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So, whose fault is it that the price of gasoline is so high? (Page 3)
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Nah, I think you and your anon crew probably hijacked the pipelines. That's why.
If Biden was worried about the oil Crisis he would release the national reserve's
He did.
oh, you mean the Strategic Reserve which Trump filled up back when prices went so low it was almost free for the trucking?
@bademoxy Yes, the one Trump lied about being empty before he came into office?
"• The Strategic Petroleum Reserve has been entirely full as recently as the early 2010s. For almost a decade before Trump took office, the stockpile was generally 90% full or higher.
• The percentage fell on Trump’s watch."
www.politifact.com/.../
Ultimately antivaxxers. Sorry. It started as a supply chain problem because of the pandemic.
But antivaxxers like to bitch about the rules, and then bitch about the chaos by not having rules.
what now?
@ninaneedshelp do you not understand supply chain economics? Or geopolitical export/import issues? Mmm.
Oh oh oh imports and exports. The food crisis is getting worse because of the war in ukraine did u know that? The grain from Russia is being stolen and taken to countries Russia trusts, rather than countries who need grain
I do understand that but I don't see where you're coming from
@ninaneedshelp oh he brought up imports and exports so I added info bout imports and exports rn in the world
@ninaneedshelp I was joshin’ you. But yeah, when covid screws up even a day of shipping people go crazy and fill up trash bags full of gas or baby food.
@JohnK123 yeah but I just don't see the relevance of anti vaxxers to gasoline prices cause they didn't sky rocket until Biden shut down the pipeline
ohh ok
@ninaneedshelp what does a non existent pipeline have to do gas prices?
clearly you weren't awake when that happened.
I know whose fault it is
Global elite and their greed that's who. Money is fake work is a scam
https://www.youtube.com/embed/zpnZJ9AvWnEThe inflation caused by the global corona measures.
It's actually more complicated than that.
But yeah, the DNC as a whole has a ton of blame for this.
Oil companies aren't charities. Why should they go to the expense of drilling more oil when they can drill a small amount and charge the Earth for it?
This is the fault of the oil companies. We need to nationalize them.
Yes, but the government - and Biden - let them get away with it.
Legally there is no way to stop them.
The House passed an anti-price gouging bill, but it won't get through the senate because no Republican will vote for it.
@goaded exactly - isn't Capitalism nice?
@goaded Who is price gouging? Do you know how thin the profit margins are for gas stations? Refiners do well when oil prices are low, but they are not low. Crude is a global commodity and its price is controlled by global supply and demand, so while producers are making a good profit now they cannot control the price.
@RealMarek "Refiners do well when oil prices are low, but they are not low."
They do better when prices are high. The cost of refining is pretty much constant, and they charge a percentage markup on the raw material.
$10 a barrel, $5 refining, $20 for a barrel's worth of refined products: profit of $5.
$20 a barrel, $5 refining, $40 for a barrel's worth of refined products: profit of $15.
The same goes for gas stations. If you have a %age markup on what you're selling, the profit doubles if the price doubles (assuming people keep buying, anyway).
@goaded I know the industry and it doesn’t work like that. The mark-ups charged by refiners and gas stations aren’t fixed. If commodity prices are high it is more difficult for them to mark up product without killing too much demand.
@RealMarek I'm pretty sure demand is constant, too. People need to get places, factories need to heat things. Fidget spinners? Nah. Fuel? Definitely.
Gas companies have an inelastic demand and are essentially price takers. How is it their fault?
I'd imagine that nationalizing gas companies would have the same impact that the airline industry had when it was nationalized. That was bad news. There's a lot of global economic contagion taking place from Europe with oil. The fed and fiscal policy makers have also ramped up the demand side entirely too high amid the covid crash. The only fault of the democrats really is the fact that they won't open up the key-stone pipeline despite negative externalities being so low in our oil production. These are the reasons why demand is so high for energy. Nationalizing oil companies... not the answer.
@Zenit93 Let's try it and see. Drowning them in money is not working.
