Oil Profits - Edumacate me

[Sangre Naranjada]

Also, this:

If accurate, something's afoot at the Circle K.

I know oil prices correlate to gas prices at the pump, but there are multiple steps (requiring profitability at each step) between a barrel of crude oil and the final product at the pump. There are also federal and state taxes added at each step. So blaming the "oil companies" for charging too much for gas is a simplistic and specious argument. No surprise coming from some random twittiot.

 

[Sangre Naranjada]

Additionally, oil wasn't quite this much per barrel. In 2014, the average closing price for oil was $93.17 per barrel. So far in 2022, the average price has been $100.95 per barrel.
The yearly high in 2014 was $107.95 while in 2022 it has hit $123.70.
Chart link

 

[OUBubba]

Additionally, oil wasn't quite this much per barrel. In 2014, the average closing price for oil was $93.17 per barrel. So far in 2022, the average price has been $100.95 per barrel.
The yearly high in 2014 was $107.95 while in 2022 it has hit $123.70.
Chart link

So a 7% difference for 3.54/gal would equate to 3.79. My quick and dirty research on gas taxes indicates that, yes, there have been some increases. They are more in the .01/gal to .15/gal. Much LESS than the profiteering we are seeing. It leads one to think that the oil industry wants to see a change in the country and are utilizing any means necessary.

 

[Sangre Naranjada]

If, like me, you looked at state gas tax increases, that accounts for taxes at the retail level. I didn't look, but am quite curious about taxes at the various refining, transportation, and other supply chain levels, because those would all figure in to the final price at the pump.

 

[OUBubba]

If, like me, you looked at state gas tax increases, that accounts for taxes at the retail level. I didn't look, but am quite curious about taxes at the various refining, transportation, and other supply chain levels, because those would all figure in to the final price at the pump.

I'm like you! You didn't mean to type that, right?

 

[SabreHorn]

Bubba,

I'm not going to engage in discussion about the "evil" oil companies, but as a poster that has always gotten along with you, but almost always disagreed with you, I strongly suggest you pay a lot less attention to the clowns in the media and do your own analysis of the oil companies CONSOLIDATING financials rather than the consolidated ********. What makes money, what costs money, what loses money in the oil patch. I assure you that the libs in Congress and the media are too ******* stupid to analyze or understand them much less report on them.

Either give me the pipeline, save me $9/bbl, and quit lining your pockets with RR money, or compensate the populous for the price increase. Since no one wants to give up their "inducements", FIRE THEM AT THE POLLS! I would love to see one of those cretins try to make an HONEST living outside the Beltway.

 

[OUBubba]

Bubba,

I'm not going to engage in discussion about the "evil" oil companies, but as a poster that has always gotten along with you, but almost always disagreed with you, I strongly suggest you pay a lot less attention to the clowns in the media and do your own analysis of the oil companies CONSOLIDATING financials rather than the consolidated ********. What makes money, what costs money, what loses money in the oil patch. I assure you that the libs in Congress and the media are too ******* stupid to analyze or understand them much less report on them.

Either give me the pipeline, save me $9/bbl, and quit lining your pockets with RR money, or compensate the populous for the price increase. Since no one wants to give up their "inducements", FIRE THEM AT THE POLLS! I would love to see one of those cretins try to make an HONEST living outside the Beltway.

Evil has not been one of my words. Pure capitalists with no concern for the cost of their product because everyone has to buy it is more fitting. And, high cost means high profit AND you get to urinate all over a Dem administration during a mid term year. Yahtzee!

 

[Horn6721]

In looking into what additional costs Biden has loaded onto oil companies I found in addition to preventing new leases on federal land( 25% of oil came from fed land leases) this;
02/26/21 The administration plans to boost the figure it will use to assess greenhouse gas pollution's damage inflicts on society to $51 per ton of carbon dioxide – a rate more than seven times higher than that used by former president Donald Trump.

Oil industry exec blasts Biden admin's 'mixed messages' as gas prices hit record highs
American Petroleum Institute CEO Mike Sommers criticized the Biden administration for sending "mixed messages" on oil production as the national average gas price hit $5 per gallon.
MIKE SOMMERS: All they need to do are really two things. They need to change the tone. They need to start talking about the essential nature of this industry on a going-forward basis. And they need to also enact policies that are actually going to produce more oil and gas here in the United States.
They've done neither of those things. In fact, the mixed messages that we're getting from this administration. It's really unbelievable where you have Gina McCarthy on one side and John Kerry on one side saying that this industry needs to end by 2030. And then you have Jennifer Granholm and the president saying that we need to produce more. Which one is it?"

