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(CNBC)   Oil falls $8 to below $100/barrel. Gas prices remain unchanged   (cnbc.com) divider line
    More: News, Petroleum, Oil prices, Benchmark, West Texas Intermediate, Dubai Crude, Brent Crude, recession fears, U.S. oil benchmark  
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449 clicks; posted to Business » on 05 Jul 2022 at 12:47 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-07-05 12:51:13 PM  
Fark user imageView Full Size
 
2022-07-05 12:51:53 PM  
Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.
 
2022-07-05 12:53:34 PM  
You'll see gas down to $2/gal sometime soon... but you won't be able to afford it if you're one of the millions about to be laid off.
 
2022-07-05 12:53:51 PM  
Gas prices follow as networks have to pay for the last batch to fill the next.
 
2022-07-05 12:58:22 PM  

neongoats: Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.


there are at least 70+ million of those idiots just in this country.
 
2022-07-05 1:00:54 PM  
Gas prices have dropped by almost 30 cents here...
 
2022-07-05 1:08:16 PM  

xanadian: Gas prices have dropped by almost 30 cents here...


Gasoline RBOB Futures Price - Investing.com

Down 10% just today...
 
2022-07-05 1:09:54 PM  
AAA shows the average gas price down anywhere from .10 to .01 from a week ago, depending on your state. Though it is up .06 in Utah. WTF, Mormons?
 
2022-07-05 1:11:14 PM  

NewportBarGuy: xanadian: Gas prices have dropped by almost 30 cents here...

Gasoline RBOB Futures Price - Investing.com

Down 10% just today...


Demand destruction pricing.

I'm starting to see rentals just break lease in my Florida hood and sit empty too.
 
2022-07-05 1:12:12 PM  
Rockets and feathers, when prices go up they shoot up quick but take a while for prices to drop when futures do. It might be because the gas stations are trying to reap in what they can when they pay a higher price for it.
 
2022-07-05 1:12:44 PM  

JammerJim: AAA shows the average gas price down anywhere from .10 to .01 from a week ago, depending on your state. Though it is up .06 in Utah. WTF, Mormons?


I thought you said "WTF, Morons", but then on re-read I realized you said "Mormons".  Probably not much of a difference.

/dumdumdumdumdumdum
 
2022-07-05 1:13:02 PM  

JammerJim: AAA shows the average gas price down anywhere from .10 to .01 from a week ago, depending on your state. Though it is up .06 in Utah. WTF, Mormons?


Get a brain, Mormans.
 
2022-07-05 1:20:30 PM  

xanadian: Gas prices have dropped by almost 30 cents here...


They were up 40+ cents within the week of Russia's invasion. Here.

Gas prices haven't dropped in a month. Here.
 
2022-07-05 1:26:37 PM  
Gee I think its price gouging by Oil companies so they can make Record Profits. If only there was some kind of mechanism designed to prevent this from happening. Like Windfall profits tax or a 95% tax rate on certain income brackets...
 
2022-07-05 1:28:06 PM  

neongoats: Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.


Curious that the mods decided to remove "Thanks Biden" from the headline I submitted.

wildcardjack: Gas prices follow as networks have to pay for the last batch to fill the next.


I keep hearing that, but the same would seem to hold true when prices are going up.  Yet when the price of oil goes up, it's reflected at the pump the same day, while when the price of oil goes down, it's reflected in the pump a week or two later, maybe.  Strange, that is.
 
2022-07-05 1:29:04 PM  
Gas should be about $3.50 in a healthy economy here. $2.50 was due to plague, $4.50 was making up for plague. If we can get to a stable $3.50ish people will grumble until it becomes the new normal.
 
2022-07-05 1:37:26 PM  

Decorus: Gee I think its price gouging by Oil companies so they can make Record Profits. If only there was some kind of mechanism designed to prevent this from happening. Like Windfall profits tax or a 95% tax rate on certain income brackets...


Ha ha that's for other governments. Here we call that socialism and it is forbidden.
 
2022-07-05 1:37:48 PM  
It's the kinda old cliché: "Gas prices shoot up like a rocket and float down like a feather." Station owners bring up prices quickly to protect themselves and bring them down gradually for pretty much the same reason.

Assuming that this holds and things aren't more farked, prices will float downwards in the next few weeks.
 
2022-07-05 1:49:41 PM  

neongoats: Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.


Yep. Killed pipelines which would have increased the availability of petroleum across the entire world.
Killed exploration and future incentives reducing supply and allowing a Russian madman to bring the world to its knees.

He DID that, and no smoke and mirrors from blind Facebook liberals can change that. It's cast cold historic fact.