We’re all rational agents and look at money as scarce. If you provided a good or service, and the demand for that good or service because extremely scarce for reasons out of your control, would you stop selling it? Wouldn’t you profit off it? The problem aren’t the oil companies. It’s pent up demand and limited supply. In other words- scarcity.
Don’t you think a sufficient solution would be to address the market inefficieny directly by addressing the pent up demand limited supply rather than being a moral arbiter deciding if a firm profits too much?
@Zenit93 I think there is pent-up demand for reasonable pricing of gasoline of which there is no limited supply, your economics voodoo notwithstanding.
Who’s the arbiter of what’s reasonable? The market chooses the price. The firms will not make money if they choose the price as a price taker. They price the product relative to the supply and demand. Supply is low.
www.cnbc.com/.../...als-with-supply-shortages.html
@Zenit93 (a) They set the supply. (b) They've got a largely captive market.
@goaded They can always scale, but scaling takes an investment. If their ROI isn’t worth the return, then they won’t drill. They adjust supply in accordance to demand.
If they ramp up supply too high, they won’t be very profitable. Their objective is to meet the demand. There’s a financial incentive for them to do that. That’s how they make the most profit.
@Zenit93 I don't give a shit about their profits. I am tired of being ripped off.
@Zenit93 "Their objective is to meet the demand" No, it's to make the most profit, and they can do that by reducing supply. You make more profit selling a barrel of crude for $100 than for $50. You make more profit by a percentage markup on a barrel of crude you bought for $100 than for $50.
(By the way, the reason prices are all over the place, at least in part, is because of a loophole in the trading regulations, which allows investments to be more like gambling again, just like in 2007.)
@goaded how do they make a profit? They meet the demand. Over leverage can play a factor, but it’s definitely not the sole reason.
@Zenit93 No, they don't, or they only just meet the demand, because that's where the massive profits come from. If by doing so you reduce the amount of travel by a percent or two, why would they care if they're making twice as much profit per gallon?
@goaded The closer the supply is to the demand, the more higher their profits are. A surplus or deficit would eat at profits.
Firms will choose to supply at the crossover between supply and demand.
@Zenit93 If you have control of the supply and the demand is known/fixed, you can set the price.
Yes exactly
@goaded That would be true in the scenario of a monopoly or cartel. If one company charges a higher premium, then people will buy their gasoline from other competitors.
There is no real competition between oil companies in the US.
www.nytimes.com/.../24iht-edlee.1.14762023.html
This is from 2008, but the same concept applies.
https://www.ipaa.org/independent-producers/
@goaded Demand isn’t constant. Supply isn’t constant. Also, the supply of dollars (monetary inflation) is not constant. China is coming out of lockdown, so demand is increasing and will increase a lot while they get back to work. Supply out of Russia has decreased. Minor changes in the balance of supply and demand can result in significant price swings. In this case, the supply is tightening while demand is increasing and we have a glut of dollars from covid and post-covid money printing, so oil prices have trended upward.
Also, oil companies cannot swing production instantly and OPEC’s ability to “open the valve” is not what it used to be. The Saudis could, but MBS hates Biden. Major oil projects require risky exploration drilling that can take a lot of capital and years to get results. If there is a discovery it can take billions of dollars and several years to develop. Currently, domestic producers see a government that hates their guts and also have incentives through ESG scores to reduce oil production and pump money into green tech. This is why the major oil companies aren’t drilling as much as they would have a decade ago when faced with high oil prices.
It's our fault. As long as we keep buying it, they'll keep charging whatever they want
it's American's fault. America is no.1 oil exporter now and they wanted to sell it to EU upsetting Russia.
Biden's handlers. They hate the American people, and they are determined to destroy us under the false pretense of moving to electric vehicles.
Joe biden, democrats, liberals, etc.
Basically anyone who votes blue
It's pretty well-known that the mafia was highly involved in the oil business.
What did you expect? They are politicians. They are liars and traitors. They even fuck kids in these child sex rings.
LETS GO BRANDON!!! Also you should be president
All I can say is THANK YOU!
@Daniela1982 is to blame
Good read. Can you provide a link to it?
Thank you for this it helps