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Re: Gas skyrockets ! [Re: white17] #7374387
10/08/21 11:39 AM
10/08/21 11:39 AM
Joined: May 2010
Posts: 8,240
mn north of blakely
S
Steven 49er Offline
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Steven 49er  Offline
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S

Joined: May 2010
Posts: 8,240
mn north of blakely
Originally Posted by white17
Yeah I recall buying gas for 33-35 cents in 1963.

An inflation calculator indicates that 35 cents in 1963 is equivalent to $3.13 today. A cumulative rate of inflation of 794%


Inflation calculator? Does it use the real numbers.

Ken you may have misunderstood Danny's point, he's alluding to the fact he got paid with a silver quarter, not one backed by debt. That silver quarter at 11:30 central time today is worth approximately $4.11 melt value.

Jbyrd White sat behind Alexander Graham Bell in high school. I think he remembers the price controls and all the over regulations. Anyone that thinks price controls and over regulations are a good thing should move to NYC and vote for AOC. White hit the nail on the head those price controls always lead to shortages. Always.

Originally Posted by white17







I agree that oil producers can and do slow production when prices drop. Why wouldn't or why shouldn't they ? Should they be forced to lose money by selling at less than their costs ? How long should government require that a company lose money ?
.




Originally Posted by white17










But even without regulation, less efficient businesses don't survive. That is one mechanism of capitalism. Creative destruction is the means by which capital is allocated efficiently........and capital will always flow to where it earns the greatest return.
.


What is this capitalism you speak of?

Re: Gas skyrockets ! [Re: jbyrd63] #7374397
10/08/21 11:50 AM
10/08/21 11:50 AM
Joined: Dec 2010
Posts: 8,627
Armpit, ak
D
Dirt Offline
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Dirt  Offline
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Armpit, ak
"Bradley explains with the following hypothetical “daisy chain” of trades, which is fictitious but based on plausible numbers. (Note that “old oil” means oil coming from established, domestic producers who were subject to the price ceiling, while “new oil” referred to either imports or oil from new producers who were able to charge the world price.)

Assume that Class A gathering margins are $0.15 per barrel and Class B telephone-trading margins are $0.50 per barrel in August 1974, at which time old oil was at $5.25 per barrel and new oil was at a market price of $10.00 per barrel. The following scenario was typical:

Step one: Gatherer A buys old oil at $5.25 per barrel at the lease and transports it to a pipeline connection point where it is sold to Reseller [B] for $5.40 per barrel.

Step two: Reseller B sells to Reseller C for $5.90 per barrel.

Step three: Reseller C sells to Reseller D for $6.40 per barrel. . .

Step eight: Reseller H sells to Reseller I for $8.90 per barrel.

Step nine: Reseller I sells to Gatherer A for $9.40 per barrel.

Step ten: Gatherer A ships the crude in his facilities to [a refiner] who purchases it for refining at $9.55 per barrel. (Bradley 1996, p. 690)

In the above sequence, the only truly “economic” transactions were Gatherer A getting the oil and transferring it to the pipeline, through which it can be delivered to a refiner. But because of the price control regime in place, this move would only allow Gatherer A to reap 15 cents of a markup, with the windfall gain—the difference between the world price of crude at $10 and the controlled domestic price of $5.25—accruing mostly to the refiner (and possibly the consumers, depending on how much was passed along).

Rather than let this large gap in potential mark-ups get away, financiers came up with a clever way to “trade” barrels of “old oil” around in a circle, without physically moving them. These were all telephone transactions on paper. But technically, each change of possession allowed for a 50-cent markup. Thus, rather than Gatherer A turning over the barrels to the refiner at $5.40 each, he can instead charge them $9.55. He and the other paper-traders have pocketed the gap between the “old oil” controlled price and the world market price of crude."

smile


Who is John Galt?
Re: Gas skyrockets ! [Re: jbyrd63] #7374403
10/08/21 11:55 AM
10/08/21 11:55 AM
Joined: Mar 2007
Posts: 32,388
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
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Joined: Mar 2007
Posts: 32,388
McGrath, AK
Steven. That's what I figured Danny was saying. I was agreeing with his premise that the silver quarter still had the same purchasing power today as it did in 1963.


