oil prices?

Question

let me put this out there for all of the people that believe we went to iraq for oil. why is it that gas was a little over a dollar a gallon when we first went to war but it is now over 3 dollars a gallon this long into war? you would think that since we went to iraq for oil then gas would be so cheap cause we got so much from conquering iraq right? wrong...

oil companies are gouging us, most oil companies made the highest quarterly income in history this past quarter. the price per barrel of oil has not gone up very much at all. wake up people and think about how illogical it is to say that we are in iraq for oil, come on i am 18 and graduating from high school next week and even i can see whats going on...wake up!!!!

Answer 1

Simply put, Bush will kill our troops for oil!!! That's how the Bush Family made their millions of dollars & just last year, Bush was quoted as saying the big oil profits were "The nature of the business" & he wasn't going to do anything about it for just that! Another problem is we too many lazy Americans that just bend over & take it & do nothing to change things! A few people can't change much but lots of them can make a difference!!

Answer 2

Yes, oil companies are gouging the public. Yes, Iraq was was invaded mostly because of its oil. And yes, prices are going up. Here's a bit of what's going on:

1) China and India are growing at unprecedented rate. Together, they have over eight times the U.S. population. They are competing for limited oil resources. More demand equals higher prices.
2) This increased competition over oil limited oil resources is one of the things that prompted the Iraqi war, as well as a host of other cynical reasons.
3) The reasons oil prices kept rising because of the war was because Bush thought it would be a cake-walk (Quote). His incompetence has created much instability, not only in Iraq, but throughout the Middle East. Oil prices never react well to instability in the Middle East.
4) Oil is a dwindling, non-renewable resources. Prices would have gone up no matter what. Iraq has very important oil reserves. They may secure the oil economy for some time if the situation ever becomes viable, but not for ever.
5) The Bush administration doesn't give a hoot about the consumer. They have always been working for big business. The fact oil companies is profiting from this is perfectly in line with the plan.
6) Oil is not just about the civilian economy. Oil is also what drives the military. Airplanes, tanks and helicopters all need oil. Oil is actually a very real national security issue, especially if we're going to keep pushing away alternative solutions (Which will most likely become readily available as soon as the last drop of oil is burned). - Mother necessity.

Answer 3

Control of the Iraq oil is the important concept that you need to understand. Saddam was acting up and withholding oil one day and threatening to flood the market the next. His manipulation of the oil market and the potential to do damage after the sanctions were lifted worried the big oil companies.

Now the situation is under control and Iraq is not producing very much oil thereby helping to keep market prices high. Also, the vast reserves of Iraqi oil will be available to keep the oil companies in business.

Answer 4

You know what. You are exactly right. This last quarter Exon-Mobile earned 18 billion dollars. We as American need to stand up and band together to fight these gas companies. I mean it is not every day that a CEO retires and gets a lump sum of almost 500 million. The gas prices are outragous. We all need to exersise our 1st Admendment, which includes freedom of speech and freedom of the press, get our Congressmen and women to stop getting money under the table and tax every dime they can against these companies. To tell you the truth Exon is really a monopoly because they own a lot of the gas name.
The price of crude oil has actually came down to below what it was this time last year, but gas prices are still higher. Seems a little strange to me how about you all.

I am actually younger than you sir and thank you for agreeing with me about this issue.

Answer 5

Do you?

So you DO understand that the war HAS had an effect on the price of oil per barrel. Why? Because the area is unsure of the reactions of the insurgents, not to mention the middle east will not be so forthcoming with their most valued commodity to a country that is seen as invading and trying to take over in an area that doesn't like - or trust - of that country.

"Harvest" of oil slowed when the war kicked up. Due to the "heat" (no pun intended) fromt he insurgents, and the destruction of "strategic targets" (oil refineries and pumps) tends to decrease the supply.

The reason now that the oil is lower in price, but the gas is still up in price is due - in part - to the war. There is little trust right now in the middle east and its ability to meet demands because of the war. So that makes the oil companies purchase fewer barrels. It also has to do with the companies closing down part of refineries "for repairs" and "updates". How convenient. THAT is where the oil companies are bending us over and giving it to us.

I am not denying that the oil companies are ripping us off. But the war does have a lot to do with the prices as well. So I think you should wake up as well, my friend.

Good luck on graduation!!!!

Answer 6

At what point does profit turn into gouging?

Gasoline is the bloodline that keeps America moving. Our personal vehicles alone guzzle 140 billion gallons of gasoline and diesel fuel each year, up 3.2 percent from a year ago

Crude oil - The biggest portion of the cost of gas -- as of April 2007, that's about 50 percent

Refining costs - The refining of crude oil makes up about 28 percent of the price of gasoline

Distribution and marketing - Crude oil is transported to refineries, and gasoline is shipped from the refineries to distribution points and then to gas stations. The price of transportation is passed along to the consumer. Marketing the brand of the oil company is also added into the cost of the gasoline you buy. Together, these two factors account for about 8 percent of the price of gasoline

Taxes - Taxes, including federal and local, account for about 14 percent of the total price of gas in the United States. Federal excise taxes are 18.4 cents per gallon, and state excise taxes average 18.2 cents per gallon. There may also be some additional taxes, such as applicable state sales taxes, gross receipts taxes, oil inspection fees, underground storage tank fees and other miscellaneous environmental fees. Add that to the state excise taxes, and it can average 27.4 cents. It could be worse. In Europe, gas prices are far higher than in America because taxes on gas are much higher. For example, gas prices in England have risen as high as $6.65 per gallon, with 78 percent of that going to taxes.

Station markup - some of the actual money you spend at the pump does go to the service station. Service stations add on a few cents per gallon

Source(s):

http://auto.howstuffworks.com/gas-price

Answer 7

Seeing that Iraq didn't give us any of the oil contracts, I hardly think it was for the oil.

Want lower gas prices? Get the government to remove the tax on it.

tribeca your links are old and out dated.

Answer 8

sky high since Bush invaded Irak

Answer 9

sorry, it's all about the oil sweety