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Corporate assholes tell this kind of misleading lies all the time.
“Oil companies don’t get to decide what to sell their oil at,” says Patrick De Haan, head of petroleum analysis at the fuel-savings app GasBuddy. “Oil prices are decided by (global) buyers and sellers.”
We all know that oil producers control pricing with output and storage. If they increase output, then prices drop and if they decrease, etc. It's like when the corporate apologists say inflation is controlled strictly by market forces, not by greedy executives.
Russian oil production isn't being stopped, just redirected to other markets.Jesus, this is some world class drivel.
Those statements are all correct. There is nothing that is going to replace 7mmbd of oil exports coming out of Russia. Total spare global capacity is at most 3mmbd. That's assuming Biden can convince SA/UAE to play ball, despite the fact he spent his first year crapping on them. Otherwise he can try and cut a deal with another dictator in Iran or Venezuela, that's about it.
US oil producers have little desire to ramp up production right now and even if so it is a 4-6 month lead time before it makes any difference at all.
Lastly, a commodity company in particular is going to sell their product for the best price they can get anywhere at any time. That's not gouging, it is the market determining price. I don't remember many people crying when oil was $30/bbl and these companies were losing billions.
LOL libertarians are always so ****ing adorable.Gouging is not a thing in a free market as there is always a competitor to drive the price down, or demand to dry up at high prices.
LOL libertarians are always so ****ing adorable.
Double talk is not impressive.Except thats not true at all. If they increase output the price increases, or decreases, and if they decrease it, it increases, or decreases, or does neither. Thats because oil IS a global market and price is based on futures, and thus heavily on speculation. Its supply, its demand, its speculation, its regulation, its war and competition and technology and govt.
Gouging is not a thing in a free market as there is always a competitor to drive the price down, or demand to dry up at high prices.
Really not sure what to debate with someone who thinks price gouging doesn't exist.< - Debate forum, not an echo chamber. If you just want likes, try twitter.
The only organization that can influence the oil price is OPEC, not US oil companiesOil is a in general a market set price, it can be influenced by withholding supply by not producing as much or by producing more. Storage is not a long term option for companies, it costs a lot of money in inventory and storage fees
The only organization that can influence the oil price is OPEC, not US oil companies
The problem is that US oil companies cannot produce the volume big enough to make a ding in the oil priceAny country or company that produces oil can influence the price, the effect is based on the volume they produce. Russia will have a sizable impact because they export a good volume, enough to impact the price. OPEC of course has the largest potential impact on oil prices
Except thats not true at all. If they increase output the price increases, or decreases, and if they decrease it, it increases, or decreases, or does neither. Thats because oil IS a global market and price is based on futures, and thus heavily on speculation. Its supply, its demand, its speculation, its regulation, its war and competition and technology and govt.
Gouging is not a thing in a free market as there is always a competitor to drive the price down, or demand to dry up at high prices.
okDouble talk is not impressive.
ya, but it is not EOD, just ask EU countries, they need Russian LNG after they go green, only dare to give Ukraine expired weapons.
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