Quote: @JustinTime18™ said:
@ JimmyinSD said:
@ JustinTime18™ said:
@ JimmyinSD said:
@ JustinTime18™ said:
I guess Biden's reach is so great it's impacting gas prices in Europe.
God help us.
is oil not a globally used product? is it hard to understand that any disruption in the worlds oil supply is going to have ripple affects globally, even in Europe?
by the way, how are you liking your F150? I am looking for a new truck and thinking very strongly about the F150 w/ the 3.5V6 and 10 speed tranny. I test drove one last weekend and fuck me that sumbitch has giddy up. I was doing over 90 in about not time flat and although it ran through gears getting there you never felf it shift like you would a 6 speed.
Love it! That's what I have under the hood. I got 26 mpg last summer driving to Florida. Extremely comfortable ride. Lariat package. It's got the tow package so I can tow just about anything. I've hit the gas a couple times and shocked myself. It just flat out hauls ass.
you got a 2x4 or 4x4? 26 is pretty damn impressive mileage. I think they are only stickered to about 23 in the 4x versions that I would be looking for.
It's the 4x4. I do drive with a light foot. I keep it just under 70 mph and the RPMs drop from 1700 to 1600. Th 10 speed is silky smooth.
thats good to hear, 70 is my set speed around here as well.
Quote: @JustinTime18™ said:
Barrel of oil
Week ago:
$128
Now: $99
Gallon of gas
Week ago: $4.17
Now: $4.32
Oil company profits are at 7-year highs, they get $180 billion a year in government subsidies and they're issuing $88 billion in buybacks/dividends this year.
Do the math.
So...your expectation is that the price of a barrel of oil goes down....that oil is purchased at that price...than transported to the refineries...refined...transported to a distribution point...transported to your local station with the price reflected in the pumps....IN A WEEK?
The price change also didn't change as quickly as the barrel price going up...for some of the same reasons. Inevitably, the price change (although lagging) goes up faster than it goes down. The oil companies themselves aren't always responsible for that though. Some of that is your local gas station...monitoring local market pricing...and trying to get a little more margin on the way downs.
Many of those Oil Companies that are making profit this year...suffered significantly during Covid with large losses due to significantly reduced driving and lowering crude prices. The oil majors -- BP, Chevron, ExxonMobil, Shell and Total -- suffered $77 billion in losses for the year in 2020.
Read more at:
https://economictimes.indiatimes.com/news/international/business/oil-majors-suffer-massive-losses-in-2020/articleshow/80793362.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
That $180B in oil subsidies is significantly lower than the $310B the year before. Many of those "subsidies" are artificially lowering of end user prices particularly in disadvantaged Countries...that's not money that goes to the oil companies... Renewables, are however, heavily subsidized. They received $47B in subsidies last year on a much lower market share.
I'm with you guys on moving to renewables...but lets do it as it makes sense..and lets be honest about the downside of renewables. We don't have to declare a war on oil to make it happen. We had a lot of companies make significant investment in electric vehicles and renewable energy in the 4 years prior to Biden's war on oil...likely more than ever...in spite of low energy costs. Let's not kill the economy like we did in the Jimmy Carter days...just to force the transition. As technology has become available, it's being deployed successfully to reduce our dependence on fossil fuels.
Quote: @badgervike said:
@ JustinTime18™ said:
Barrel of oil
Week ago:
$128
Now: $99
Gallon of gas
Week ago: $4.17
Now: $4.32
Oil company profits are at 7-year highs, they get $180 billion a year in government subsidies and they're issuing $88 billion in buybacks/dividends this year.
Do the math.
So...your expectation is that the price of a barrel of oil goes down....that oil is purchased at that price...than transported to the refineries...refined...transported to a distribution point...transported to your local station with the price reflected in the pumps....IN A WEEK?
The price change also didn't change as quickly as the barrel price going up...for some of the same reasons. Inevitably, the price change (although lagging) goes up faster than it goes down. The oil companies themselves aren't always responsible for that though. Some of that is your local gas station...monitoring local market pricing...and trying to get a little more margin on the way downs.
Many of those Oil Companies that are making profit this year...suffered significantly during Covid with large losses due to significantly reduced driving and lowering crude prices. The oil majors -- BP, Chevron, ExxonMobil, Shell and Total -- suffered $77 billion in losses for the year in 2020.
Read more at:
https://economictimes.indiatimes.com/news/international/business/oil-majors-suffer-massive-losses-in-2020/articleshow/80793362.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
That $180B in oil subsidies is significantly lower than the $310B the year before. Many of those "subsidies" are artificially lowering of end user prices particularly in disadvantaged Countries...that's not money that goes to the oil companies... Renewables, are however, heavily subsidized. They received $47B in subsidies last year on a much lower market share.
I'm with you guys on moving to renewables...but lets do it as it makes sense..and lets be honest about the downside of renewables. We don't have to declare a war on oil to make it happen. We had a lot of companies make significant investment in electric vehicles and renewable energy in the 4 years prior to Biden's war on oil...likely more than ever...in spite of low energy costs. Let's not kill the economy like we did in the Jimmy Carter days...just to force the transition. As technology has become available, it's being deployed successfully to reduce our dependence on fossil fuels.