So Slojo is now begging other countries to send us oil? WTF

 

[Monahorns]

Bullstitt.

Thank you for explaining what your opinions are based on.

 

[Monahorns]

Pure capitalists with no concern for the cost of their product because everyone has to buy it is more fitting.

That statement is in line with the Marxist labor theory of value. Value is subjective and based on marginal utility. That is what is causing the price shifts. Not some excerpt from a speech by Lenin.

 

[OUBubba]

In looking into what additional costs Biden has loaded onto oil companies I found in addition to preventing new leases on federal land( 25% of oil came from fed land leases) this;
02/26/21 The administration plans to boost the figure it will use to assess greenhouse gas pollution's damage inflicts on society to $51 per ton of carbon dioxide – a rate more than seven times higher than that used by former president Donald Trump.

Oil industry exec blasts Biden admin's 'mixed messages' as gas prices hit record highs
American Petroleum Institute CEO Mike Sommers criticized the Biden administration for sending "mixed messages" on oil production as the national average gas price hit $5 per gallon.
MIKE SOMMERS: All they need to do are really two things. They need to change the tone. They need to start talking about the essential nature of this industry on a going-forward basis. And they need to also enact policies that are actually going to produce more oil and gas here in the United States.
They've done neither of those things. In fact, the mixed messages that we're getting from this administration. It's really unbelievable where you have Gina McCarthy on one side and John Kerry on one side saying that this industry needs to end by 2030. And then you have Jennifer Granholm and the president saying that we need to produce more. Which one is it?"

So Slojo is now begging other countries to send us oil? WTF

That dude better watch it. He cut into Trump's airtime with his morning crew. This highlights that they give 0 F's about the cost of their product. It's retribution and election punishment.

 

[Horn6721]

Here is Exxon's response to SloJo's etc idiotic statments.
ExxonMobil 'Comes Out Swinging' in Response to Biden's Letter to Oil Companies

this
"Specific to refining capacity in the U.S., we’ve been investing through the downturn to increase refining capacity to process U.S. light crude by about 250,000 barrels per day – the equivalent of adding a new medium-sized refinery,” the statement said. “We kept investing even during the pandemic, when we lost more than $20 billion and had to borrow more than $30 billion to maintain investment to increase capacity to be ready for post-pandemic demand.”

Why those profit whores!

and this:
"ExxonMobil, for its part, suggested ways the administration could help—including actually offering consistent support for the industry.

“In the short term, the U.S. government could enact measures often used in emergencies following hurricanes or other supply disruptions -- such as waivers of Jones Act provisions and some fuel specifications to increase supplies,” ExxonMobil said. “Longer term, government can promote investment through clear and consistent policy that supports U.S. resource development, such as regular and predictable lease sales, as well as streamlined regulatory approval and support for infrastructure such as pipelines.”

That's some education. Hard to refute hard facts

 

[OUBubba]

Here is Exxon's response to SloJo's etc idiotic statments.
ExxonMobil 'Comes Out Swinging' in Response to Biden's Letter to Oil Companies

this
"Specific to refining capacity in the U.S., we’ve been investing through the downturn to increase refining capacity to process U.S. light crude by about 250,000 barrels per day – the equivalent of adding a new medium-sized refinery,” the statement said. “We kept investing even during the pandemic, when we lost more than $20 billion and had to borrow more than $30 billion to maintain investment to increase capacity to be ready for post-pandemic demand.”

Why those profit whores!

and this:
"ExxonMobil, for its part, suggested ways the administration could help—including actually offering consistent support for the industry.

“In the short term, the U.S. government could enact measures often used in emergencies following hurricanes or other supply disruptions -- such as waivers of Jones Act provisions and some fuel specifications to increase supplies,” ExxonMobil said. “Longer term, government can promote investment through clear and consistent policy that supports U.S. resource development, such as regular and predictable lease sales, as well as streamlined regulatory approval and support for infrastructure such as pipelines.”

That's some education. Hard to refute hard facts

I wish they'd all get in a room and figure this out. Maybe you could edumacate them too. They're sitting at their desks watching the arrows go up.

 

[iatrogenic]

You can only be edumacated if you want to be edumacated. Otherwise, you remain ignorant.

 

[SabreHorn]

Add to that the listener must be coherent and capable of understanding something other than how much did "my friends" add to my bank account today.

 

[Horn6721]

Bubba
When they were sitting at their desks watching the arrows go down
And then having to borrow billions
Did you or your Dimx consider that?
Why not

 

[OUBubba]

Bubba
When they were sitting at their desks watching the arrows go down
And then having to borrow billions
Did you or your Dimx consider that?
Why not

What’s a Dimx?

