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 > It's past time

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Cummins12V98

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Posted: 03/08/22 10:27pm Link  |  Print  |  Notify Moderator

Big oil only makes a few cents per gallon. As mentioned GUVMENT takes in WAYYYYY more.


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time2roll

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Posted: 03/08/22 10:28pm Link  |  Print  |  Notify Moderator

JRscooby wrote:

ferndaleflyer wrote:

Gas at $5.00 should spark some interest


Congress could stop the rise in gas price, if wanted to support Ukraine and US people.
Did that in the mid 1970s. Gas stations had no gas. Pick your poison of a free market economy or a controlled socialistic economy.


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valhalla360

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Posted: 03/08/22 10:43pm Link  |  Print  |  Notify Moderator

NamMedevac 70 wrote:

More the merrier. All are welcome. Everything is limitless. I enjoy cherry picking what to see and read. Joy to the world.


If I see a thread that I'm not interested in, I just keep scrolling.

Is there a reason, this topic requires some form of quarantine?


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JRscooby

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Posted: 03/09/22 05:45am Link  |  Print  |  Notify Moderator

nickthehunter wrote:

Here’s a chart for you to ponder. US Oil Production by month
Previous 4 years, oil production goes up steadily.
Brandon takes over, it falls immediately and continues on a downward trend.
Dec 2019 - 12,900 bbls per day
Dec 2021 - 11,560 bbls per day
So much for facts


Well it looks like I will need to re-check the numbers I got.


Bionic Man wrote:

JRscooby wrote:

ferndaleflyer wrote:

Gas at $5.00 should spark some interest



Congress could stop the rise in gas price, if wanted to support Ukraine and US people.
Oil companies reported record profits '21. For '22, tax all profits above '21 levels at 110%
That would mean if they made $100 last year, this year make $110, they pay $11 more in tax


Why don’t you look at the profit margins of the oil companies before you start throwing stones at them? Government makes significantly more off fuel taxes than “Big Oil” makes per gallon. “Big Oil” isn’t the problem here.



Look at the profit reports of big corporations, not just oil, but many corporations, reported for 21, compared to '19 or '20 the only reason most are raising prices is because they can.
Oil is a special case. Because of things that happened across the water, oil sees a chance to raise prices. Also, because everything we buy moves by truck, Gov mandates a surcharge on all freight, so the price we pay for everything is forced up. And because of the oversea problem congress could tax the windfall profit. And if congress set that rate high enough oil companies would strive to hold prices down to avoid triggering that tax.
And earlier this year, when the price of crude was dropping, but the price of gas was going up JB announced there might be a investigation. Over night the price at pump dropped, did not start up again until we heard reports of troop buildup. I bet if congress just started to discuss windfall tax price would stop rising.

JRscooby

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Posted: 03/09/22 07:12am Link  |  Print  |  Notify Moderator

Cummins12V98 wrote:

Big oil only makes a few cents per gallon. As mentioned GUVMENT takes in WAYYYYY more.


If oil productions numbers posted are right, and oil company profit reports are right, this means oil companies are making more while producing less. So must be making a few more cents per gallon. That pretty much goes against the rules of free market capitatim.


time2roll wrote:

JRscooby wrote:

ferndaleflyer wrote:

Gas at $5.00 should spark some interest


Congress could stop the rise in gas price, if wanted to support Ukraine and US people.
Did that in the mid 1970s. Gas stations had no gas. Pick your poison of a free market economy or a controlled socialistic economy.



I'm not sure about that. I remember having issues getting fuel. But father of a friend was pretty high up in management of a refinery blamed the laid off workers on the fact that oil was not coming in because of the embargo. I don't recall congress calling for sanctions against oil companies making things worse.
I don't understand why Government of people, by the people for the people any posable government action that might benefit people that work for money, instead of people who's money works for them must be called evil.

PA12DRVR

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Posted: 03/09/22 10:14am Link  |  Print  |  Notify Moderator

If one expects the government (which cannot create any wealth) to limit the profits of the oil companies (or any other industry) does one then support the logical corollary that the government should limit losses?

When an "unused oil lease" takes a series of $100,000,000 drilled wells to determine if there is viable production potential, and the risk is entirely on the operator if those wells are dry, it's hard to justify the government deciding what an appropriate profit level is.


