Gas under trump 2018 was $2.98..I just paid $3.02 - what an outrage

Yesterday Shell announced 3rd quarter profits of 9.45 BILLION dollars. That is over double the same quarter last year. Today Exxon announced 3rd quarter net profits of 19.66 BILLION dollars. The largest quarterly profits for an oil company ever. You still wonder why gas prices are high?

Chevron just posted 11.2 BILLION in 3rd quarter profits. Their 2nd highest quarter ever. Are you getting it yet?

4 of the top 6 oil companies have reported their profits for 3rd quarter of 2022. The combined total of net profits is 50 BILLION dollars. That's just the 3rd quarter.

The top 6 oil companies made 55 BILLION dollars in profit for then ENTIRE year in 2019. Two companies have yet to report their 3rd quarter numbers. Once added the net profit of the 3rd quarter alone will surpass the entirety of 2019. You know before the pandemic.

 

Oil companies don't set prices. Oil is a commodity traded on exchanges. That's not to say prices are pure supply and demand but oil companies were breaking even until Russia invaded Ukraine.

Oil price history includes busts

 

And yet sometimes they do set prices

 

And they're artificially choking off the supply by choosing to rake in these insane profits and not spending on exploration and drilling. They've said this out loud numerous times.

 

No they don't, it's set by the market

 

And yet, they still did.

https://fortune.com/2022/10/08/gavi...ompanies-price-gouging-gas-prices-california/

 

This isn't oil it's gasoline, the price at the gas station

 

Good thing Texaco She’ll and Exxon don’t have gas stations. Joking joking as I have no idea how all that works.

 

In Austin where I live it's fun seeing the guys navigate their giant trucks in the parking garage where I live. Twice in 2 years I have seen a truck going around a corner and side swiping a parked car. Which is why I try to never park on the corners.

 

U.S. gas prices plunge toward $3 a gallon as demand drops worldwide
The average price of gas is back to where it was before Russia invaded Ukraine. It is putting real money back in Americans’ wallets.

https://www.washingtonpost.com/business/2022/11/30/gas-prices-drop-russia-oil/

 

I wonder if those guys who put the BIden “I did that” stickers in gas pumps when it was over $4 a gallon are going around trying to scrape them off now

 

I'd love to put up Biden stickers that say "Do you finally understand that I don't control this?"

 

Problem is, prices don't seem to be falling in my part of the country (PA) in proportion to the rest of the country. Still $4.15 a gallon at some of my stations around here. The lowest it's been since the hike was around $3.85.


I know we have some of the highest gas taxes in the country, but I can't help but to think there's not some gouging going on. Last week, prices were 30 cents different within 3 miles or stations.

 

To be fair - the recent gas drop is the result of the China Lockdown driving demand downward.

Although the U.S. was looking to have a record year in oil production in 2023, this current lockdown could slow that increase in production a bit.

 

I paid 2.62 at Bucees last night

 

While I agree with the sentiment not everybody can afford a car that gets 30 miles to the gallon, that was almost unheard having a car that did that just 5 years ago.

 

Gas has been dropping way before that and that lockdown has not really registered in demand yet.

 

my first car was a first gen Ford Fiesta

Super Cheap High MPG Cars: 1978-1981

https://www.mpgomatic.com/2007/10/08/super-cheap-high-mpg-cars-1978-1981/

 

And this is supposed to mean what?

Those are not readily available nor reliable, and it does not change what I said at all.

I'm beginning to realize you really are not that bright, are you.