1.72 dollar a gallon.

$3.63.

$4.49

PB, you have to get out of the Bronx.

I actually paid $4.49 up in White Plains.

I keep tellin' ya: move to Texas!

The company I used to work for has it's main office in Houston. I've been there three times. Nice town.

No wonder, Westchester, the land of disposable income. We're down in the $3.70s in South Jersey. Oh Boy!

Just heard on the radio tha Exxon posted a $11.7 Billion quarterly profit. The largest quarterly profit ever earned by a private corporation. I'm hoping they are accumulating these profits to invest and develop alternative energy sources.

Actually, its profit margin was less than expected because its investment in exploration and production was larger than expected.

Keep believing that, oli. Keep believing that Adriana LaCerva is still alive.

What's your take on Santa Claus?

If Santa's a flag waving, Bible thumping conservative, then he probably believes in him.

......I forgot to add that it would have been larger, but they are still paying out on the Valdez spill.

Oil falls $2 a barrel on weak US economic data

By STEVENSON JACOBS, AP Business Writer

NEW YORK - Oil prices pulled back Thursday, retreating from the previous day's big rally, as disappointing data on the U.S. economy signaled further cutbacks in energy demand for the world's thirstiest oil consumer.

Light, sweet crude for September delivery fell $2.81 to $123.96 a barrel in late morning trading on the New York Mercantile Exchange, after posting gains earlier in the day.

Prices surged $4.58 on Wednesday to settle at $126.77 after the government reported a surprise drop in U.S. gasoline supplies. The rally halted a dramatic two-week slide in which crude shaved 17 percent off its all-time high above $147, reached July 11.

The Commerce Department said U.S. gross domestic product rose 1.9 percent in the second quarter despite government tax rebates aimed at jolting the economy. Economists had expected growth of 2.4 percent.

Earlier data also was revised downward. The weak 1 percent GDP figure of the first three months of 2008 was modified lower to 0.9 percent, while an earlier estimate of annual growth of 0.6 percent in the last quarter of 2007 now showed a negative number, with the economy contracting by 0.2 percent on annual basis in that period.

The tepid results rekindled fears of a recession, prompting energy traders to sell oil contracts on fears that more belt-tightening lay ahead for cash-strapped Americans who are already driving less to cope with almost $4-a-gallon gasoline.

"If the economy weakens, the demand for oil products in the U.S. is going to continue to slide," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "People looked at yesterday's frenzied rally and realized the fundamentals weren't there to support it."

Prices were also pressured as traders cashed in profits from Wednesday's rally. Some analysts attributed the spike to low trading volume in oil markets, which can increase volatility.

Speculative traders, particular large investment funds, have been liquidating oil positions in recent months and are now shorting crude contracts, or betting that prices will fall, for the first time in 17 months.

"We're seeing a lower volume trade because this bull market seems to be over at least for the time being," Ritterbusch said.

Crude has fallen over the last three weeks from a record high of $147.27 on July 11, in part, on expectations that the spike in prices over the last year has begun to dampen U.S. demand for gasoline.

But the Energy Information Administration said Wednesday in its weekly inventory report that U.S. gasoline supplies fell 3.5 million barrels last week. Analysts surveyed by energy research firm Platts expected gasoline supplies to increase by 400,000 barrels.

Gasoline stocks had risen in three previous three weeks.

Analysts indicated that despite the reduction, gasoline stocks were still relatively ample.

"It should be pointed out that gasoline stocks are healthy and remain 3 percent above the 5-year average," said a report by JBC Energy in Vienna, Austria.

Also, the EIA figures showed while gasoline demand reached a yearly high of 9.47 million barrels a day, that still was 2 percent lower than a year ago, JBC said.

In other Nymex trading, heating oil futures fell 7.92 cents to $3.4411 a gallon while gasoline prices lost 8.26 cents to $3.0525 a gallon.

Also Thursday, the Energy Department's Energy Information Administration said in its weekly report that natural gas in storage in the U.S. rose last week but is 0.5 percent below the five-year average for this time of year.

Natural gas futures shed 6 cents to $9.188 per 1,000 cubic feet.

In London, September Brent crude fell $3.10 to $124 a barrel on the ICE Futures exchange.

___

Associated Press writers Pablo Gorondi in Budapest, Hungary, Alex Kennedy in Singapore and Tim Paradis in New York contributed to this report.

£1.12 a litre we are paying in the UK just now!

In today's paper; 'Henry Hubble, Exxon Mobil's vice pres for investor relations, said the record profits "highlight the quality of our integrated business model and disciplined investment approach."

What a load of crap.

The article goes on to say that there is "growing investor apprehension" because finding and producing oil is becoming increasingly difficult for Exxon, AND Exxon only "produces 3 percent of the world's oil, finding new depostis of hydrocarbons is getting harder and harder."

"Saudi Arabia and Venesuela control about 80 percent of known global oil reserves."

No wonder they are trying to sock away the cash now. All the more reason to get away from fossil fuels.

None of you who criticize high gasoline prices ever state just what the price of gasoline should be. Some of you state that you are paying well over $4 per gallon. I just paid $3.67 per gallon. So, what should the price be. Would you be satisfied with $3.67 per gallon? If so, since I'm already paying that much, how much shold I be paying? $3.47? $3.25? How about last year's lowest price? What is the formula?

To whom does Exxon have a fiduciary responsibility? Why does Exxon or anyone who has something to sell owe you anything?

Olivant, I have categorically answered your question HERE . i don't know why you keep repeating the same question over and over again

Maybe Olivant works for Exxon Mobil.

You do have a point MC.




TIS

Which question? In my post I asked several questions. Of course, flippant retorts may be the intellectually easier path for some.

I answered two of your questions - how do you arrive at the appropriate price and what that price should be. Flippant retorts? They have the same goal as confusing people using bullshit legal jargon and quoting constitution.

I THINK that's a put-down, but I'm not smart enough to know for sure.

I DO, however, know bullshit when I see it, and I've seen a lot of it here.

It does take a certain amount of courage for you to admit that you are confused by, as you state it, "bullshit legal jargon and quoting [the] constitution". While I admire the courage of your admission, in the future I'll try to bring my posts down to an elementary level just for you. Sorry other Board members, but I think we should show compassion for the confused.

No need to apologize. We (the board) already show some compassion for the overly-pretentious, overbearing self-denying confused members here, too.

Well, I'm sure SVSG appreciates that compassion even though it's only "some."

I wasn't referring to svsg.

Down 50 cents in 2 weeks then jumps up 20 cents...

Is anyone else finding that they simply are NOT driving unless they have to? For instance, I'll think about going window shopping or making any unecessary trip to the store. I'll wait til I'm going that way for something else. Know what I mean? Just going for a "drive" on a nice day is no longer an option, it seems.



TIS