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BIG OIL = BIGGER PROFITS THAN EVER = Deregulation will never pay for itself = we will pay over and over and over and over forever. Deregulation sucks.

Razoo

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Alexandria Ocasio-Cortez is joining the growing chorus in Congress and the White House for accountability.5 Big Oil cannot continue to rake in massive profits while working families struggle to pay their bills.​

Let us explain…

You would think that the price of a gallon of gas is closely linked to the price of the barrels of crude oil used to make that gas. When Russia invaded Ukraine, the price of oil shot through the roof. That, in turn, sent gas prices upward.

But this week we’ve seen a disconnect between the cost of oil and the retail cost of gas. Take a look at this chart produced by the White House, showing numbers from Bloomberg News:

Oil vs Regular Gasoline Chart


Oil prices dropped 30% this past week2, but gas prices largely stayed the same.

So, what gives?

As the U.S. and other countries respond to Russian aggression in Europe, Big Oil is raking in record profits. They’re profiteering off of the war, using it as an excuse to gouge working families at the gas pump.

And this isn’t a new phenomenon. Exxon, Chevron, Shell and BP alone raked in more than $75 billion in profit in 2021.3 Chevron called 2021 one of its “most successful years ever.” Shell’s CEO called 2021 a “momentous year.” And Big Oil producers are planning for an “even better” 2022 by their own accounts.4

We need consequences.

There’s something fundamentally wrong when so much suffering felt by working people is accompanied by windfall profits for Big Oil executives and investors.

Alexandria Ocasio-Cortez is joining the growing chorus in Congress and the White House for accountability.5 Big Oil cannot continue to rake in massive profits while working families struggle to pay their bills.
 

less right

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So, what gives?


A severe misunderstanding of the difference between production and retail.
What's that? That gasoline prices track oil prices up faster than they follow them down?
 

Bullseye

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Alexandria Ocasio-Cortez is joining the growing chorus in Congress and the White House for accountability.5 Big Oil cannot continue to rake in massive profits while working families struggle to pay their bills.​

Let us explain…

You would think that the price of a gallon of gas is closely linked to the price of the barrels of crude oil used to make that gas. When Russia invaded Ukraine, the price of oil shot through the roof. That, in turn, sent gas prices upward.

But this week we’ve seen a disconnect between the cost of oil and the retail cost of gas. Take a look at this chart produced by the White House, showing numbers from Bloomberg News:

Oil vs Regular Gasoline Chart


Oil prices dropped 30% this past week2, but gas prices largely stayed the same.

So, what gives?

As the U.S. and other countries respond to Russian aggression in Europe, Big Oil is raking in record profits. They’re profiteering off of the war, using it as an excuse to gouge working families at the gas pump.

And this isn’t a new phenomenon. Exxon, Chevron, Shell and BP alone raked in more than $75 billion in profit in 2021.3 Chevron called 2021 one of its “most successful years ever.” Shell’s CEO called 2021 a “momentous year.” And Big Oil producers are planning for an “even better” 2022 by their own accounts.4

We need consequences.

There’s something fundamentally wrong when so much suffering felt by working people is accompanied by windfall profits for Big Oil executives and investors.

Alexandria Ocasio-Cortez is joining the growing chorus in Congress and the White House for accountability.5 Big Oil cannot continue to rake in massive profits while working families struggle to pay their bills.
Gasoline made with higher cost oil is still in the system.
 

MamboDervish

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A severe misunderstanding of the difference between production and retail.
Apparently that's exactly what you have. A severe misunderstanding of the difference between production and retail. As the graph above clearly shows, retail since the first of February ran parallel to crude prices, right up until 2/17 - and then suddenly there was no relationship between the two ??!!??
 

