and I know how much i'm making off my investment and I look at the earnings reports. No price gouging at all.

FitInRight:

I guess it depends on where you live. Price gouging IS going on...even if it is only for a week at a time.

Rick:

SMS I think thats right.

Ishleen:

Not on a broad scale. There are always going to be individuals who take advantage others. I try to be a good shopper and use energy saving devices as much as possible.

Jodi:

All values are based on imagination and manipulation of markets. If the WH has two oil company owners and one Board member of Exxon-Mobil and the ability to manipulate a nation into wars to steal oil so they can profit , it's not to hard to figure out why prices have gone up so much.

Samuel Deva:

the american consumer has become little more than the common wh_re for the manufacturing world... apathy has led them there and only breaking from the plow will save them nnow...

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