Quote:
Originally Posted by wdmso
Gas prices surge 25 cents in a week, For a total of 59 cents for the month
And this is with releases from the us oil reserves and Saudi increase of 650,000 barrels a day.
So I am no business person but I would assume if the price of oil increased oil companies profits should remain the same not increase 300%. ?
Yet The top five oil companies alone—Shell, ExxonMobil, BP, Chevron, and ConocoPhillips—brought in more than 300 percent more in profits than in the first quarter of 2021. That is a total of more than $35 billion in profits in just three months. In fact, these five companies’ first-quarter profits alone are equivalent to almost 28 percent of what Americans spent to fill up their gas tanks in the same time period.
But but Biden is the easy Target
But oil like guns is off limits to the GOP .. with oil it the keystone pipeline fault
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if the price of gas was always a function of a cost of producing the gas, profits would be the same. But it’s not that simple, and you know that. there’s no law that says the price of a gallon of gas is always 10 cents more than the cost.
It’s a commodity, it’s heavily influenced by supply and demand, it’s heavily influenced by speculation.
In the US, demand is highest in summer, and there are concerns about supply because of the war in ukraine, and because the party running washington is openly hostile to fossil fuel.
when you have high demand happening at the same time as supply concerns, guess what happens to the price?
Posted from my iPhone/Mobile device