Inflation Calculator


Mean As Nails
Re: Gas skyrockets ! [Re: jbyrd63] #7374416
10/08/21 12:18 PM
10/08/21 12:18 PM
Joined: Dec 2010
Posts: 8,627
Armpit, ak
D
Dirt Offline
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Dirt  Offline
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Joined: Dec 2010
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Armpit, ak
Maybe white was thinking of the good ole days of capitalism.

"Part of the reason flying was so exclusive and relatively luxurious in the '40s, '50s, and '60s was that it was very expensive. Until the Airline Deregulation Act of 1978, airlines were considered a public utility and airfares were set by the federal government, which ensured airlines always made more than enough money."

smile


Who is John Galt?
Re: Gas skyrockets ! [Re: jbyrd63] #7374419
10/08/21 12:21 PM
10/08/21 12:21 PM
Joined: Feb 2010
Posts: 13,488
pa
H
hippie Offline
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pa
I'd say alot of the big jump jbird saw was from the local distributor to all the stations.
I worked for a distributor (in the 70's) that bought X gallons at a time from the depot, kinda like this pre-paying that's more common now. New contract, new price which might be a month apart.

Re: Gas skyrockets ! [Re: hippie] #7374440
10/08/21 12:48 PM
10/08/21 12:48 PM
Joined: Mar 2007
Posts: 32,388
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
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Joined: Mar 2007
Posts: 32,388
McGrath, AK
Originally Posted by hippie
I'd say alot of the big jump jbird saw was from the local distributor to all the stations.
I worked for a distributor (in the 70's) that bought X gallons at a time from the depot, kinda like this pre-paying that's more common now. New contract, new price which might be a month apart.


I think too that a lot of people don't realize that oil producers sell their oil before they produce it. Then they attempt to hedge the price changes in the futures market. If I sell you a tanker load of crude for delivery in December at $70/bbl, I want to protect myself against the possibility that oil will be selling for $80 at the time of delivery while you want to take advantage of any decline in pricing.

Also, remember just a year ago oil companies were renting tankers just to store oil. At just about $40,000. per day you could store 2 million barrels of oil...that's about 2 cents per bbl per day.

Once oil is out of the ground it can be shipped almost anywhere in the world for about a dollar per barrel. That is one reason that a change in conditions in one location can change the economic equation worldwide.

In Europe right now, natural gas prices have quintupled. That is causing some utilities to convert to burning oil rather than natural gas, to generate power. That is driving up demand for oil while the supply is still constrained.


Mean As Nails
Re: Gas skyrockets ! [Re: white17] #7374506
10/08/21 02:38 PM
10/08/21 02:38 PM
Joined: May 2010
Posts: 8,240
mn north of blakely
S
Steven 49er Offline
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Steven 49er  Offline
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mn north of blakely
Originally Posted by white17


You know me, I don't buy the official inflation figures.

Re: Gas skyrockets ! [Re: jbyrd63] #7374510
10/08/21 02:49 PM
10/08/21 02:49 PM
Joined: Mar 2007
Posts: 32,388
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
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Posts: 32,388
McGrath, AK
You could.......with inflated dollars


Mean As Nails
Re: Gas skyrockets ! [Re: jbyrd63] #7374513
10/08/21 02:54 PM
10/08/21 02:54 PM
Joined: May 2010
Posts: 8,240
mn north of blakely
S
Steven 49er Offline
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Steven 49er  Offline
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Posts: 8,240
mn north of blakely
I'd rather buy silver quarters.

Re: Gas skyrockets ! [Re: jbyrd63] #7374515
10/08/21 02:55 PM
10/08/21 02:55 PM
Joined: Dec 2006
Posts: 17,456
St. Louis Co, Mo
B
BigBob Online mad
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BigBob  Online Mad
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St. Louis Co, Mo
www.gasbuddy.com

Still $2.74 at some places

Last edited by BigBob; 10/08/21 02:56 PM.

Every kid needs a Dog and a Curmudgeon.