Instead of trying to tell us what you think he didn't do, tell us what he has actually done to fix the problem? (Other then demonstrating an abject failure to comprehend basic economics).

He is a failure, a fraud, and the biggest Presidential joke since Taft got stuck in a bathtub - and it's all on you.
 
2022-07-05 1:53:47 PM  
zgrizz:

He is a failure, a fraud, and the biggest Presidential joke since Taft got stuck in a bathtub - and it's all on you.

Yes, Trump is all of these things. It's true. So are most right wingers. Terrible, failure people with no morals, ethics, or humanity. Get farked and die.

Sorry that you and all of your people are human garbage. We're all REALLY sorry.
 
2022-07-05 1:54:44 PM  

zgrizz: neongoats: Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.

Yep. Killed pipelines which would have increased the availability of petroleum across the entire world.
Killed exploration and future incentives reducing supply and allowing a Russian madman to bring the world to its knees.

He DID that, and no smoke and mirrors from blind Facebook liberals can change that. It's cast cold historic fact.

Instead of trying to tell us what you think he didn't do, tell us what he has actually done to fix the problem? (Other then demonstrating an abject failure to comprehend basic economics).

He is a failure, a fraud, and the biggest Presidential joke since Taft got stuck in a bathtub - and it's all on you.


Comrade Trump on the other hand, now that's a real Oligarch. What more do you want in a great leader?
 
2022-07-05 1:59:54 PM  
I Can't Get Behind That
Youtube Be85ZsJCIAI
 
2022-07-05 2:01:42 PM  

zgrizz: neongoats: Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.

Yep. Killed pipelines which would have increased the availability of petroleum across the entire world.
Killed exploration and future incentives reducing supply and allowing a Russian madman to bring the world to its knees.

He DID that, and no smoke and mirrors from blind Facebook liberals can change that. It's cast cold historic fact.

Instead of trying to tell us what you think he didn't do, tell us what he has actually done to fix the problem? (Other then demonstrating an abject failure to comprehend basic economics).

He is a failure, a fraud, and the biggest Presidential joke since Taft got stuck in a bathtub - and it's all on you.


He killed a pipeline that was designed to bring tar sand oil (which is not used to refine gasoline) to Gulf ports to ship oversees to China.  The part of the Keystone pipeline you *think* you're actually talking about, is already complete and has been pumping oil into the U.S. midwest since 2010 (thanks Obama).
 
2022-07-05 2:03:50 PM  

wildcardjack: Gas should be about $3.50 in a healthy economy here. $2.50 was due to plague, $4.50 was making up for plague. If we can get to a stable $3.50ish people will grumble until it becomes the new normal.


Gas price should be whatever the market will bear. It's shown that the market can afford $6/gal (at least here in CA). So keep it there. Heck, jack it up even more and see if people are still willing to pay. Keep going up until you see a marked decrease in demand. Then ease off the pricing pedal.
 
2022-07-05 2:17:04 PM  

shroom: zgrizz: neongoats: Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.

Yep. Killed pipelines which would have increased the availability of petroleum across the entire world.
Killed exploration and future incentives reducing supply and allowing a Russian madman to bring the world to its knees.

He DID that, and no smoke and mirrors from blind Facebook liberals can change that. It's cast cold historic fact.

Instead of trying to tell us what you think he didn't do, tell us what he has actually done to fix the problem? (Other then demonstrating an abject failure to comprehend basic economics).

He is a failure, a fraud, and the biggest Presidential joke since Taft got stuck in a bathtub - and it's all on you.

He killed a pipeline that was designed to bring tar sand oil (which is not used to refine gasoline) to Gulf ports to ship oversees to China.  The part of the Keystone pipeline you *think* you're actually talking about, is already complete and has been pumping oil into the U.S. midwest since 2010 (thanks Obama).


The Keystone XL expansion would have supplied additional crude feedstock to US refineries on the Gulf coast. It is their value-added products, not the raw diluted bitumen, which would have been exported.

It's not relevant to the current situation though, as the record-high pump prices are driven by refinery margins more than the price of crude.

Fark user imageView Full Size
 
2022-07-05 2:32:53 PM  
Anecdotal, sure, but the station nearest me in NJ went from $5.05/gal in mid-June all the way down to $4.90/gal today.

Price-per-barrel dropped ~20%. Price at the pump dropped 3%.

Thanks, Brandon.

Fark user imageView Full Size
 
2022-07-05 2:43:09 PM  
Because the gas being refined today was purchased at a higher price several weeks ago?
 
2022-07-05 2:46:44 PM  

thornhill: Because the gas being refined today was purchased at a higher price several weeks ago?


