AMIRZA786

Annoying is a mild way of putting it. I got caught behind a couple on a two way road that goes a few miles. Couldn't go around them, couldn't get them to go faster

lobuxracer

iTrader: (2)

If you lived in the Atlanta metro area, you'd see two cars side by side in a 55 mph zone driving 35 mph for miles. I experience this routinely here and it has nothing to do with fuel costs.

tex2670

Oil companies are making record profits.

https://www.usatoday.com/story/money...22/9686761002/

The price per barrel of crude oil in 2013 reached $93; now it's about $110

https://tradingeconomics.com/commodity/crude-oil

I don't remember gas prices in 2013 reaching $4.50+. There is not a direct correlation to the PPB of crude oil to the prices at the pump.

This isn't just supply / demand or availability of oil due to the war in Ukraine. Oil companies are taking advantage of current events by charging what they think they can get a way with. And they are doing it successfully. It's capitalism, for better or worse.

Striker223

They don't, it really complicates contracts of laws and requirements change and screws them over since they must still fulfill context s even if they were set years back.

AMIRZA786

I don't anything about contracts or requirement changes, but from the record profits posted by Chevron who has a refinery in Richmond, CA and Exxon Mobil in Torrance, CA, I don't think they are hurting one bit. California is probably their most profitable market

4TehNguyen

iTrader: (1)

the few refineries in cali only make gas for that state, they have a quasi monopoly. If any of those refineries go down for maintenance or an accident the price rockets because out of state refineries arent allowed to export to cali because of a non compliant blend

4TehNguyen

iTrader: (1)

operating costs are a lot different than in 2013, huge supply and labor shortages, high material costs now. That record profit isnt as dramatic when it cant fund them record sized projects because the cost is up dramatically on everything.

Striker223

Look into how the market actually works and the rules they have to follow. It would shock you since those profits will be going directly into paying contract default fines since delivery quantity is suffering due to new rules. They have to rake it in or they will have many legal issues

Striker223

Yep. It's made even worse by futures failing/going to hell and cutting off what was recently a reliable monetary pathway that the oil companies were using.

They have not been allowed to make a new refinery with a modern setup and far greater capacity and lower running costs since the 1970s. If they can make a new plant it would be much better for us since they can process more for cheaper with less overhead and repair issues

AMIRZA786

All you have to do is look at the public fillings from all the big oil companies and CEO compensation is at record highs. That doesn't happen unless there are record profits as CEO compensation approval comes from the board and shareholders. It's more profitable to cut production, squeeze what you can from limited supply than produce more and make less per barrel. Exploring for new oil sources is also expensive. Just look up the public fillings yourself, the whole picture is right there

Striker223

Go talk to someone in the industry. That's all I'm going to say at this point since you don't get it

DaveGS4

iTrader: (2)

Getting into debate territory and the familiar rude responses…. If you can’t be polite and mature don’t post

AMIRZA786

Unfortunately I don't know anyone personally in the oil industry, but I don't need to. Public SEC filings tell the whole story, profits, compensation etc etc. By law public companies have to disclose every aspect of their business, all that need to be done is to download and read them

AJT123

Oil companies were doing jusssst fine when gas was $2.

AMIRZA786

Now they are doing even finer . Keeping supply constrained means you sell less product in a high demand market but rake in more money, with less work. To be fair, many companies are doing this, taking advantage of supply constraints by raising prices and either skimping on quality, quantity, or both. A restaurant my wife and I used to go to not only doubled prices, but skimp on quality, and now they serve food only in to go containers, even for dine in!