Gas prices dropping soon?

[sk47]

Gee, who would have ever thought.

Price Gouging at the Pump Results in 235% Profit Jump for Big Oil: Analysis

https://www.commondreams.org/news/2...pump-results-235-profit-jump-big-oil-analysis

Hello; Read the link and yes there is a bias. No mention of the billions the oil companies lost during the lockdowns while they kept us in fuel.

Here is an example of the bias.
Quote from the link;

"Big Oil companies are making a killing and pouring fuel on the climate fire while communities pay for more and deadlier climate disasters. It's outrageous," said Richard Wiles, president of the Center for Climate Integrity, in a statement Friday."

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[Stage_3]

 

[NFG19]

If we would just produce our own oil. I think gas prices would go down! I think gas in Saudi Arabia is around $2.00. In kawait it’s a little over a dollar. We have huge oil fields here. If fossil fuels are bad for the climate, and its a finite resource. Which I’m not so sure it is. Make it cheap and use it all. Then you can have your green energy fantasies.

 

[Bikeman315]

If we would just produce our own oil. I think gas prices would go down! I think gas in Saudi Arabia is around $2.00. In kawait it’s a little over a dollar. We have huge oil fields here. If fossil fuels are bad for the climate, and its a finite resource. Which I’m not so sure it is. Make it cheap and use it all. Then you can have your green energy fantasies.

We do produce our own fuel. Millions of barrels of it. And a lot of it is exported. Why? Because big oil makes more profit from exporting than by moving it to the East and West coasts. Producing more won’t help the common man. It will lead to more exports and higher prices. How does anyone not see the big oil companies making triplet digit profits while many of us cannot afford to fill our tanks? if Ford did this base Mustangs would be $60k and some in here would want the Government to step in. But big oil gets a pass. Why?

 

[LSchicago]

If we would just produce our own oil. I think gas prices would go down! I think gas in Saudi Arabia is around $2.00. In kawait it’s a little over a dollar. We have huge oil fields here. If fossil fuels are bad for the climate, and its a finite resource. Which I’m not so sure it is. Make it cheap and use it all. Then you can have your green energy fantasies.

The US produces more than it uses.

 

[NFG19]

So we export our oil then buy from other country’s?

 

[Bikeman315]

So we export our oil then buy from other country’s?

Yes. Crazy right?

https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php

 

[Bikeman315]

Fracking is a pipe dream that is only substantial with ever rising oil prices or ever decreasing interest rates.

Has anyone noticed fracking hasn’t cranked back up in force even with high oil prices?

The US just doesn’t have the cheap easily accessible oil like many other nations.

We have cheap oil. Unfortunately big oil needs their triplets digit profits so we rarely see it.

https://www.cbsnews.com/news/oil-companies-record-profits-2022-exxon-chevron/
https://www.wsj.com/articles/chevron-posts-record-11-6-billion-quarterly-profit-11659090268
https://www.nbcnews.com/business/bu...-earnings-sky-high-gas-prices-linge-rcna40622

 

[LSchicago]

So we export our oil then buy from other country’s?

Yes, some of it.

 

[NFG19]

Yes. Crazy right?

https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php

So according to that we get most of our oil from Canada. Didn’t we have a pipeline being constructed to Canada?

 

[Bikeman315]

So according to that we get most of our oil from Canada. Didn’t we have a pipeline being constructed to Canada?

We get the majority of our “imported“ oil from Canada. There are currently 70 pipelines between the US and Canada. Most are for oil related products. 100% of Canada’s exports come into the US.

 

[NFG19]

We get the majority of our “imported“ oil from Canada. There are currently 70 pipelines between the US and Canada. Most are for oil related products. 100% of Canada’s exports come into the US.

Gotcha are all 70 still in use?

 

[Bikeman315]

Gotcha are all 70 still in use?

Not sure.
https://www.cer-rec.gc.ca/en/data-a...crude-oil-pipeline-transportation-system.html

 

[Stage_3]

It is strange to me most people don’t see what is going on. Oil is the most important commodity in the world and these producers are starting to flex their power.

We can do without a lot of things but oil and gas is what has made our prosperity.

Exactly.
100% right on.

 

[Bikeman315]

Do they deserve there profit?

Big oil made bets decades ago on projects that are just paying off. Think of the risk Vs. reward on betting billions. Does apple deserve 300% markup for making the next I thing? Take a look at the most profitable companies in the world pre COVID. Why are we not calling out those companies?

Call me when the top 100 companies produce energy. Shouldn’t be long.

I see you’re in total defensive mode. And maybe rightfully so. I’m not calling out the entire industry. Just those who are taking obvious advantage of the current situation.

Of course these companies are entitled to make a profit. Yes they invest billions, that kind of their deal. And yes they took a major hit during the worst of Covid. But there are limits when an abundance of profit is taken on the backs of the average citizen.

Your analogy using Apple is a poor one. When was the last time they went ahead and raised their retail prices? Their costs have gone up. Cost of parts, labor, shipping, etc. Ford raised their MSRP, Apple didn’t.

Do you realize that they could drop the price of gas by $1.00 on a billion gallons of gas and only lose 2% of their profit. They would never feel it and they would become heroes for doing it.

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