California's really screwed now!

flyboyron · August 8, 2012

Chevron fire will now cost us more so the rich oil tycoons can continue to rake in the millions.

http://www.sfgate.com/bayarea/article/Fire-at-Chevron-refinery-in-Richmond-3767221.php

brainpause · August 8, 2012

Nothing wrong with capitalism. They have something we all need, they sell it, we buy it. And if I remember correctly, their profit margin is only about 4%. That is much less than most industries. How about the 15% taxes (or more), too?

Chris · August 8, 2012

Not just california. the whole western region of the states

j-ten-ner · August 8, 2012

When you have no more other excuses to push up the price of gas you just light up one of your refinery and there you go.

Nothing wrong with capitalism... .

so long

j-ten-ner

kstruckcountry · August 8, 2012

Uh oh.

Anyways, J10er, saw a j10 on a carrier headed south last week on the Interstate, maybe you should hunt it down.

wurgs · August 9, 2012

I think the profit margin is a little higher than 4% .

Copied from ABC news website.

"Chevron and Total wrapped up a string of gargantuan, record-breaking earnings reports from oil companies on Friday, a stretch in which six of the major international oil companies topped $50 billion in combined profit for the first time.

Revenue rose significantly to $82.9 billion from $56.1 billion a year ago."

Thats an average of over 8 billion dollars per company for the second quarter this year.

.

Chris · August 9, 2012

gas here in Bakersfield, California jumped $0.08 over night since that refinery fire

brainpause · August 9, 2012

I do stand corrected. In the past 5 years, Chevron has posted an average 8.8% profit margin. TOTAL company has posted an average 6.61%, and Exxon 8.37%.

As a comparison, Microsoft posted 27.94% profit margin, Target 3.95%, GM 4.91%, Toyota 0.26% all over the past 5 years.

Seems like they are in the middle of the market. When supply goes down (regardless of cause), and demand stays the same or rises, price goes up, whether it is gasoline or Beanie Babies.

I still like capitalism.

Stat source: ycharts.com

desrtrat · August 9, 2012

gas here in Bakersfield, California jumped $0.08 over night since that refinery fire

down here in the high desert where i get mine, went up $0.06 about 130 mi south of you...

truckofwinandawesome · August 9, 2012

gas here in Bakersfield, California jumped $0.08 over night since that refinery fire

what part of Bakersfield you live in? I've Got Family Spread out all over there! (my Half Brother who is a Kern County Sheriff's Deputy lives out in Mountain Meadows)

old-chevy-dude · August 9, 2012

the Republik of Kornifornia is screwed period, all this does is push the dildo in a little deeper....

Bill in Niantic · August 9, 2012

When you have no more other excuses to push up the price of gas you just light up one of your refinery and there you go.

Nothing wrong with capitalism... .

so long

j-ten-ner

The Govt makes far more per gallon of fuel than the Oil Companies, and they actually do nothing to earn it. So if you want to berate someone, berate the greedy Govt Bums who keep feeding off the "Free Market System" by legally stealing......

Chris · August 9, 2012

I'm in north east Bakersfield. My ex step uncle is a commander with the sheriff dept. On the way to Fresno yesterday I stopped in Selma to check out the auto mall gas was $3.51

Sent from my PIECE OF CRAP DROID X2 using Xparent Red Tapatalk 2

Prokopchuk_9 · August 9, 2012

That refinery only processed 250k barrels a day. That is nothing, 250 thousand barrels a day isnt enough to make a dent. Canada exports almost 2.5 million barrels a day to the states alone. to the people that think starting a fire makes more money that is totally false. As stated profit margins are closer than people think for big oil. a fire like that will cost millions to fix, millions in downtime, millions in third party labour. HIGHLY unlikely that the smallest spike in oil prices will even occur, even if it did it would never recoup the costs of the fire.

But then again I've seen oil come up because of the smallest excuses. Oil is on its way up again anyways. I paid $1.52/L the other day LOL, it was $105 and I already had 1/4 tank. LOL

When you have no more other excuses to push up the price of gas you just light up one of your refinery and there you go.

Nothing wrong with capitalism... .

so long

j-ten-ner

The Govt makes far more per gallon of fuel than the Oil Companies, and they actually do nothing to earn it. So if you want to berate someone, berate the greedy Govt Bums who keep feeding off the "Free Market System" by legally stealing......

+1