So... let me get this straight, your point is, the price of gas goes up faster than the price of crude and goes down slower than the price of crude and we should be empathetic to the " "Suffering oil companies" who lost $77 billion even though they received $310 billion in "subsidies" that "particularly lower the end user price in disadvantaged Countries". So is the United States one of those "disadvantaged Countries" and you want more government subsidies from American Tax Payers to insure the profits of the oil companies like "BP, Chevron, ExxonMobil, Shell"? My question is why? Are "BP, Chevron, ExxonMobil, Shell" going to take care of us or the US better than they have in the past?
Quote: @BigAl99 said:
@ badgervike said:
@ JustinTime18™ said:
Barrel of oil
Week ago:
$128
Now: $99
Gallon of gas
Week ago: $4.17
Now: $4.32
Oil company profits are at 7-year highs, they get $180 billion a year in government subsidies and they're issuing $88 billion in buybacks/dividends this year.
Do the math.
So... let me get this straight, your point is, the price of gas goes up faster than the price of crude and goes down slower than the price of crude and we should be empathetic to the " "Suffering oil companies" who lost $77 billion even though they received $310 billion in "subsidies" that "particularly lower the end user price in disadvantaged Countries". So is the United States one of those "disadvantaged Countries" and you want more government subsidies from American Tax Payers to insure the profits of the oil companies like "BP, Chevron, ExxonMobil, Shell"? My question is why? Are "BP, Chevron, ExxonMobil, Shell" going to take care of us or the US better than they have in the past?
No...my point is that there is always a lagging effect to crude prices and prices at the pump....same as its always been..same as it will always be. It's nonsensical to post a weekly comparison between the change of price per barrel with change in price at the pump.
That $180B in "subsidies" is also a nonsensical argument. The vast majority of those are manufacturing and R&D tax credits and last in / first out accounting...the same as virtually every industiral company in the Country...so not unique to the marketplace. There is about $7B (included in the $180B worldwide subsidy total) in direct subsidies in the US to reduce home heating oil for the poor in the US...but again...that's money that doesn't flow to the oil companies. Renewables, however, are heavily subsidized above and beyond normal accounting treatment.
The reality is that the oil companies have little to do with the 40 year peak in oil prices in this Country. Here's Lawrence Summers, who served in Clinton and Obama Administrations, basically saying the same thing:
https://www.breitbart.com/clips/2022/03/...fiteering/
We are currently running about 1.5 million barrels below our 2020 output in this Country...and what are our politicians doing about it? Well...let's see. We've shut down areas for exploration. We've expanded regulations. We've cancelled the XL pipeline. We now have Democrats on the Energy committee demanding the US producers commit to a 5% PER YEAR reduction in output or face financial penalties as well as Dems pushing Biden to take executive action to stop drilling on ALL PUBLIC LANDS. We also have Dems pushing to close the Michigan pipeline including Whitmer. Basically, we've declared war on oil (and other fossil fuels).
It's disingenuous to attempt to lay blame on Putin for the doubling of oil prices before the Ukrainian War or the oil companies for week to week lags in the price of crude vs price at the pump.
Many view climate change as the most important issue that we have before us and thus the push to eliminate fossil fuels....that's fine.... make the case to the public that we will dramatically reduce our dependence on fossil fuels even though we know it will have an on-going effect on the economy as well as at the pump. That's the honest thing to do. This razzle dazzle blame game is only intended to deflect the negative consequences of the Dems energy policy.
Quote: @BigAl99 said:
but they werent being pressured when profits and stock prices were a fraction of what they are today?
OK, you win, the prices at the pump have nothing to do with the uncertainty created by brandons "leadership": decisions and are based on the greed of investors. I just have to wonder, who is really profiting when these environmental decisions are taking place? how invested are those politicians that privately support these moves in oil?
and the inflation is temporary and transitional.
Quote: @JimmyinSD said:
@ BigAl99 said:
but they werent being pressured when profits and stock prices were a fraction of what they are today?
OK, you win, the prices at the pump have nothing to do with the uncertainty created by brandons "leadership": decisions and are based on the greed of investors. I just have to wonder, who is really profiting when these environmental decisions are taking place? how invested are those politicians that privately support these moves in oil?
and the inflation is temporary and transitional.
I know it's the Fed Reserve's information, not Brietbart, take it for what it's worth. But look at the whole survey, you may find it enlightening, good info on production price breakpoints. Take some time and make sure you get micro and macro economics you seem to get them confused quite often. Wondering can lead to knowledge, take the opportunity, don't wait for someone to agree with you and call it good.
How can you not think it's Wall Street taking advantage? Remember about a year ago (May 7th, 2021) when when the colonial pipeline got shutdown by a ransomware attack, just shutdown the East Coast supply. Did prices go down in the Midwest because of a glut in the supply chain, or did some "investors" profit from the emotional drama and insecurity of an American institution being attacked and everyone's retail price go up? Investors are pretty damn serious about their money, and also know a bit about marketing.
From my understanding of the technology of fracking, it gets the crude out quicker, but the overall increase in production will not cover the total investment for the life of the well. Profits over the first few years are fantastic, but rapidly decline after 2 to 3 years, that's why investors are so hesitant to put more in when their existing investments are trailing off.
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