Very OT: the price of gas

Hey folks,
I know there's probably some place more appropriate for this question, but I
wanted to see if anyone I know can explain it to me.
When dealing with crude oil, the measurement use for quantity is a "barrel",
right? Is this not your standard 55 gallon barrel?

If it is, why are we meekly putting up all this money per gallon, when even
a huge leap in the per gallon price, of say $10.00 per barrel, when spread
equally over the 55 gallon barrel, comes to an increase of about 19 cents
per gallon? I know there's beaucoup cost tacked on like refining and Uncle
Sammy and the states take a good healthy bite of the oil apple as well as
the oil companies.
But at 20 cents per $10.00, a $70.00 barrel of unrefined oil (which is
somewhere around $60.00 today) should be $1.40 a gallon. So the other HALF
of the $3.00 per gallon is refining costs, (which pre-hurricanes, was the
same cost as refining a $30.00 barrel of oil) Oil Company profits, and state
and local taxes.
Anyone know enough about commodities to set me straight? We can't be this
collectively stupid. I know they're claiming losses of refining capabilities
from the hurricanes, but there were major price leaps well before all that
happened, blamed strictly on the greed of OPEC. It hasn't escaped my
attention that The Prez is in to oil, either, so he's getting fat while`we
have to choose between medications and having gas to drive to the doctors.
Any contradictions to my assumptions are welcome.

A painless day to all--og


.

Relevant Pages

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