National Average Price of Gasoline Hits an All-Time High

[Orangeburst]

Let me guess. You want to blame Biden because oil companies jacked up prices to increase their profits?

Boy....them oil companies are dumb.
They could of jacked their pricing up to this level for decades, yet didnt.

 

[MurphyVol]

Boy....them oil companies are dumb.
They could of jacked their pricing up to this level for decades, yet didnt.

Actually they have been dumb over the years. I think they've lost money 4 out of the last 10 years. They way over invested in fracking while knowing prices had to remain high to break even.

Personally, I can't believe a man as incompetent as Joe Biden can influence an industry as complex as the oil industry. Yes he pulled back on permits but we only get 7% of our oil from federal lands. I can't believe a temporary pullback on leases that wouldn't be acted upon for years (if ever) could do this to gas prices.

There are over 9000 leases in hand that haven't been acted upon. Heck, the Railroad Commission of Texas issued 900 leases in April alone.

If I heard the report correctly Occidental and a couple other companies control enough land just in the Permian Basin to supply the US in oil for 7 years.

Also, as I've said many times before, 1/3 of our existing rigs are still turned off from pre-covid levels. No permission is needed from anyone to turn these back on.

 

[hog88]

Actually they have been dumb over the years. I think they've lost money 4 out of the last 10 years. They way over invested in fracking while knowing prices had to remain high to break even.

Personally, I can't believe a man as incompetent as Joe Biden can influence an industry as complex as the oil industry. Yes he pulled back on permits but we only get 7% of our oil from federal lands. I can't believe a temporary pullback on leases that wouldn't be acted upon for years (if ever) could do this to gas prices.

There are over 9000 leases in hand that haven't been acted upon. Heck, the Railroad Commission of Texas issued 900 leases in April alone.

If I heard the report correctly Occidental and a couple other companies control enough land just in the Permian Basin to supply the US in oil for 7 years.

Also, as I've said many times before, 1/3 of our existing rigs are still turned off from pre-covid levels. No permission is needed from anyone to turn these back on.

It’s not a shortage of getting it out of the ground so much as a refining capacity shortage. Why would refiners expand capacity with the administration promising to end the industry?

 

[MurphyVol]

It’s not a shortage of getting it out of the ground so much as a refining capacity shortage. Why would refiners expand capacity with the administration promising to end the industry?

Well if they stated now, planning, permitting and building takes 5-7 years and costs billions. I'd love to see more built but neither party has any semblance of a coherent long term energy plan.

Also who would build it right now? Immigrants? There are refineries shuttered that can't be brought back online because there's nobody to work them.

 

[BigOrangeTrain]

Let me guess. You want to blame Biden because oil companies jacked up prices to increase their profits?

Remember when Schumer said Trump should do something to help Americans at the pump? Question , we’re you blaming the oil companies then? Or were you blaming Trump?

You and your cohorts pathetic attempts at deflecting all blame for your cult leader is laughable.

 

[FLVOL_79]

In San Diego, which was named after an old wooden ship. It means whales vagina in German.

 

[Rickyvol77]

Who waits in line? Select curbside. They bring it to my car.

Common folk

 

[hog88]

Well if they stated now, planning, permitting and building takes 5-7 years and costs billions. I'd love to see more built but neither party has any semblance of a coherent long term energy plan.

Also who would build it right now? Immigrants? There are refineries shuttered that can't be brought back online because there's nobody to work them.

The bold is the root of the problem, hell it's the root of almost all of our problems. We run the country in 2-4 year cycles and don't look past the next election.

But that doesn't negate the fact that blaming the oil companies for the high prices is dumb. They're doing what they should be doing, what every businesses goal is. Maximize shareholder return.

 

[MurphyVol]

The bold is the root of the problem, hell it's the root of almost all of our problems. We run the country in 2-4 year cycles and don't look past the next election.

But that doesn't negate the fact that blaming the oil companies for the high prices is dumb. They're doing what they should be doing, what every businesses goal is. Maximize shareholder return.

I agree totally, that's the job of a CEO and they're making hay while the sun shines. Although, with most all short term cycles it's dumb to blame the President too.

 

[utvolpj]

But that doesn't negate the fact that blaming the oil companies for the high prices is dumb. They're doing what they should be doing, what every businesses goal is. Maximize shareholder return.

Both can be true. They're maximizing return off the backs of the consumer.

 

[landscapingvol]

Both can be true. They're maximizing return off the backs of the consumer.

There is some truth to both of those

 

[hog88]

I agree totally, that's the job of a CEO and they're making hay while the sun shines. Although, with most all short term cycles it's dumb to blame the President too.

