- Nov 3, 2010
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Price Check in the Gas and Diesel Aisle...
- Thread starter BullGear
- Start date
Until recently, the idea of a Fortune 500 company boss criticizing the energy transition would have been considered eccentric, to put it mildly. Now, two Fortune 500 bosses have slammed the transition inside a single week. JP Morgan’s Jamie Dimon was first. On Monday, he told CNBC in an interview that the Biden administration had basically messed up the country’s—and the world’s—energy security by doubling down on the energy transition instead of motivating growth in oil production.
oilprice.com
Oil Industry Execs Lash Out At Botched Energy Transition | OilPrice.com
U.S. energy executives have blamed failed energy policies for the current energy crunch that has taken the world by storm
oilprice.com
Until recently, the idea of a Fortune 500 company boss criticizing the energy transition would have been considered eccentric, to put it mildly. Now, two Fortune 500 bosses have slammed the transition inside a single week. JP Morgan’s Jamie Dimon was first. On Monday, he told CNBC in an interview that the Biden administration had basically messed up the country’s—and the world’s—energy security by doubling down on the energy transition instead of motivating growth in oil production.
Oil Industry Execs Lash Out At Botched Energy Transition | OilPrice.com
U.S. energy executives have blamed failed energy policies for the current energy crunch that has taken the world by storm
Could it be that they've messed things up on purpose?
If the Obama/Jarret/Klain administration, sorry, the "Biden" administration's goal is to force the average person to transition to an electric vehicle, making oil unaffordable to the masses as a transportation fuel source would be the quickest way to accomplish it. After all, IIRC the math on EVs being more affordable that traditional ICE cars only works if gasoline is above $5/gal.
A path to that might be heavily curtailing domestic production to increase price, depleting the SPR, then moving the country to reliance on importing expensive and volatile foreign oil produced by countries that are not allies (also increasing price and making it easy to create a shortage when imports are interrupted), and finally buying oil at top dollar to refill the SPR, helping to drive the price up even more.
And if someone were mostly concerned about profiting from a big bet on "renewables" they wouldn't necessarily care how much pain they caused the average American. Especially if they hated them as much as DC Democrats seem to hate the working class.
That is one of many theories. The baffling thing is the speed of how rapidly the collapse has taken place... Combined with how slow the FED Reserve, World Leaders and CEO's have implemented a plan to recover the economy and bring down inflation.
Gasoline Prices See Abrupt Decline As U.S. Diesel Prices Continue To Rise | OilPrice.com
U.S. gasoline retail prices declined last week, falling 5.4 cents on average to reach $3.86 per gallon on Monday, but diesel prices are on the opposite trajectory
oilprice.com
Yep, it's bouncing back in most areas. I paid $5.49/gal the last time I filled my van. Still ahead of where I'd be with a gas motor in the same vehicle, but dang this dents the wallet a bit.
Diesel cheapest around here is 5.40
Need to remind folks.
Not that I believe voting will change much these days.
R
Need to remind folks.
Not that I believe voting will change much these days.
R
Diesel has 25 days of inventory left, lowest since 2008 (in news today) .. stock up before it's really GONE
Yep
Diesel Supply of Just 25 Days Poses Problem for Biden - BNN Bloomberg
Diesel demand is surging in the US while supplies remain at the lowest seasonal level ever, according to government data released Wednesday.
www.bnnbloomberg.ca
Could this shortage be because of the refineries switching over from Summer to Winter blends??
91 octane at Costco ..4.09 as of 9/2/22
91 octane at Costco 4.49 9/16/22
91 Octane - 4.85 a gallon. 9/30/22 Phx Costco
91 Octane - 5.09 a gallon 10/07/22 Phx Costco
91 Octane - 5.25 a gallon 10/15/22 Phx Costco - 5.39 a gallon @ circle K
91 Octane - 5.39 a gallon 10/21/22 Phx circle K
We had a small decrease in all gas and diesel products and I suspect we will continue to see the prices drop until the election. If the Demwits stay in control of the House and Senate, the prices of gas and diesel will go through the roof.
Just another Capt Obvious post....
Just another Capt Obvious post....
$72 oil is the upper limit the Biden Administration has set for stating repurchases of crude for the emergency crude oil reserve.
Biden’s Plan To Refill The SPR Is Unlikely To Boost U.S. Oil Output | OilPrice.com
The Biden Administration has said that it will refill the SPR when oil prices fall below $72, but that price point may be too low to spark new supply
oilprice.com
Gasoline is still stuck a few pennies above $4/gal in this area, so I don't think the Dems are getting nearly the break that they wanted to see.
Diesel is still hovering around $5.50/gal. It sucks at the pump, but I guarantee I'm paying even more money elsewhere because of the impact of high fuel prices in several other areas of commerce (particularly in my grocery bill).
I don't see the Republicans doing anything meaningful to lower fuel prices because we currently have a refining crunch that no amount of "drill baby drill" is going to fix.
Rig count is up from a year ago... Politically, I don't know if there is much influence from either party. The "Oil Patch" is watching how much free Government money is going to the EV / Go Green establishments.
JMHO
Rig Count Overview & Summary Count | Baker Hughes Rig Count
The Investor Relations website contains information about Baker Hughes Rig Count's business for stockholders, potential investors, and financial analysts.
One line tells the story:
“We continue to maximize refining utilization in a safe, reliable and environmentally responsible manner to provide essential products.”