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time2roll

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Posted: 03/09/22 11:09am Link  |  Print  |  Notify Moderator

If the profits are excessive there will be industry expansion until profits normalize.
The invisible hand of economics does take time to work.

JRscooby

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Posted: 03/09/22 01:26pm Link  |  Print  |  Notify Moderator

PA12DRVR wrote:

If one expects the government (which cannot create any wealth) to limit the profits of the oil companies (or any other industry) does one then support the logical corollary that the government should limit losses?

When an "unused oil lease" takes a series of $100,000,000 drilled wells to determine if there is viable production potential, and the risk is entirely on the operator if those wells are dry, it's hard to justify the government deciding what an appropriate profit level is.



Do I understand this right? We can't limit the chance for profit for investors, even short term? Even if we limit that profit at historically high levels? But it is fine to charge working people unlimited amount for what for most is a necessity?

Quote:

any posable government action that might benefit people that work for money, instead of people who's money works for them must be called evil.


valhalla360

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Posted: 03/09/22 09:01pm Link  |  Print  |  Notify Moderator

JRscooby wrote:


Do I understand this right? We can't limit the chance for profit for investors, even short term? Even if we limit that profit at historically high levels? But it is fine to charge working people unlimited amount for what for most is a necessity?


Not to play tinfoil hat paranoid but what you describe is pretty much a socialist/communist system. The govt decides the winners & losers and decides what is produced and in what quantity.

The problem is human nature. Once you hand those controls over to a govt bureaucrat, its' almost impossible to take them away...and they will keep finding more and more reason to use them. Look at the TSA, supposedly short term but still going strong and expanding 20yrs later.

Look at Venezuela, they decided bakers were making too much, so they mandated price caps, so people could afford to buy bread. It resulted in not only the opposite but the opposite in the worst possible way. Bakers simply stopped making bread or they made small amounts secretly and sold it at higher prices on the black market...the result was finding bread at the govt mandated price was near impossible. Many did without and others paid far higher prices.

Of course, a lot of the issue is govts induced. It's been made very clear that the govt is against the petroleum industry, so even with high prices currently, there is little incentive to invest in new wells that could be mandated out of use in a year or two...basically it's a poor risk even if it looks profitable today.


But bottom line, Do you really think the govt can accurately assess the correct and fair price for petroleum products? I sure don't trust them.

JRscooby

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Posted: 03/10/22 05:16am Link  |  Print  |  Notify Moderator

valhalla360 wrote:

JRscooby wrote:


Do I understand this right? We can't limit the chance for profit for investors, even short term? Even if we limit that profit at historically high levels? But it is fine to charge working people unlimited amount for what for most is a necessity?


Not to play tinfoil hat paranoid but what you describe is pretty much a socialist/communist system. The govt decides the winners & losers and decides what is produced and in what quantity.

The problem is human nature. Once you hand those controls over to a govt bureaucrat, its' almost impossible to take them away...and they will keep finding more and more reason to use them. Look at the TSA, supposedly short term but still going strong and expanding 20yrs later.

Look at Venezuela, they decided bakers were making too much, so they mandated price caps, so people could afford to buy bread. It resulted in not only the opposite but the opposite in the worst possible way. Bakers simply stopped making bread or they made small amounts secretly and sold it at higher prices on the black market...the result was finding bread at the govt mandated price was near impossible. Many did without and others paid far higher prices.

Of course, a lot of the issue is govts induced. It's been made very clear that the govt is against the petroleum industry, so even with high prices currently, there is little incentive to invest in new wells that could be mandated out of use in a year or two...basically it's a poor risk even if it looks profitable today.


But bottom line, Do you really think the govt can accurately assess the correct and fair price for petroleum products? I sure don't trust them.


Have you ever read a history book? The last time there was a major war in Europe gas, and many other things where rationed.
Your Venezuelan baker boat don't compare. The price of bread limited at a price too low for profit. I want to hold profit at record high, until the end of war. If that breaks a oil company, they're dead now.
My limited info is imports from Russia amounts to less than 10% of supply. I have know doubt that those of us that just pull in fill up, witch about the total, could reduce our use by at least that much. That would reduce demand/price increase for the people that always just put enough in tank to get back and forth to work. But the last 2+ years have proven a large percentage of population will not change behavior to save others lives.

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