$5 & $7

[Jim in CT]

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?
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[wdmso]

Originally Posted by Jim in CT

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?
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What a surprise Jim swooping in to defend big business

No kidding Jim demand leads to higher prices the war in Ukraine all true but doesn’t explain record profits

then you just can’t stop adding your right wing lie the party running washington is openly hostile to fossil fuel.!!

This administration has done nothing to reduce the oil pumped in America. Production is the same as when Trump was in office

It’s just another disingenuous reason why fuel prices are up.. but not surprising coming from you and Republicans . Who offer no ideas or solutions.. just cliches
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[Jim in CT]

Originally Posted by wdmso

What a surprise Jim swooping in to defend big business

No kidding Jim demand leads to higher prices the war in Ukraine all true but doesn’t explain record profits

then you just can’t stop adding your right wing lie the party running washington is openly hostile to fossil fuel.!!

This administration has done nothing to reduce the oil pumped in America. Production is the same as when Trump was in office

It’s just another disingenuous reason why fuel prices are up.. but not surprising coming from you and Republicans . Who offer no ideas or solutions.. just cliches
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it’s a lie to say that democrats are hostile to fossil fuels?? no it’s not a lie. and america knows it.

the left decided to oppose fossil
fuels and go all in on green energy. If it had worked well, heys be heroes. But it failed horribly. They own it.

oil production is not the same. it’s down a little from 2019. it was trending up and up, then biden, who had to make promises to the progressive wing to get the nomination, won the election.
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[Pete F.]

Originally Posted by Jim in CT

it’s a lie to say that democrats are hostile to fossil fuels?? no it’s not a lie. and america knows it.

the left decided to oppose fossil
fuels and go all in on green energy. If it had worked well, heys be heroes. But it failed horribly. They own it.

oil production is not the same. it’s down a little from 2019. it was trending up and up, then biden, who had to make promises to the progressive wing to get the nomination, won the election.
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That is disinformation, pure and simple.

Oil production was trending up, oil prices down until someone interfered and it was long before Biden's administration.

How soon we forget what reduced US oil production to it's lowest point since Obama.

Oil-producing nations on Sunday agreed to the largest production cut ever negotiated, in an unprecedented coordinated effort by Russia, Saudi Arabia and the United States to stabilize oil prices and, indirectly, global financial markets.

Saudi Arabia and Russia typically take the lead in setting global production goals. But President Trump, facing a re-election campaign, a plunging economy and American oil companies struggling with collapsing prices, took the unusual step of getting involved after the two countries entered a price war a month ago. Mr. Trump had made an agreement a key priority.

It was unclear, however, whether the cuts would be enough to bolster prices. Before the coronavirus crisis, 100 million barrels of oil each day fueled global commerce, but demand is down about 35 percent. While significant, the cuts agreed to on Sunday still fall far short of what is needed to bring oil production in line with demand.

The plan by OPEC, Russia and other allied producers in a group known as OPEC Plus will slash 9.7 million barrels a day in May and June, or close to 10 percent of the world’s output.

Unfortunately restarting oil wells is not just like turning a tap. US production is particularly hard to restart, as is Russia's.
The oil supply and demand will take a while to reach an equilibrium.
But that wouldn't fit your Party line.

[Jim in CT]

Originally Posted by Pete F.

That is disinformation, pure and simple.

Oil production was trending up, oil prices down until someone interfered and it was long before Biden's administration.

How soon we forget what reduced US oil production to it's lowest point since Obama.

Oil-producing nations on Sunday agreed to the largest production cut ever negotiated, in an unprecedented coordinated effort by Russia, Saudi Arabia and the United States to stabilize oil prices and, indirectly, global financial markets.

Saudi Arabia and Russia typically take the lead in setting global production goals. But President Trump, facing a re-election campaign, a plunging economy and American oil companies struggling with collapsing prices, took the unusual step of getting involved after the two countries entered a price war a month ago. Mr. Trump had made an agreement a key priority.

It was unclear, however, whether the cuts would be enough to bolster prices. Before the coronavirus crisis, 100 million barrels of oil each day fueled global commerce, but demand is down about 35 percent. While significant, the cuts agreed to on Sunday still fall far short of what is needed to bring oil production in line with demand.

The plan by OPEC, Russia and other allied producers in a group known as OPEC Plus will slash 9.7 million barrels a day in May and June, or close to 10 percent of the world’s output.

Unfortunately restarting oil wells is not just like turning a tap. US production is particularly hard to restart, as is Russia's.
The oil supply and demand will take a while to reach an equilibrium.
But that wouldn't fit your Party line.

US oil production peaked in 2018-2019. It was trending up. That upward trend is gone, now US production is lower than it was.

If we fully tapped into the natural resources we are blessed with, the Ukraine war could potentially have zero impact on US gas prices. We'd potentially control our own fate in that regard.

Yes it's all Trumps fault.

You make me really yearn for November Pete.

[Pete F.]

Originally Posted by Jim in CT

US oil production peaked in 2018-2019. It was trending up. That upward trend is gone, now US production is lower than it was.

If we fully tapped into the natural resources we are blessed with, the Ukraine war could potentially have zero impact on US gas prices. We'd potentially control our own fate in that regard.

Yes it's all Trumps fault.

You make me really yearn for November Pete.

And somehow miraculously, Biden did that a year prior to the election.......

https://www.macrotrends.net/2562/us-...storical-chart

[Jim in CT]

Originally Posted by wdmso

No kidding Jim demand leads to higher prices the war in Ukraine all true but doesn’t explain record profits


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sorry buddy, if you sell a product, and that product is experiencing a spike in demand and concerns i. supply, the price will go up, and so will your profits.

it’s pretty simple.
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