Oil companies of course like high oil. Do they have anything to do with the price? Why would Exxon have suffered a loss for four quarters in a row recently if they did?
Yes, they are the producers of oil, right?
People didn’t buy gas during the pandemic? It’s getting more expensive to extract oil?
$4.89 a gallon
BTW … good thing you didn’t have that typo in the thread title like that other guy.
Oil companies have nothing to do with the price of oil. They produce what they can sell to cover their costs (hopefully) and make a profit. If allowed by the President, they can send it on pipelines to refineries. OPEC and Russia are the big controllers.
So Biden is right when he blames Putin for the price. That comes down to what Biden could have done to head off the war in Ukraine, or what he should have done about importing Russian oil.
We know what did happen and what has happened to,the price of oil. Could Trump have handled any of that better? We will never know because Biden was elected.
Good or bad, as far as the US influence is involved, he is the responsible party.
And of course there was the Covid effect which no one could have controlled.
There was a big downturn in demand. Oil companies have to plan their costs on expected conditions. Oddly, they did not expect the Covid pandemic. Higher costs than revenue equals loss.
In the minds of those on the Left we are just some more government spending and programs from the promised utopia! Miracle Joe will soon wave his magic wand once more!
5.39$. around the corner from me. Lame.
By the way y’all know gas prices are up throughout the world right? Brandon!!!
So it may have provided oil for the US but if it did, it wouldn’t impact gas prices. I can accept that.
Anything that would increase supply would affect prices. Not a great deal and not yet.
It went up to $5.20 this morning in Fairbanks. (Keep in mind, our State tax is only 8 cents/gal.)
Where the oil comes from or where it is going does not impact the price. Oil is fungible in the global market. It is global supply and demand that sets price. Cancellation of Keystone reduced supply.
The cold spring required more heating oil. The normal increased production of gasoline for summer has been delayed as a result.
No it didn’t. It was supply that was never there to begin with.
That’s not even remotely true. Do you think Canada only wanted that pipeline to provide construction jobs in America?
You said it “lowered supply”. It didn’t. OPEC and others can do that all their own.
Yes, it did. Available supply not making it to market is lowered supply.
Canada already transports oil to the gulf. The pipeline would have transferred the oil a different way.