Remember Bowe Bergdahl, the traitor.

Beware! Jill Pudlewski, Ron Oates and Keven Begesse are liars and thiefs!
Re: Gas skyrockets ! [Re: jbyrd63] #7377682
10/12/21 06:14 PM
10/12/21 06:14 PM
Joined: Feb 2014
Posts: 23,717
nm
A
adam m Offline
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nm
News today say gas is at a 7 year high.
Around double than since April 2020

Re: Gas skyrockets ! [Re: white17] #7377691
10/12/21 06:25 PM
10/12/21 06:25 PM
Joined: Sep 2010
Posts: 1,728
MI.
F
Feedinggrounds Offline
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Posts: 1,728
MI.
Originally Posted by white17
Yeah I recall buying gas for 33-35 cents in 1963.

An inflation calculator indicates that 35 cents in 1963 is equivalent to $3.13 today. A cumulative rate of inflation of 794%

I WAS a twinkle in my daddy's eye in 1962 and a official tax deduction in spring of 1963.


your only allowed so many sunrises... I aim to see every one of them!
Re: Gas skyrockets ! [Re: jbyrd63] #7377713
10/12/21 07:01 PM
10/12/21 07:01 PM
Joined: Nov 2011
Posts: 17,266
New Hampshire
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Nessmuck Offline
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New Hampshire
[Linked Image]


It is better to die on your feet than to live on your knees.
Re: Gas skyrockets ! [Re: Deerkiller] #7377716
10/12/21 07:05 PM
10/12/21 07:05 PM
Joined: Jan 2008
Posts: 2,407
USA MN
Snowpa Offline
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USA MN
Originally Posted by Deerkiller
It’s going to be over $5 buck a gallon next summer.

Hearsay
[ I hope}









[
i


Never Confuse Stupid With Crazy
Re: Gas skyrockets ! [Re: jbyrd63] #7377723
10/12/21 07:11 PM
10/12/21 07:11 PM
Joined: Jun 2016
Posts: 8,640
Michigan
T
Trapper Dahlgren Offline
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Trapper Dahlgren  Offline
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T

Joined: Jun 2016
Posts: 8,640
Michigan
343 here

Re: Gas skyrockets ! [Re: jbyrd63] #7377753
10/12/21 07:46 PM
10/12/21 07:46 PM
Joined: Dec 2006
Posts: 9,998
Oakland, MS
Drifter Offline
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Posts: 9,998
Oakland, MS
$2.99 here saw today.


Experience only teaches the teachable.

Aldous Huxley









Life member NTA , and GA Trappers assoc .
Re: Gas skyrockets ! [Re: jbyrd63] #7377758
10/12/21 07:51 PM
10/12/21 07:51 PM
Joined: Aug 2016
Posts: 2,311
Wyoming County Pa.
Hornady Reloader Offline
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Joined: Aug 2016
Posts: 2,311
Wyoming County Pa.
Up to 3.45

Re: Gas skyrockets ! [Re: jbyrd63] #7377801
10/12/21 08:30 PM
10/12/21 08:30 PM
Joined: Jul 2016
Posts: 1,219
Wisconsin
B
Bear Tracker Offline
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Joined: Jul 2016
Posts: 1,219
Wisconsin
3.08 here

Re: Gas skyrockets ! [Re: BigBob] #7377803
10/12/21 08:31 PM
10/12/21 08:31 PM
Joined: Feb 2014
Posts: 8,253
Ky
J
jbyrd63 Offline OP
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jbyrd63  Offline OP
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Posts: 8,253
Ky
Originally Posted by BigBob
www.gasbuddy.com

Still $2.74 at some places


Lies they won't update trying to make bobo look good. Gas buddy liberal company

Re: Gas skyrockets ! [Re: jbyrd63] #7377840
10/12/21 09:22 PM
10/12/21 09:22 PM
Joined: Mar 2014
Posts: 1,475
Central Texas
C
Chancey Offline
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Chancey  Offline
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Joined: Mar 2014
Posts: 1,475
Central Texas
Diesel 3.29 on Friday. Down to 3.09 today.
Gas 2.89.

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