Fuel prices

[jimh406]

I'm ok with some of you supporting Biden no matter what he does. I get it ... he's your guy no matter what.

But, be at least intellectually honest. It's clear that Biden did some things differently starting on day one, and the fuel prices went up. You can like him any way, but don't pretend like he had nothing to do with it. You can post all of the fake charts you want. The only thing that matters is the fuel price.

Opec isn't dumb. They know they have a window to sell at high prices when the US isn't participating by exporting oil. Unfortunately, this helps Putin and Iran as well.

 

[Fordtech86]

DOE Issues Fifth Emergency Notice of Sale of Crude Oil From the Strategic Petroleum Reserve

The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) today announced an additional Notice of Sale of up to 20 million additional barrels of crude oil from the Strategic Petroleum Reserve (SPR).

www.energy.gov

 

[Flintknapper]

The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.

I'm sure with some little effort we can find a way to blame Biden for this.

^^^^
Actually yes, they hate him.

Pretty sure the nations that are oil rich and are exporters do not agree with Biden's position to summarily end fossil fuels.

Not to mention he is just a weak puppet of the left...something all nations and leaders understand.

 

[Jchonline]

Get your diesel tanks filled up things are going to be going up again.

 

[Jchonline]

The latest figures from the Bureau for Economic Analysis show that the profits of the U.S. coal and oil industry increased +340% between the first and second quarters of 2022. Companies selling petroleum and coal products made an estimated $49.7 billion in profits from April to June, compared with $11.3 billion from January to March.

Yes but what were those profit MARGINS?

The answer is they were the same. Only volume has gone up.

 

[GreensvilleJay]

gas here going up 16c a l by the weekend
already gone from 1.42 to 1.65 today...hmmmmm

 

[Biker1mike]

Just follow the money. Exxon was at 60 a year ago. If only my 401K did this well this year.

 

[Vince1230]

Funny how the first thing brought up is oil comany profits. Oil compsnies are not going to invest profits or revenues into production or resources when the politic climate is to end them or reduce them. Why drill or invest the capital when uncertain you will get ROI. Also smart on OPEC to reduce output when they know we already started using emergency surplus to buy or keep votes. Just like buying votes with college loan forgiveness.

 

[Bmyers]

Our gas prices went up to $4.20 overnight from $3.69.

 

[SusanDuffy]

$4.92 here in Silverdale, Washington, which is west of Seattl.

 

[lynnmor]

Just follow the money. Exxon was at 60 a year ago. If only my 401K did this well this year.

View attachment 88230

The price was $92 back in 2007, you can cherry pick the time period to make your case.

 

[D2Cat]

With world oil production going lower prices will be going up, and real soon and probably keep going for a while.

 

[Flintknapper]

With world oil production going lower prices will be going up, and real soon and probably keep going for a while.

Yep.

You can expect that.

And all the while, we (Biden) continues to drain the Strategic Reserves (now at a 40 year low). Hell of a plan!

 

[dirtydeed]

Yep.

You can expect that.

And all the while, we (Biden) continues to drain the Strategic Reserves (now at a 40 year low). Hell of a plan!

What are the chances that "borrowing" from the SPR will continue after 11/8/22?

 

[jyoutz]

Why Are Gas Prices So High If the U.S. Is Energy Independent?

Unfortunately, energy independence can’t keep U.S. gas prices down, and it isn’t enough to protect your stock portfolio either. Here’s why, and what worried investors should know.

www.kiplinger.com

 

[Flintknapper]

What are the chances that "borrowing" from the SPR will continue after 11/8/22?

Slim to none and I heard 'slim' just left town.....so pretty much 'none'.

it's an all too obvious ploy to bring fuel prices down prior to the mid term elections. Everyone knows it.

One side very much cares about this....the other is on board with whatever he does. What a mess.

In the end....expect fuel prices to climb sharply in the near future as predicted 6-8 months ago.

Inflation will continue....etc.

 

[rc51stierhoff]

Why Are Gas Prices So High If the U.S. Is Energy Independent?

Unfortunately, energy independence can’t keep U.S. gas prices down, and it isn’t enough to protect your stock portfolio either. Here’s why, and what worried investors should know.

www.kiplinger.com

Thanks for sharing. It’s an interesting article and I sort of understand but also feel like the opening claim they make sort of ruins their credibility since it’s really not been tried (meaning the energy independence and keeping/controlling)in modern times (maybe I am wrong but I certainly don’t remember that in recent history)….at least for a sustained period of time. It’s a complex subject and not that simple, but for the author to say it won’t work when not really tried it t is sort of misleading (it’s an unproven theory at best). If it was tried when was that and for how long? It would have to be over multiple business cycles.

 

[Flintknapper]

Thanks for sharing. It’s an interesting article and I sort of understand but also feel like the opening claim they make sort of ruins their credibility since it’s really not been tried (meaning the energy independence and keeping/controlling)in modern times (maybe I am wrong but I certainly don’t remember that in recent history)….at least for a sustained period of time. It’s a complex subject and not that simple, but for the author to say it won’t work when not really tried it t is sort of misleading (it’s an unproven theory at best). If it was tried when was that and for how long? It would have to be over multiple business cycles.

Knowledgeable folks (about the subject) would not have had to read past the headline to have known what followed was tainted. Glad you picked up on that too (the advantages of being TRULY energy independent).

Yes, fuel prices, trading and trends are complicated and many sources have an influence on the market. That is well understood.

But we are doing now.....is clearly going down the wrong road and only making a bad situation worse. The current administration is rabidly anti-fossil fuels and THAT is not the fault of a global community/market.

 

[rc51stierhoff]

Knowledgeable folks (about the subject) would not have had to read past the headline to have known what followed was tainted. Glad you picked up on that too (the advantages of being TRULY energy independent).

Yes, fuel prices, trading and trends are complicated and many sources have an influence on the market. That is well understood.

But we are doing now.....is clearly going down the wrong road and only making a bad situation worse. The current administration is rabidly anti-fossil fuels and THAT is not the fault of a global community/market.

I agree your comments…but that is sort of the hell of it…we are a fossil fuel based economy(and there is not a replacement with out going backwards)….it’s intentional….and I am not sure what’s worse is that this is by design or incompetence.

 

[PoTreeBoy]

Just follow the money. Exxon was at 60 a year ago. If only my 401K did this well this year.

View attachment 88230

It was under $33 Oct 1, 2020, paying $3.52 dividend. I gave it a hard thought, but they were losing money. I bought Pfizer several years ago as a high yield, and they halved the dividend within 2 months! I was afraid XOM might do the same.