Why gas prices are so high

[Hawkeye10]

Joe Biden orders oil companies to explain why they're cutting gasoline production as prices soar above $5 a gallon

https://www.yahoo.com/finance/news/joe-biden-orders-oil-companies-120659735.html


This might be a straight up lie, the numbers I have seen say that refineries are running at very high percentage of capacity, at an unsustainable pace actually, the opposite of the Revolutions claims.

We do know that we are now lied to constantly.

 

[Melchizedek = Michael]

1) Crude prices are high

2) We had just enough refinery capacity before the pandemic but a fair amount was closed during the pandemic, in part because of claims that we will transition out of oil and gas rapidly (the Save the Planet timeline is complete fantasy)

3) It is impossible to build new capacity, only partly because the Revolution wont allow it.

4) Profit taking

5) importing gas is very hard to do




Discuss

Record profits for the oil companies

 

[Lionfish]

This is not rocket surgery. When this prick Brandon was running, this is your answer to the question, "can presidents destroy an industry?"
https://m.youtube.com/watch?v=pzFWB8GYtjw

 

[Hawkeye10]

Is "I am going to kill the oil and gas industry, that is a promise" Biden asking the oil and gas industry why they wont build new refinery capacity? If they are running at near capacity, at a historically high rate, he has to be.

Chutzpah

 

[Lionfish]

https://m.youtube.com/watch?v=pzFWB8GYtjw

 

[Hawkeye10]

"I am going to kill the oil and gas industry, that is a promise" Biden lectured the oil and gas industry like just yesterday that they need to drill more, even as he paints them as evil for profits, basically lies about their profitability ("makes more money than God" turns out to be far less than Apple).

Chutzpah

 

[Hawkeye10]

They dont give a fuck about the truth, or you.

 

[Hawkeye10]

Resuscitation is possible though: ExxonMobil was once prototypical of the zombie-ridden oil and gas industry, which took a major hit as demand plummeted during lockdowns in 2020.

But in a reopening world, supply chain disruptions and the energy crisis fueled by Russia's war in Ukraine have been a boon to fossil fuel companies' profit margins.

https://www.dw.com/en/fed-may-finally-put-americas-zombie-firms-to-rest/a-62111545

 

[anatta]

Record profits for the oil companies

https://www.forbes.com/sites/rrapie...-why-do-they-ever-lose-money/?sh=48809a67cf9d
in 2020 the five integrated supermajors (i.e., “Big Oil”) – ExxonMobil, BP, Shell, Chevron, and Total –
lost $76 billion.

 

[Walt]

1) It is impossible to build new capacity

No new refineries likely ever built again in the U.S., Chevron CEO warns

So far, we have nearly tripled our capacity with the same number of refineries, and there is no reason to believe that we could not easily double our capacity with the same number of refineries. Capacity is not tied to the number of refineries.

 

[Walt]

in 2020 the five integrated supermajors (i.e., “Big Oil”) – ExxonMobil, BP, Shell, Chevron, and Total –
lost $76 billion.

With all the talk of how great trump would be, in fact he was devastating to the oil industry. America will take a long time to recover from trump.