I was quoting Fox news on what it costs Saudi Arabia to pump one barrel of oil. I guess I need to better educate myself on my barrel tables though.

OPEC will cut production next week, Sept 9th and they willd fend the $100 level. gas under $3 is a pipe dream right now.

They're really cutting production? Link?

Why wouldn't they want to raise production? That would lower the price and increase demand, right? More demand = more money. I just hope that we don't go back to using oil like water.

Hopefully, we have learned our lesson and figured out how vulnerable we are. This could have brought the USA to its knees, I suppose it still might in the long run.

Funny though...everyone is cheering this fall, but another .30 is $4.80 in savings for a 16 gallon tank. But better saving than spending.

DOnger, I understand the bullshit justification that you are trying to use. But it is flawed. It doesn't work that way any place else in the country. If Wal-Mart sells shirts for $10 a piece, and they find out that the next shipment will cost $1 more per shirt, they don't run out and mark up their shirts already on the shelf. Rather, they raise the price when the new shirts hit the shelves. Why? Because of competition. If they raise their prices before everyone else, people will just go some place else. The bullshit with gas prices happens because the prices are controlled. Phillips 66, Exxon, Texaco, they all raise their prices leaving the customer bent over a barrel. Don't give me your bullshit excuses. I for one, know better. It is GREED!!!

I have no idea how Walmart or any other retailer decides to their retail price. I do know how gasoline prices are decided.

We all know how gasoline prices are decided. Exxon, Texaco, etc... look for any excuse to raise prices. The Prince of Saudi Arabia has a cold. Time to raise prices 50 cents a gallo. He is better now. Ok, lets drop them a nickle a gallon. And by the way, if that is the best response you can come up with, just give up. I gave a legitimate scenario and the best you can come up with is I have no idea how walmart decides their prices? They call that pwned around here.

If you would care to dispute my explanation of gasoline prices, please feel free to do so.

Like I said, I have no idea how big-box retailers manage their pricing, so I can't comment on that.

However, it is an interesting comparison: T-shirts versus gasoline. Is the core component of T-shirts a globally-traded commodity, as is crude oil? I suppose it would be cotton, right?

Got any evidence to support this?

You are totally missing the point Donger. Forget the F'ing product. I am talking about conducting business. But, if you want to talk about a globally traded product, try corn. I knew a man with a feed business. His feed prices varied with the market. When his corn cost him $3 a bushel, he charged for his feed based on paying $3 a bushel. If he found out that corn would be $3.50 a bushel next week, he did not automatically raise his prices 50 cents to cover the cost of the next load. You know what he did? He told people that the price was going up next week, and they might want to get more now because next week, his cost would go up and so would the feed. And when the price dropped 50 cents for corn, he dropped his feed price accordingly. Now that is the ethical way to do business. The oil business is not ethical. They are corrupt. They take advantage of the fact that people have to have their product. One thing drives oil and gas prices Greed.

No response Donger?

Anyone notice that even though it has dropped almost 50 a barrel, gas has only dropped about 30 to 40 cents.

The oil executives got kids to feed!

Quoting the great Latrell Spreewell... "$8 million doesn't go as far as it used to."

One of things that you are missing is that amount of time that it takes for crude to pumped to when it becomes refined, usable product.

That being said, we could do comparisons like this all day, but the fact remains that the profit margin of oil companies still remains lower than many major industries.