Oil price ratio

[SwampGas]

I had a conversation yesterday which prompted me to see how oil prices compared to when I first got my drivers license in 1997.

Back then, $0.87/gal @ $20/barrel.

Now, $3.00/gal @ $71/barrel.

Taking inflation into account, let's use $1.03/gal @ $23.57/barrel. Doing the math, that means we should be paying $3.10/gal at $71/barrel using the same ratio.

Methinks it's foreign oil prices rather than price gouging.
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[Lenophis]

<blockquote><font class="small">In reply to:</font><hr>

Back then, $0.87/gal @ $20/barrel.

Now, $3.00/gal @ $71/barrel.

Taking inflation into account, let's use $1.03/gal @ $23.57/barrel. Doing the math, that means we should be paying $3.10/gal at $71/barrel using the same ratio.

Methinks it's foreign oil prices rather than price gouging.

<hr></blockquote>
Methinks you shouldn't base the first price on the Exxon merger when prices dropped to the lowest since the 70's.
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[Dark Knight Kain]

Europeans are laughing at us.
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[Nightcrawler]

Does it really matter? Bottom line is gas companies can afford to sell gas cheaper because they are all making RECORD profits. Instead, they take advantage of the high prices, throw the spirit of competition to drive prices down out the window, and point fingers everywhere else.
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[shawn]

> Methinks it's foreign oil prices rather than price gouging.

It is and this is not usually my view but I read an article in the paper today. It basically said that since this is america and it isn't during a disaster they aren't price gouging. Hell they have the right to charge $50 a gallon if they want to. It's up to the consumer to drive less and lower demand if they want lower prices. <img src=smilies/magbiggrin.gif>
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[Octocrook]

> Methinks it's foreign oil prices rather than price gouging.

Methinks it's both. Could Exxon really be making the record profits they are if they were NOT gouging? I mean obviously the high price of oil is to blame for a lot of it, but I think the gas companies can always fleece an extra 50 cents a gallon or so more than they have to in order to line their pockets because they know we're still buying the gas no matter what.

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