Refineries are in the "Run to Failure" (RTF) mode.... Record profits and when the old refinery has served it's purpose the Big Oil companies sell it off to a smaller, independent oil company....
oilprice.com
“We continue to maximize refining utilization in a safe, reliable and environmentally responsible manner to provide essential products.”
Refineries are in the "Run to Failure" (RTF) mode.... Record profits and when the old refinery has served it's purpose the Big Oil companies sell it off to a smaller, independent oil company....
Valero Posts Bumper Q3 Profit As Demand For Its Fuels Exceeds 2019 Levels | OilPrice.com
Valero Energy beat analyst expectations for the third quarter thanks to strong product demand and solid refining fundamentals
oilprice.com
Shortage depends on where Big Oil spends their money.
Big oil spends on investors, not output, prolonging crude crunch
OIL & GAS: Big oil spends on investors, not output, prolonging crude crunch - Bloomberg
headtopics.com
91 octane at Costco ..4.09 as of 9/2/22
91 octane at Costco 4.49 9/16/22
91 Octane - 4.85 a gallon. 9/30/22 Phx Costco
91 Octane - 5.09 a gallon 10/07/22 Phx Costco
91 Octane - 5.25 a gallon 10/15/22 Phx Costco - 5.39 a gallon @ circle K
91 Octane - 4.60 a gallon 10/29/22 Phx Costco .... 87 Octane was 4.20 a gallon
/cloudfront-us-east-1.images.arcpublishing.com/gray/SLDVHGVKCRH4DC2NWP2GFYCAQA.jpg)
U.S. facing diesel shortage, prices likely to spike
The United States is facing a diesel shortage and unless there’s a change, prices likely will spike.
www.kwch.com
Energy Inflation Was by Design | J o s e p h To o m e y2
The West is experiencing its third energy crisis. The first, in 1973,
was caused by the near-quintupling of the price of crude oil by Gulf
oil producers in response to America’s support for Israel in the Yom
Kippur war. Their action brought an end to what the French call the
trente glorieuses—the unprecedented post–World War II economic
expansion. The second occurred at the end of the 1970s, when Iran’s
Islamic revolution led to a more than doubling of oil prices. This
again inflicted great economic hardship, but the policy response was
far better. Inflation was purged at the cost of deep recession. Energy
markets were permitted to function. High oil prices induced substitu-
tion effects, particularly in the power sector, and stimulated increased
supply. In the space of nine months, the oil price cratered from $30 a
barrel in November 1985 to $10 a barrel in July 1986. It’s no wonder
that the economic expansion that started under Ronald Reagan had
such long legs.
The West is experiencing its third energy crisis. The first, in 1973,
was caused by the near-quintupling of the price of crude oil by Gulf
oil producers in response to America’s support for Israel in the Yom
Kippur war. Their action brought an end to what the French call the
trente glorieuses—the unprecedented post–World War II economic
expansion. The second occurred at the end of the 1970s, when Iran’s
Islamic revolution led to a more than doubling of oil prices. This
again inflicted great economic hardship, but the policy response was
far better. Inflation was purged at the cost of deep recession. Energy
markets were permitted to function. High oil prices induced substitu-
tion effects, particularly in the power sector, and stimulated increased
supply. In the space of nine months, the oil price cratered from $30 a
barrel in November 1985 to $10 a barrel in July 1986. It’s no wonder
that the economic expansion that started under Ronald Reagan had
such long legs.
The diesel market is in a perfect storm as prices surge, supply dwindles ahead of winter
Diesel prices are surging with supply at a level not seen since the 1950s and a ban on Russian refined products will lead to greater competition for the fuel.
well the 25 days till we out, is only if all production stopped.The diesel market is in a perfect storm as prices surge, supply dwindles ahead of winter
Diesel prices are surging with supply at a level not seen since the 1950s and a ban on Russian refined products will lead to greater competition for the fuel.www.cnbc.com
Since we still refine diesel on a daily basis, it's more of a rolling days till we are out.
Granted, as we use more Diesel then produced (refined); the 25 days will shrink.
Current crisis is manufactured; ask the big guy; whose first edict was to cancel Keystone pipeline.
Dems want everyone on coupon books; so they have complete control.
Keystone XL is a distraction. Sure, it's an obvious example of Biden going after the oil industry, but most of the oil transported by the new pipeline spur would be exported, the same as most of what's being transported by the existing (and operational) Keystone pipeline.
Want to really lower domestic energy prices? Reinstate the ban on exporting American oil that was lifted by the Obama admin in 2015.
No concern for "We the People"....
President Joe Biden threatened Monday to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices.
President Joe Biden threatened Monday to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices.
LOL, MF wanted to raise taxes on oil companies anyways..No concern for "We the People"....
President Joe Biden threatened Monday to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices.
What a BS way of doing it and saying it's 'for the people'.
What stupid POS doesn't realize that companies will pass off the taxes onto the consumers?
fk'n clown world.
No thought given to how many Americans, in one way or another, bring home a paycheck thanks to an "oil related" job. No mention of the "bad years" in the oil patch. Chart is for Exxon Mobil (XOM). I have a good friend that worked at Exxon for a life time and retired in early 2020... He held on too long and would have been better off retiring in 2019. Others have done well with employees stock in the past few years. Taxing the oil industry is simply taxing "We the People".
No concern for "We the People"....
President Joe Biden threatened Monday to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices.
He just doesn't get it. Raise their taxes and it's just passed on to the consumer.
| WTI Crude • | 87.02 | +0.49 | +0.57% |
| Brent Crude • | 94.83 | -0.94 | -0.98% |
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