Is Biden Right About Oil Companies?

[whell]

Originally Posted by Pio1980

Putin's fuel and food strategy is commerce disruption extortion to facilitate the Ukrain land grab. How well did appeasement work ca 85 years ago?
Basically, we are here because of a pandemic and Putin's land grab.

That's unlikely the primary driver. The price of gas at the pump was trending up long before the Ukraine invasion. For example, the average US pump price in April of 2020 was $1.961. Just one year later, long before the Ukraine invasion, the average pump price was $3.07, over one dollar higher.

So, what was driving those prices up a full year or more before the invasion?

[Chicks]

After the Biden and Bezos war of words, gas prices really are coming back down to earth

https://finance.yahoo.com/news/biden...151129176.html

After hovering near the $5 mark for a while, the average price of gas could fall to $4 per gallon by mid-August, analysts predict.

Gas prices have been retreating from their highs last month for a couple of weeks now. AAA reports the average price per gallon currently stands at $4.75 nationwide, a 16-cent drop from a month ago. Wednesday’s drop of 2.8 cents per gallon was the second largest single-day drop in the last decade.

The price drop (and expected continued fall) instead is a result of lower demand at the pump, as AAA found more Americans curtailing unnecessary trips due to the price of gas—and a dip in gas futures, which are down more than 10% this week, even with a spike on Thursday.

Patrick De Haan, an analyst with GasBuddy, said Wednesday he expects most stations will see drops of one to two cents per gallon every couple of days for the next two to three weeks, possibly longer. If “things do hold steady,” he says, “the national average could drop to $4-$4.25/gal by mid-August.”

Sorry, Faux "News" (and MAGAMorons)! You won't have this issue to whine about just before the elections.

[whell]

Originally Posted by Chicks

After the Biden and Bezos war of words, gas prices really are coming back down to earth

https://finance.yahoo.com/news/biden...151129176.html



Sorry, Faux "News" (and MAGAMorons)! You won't have this issue to whine about just before the elections.

Patrick De Haan, an analyst with GasBuddy, said Wednesday he expects most stations will see drops of one to two cents per gallon every couple of days for the next two to three weeks, possibly longer. If “things do hold steady,” he says, “the national average could drop to $4-$4.25/gal by mid-August.”

I'm sure that $4.25/gallon gas will make everyone so very happy...until they remember it was under $2.00/gallon not long ago.

Seriously, any drop in gas prices between now and August will be demand-driven, not supply-driven. If the supply issues aren't addressed, we'll be right back here again next summer.

[Chicks]

Gas prices: Thousands of stations in Gulf Coast region reportedly below $4
The number of gas stations under the $4 mark could double or triple in coming weeks, expert says

https://www.foxbusiness.com/lifestyl...ly-below-4.amp

Even the “News” for MAGAMorons is reporting it now.

[Chicks]

BP boosts dividend after profit hits 14-year high

https://finance.yahoo.com/news/bp-re...060735663.html

LONDON (Reuters) - BP's second quarter profit soared to $8.45 billion, its highest in 14 years, as strong refining margins and trading prompted it to boost its dividend and spending on new oil and gas production.

The strong performance caps a blowout quarter for the top Western oil and gas companies on the back of soaring energy prices that have increased pressure on governments to impose new taxes on the sector to help consumers.

No doubt the Repubes will benefit greatly monetarily from this. Off the backs of hard-working citizens. It never ends. Sigh.

[Rajoo]

I am wondering why no one is questioning the lack of effort on the part of Saudi Arabia to increase oil production. After all, aren't they our BFF?

Now that oil companies revenues and insane profits have become common knowledge, there will be pressure on them. Diesel is already at $5.25 a gallon here in Reno, it was around $6.25 a couple of weeks ago.

[donquixote99]

Have seen $3.87/gal for auto fuel here. An independent. Main brand dealers about .40 higher or so.

[bobabode]

Originally Posted by whell

Patrick De Haan, an analyst with GasBuddy, said Wednesday he expects most stations will see drops of one to two cents per gallon every couple of days for the next two to three weeks, possibly longer. If “things do hold steady,” he says, “the national average could drop to $4-$4.25/gal by mid-August.”

I'm sure that $4.25/gallon gas will make everyone so very happy...until they remember it was under $2.00/gallon not long ago.

Seriously, any drop in gas prices between now and August will be demand-driven, not supply-driven. If the supply issues aren't addressed, we'll be right back here again next summer.

Another example of this poster's penchant for blatant dishonesty, see bolded. Gas went sub $2.00 during the worst of the Covid pandemic. Everything was shuttered and people were staying home. Demand was in the gutter.

You are simply dishonest, Mike. smh

[finnbow]

Originally Posted by bobabode

Another example of this poster's penchant for blatant dishonesty, see bolded. Gas went sub $2.00 during the worst of the Covid pandemic. Everything was shuttered and people were staying home. Demand was in the gutter.

You are simply dishonest, Mike. smh

Moreover, he fails to attribute increases in gas prices to Trump demanding Saudi Arabia reduce production back in 2020.

Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.

The threat to upend a 75-year strategic alliance, which has not been previously reported, was central to the U.S. pressure campaign that led to a landmark global deal to slash oil supply as demand collapsed in the coronavirus pandemic.

[whell]

Originally Posted by finnbow

Moreover, he fails to attribute increases in gas prices to Trump demanding Saudi Arabia reduce production back in 2020.

Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.

The threat to upend a 75-year strategic alliance, which has not been previously reported, was central to the U.S. pressure campaign that led to a landmark global deal to slash oil supply as demand collapsed in the coronavirus pandemic.

I just saw this post. Gawd you're clueless.

That agreement was against the backdrop of the Saudi's starting an oil price war with Russia, and the US domestic oil industry was in the crossfire. In short, it was an effort to support US domestic oil production, not throttle it. It also got the Saudi's and Russians back to the negotiating table to end the price war.