Great.  So why doesn't that logic apply when prices are going the other direction?
 
2022-07-05 3:11:23 PM  
Around my house, gas (petrol for you furriners) has gone down by $.56 over the last month and a half.  Surprisingly to me, it went down .02 just last Friday, going into the big weekend.
 
2022-07-05 3:22:26 PM  
Me reading TFA:

Oil prices tumbled Tuesday with the U.S. benchmark falling below $100...as recession fears grow, sparking fears that an economic slowdown will cut demand for petroleum products.

i.imgflip.comView Full Size
 
2022-07-05 3:31:53 PM  

JammerJim: AAA shows the average gas price down anywhere from .10 to .01 from a week ago, depending on your state. Though it is up .06 in Utah. WTF, Mormons?


I live in Utah. I was about to say it hasn't gone down here. WTF indeed.
 
2022-07-05 3:32:07 PM  

shroom: thornhill: Because the gas being refined today was purchased at a higher price several weeks ago?

Great.  So why doesn't that logic apply when prices are going the other direction?


There is a lag between when crude prices go up and gas at the pump increases.

I don't know what to tell you, but it's complex. The change in price is not uniform across the country because different refiners supply different regions. Demand also plays a big role -- there's a record amount of vacation driving happening despite the high price of gas, which is helping to keep prices up.
 
2022-07-05 3:44:37 PM  
I filled up my van Sunday when my family got home from a vacation - paid $4.69/gal.

Filled up my sedan (that I use for commuting and getting around town) - only paid $4.38/gal.
 
2022-07-05 3:49:39 PM  

thornhill: shroom: thornhill: Because the gas being refined today was purchased at a higher price several weeks ago?

Great.  So why doesn't that logic apply when prices are going the other direction?

There is a lag between when crude prices go up and gas at the pump increases.

I don't know what to tell you, but it's complex. The change in price is not uniform across the country because different refiners supply different regions. Demand also plays a big role -- there's a record amount of vacation driving happening despite the high price of gas, which is helping to keep prices up.


That's funny, because every time I hear about oil prices going up during the day, I can see the increase at the pump between my morning commute and my evening commute.
 
2022-07-05 4:29:27 PM  

zgrizz: neongoats: Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.

Yep. Killed pipelines which would have increased the availability of petroleum across the entire world.
Killed exploration and future incentives reducing supply and allowing a Russian madman to bring the world to its knees.

He DID that, and no smoke and mirrors from blind Facebook liberals can change that. It's cast cold historic fact.

Instead of trying to tell us what you think he didn't do, tell us what he has actually done to fix the problem? (Other then demonstrating an abject failure to comprehend basic economics).

He is a failure, a fraud, and the biggest Presidential joke since Taft got stuck in a bathtub - and it's all on you.


It's amazing that you take up so much oxygen but provides so little brain power. Seriously....you are like the mayor of stupidville.
 
2022-07-05 4:39:25 PM  

shroom: thornhill: shroom: thornhill: Because the gas being refined today was purchased at a higher price several weeks ago?

Great.  So why doesn't that logic apply when prices are going the other direction?

There is a lag between when crude prices go up and gas at the pump increases.

I don't know what to tell you, but it's complex. The change in price is not uniform across the country because different refiners supply different regions. Demand also plays a big role -- there's a record amount of vacation driving happening despite the high price of gas, which is helping to keep prices up.

That's funny, because every time I hear about oil prices going up during the day, I can see the increase at the pump between my morning commute and my evening commute.


See my post from a few hours ago about "shoot up like a rocket, float down like a feather."

Or better yet, Google that phrase for a more complete explanation than something from a random Farker.
 
2022-07-05 4:43:15 PM  

Fireproof: shroom: thornhill: shroom: thornhill: Because the gas being refined today was purchased at a higher price several weeks ago?

Great.  So why doesn't that logic apply when prices are going the other direction?

There is a lag between when crude prices go up and gas at the pump increases.

I don't know what to tell you, but it's complex. The change in price is not uniform across the country because different refiners supply different regions. Demand also plays a big role -- there's a record amount of vacation driving happening despite the high price of gas, which is helping to keep prices up.

That's funny, because every time I hear about oil prices going up during the day, I can see the increase at the pump between my morning commute and my evening commute.

See my post from a few hours ago about "shoot up like a rocket, float down like a feather."

Or better yet, Google that phrase for a more complete explanation than something from a random Farker.


It's not that I don't understand it.  I'm just calling it out as the bullshiat that it is, and I wish the government would put these people's feet to the fire and do something about it.  What we have is oligopoly in the gasoline market, not a free market.
 
