Not surprised at all. No thinks of the law of unintended consequences. Though I would say the consequences were intended by the oil companies.
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Feel free to reply to any comment by clicking the "Reply" button.Easy enough to check the claim... In a couple of months check the quarterly reports of the oil majors and see how much their profits have jumped per gallon of gasoline. I'll bet big money right now that state and federal taxes will still be a far greater percentage of the price than profits.
jeshuey
Level 8
Mar 16, 2022
3
What an idiot.
Oil prices drive gasoline prices.
On Biden's Inauguration Day, oil was $53 per barrel.
A week ago oil hit $130 per barrel.
Right now, oil is $99 per barrel.
There is nothing artificially inflating gas prices.
Oil prices are driving up gas prices.
BD66
Level 8
Mar 16, 2022
0
and your point
be prepared I've got a rebuttal
@BD66 Let me give you the normal process. Exxon llc 1011587 sells the crude it produces to Exxon pipeline llc, Exxon pipeline llc transports and sells the oil to Exxon terminal llc, Exxon terminal llc, Exxon terminal llc then sells the oil to Exxon refining, Exxon refining makes gasoline out of the short end of the barrel selling the gasoline to Exxon pipeline llc and selling the rest to Exxon chemical to be farther refined into other products, Exxon pipeline llc transports and sells the gas to different Exxon terminals for distribution to Exxon distributors who then sell the product to local company owned Exxon retailers.
When oil was $140 a barrel gasoline was $3.60 a gallon, with oil at $99 a barrel today gasoline is at over $4 a gallon, Exxon profits are up billions in just the first quarter with lower sales. It is corporate greed at all levels. Oil prices are fixed by the producers, who also happen to be the transporters, refiners and distributors.
BD66:
@glennlab You have described the process of producing, transport, refining, transport, and consumption. Oil prices and gas prices are highly correlated, but not perfectly correlated because there is time lag between when the oil is produced in the ground and when it is sold at the pump. This plot shows daily oil and gas futures prices for the past year. As you can see (over the past year) the prices of each has doubled.
You also correctly point out that their are multiple parties involved in production, transport, refining, transport, and selling. Those that will see the most profit are those involved in production because their production costs have not gone up, but the price they receive per barrel of oil has roughly doubled.
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