US Oil Producers Fail to Produce

[Methais]

lol get over it dude

Don't be mad macguyver.

[Seran]

Total shocker, not only is Big Oil withholding supply but the refineries (often owned by the same companies) are making over $60 /additional/ per barrel of oil as a result of margin spread. Now does it comes as a surprise that refineries idled during the height of the pandemic have been left idle or fully shutdown while there's tens of billions of dollars to be made by keeping them that way? No.

Is there any surprise that when Biden's energy secretary approached idled refinery owners about restarting, they were rebuffed? No, again tens of billions to be made.

Republicans are continuing to lie about the high price of oil, the high price of gas and their root causes. Shielding the culprits who are making tens of billions extra in profits by fleecing Americans under the action of Trump in 2020 and Big Oil today.

Gas prices surge again to record high but the driver is refineries, not oil prices


What’s refining and what has that got to do with the price of my gas?

Refining breaks down crude oil into products we use every day. On average, U.S. refineries produce, from a 42-gallon barrel of crude oil, about 19 to 20 gallons of motor gasoline; 11 to 13 gallons of distillate fuel most of which is sold as diesel fuel; and 3 to 4 gallons of jet fuel, according to the Energy Information Administration.

What consumers see quoted as the price of oil is what the refineries pay for oil. Refineries then transform that oil into products and sell those. Refiners’ prices on those fuels are closer to what consumers pay. And those prices are closer to $250 to $280 per barrel, Daniel Milan, managing partner at Cornerstone Financial Services, said.

When COVID-19 struck and world economies closed, demand plunged for oil and gas so many companies closed their plants. Others were hit by bad weather. Some companies stopped investing in refineries because of uncertainty over how the transition to green energy would affect their business. When Russia invaded Ukraine, more refineries in Russia were taken offline.

All of this has led to less refining capacity. Existing refineries are operating at near maximum capacity, but they haven’t been able to keep up with demand, and refinery margins have widened, said John Mayes, vice president at energy consulting firm Turner, Mason & Co.

The difference between the purchase price of crude oil and the selling price of finished products, or so-called crack spread, closed Friday up 2.7% at $60.54, near a record high, EIA said. The crack spread is seen as an indicator of the short-term profit margin of oil refineries.

https://www.msn.com/en-us/money/mark...a19817880bc316

[Neveragain]

Total shocker, not only is Big Oil withholding supply but the refineries (often owned by the same companies) are making over $60 /additional/ per barrel of oil as a result of margin spread. Now does it comes as a surprise that refineries idled during the height of the pandemic have been left idle or fully shutdown while there's tens of billions of dollars to be made by keeping them that way? No.

Is there any surprise that when Biden's energy secretary approached idled refinery owners about restarting, they were rebuffed? No, again tens of billions to be made.

Republicans are continuing to lie about the high price of oil, the high price of gas and their root causes. Shielding the culprits who are making tens of billions extra in profits by fleecing Americans under the action of Trump in 2020 and Big Oil today.

This is what happens when lawmakers pass legislation that creates an unfriendly environment for industry to expand.

If lawmakers passed legislation making taco stands illegal, would you invest in a taco stand?

[Suppressed Poet]

Total shocker, not only is Big Oil withholding supply but the refineries (often owned by the same companies) are making over $60 /additional/ per barrel of oil as a result of margin spread. Now does it comes as a surprise that refineries idled during the height of the pandemic have been left idle or fully shutdown while there's tens of billions of dollars to be made by keeping them that way? No.

Is there any surprise that when Biden's energy secretary approached idled refinery owners about restarting, they were rebuffed? No, again tens of billions to be made.

Republicans are continuing to lie about the high price of oil, the high price of gas and their root causes. Shielding the culprits who are making tens of billions extra in profits by fleecing Americans under the action of Trump in 2020 and Big Oil today.

Poor Biden. It’s everyone else’s fault but his that his approval rating is in the gutter. Inflation is out of control, our economy is heading into a recession, the botched withdrawal in Afghanistan, the subsequent emboldening of Putin to invade Ukraine as we appear weak, illegal migrants pouring into our country, baby formula shortage, etc. …None of those things should be blamed on poor old Joe.

Tell us Seran how Americans wrongfully disapprove of Biden’s job as president more so than Trump. Who’s fault is it?

[drumpel]

Poor Biden. It’s everyone else’s fault but his that his approval rating is in the gutter. Inflation is out of control, our economy is heading into a recession, the botched withdrawal in Afghanistan, the subsequent emboldening of Putin to invade Ukraine as we appear weak, illegal migrants pouring into our country, baby formula shortage, etc. …None of those things should be blamed on poor old Joe.

Tell us Seran how Americans wrongfully disapprove of Biden’s job as president more so than Trump. Who’s fault is it?

I don't know if it is or not, but I'm blaming Biden because I can - I'm adding on the empty shelves of peanut butter due to the E.coli outbreak in JIF peanut butter. Thankfully I still have half a jar of peanut butter at home, but now I feel I have to ration it because the shelves at my local grocery stores are empty of peanut butter (aside from the overpriced "organic" kind that tastes like crap).

This is how it all ties to Biden.
We get a type of oil from peanuts.
Oil prices are up.
Peanut butter is missing from shelves.
Therefore it's Biden's fault.

You cannot deny my logic.

[Methais]

I bet Seran thinks it's Trump's fault.

[Parkbandit]

Poor Biden. It’s everyone else’s fault but his that his approval rating is in the gutter. Inflation is out of control, our economy is heading into a recession, the botched withdrawal in Afghanistan, the subsequent emboldening of Putin to invade Ukraine as we appear weak, illegal migrants pouring into our country, baby formula shortage, etc. …None of those things should be blamed on poor old Joe.

Tell us Seran how Americans wrongfully disapprove of Biden’s job as president more so than Trump. Who’s fault is it?

In President Biden's defense.. it's hard to actually blame him for most things happening since he probably doesn't realize it. Most of his policy decisions are made by other people.. he just sits there and someone feeds him cottage cheese and applesauce.. telling him he's a good boy.

[Parkbandit]

I don't know if it is or not, but I'm blaming Biden because I can - I'm adding on the empty shelves of peanut butter due to the E.coli outbreak in JIF peanut butter. Thankfully I still have half a jar of peanut butter at home, but now I feel I have to ration it because the shelves at my local grocery stores are empty of peanut butter (aside from the overpriced "organic" kind that tastes like crap).

This is how it all ties to Biden.
We get a type of oil from peanuts.
Oil prices are up.
Peanut butter is missing from shelves.
Therefore it's Biden's fault.

You cannot deny my logic.

Peanut Oil is part of "Big Oil"... we learned this from Seran.

[Seran]

This is what happens when lawmakers pass legislation that creates an unfriendly environment for industry to expand.

If lawmakers passed legislation making taco stands illegal, would you invest in a taco stand?

What regulation passed by Congress that is enforce has created an unfriendly environment? Tax cuts? Capital expenditure credits? Was the prior administrations electric vehicle tax credits such a huge turn off to big oil with their anticompetitive monopolies? Law makers haven't passed any regulations adopted into law since 2021 that hurts Big Oils fee fees.

[Methais]

What regulation passed by Congress that is enforce has created an unfriendly environment? Tax cuts? Capital expenditure credits? Was the prior administrations electric vehicle tax credits such a huge turn off to big oil with their anticompetitive monopolies? Law makers haven't passed any regulations adopted into law since 2021 that hurts Big Oils fee fees.

You are literally made 100% of soy at this point.