Bullseye

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Then why isn't there a lag in gas prices before the system contains the higher cost oil?
Because the oil used has to be replaced in the chain by higher priced oil.
Understand this is an extremely simplified explanation - the pricing of oil on the world market is extremely complex and multifaceted.
 

less right

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Because the oil used has to be replaced in the chain by higher priced oil.
Understand this is an extremely simplified explanation - the pricing of oil on the world market is extremely complex and multifaceted.
I understand that and that's why I ask (I understand that there's complexity I don't understand).

Yes, but why don't gas prices drop just as fast when the high priced oil is replaced by cheaper?
 

Razoo

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I understand that and that's why I ask (I understand that there's complexity I don't understand).

Yes, but why don't gas prices drop just as fast when the high priced oil is replaced by cheaper?
The big oil boys and girls like to drain wallets for as long as possible ................just like the medical insurance industry.

Had a fun 3 hours on my bicycle Sunday ......... in three hours one can cover some miles. Without feeling
worn out more like invigorated.
 

Razoo

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Let’s talk about why gas prices have gone up so high, Richard.

Putin’s horrific war on Ukraine has increased the price of oil around the world. But that’s not the whole story.

When hugely profitable oil companies see their costs go up, they don’t just raise their prices by that same amount — they raise them by a lot. Why? To take advantage of an international crisis to pad their already-massive profits — no matter how much harder they make it for their customers to make ends meet.

I applaud all who have teamed up with Senator Sheldon Whitehouse, Sen Elizabeth Warren and a bunch more colleagues on a plan to fight back and deliver relief for Americans: a Windfall Profits Tax.

It would apply to the biggest oil companies, like ExxonMobil. If they’re out there price gouging, they’re going to have to give up a big chunk of their ill-gotten gains — with a 50% tax on the difference between the average price of a barrel from 2015 to 2019 and the price today.
======================================================================
And we’d use that revenue to send four rebate checks a year to Americans struggling with high gas prices.

I WANT a plan for a Windfall Profits Tax on Big Oil! And I want all subsidies cut immediately!
======================================================================

At the same time we’re working to address high gas prices, we’ve got to double-down, triple-down, and quadruple-down on transitioning to clean energy.

Russia’s whole economy relies on exporting oil and gas. So here’s the way I see it: the more we rely on fossil fuels as a nation, the more power we put in the hands of Putin.

For the survival of our planet — and for freedom, democracy, and security around the globe — we must move as fast as we possibly can away from fossil fuels and onto green energy sources like wind, solar, and hydropower. That includes getting a whole lot more electric vehicles on the road and fueling our public transit with renewable energy. I’m in that fight all the way.

And even though Big Oil is getting a lot of headlines right now, I’m not letting other giant corporations off the hook for their role in squeezing working families. We see a lot of the same story in other parts of our economy, like food.

When corporations see supply costs go up, they pass those costs onto consumers, but they sure don’t stop there — they seize the opportunity to swell their profits even more by jacking up prices even higher. And it helps drive up the inflation we’re already seeing from the pandemic and supply chain problems.

I’m going to keep fighting to bring costs down for families. But Washington needs to hear that the American people are demanding action. This is how we put our government on the side of families — not fossil fuel giants.

DO you support a Windfall Profits Tax on Big Oil and rebate checks for people struggling with gas prices. Let’s fight side by side to get this bill over the finish line. YES YES YES

Thanks for being a part of this,
Elizabeth
 

Razoo

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Because the oil used has to be replaced in the chain by higher priced oil.
Understand this is an extremely simplified explanation - the pricing of oil on the world market is extremely complex and multifaceted.
Is that so?
 

KLATTU

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Proof that you can fool a bunch of rubes by spouting economically ignorant soundgood nonsense.
 

Razoo

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Bring on the rebate check four times a year = music to my ears!!!!!!
 

BirdinHand

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The “I want something for nothing” crowd speaks again.
 

Metric Mouse

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I understand that and that's why I ask (I understand that there's complexity I don't understand).

Yes, but why don't gas prices drop just as fast when the high priced oil is replaced by cheaper?
Greedy gas station operators.
 

