It's price gouging, not inflation or supply issues

Yakuda said:
When the govt takes over the price will go down?
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Yes.

We are a net exporter of oil, so if we stopped allowing oil companies to export the oil they extract from under our feet, we are no longer buying or selling oil on the global market....everything pumped is for American consumption only.

The reason gas prices fluctuate is because of the global price per barrel...so if we extracted ourselves from the global market, we no longer are victims of the whims of OPEC.

And since the oil industry is nationalized, there's no profit motive, which means the oil is basically free.
 
LV426 said:
Yes.

We are a net exporter of oil, so if we stopped allowing oil companies to export the oil they extract from under our feet, we are no longer buying or selling oil on the global market....everything pumped is for American consumption only.

The reason gas prices fluctuate is because of the global price per barrel...so if we extracted ourselves from the global market, we no longer are victims of the whims of OPEC.

And since the oil industry is nationalized, there's no profit motive, which means the oil is basically free.
Click to expand...

And I had another person on your side of the aisle tell me earlier today that it cost more to produce oilher in America that it's cheaper to get it from abroad.
 
LV426 said:
Yes.

We are a net exporter of oil, so if we stopped allowing oil companies to export the oil they extract from under our feet, we are no longer buying or selling oil on the global market....everything pumped is for American consumption only.

The reason gas prices fluctuate is because of the global price per barrel...so if we extracted ourselves from the global market, we no longer are victims of the whims of OPEC.

And since the oil industry is nationalized, there's no profit motive, which means the oil is basically free.
Click to expand...

If we are a net exporter of oil then what's this?

https://www.greencarcongress.com/20...s February 2022,importer of petroleum in 2022.
 
Yakuda said:
And I had another person on your side of the aisle tell me earlier today that it cost more to produce oilher in America that it's cheaper to get it from abroad.
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Thing is, it doesn't really matter what we do in the US when it comes to production because we only control 2.1% of the world's global reserves, while OPEC controls 80% of them.

What OPEC did in 2015-16 was increase production exponentially which dropped the price per barrel from ~$96/barrel to ~$52/barrel in just one year...and then dropped again to $46/barrel in 2016.

That OPEC production increase bottomed out the oil market, and as a consequence, 42 oil companies in 2015 and 58 companies in 2016 went bankrupt because it cost more for them to extract and transport the oil than what it sells for on the global markets.

OPEC can very easily do it again at any time.

That's why we should extract ourselves from the global oil market that they control by nationalizing it domestically.
 
LV426 said:
Thing is, it doesn't really matter what we do in the US when it comes to production because we only control 2.1% of the world's global reserves, while OPEC controls 80% of them.

What OPEC did in 2015-16 was increase production exponentially which dropped the price per barrel from ~$96/barrel to ~$52/barrel in just one year...and then dropped again to $46/barrel in 2016.

That OPEC production increase bottomed out the oil market, and as a consequence, 42 oil companies in 2015 and 58 companies in 2016 went bankrupt because it cost more for them to extract and transport the oil than what it sells for on the global markets.

OPEC can very easily do it again at any time.

That's why we should extract ourselves from the global oil market that they control by nationalizing it domestically.
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I can agree we need to get out of the global oil market.
 
Yakuda said:
If we are a net exporter of oil then what's this?

https://www.greencarcongress.com/20...s February 2022,importer of petroleum in 2022.
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Should state that we are a net exporter of refined products, and our net crude trade dropped precipitously during Obama.

Since 2010, the United States has exported more refined petroleum products, including distillate fuel oil, hydrocarbon gas liquids, and motor gasoline, among others, than it has imported. Net exports of refined petroleum products grew to 3.3 million b/d in 2020 and remained about the same in 2021.
https://www.eia.gov/todayinenergy/d...010, the United States,about the same in 2021.
 
LV426 said:
Should state that we are a net exporter of refined products, and our net crude trade dropped precipitously during Obama.

Since 2010, the United States has exported more refined petroleum products, including distillate fuel oil, hydrocarbon gas liquids, and motor gasoline, among others, than it has imported. Net exports of refined petroleum products grew to 3.3 million b/d in 2020 and remained about the same in 2021.
https://www.eia.gov/todayinenergy/d...010, the United States,about the same in 2021.
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Either way we are bringing in more then sending out. Not a good position since we have recently been the world's number 1 producers of oil.
 
Yakuda said:
Either way we are bringing in more then sending out. Not a good position since we have recently been the world's number 1 producers of oil.
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Right, but again, producer of oil based on 2% of the world's global oil reserves.

I don't think many people appreciate the fact that OPEC could obliterate our oil industry overnight.
 
LV426 said:
Right, but again, producer of oil based on 2% of the world's global oil reserves.

I don't think many people appreciate the fact that OPEC could obliterate our oil industry overnight.
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Of course they could by they wouldn't because they'd lose money
 
Gas stations have thousands of gallons sitting in tanks. When the price of oil rises due to speculation and demand, the cost of gas in the ground does not go up. That is paid for. They jack prices up and make enormous profits. That is gouging.
 
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