Gas up to 4.69 in my area today

[LV426]

That's exactly what was happening when Trump was president.

You don't know what you're talking about and the reason is because you are just too fucking stupid to understand how the world works.

OPEC controls the oil market. FULL STOP.

Any increase to domestic production is met with equal or greater production cuts by OPEC:

OPEC sticks with supply cuts as West tightens sanctions on Russian oil
December 4, 2022
https://www.cnn.com/2022/12/04/energy/opec-production-oil-prices/index.html

 

[Nordberg]

These gas prices have nothing to do with government; they are entirely motivated by profit.

Oil companies make the most money when gas prices are at their highest, so why would they ever deliberately lower them?

Domestic producers increased production in 2022, yet the price per barrel didn't decline until Biden released from the strategic reserve. That is because throughout 2022, as domestic producers increased production, OPEC cut theirs.

The mistake most people make is that they think the US operates in a separate, exclusive oil market when what's really happening is corporate domestic refineries are purchasing oil on the global markets, competing against other buyers. The only way to avoid that is to nationalize the industry.

Not exactly correct. Oil is on the commodities market and speculators have a huge impact on barrel prices. Saudis oil minister said it adds about 30 percent to prices. This is not a price or customer-friendly system.

 

[LV426]

Not exactly correct. Oil is on the commodities market and speculators have a huge impact on barrel prices. Saudis oil minister said it adds about 30 percent to prices. This is not a price or customer-friendly system.

All of it is done within the context of maximizing profits, so no oil producer will ever produce more oil than what nets them the highest possible profit margin.

Increasing production may result in increased market share, but the overall size of the global market is really dictated by the cartel.

I keep referencing what happened in 2015 because if we don't learn from history, we are doomed to repeat it; we've already done this.

In 2015, domestic oil and natural gas production increased and OPEC took that personally, so they also increased production but did it by so much that it dropped the price per barrel by 50% in just a couple months. That price drop was so steep and happened so quickly that hundreds of US oil and gas companies went bankrupt to the tune of over $100B in debt. The US government had to step in and effectively bail out TX, OK, and ND because their budgets are so heavily reliant on fossil fuel revenues that the huge drop in the price per barrel also dropped their revenue and created massive deficits. And since those states are dumb and have a balanced budget amendment, they had to go to DC with their hand out.

 

[Callinectes]

1. Do some research as to American oil company profits during times of "oil shortages" and lower gas pump sales......most recently the first year of the Covid lockdowns when nation wide traffic was so low that the air quality actually improved over some major cities!

Thank you, but I’ll pass. I don’t care how much profit the oil companies make. And during the pandemic prices were low because they STARTED low under Trump, and then demand plummeted because fauchi and friends locked us down and we lost 22-25 MILLION jobs. But screaming down the turnpike doing a buck 15 on my bike with no cops was glorious. And the same thing happened with air quality after 9/11 (supposedly, that could be BS).

2. I lived through the "don't be fuelish" and "oil glut" days. Do some research on that, because your claim of "problems that actually don't exist" is not something you can solely hang on regulation attempts and Joe Biden.

I mostly blame high gasoline prices on the moronic speculators who shit their pant’s whenever tater head says “oil bad! Make go away!”.

3. In my lifetime, I have NEVE seen any "jack-booted thugs of government" at any gas station.

Oh you'll never see them at a gas station, no, they'll hang out in the oil company board rooms. But if you're lucky, you might just get to see mad maxine and her mob at your gas station. Remember this?

https://twitter.com/x/status/1117080938050195458

4. The Wall St. speculation that helps drive oil/gas prices is not communist, socialist or "national socialist" operation or invention.

Well, that caught me a little off guard. Because you're 100% right. It's not a perfect system IMO, but I can't offer an alternative, and it's definitely a capitalist thing. We are discussing the nationalizing of a private AMERICAN industry though. Yes, speculators would go away, to be replaced by what?

 

[Taichiliberal]

Thank you, but I’ll pass. I don’t care how much profit the oil companies make. And during the pandemic prices were low because they STARTED low under Trump, and then demand plummeted because fauchi and friends locked us down and we lost 22-25 MILLION jobs. But screaming down the turnpike doing a buck 15 on my bike with no cops was glorious. And the same thing happened with air quality after 9/11 (supposedly, that could be BS).



I mostly blame high gasoline prices on the moronic speculators who shit their pant’s whenever tater head says “oil bad! Make go away!”.




Oh you'll never see them at a gas station, no, they'll hang out in the oil company board rooms. But if you're lucky, you might just get to see mad maxine and her mob at your gas station. Remember this?

https://twitter.com/x/status/1117080938050195458

Well, that caught me a little off guard. Because you're 100% right. It's not a perfect system IMO, but I can't offer an alternative, and it's definitely a capitalist thing. We are discussing the nationalizing of a private AMERICAN industry though. Yes, speculators would go away, to be replaced by what?

Okay folks, when you are trying to have a debate based on FACTS and the logic derived from said facts you are wasting your time with the likes of Callinectes. Observe:

Taichiliberal - Do some research as to American oil company profits during times of "oil shortages" and lower gas pump sales......most recently the first year of the Covid lockdowns when nation wide traffic was so low that the air quality actually improved over some major cities!


Callinectes - Thank you, but I’ll pass. I don’t care how much profit the oil companies make.

One can't have a rational, objective debate based on all the facts when the person you're debated proudly states willful ignorance and then proceeds with the attitude that any and everything he says is valid.

I'm not going to waste too much time with MAGA trolls with delusions of intelligence. Callinectes is on the ignore list from now on, but you can bet he'll be trolling my posts and threads with a vengeance. Later folks.

 

[Callinectes]

Okay folks, when you are trying to have a debate based on FACTS and the logic derived from said facts you are wasting your time with the likes of Callinectes. Observe:

Taichiliberal - Do some research as to American oil company profits during times of "oil shortages" and lower gas pump sales......most recently the first year of the Covid lockdowns when nation wide traffic was so low that the air quality actually improved over some major cities!


Callinectes - Thank you, but I’ll pass. I don’t care how much profit the oil companies make.

One can't have a rational, objective debate based on all the facts when the person you're debated proudly states willful ignorance and then proceeds with the attitude that any and everything he says is valid.

I'm not going to waste too much time with MAGA trolls with delusions of intelligence. Callinectes is on the ignore list from now on, but you can bet he'll be trolling my posts and threads with a vengeance. Later folks.

The only purpose of my responses to this thread have been to address LV426’s use of two words that astound me in their idiocy: “obscene profit”. I neither know or care much about the profit that a company makes. I freely admit that. But these people who spend their energy knowing that kind of shit are also ignorant of the practical logistics involved with bringing an unpopular but necessary product to market under the boot of an adversarial and hostile political regime.

So yes, it’s true. I have no clue how much profit the oil companies make. I hope they make profits that exceed their wildest dreams…and I hope they cheat on their taxes.

You’re the one surrendering here Taichi, just another leftist head on my wall who ran out of ammunition.