PeacefulWarrior

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Our fabulous trumpturds will rush to this thread to defend their Big Oil Corporate Overlords, heh heh heh heh heh.


iguaranteeit.jpeg
 

jcgriff2

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Alexandria Ocasio-Cortez is joining the growing chorus in Congress and the White House for accountability.5 Big Oil cannot continue to rake in massive profits while working families struggle to pay their bills.​

Let us explain…

You would think that the price of a gallon of gas is closely linked to the price of the barrels of crude oil used to make that gas. When Russia invaded Ukraine, the price of oil shot through the roof. That, in turn, sent gas prices upward.

But this week we’ve seen a disconnect between the cost of oil and the retail cost of gas. Take a look at this chart produced by the White House, showing numbers from Bloomberg News:

Oil vs Regular Gasoline Chart


Oil prices dropped 30% this past week2, but gas prices largely stayed the same.

So, what gives?

As the U.S. and other countries respond to Russian aggression in Europe, Big Oil is raking in record profits. They’re profiteering off of the war, using it as an excuse to gouge working families at the gas pump.

And this isn’t a new phenomenon. Exxon, Chevron, Shell and BP alone raked in more than $75 billion in profit in 2021.3 Chevron called 2021 one of its “most successful years ever.” Shell’s CEO called 2021 a “momentous year.” And Big Oil producers are planning for an “even better” 2022 by their own accounts.4

We need consequences.

There’s something fundamentally wrong when so much suffering felt by working people is accompanied by windfall profits for Big Oil executives and investors.

Alexandria Ocasio-Cortez is joining the growing chorus in Congress and the White House for accountability.5 Big Oil cannot continue to rake in massive profits while working families struggle to pay their bills.

Well there's our answer - "AOC is joining...." - with her quiet demeanor and ability to absorb FACTS, rational thinking -- this will be solved in no time at all. :0

That graph is way too short. You can't tell shit from a 5-week graph in the oil industry. Trying to hide all of Biden's sins, huh? Go back to at least January 2021.

Nevermind, I'll do it. Here is a chart going back to 1986 - https://www.macrotrends.net/2501/crude-oil-vs-gasoline-prices-chart

Obama had one hell of a ride. And look at December 2020, then January/February 2021 after Biden took over. Prices went up, up, and up, from Trump's low of just 60¢ per gallon in April 2020. Wow!

It is common for gas at the pumps to take longer to reduce in price after a [semi] free-fall of crude oil prices because higher-priced crude is still on the barges and in our pipelines waiting to be refined. We all have seen this phenomenon often before - gas prices skyrocket on whispers alone, yet seem to take forever to decline after crude subsequently declines. Shame on AOC for not knowing this.

If Biden can hold himself back and doesn't add to the general stupidity, gas prices should be headed down assuming that crude oil prices continue to decrease.


 

jcgriff2

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One last graph. . .

2022 Biden average closing price (ACP) = $92.48/bbl
2020 Trump ACP = $39.68

$52.80/ 133.06% increase in a single barrel of oil since Biden took office

YearAverage
Closing Price
Year OpenYear HighYear LowYear CloseAnnual
% Change
Crude Oil Prices - Historical Annual Data
2022 - Biden$92.48$76.08$123.70$76.08$104.0638.35%
2021 - Biden$68.17$47.62$84.65$47.62$75.2155.01%
2020 - Trump$39.68$61.17$63.27$11.26$48.52-20.64%
2019 "$56.99$46.31$66.24$46.31$61.1435.42%
2018 "$65.23$60.37$77.41$44.48$45.15-25.32%
2017 - Trump$50.80$52.36$60.46$42.48$60.4612.48%
2016 - Obama$43.29$36.81$54.01$26.19$53.7544.76%
2015$48.66$52.72$61.36$34.55$37.13-30.53%
2014$93.17$95.14$107.95$53.45$53.45-45.55%
2013$97.98$93.14$110.62$86.65$98.176.90%
2012$94.05$102.96$109.39$77.72$91.83-7.08%
2011$94.88$91.59$113.39$75.40$98.838.15%
2010$79.48$81.52$91.48$64.78$91.3815.10%
2009$61.95$46.17$81.03$34.03$79.3978.00%
2008$99.67$99.64$145.31$30.28$44.60-53.52%
2007$72.34$60.77$99.16$50.51$95.9557.68%
2006$66.05$63.11$77.05$55.90$60.85-0.34%
2005$56.64$42.16$69.91$42.16$61.0640.82%
2004$41.51$33.71$56.37$32.49$43.3633.37%
2003$31.08$31.97$37.96$25.25$32.514.17%
2002$26.19$21.13$32.68$18.02$31.2156.36%
2001$25.98$27.29$32.21$17.50$19.96-25.30%