They weathered the storm.

 

[UTChE96]

I think liberals should protest these evil oil companies by boycotting their products.

 

[SabreHorn]

96,

When does Biden take delivery of the new Boeing electric 787?

I've heard rumors that Pelosi gets the first electric G7.

Can't wait until our military converts to all electric.

 

[Hollandtx]

I'm not a woman prone to violence, but if I ever were to punch someone in the face, it would be Janet Granholm.
She always has a smug little smile on her face. It begs for a good throat strike.

This administration always refers to the mystical for help in running our country. Mayor Pete wants a "magic dial" to turn to lower prices. Biden wishes he had a "crystal ball to predict the future" regarding the baby formula crisis. Granholm wants a "magic wand".
How about using your brain and some common sense?

I'll help you on the upcoming food crisis. The cost of fertilizer has increased significantly. The availability of fertilizer has decreased. Places that provide much of our wheat aren't able to produce our wheat. Lastly, for some reason food production plants are burning down or are being shut down.
So, here's your tip: we are probably at the beginning of a food shortage situation. DO SOMETHING ABOUT IT NOW.

This clip was from a few months ago. Isn't it hilarious? (you don't have to listen beyond the first 30 seconds)
Hilarious.

 

[Mr. Deez]

And it's a BS answer. How does OPEC control oil produced in the United States?

 

[iatrogenic]

Manchin is 100% correct. The "Biden plan" is to halt pipeline production, restrict drilling, not approve drilling permits (despite leases being approved), and regulate the industry into oblivion. But the Biden administration "cares" about the consumer.

 

[iatrogenic]

So a 7% difference for 3.54/gal would equate to 3.79. My quick and dirty research on gas taxes indicates that, yes, there have been some increases. They are more in the .01/gal to .15/gal. Much LESS than the profiteering we are seeing. It leads one to think that the oil industry wants to see a change in the country and are utilizing any means necessary.

Anyone that is not a fool wants to see a change in the country. If what you say is true, can you blame the oil companies for running Biden out of town? As you are fond of saying, "f*ck around and find out". Tell us you are going to put us out of business. We (oil companies) are more important to the consumer than you are, so I guess we will put you out of business. FJB.

 

[Monahorns]

Beef supply being threatened too. Vote these bums out. Heat and humidity, give me a break. Highs have been in the 80s and low 90s in Kansas. What are our leaders doing to us? Need a revolution.

 

[UTChE96]

I know oil prices correlate to gas prices at the pump, but there are multiple steps (requiring profitability at each step) between a barrel of crude oil and the final product at the pump. There are also federal and state taxes added at each step. So blaming the "oil companies" for charging too much for gas is a simplistic and specious argument. No surprise coming from some random twittiot.

One significant issue is that US refineries were generally designed for heavier, more sour crudes than WTI. Processing the light crude from US shale at a typically US refinery will generally result in lower capacity than processing crude from Canada and Venezuela. Furthermore, the processing of biofuels is a huge capacity killer for refineries (thanks California).

Given the toxic tone and lack of leadership in Washington, no one is going to spend the billions of dollars to retool a US refinery for more readily available feedstocks. Words have consequences Brandon.

 

[OUBubba]

One significant issue is that US refineries were generally designed for heavier, more sour crudes than WTI. Processing the light crude from US shale at a typically US refinery will generally result in lower capacity than processing crude from Canada and Venezuela. Furthermore, the processing of biofuels is a huge capacity killer for refineries (thanks California).

Given the toxic tone and lack of leadership in Washington, no one is going to spend the billions of dollars to retool a US refinery for more readily available feedstocks. Words have consequences Brandon.

I do feel a little edumacated on the topic.

 

[Horn6721]

Bubba
Dimx; An amalgamation borrowing from your party's use of Latinx which most Hispanics don't like and X being a negative power.
Apt ain't it?

 

[SabreHorn]

96,

I'm still waiting for a "biofuel" plant that works financially. THERE AIN'T ONE!

 

[Horn6721]

This timing is Not accidental.
A coalition of environmental groups this week sued the Biden administration in an effort to stop more than 3,500 permit applications from energy companies to drill for oil and gas on federal lands.
https://www.cnbc.com/2022/06/16/env...en-to-block-oil-and-gas-drilling-permits.html

 

[nashhorn]

ITS ALL ON PUPOSE, and planned. Scariest thing to me is with Russia already the aggressor and China just lurking over Tiawan won’t we be in great shape when our strategic reserve is depleted?