Biden is getting the blame because he has done nothing, even for show, to help. He has done the exact opposite of throwing the weight of the federal government behind a solution.

I said in an earlier post that if Biden wanted to score some political points and take some heat off of himself he would offer to enact the DPA to help the oil companies fulfill demand and increase production. It wouldn't do much good in the short term but it would be a political win for him.

 

[hog88]

Both can be true. They're maximizing return off the backs of the consumer.

Just like the vast majority of businesses. If the government gave your employer the perfect excuse to increase it's profits do you think they would pass?

 

[NorthDallas40]

I agree totally, that's the job of a CEO and they're making hay while the sun shines. Although, with most all short term cycles it's dumb to blame the President too.

The office of the president is the manifestation of the short term cycles. Think about it. This country can completely change all policy directives every four years if a president doesn’t win a second term. I don’t know how any industry or foreign country looks at us and thinks they can predict how we will be acting in four years

 

[utvolpj]

Just like the vast majority of businesses. If the government gave your employer the perfect excuse to increase it's profits do you think they would pass?

No I get why they're doing it but it doesn't absolve them of responsibility wrt pricing. They have a big hands in the pricing so directing the discussion that way has merit. They're choosing their margins

 

[theFallGuy]

Kroger gas was $4.65 today. Never seen it that high. It was about $4.40 earlier in the week

 

[MurphyVol]

The office of the president is the manifestation of the short term cycles. Think about it. This country can completely change all policy directives every four years if a president doesn’t win a second term. I don’t know how any industry or foreign country looks at us and thinks they can predict how we will be acting in four years

Certainly politicians are elected through knee jerk reactions to short term problems.

I would not give Carter credit for a rise in domestic oil production during his term when Nixon approved the Alaska pipeline.

4 refineries (Galena Park was the first 17 years) opened under Obama but I probably wouldn't give him credit for that.

US oil production fell steadily for decades....from 10% under Nixon imports to 50% under W. Bush. The only thing that turned that around was fracking, and we've learned we need sustained high prices for that to work out.

I'm no Biden fan but I think that Presidents have little to nothing to do with short term pricing and mostly get in the way by pontificating about flying electric cars and burning switchgrass fuels.

 

[NorthDallas40]

Certainly politicians are elected through knee jerk reactions to short term problems.

I would not give Carter credit for a rise in domestic oil production during his term when Nixon approved the Alaska pipeline.

4 refineries (Galena Park was the first 17 years) opened under Obama but I probably wouldn't give him credit for that.

US oil production fell steadily for decades....from 10% under Nixon imports to 50% under W. Bush. The only thing that turned that around was fracking, and we've learned we need sustained high prices for that to work out.

I'm no Biden fan but I think that Presidents have little to nothing to do with short term pricing and mostly get in the way by pontificating about flying electric cars and burning switchgrass fuels.

Churning the office as often as every four years introduces volatility in policy. I would image we are a nightmare to plan for by other countries state dept equivalents

 

[MurphyVol]

Churning the office as often as every four years introduces volatility in policy. I would image we are a nightmare to plan for by other countries state dept equivalents

No doubt.

 

[McDad]

No I get why they're doing it but it doesn't absolve them of responsibility wrt pricing. They have a big hands in the pricing so directing the discussion that way has merit. They're choosing their margins

Price collusion and price fixing are illegal. Are you suggesting the independent oil companies are targeting prices to consumer coincidentally or in a concerted effort?

 

[TNVOLNAVY]

Our local retired leftist outdoor writer from our local leftist rag says “Toughen up, buttercup.”

Gas prices upset recreational boaters and other sport-goers

 

[utvolpj]

Price collusion and price fixing are illegal. Are you suggesting the independent oil companies are targeting prices to consumer coincidentally or in a concerted effort?

I think they can drive down the road and see. But honestly, none have any incentive to drive the cost down since they don't really answer to the consumer except for sales.

 

[McDad]

I think they can drive down the road and see. But honestly, none have any incentive to drive the cost down since they don't really answer to the consumer except for sales.

I am aware anyone can see the posted price including oil company executives. I am also aware there is no incentive to drive cost down until sales drop due to price.

My question is, do you believe there is orchestrated collusion or coincidental circumstance by the oil Cos wrt price to consumer?

 

[utvolpj]

I am aware anyone can see the posted price including oil company executives. I am also aware there is no incentive to drive cost down until sales drop due to price.

My question is, do you believe there is orchestrated collusion or coincidental circumstance by the oil Cos wrt price to consumer?

Coincidental collusion. Far enough removed to avoid prosecution

 

[McDad]

In Saudi Arabia, where the government controls oil production, the price per gallon is $2.26 dollars. (if my math is correct).