Goes back to 1987 - https://www.macrotrends.net/2516/wti-crude-oil-prices-10-year-daily-chart
 

Antiwar

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Of course one of the most powerful industries on Earth can easily take advantage of crises to transfer more wealth and power to themselves. And most of US congress is in on the deal. The military-industrial-congressional complex is threatening all human life on Earth.
 

Antiwar

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Proof that you can fool a bunch of rubes by spouting economically ignorant soundgood nonsense.

Chuckle. I come to DP specifically for the economical analysis excellence.
 

Bullseye

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Is that so?
Nah, they're all just blood sucking capitalists that for some reason behaved reasonably while Trump was President but decided to take advantage of a senile Present and hss band of incompetent left wing ideologues. Feel better now?
 

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Well there's our answer - "AOC is joining...." - with her quiet demeanor and ability to absorb FACTS, rational thinking -- this will be solved in no time at all. :0

That graph is way too short. You can't tell shit from a 5-week graph in the oil industry. Trying to hide all of Biden's sins, huh? Go back to at least January 2021.

Nevermind, I'll do it. Here is a chart going back to 1986 - https://www.macrotrends.net/2501/crude-oil-vs-gasoline-prices-chart

Obama had one hell of a ride. And look at December 2020, then January/February 2021 after Biden took over. Prices went up, up, and up, from Trump's low of just 60¢ per gallon in April 2020. Wow!

It is common for gas at the pumps to take longer to reduce in price after a [semi] free-fall of crude oil prices because higher-priced crude is still on the barges and in our pipelines waiting to be refined. We all have seen this phenomenon often before - gas prices skyrocket on whispers alone, yet seem to take forever to decline after crude subsequently declines. Shame on AOC for not knowing this.

If Biden can hold himself back and doesn't add to the general stupidity, gas prices should be headed down assuming that crude oil prices continue to decrease.


"Aoc is joining" ...laffriot .....anything after that is bound to be on the order of "I wish these ( her big t!ts) were brains.
 

HangLow

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Well there's our answer - "AOC is joining...." - with her quiet demeanor and ability to absorb FACTS, rational thinking -- this will be solved in no time at all. :0

That graph is way too short. You can't tell shit from a 5-week graph in the oil industry. Trying to hide all of Biden's sins, huh? Go back to at least January 2021.

Nevermind, I'll do it. Here is a chart going back to 1986 - https://www.macrotrends.net/2501/crude-oil-vs-gasoline-prices-chart

Obama had one hell of a ride. And look at December 2020, then January/February 2021 after Biden took over. Prices went up, up, and up, from Trump's low of just 60¢ per gallon in April 2020. Wow!

It is common for gas at the pumps to take longer to reduce in price after a [semi] free-fall of crude oil prices because higher-priced crude is still on the barges and in our pipelines waiting to be refined. We all have seen this phenomenon often before - gas prices skyrocket on whispers alone, yet seem to take forever to decline after crude subsequently declines. Shame on AOC for not knowing this.

If Biden can hold himself back and doesn't add to the general stupidity, gas prices should be headed down assuming that crude oil prices continue to decrease.


1649034022232.png
 
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