2022-07-05 4:54:07 PM  

shroom: Fireproof: shroom: thornhill: shroom: thornhill: Because the gas being refined today was purchased at a higher price several weeks ago?

Great.  So why doesn't that logic apply when prices are going the other direction?

There is a lag between when crude prices go up and gas at the pump increases.

I don't know what to tell you, but it's complex. The change in price is not uniform across the country because different refiners supply different regions. Demand also plays a big role -- there's a record amount of vacation driving happening despite the high price of gas, which is helping to keep prices up.

That's funny, because every time I hear about oil prices going up during the day, I can see the increase at the pump between my morning commute and my evening commute.

See my post from a few hours ago about "shoot up like a rocket, float down like a feather."

Or better yet, Google that phrase for a more complete explanation than something from a random Farker.

It's not that I don't understand it.  I'm just calling it out as the bullshiat that it is, and I wish the government would put these people's feet to the fire and do something about it.  What we have is oligopoly in the gasoline market, not a free market.


You want the government to put the feet of the local gas station owners to the fire over protecting their already-tiny profit margins? Like I already said, that's the reason for it shooting up like a rocket and floating down like a feather.
 
2022-07-05 5:16:40 PM  

shroom: thornhill: shroom: thornhill: Because the gas being refined today was purchased at a higher price several weeks ago?

Great.  So why doesn't that logic apply when prices are going the other direction?

There is a lag between when crude prices go up and gas at the pump increases.

I don't know what to tell you, but it's complex. The change in price is not uniform across the country because different refiners supply different regions. Demand also plays a big role -- there's a record amount of vacation driving happening despite the high price of gas, which is helping to keep prices up.

That's funny, because every time I hear about oil prices going up during the day, I can see the increase at the pump between my morning commute and my evening commute.


Yes, as we all learned in statistics class, your single point of anecdotal data is more authoritative than the many studies conducted on this issue that have tracked the daily prices at hundreds of gas stations against vs price of crude.
 
2022-07-05 5:19:59 PM  

Fireproof: shroom: Fireproof: shroom: thornhill: shroom: thornhill: Because the gas being refined today was purchased at a higher price several weeks ago?

Great.  So why doesn't that logic apply when prices are going the other direction?

There is a lag between when crude prices go up and gas at the pump increases.

I don't know what to tell you, but it's complex. The change in price is not uniform across the country because different refiners supply different regions. Demand also plays a big role -- there's a record amount of vacation driving happening despite the high price of gas, which is helping to keep prices up.

That's funny, because every time I hear about oil prices going up during the day, I can see the increase at the pump between my morning commute and my evening commute.

See my post from a few hours ago about "shoot up like a rocket, float down like a feather."

Or better yet, Google that phrase for a more complete explanation than something from a random Farker.

It's not that I don't understand it.  I'm just calling it out as the bullshiat that it is, and I wish the government would put these people's feet to the fire and do something about it.  What we have is oligopoly in the gasoline market, not a free market.

You want the government to put the feet of the local gas station owners to the fire over protecting their already-tiny profit margins? Like I already said, that's the reason for it shooting up like a rocket and floating down like a feather.


You did not seriously just use "tiny profit margins" and oil companies in the same sentence.  Tell me I didn't just read that.
 
2022-07-05 5:38:38 PM  

shroom: Fireproof: shroom: Fireproof: shroom: thornhill: shroom: thornhill: Because the gas being refined today was purchased at a higher price several weeks ago?

Great.  So why doesn't that logic apply when prices are going the other direction?

There is a lag between when crude prices go up and gas at the pump increases.

I don't know what to tell you, but it's complex. The change in price is not uniform across the country because different refiners supply different regions. Demand also plays a big role -- there's a record amount of vacation driving happening despite the high price of gas, which is helping to keep prices up.

That's funny, because every time I hear about oil prices going up during the day, I can see the increase at the pump between my morning commute and my evening commute.

See my post from a few hours ago about "shoot up like a rocket, float down like a feather."

Or better yet, Google that phrase for a more complete explanation than something from a random Farker.

It's not that I don't understand it.  I'm just calling it out as the bullshiat that it is, and I wish the government would put these people's feet to the fire and do something about it.  What we have is oligopoly in the gasoline market, not a free market.

You want the government to put the feet of the local gas station owners to the fire over protecting their already-tiny profit margins? Like I already said, that's the reason for it shooting up like a rocket and floating down like a feather.

You did not seriously just use "tiny profit margins" and oil companies in the same sentence.  Tell me I didn't just read that.


He said gas stations.  Many many gas stations are not owned by Exxon, BP, or Citgo. They are owned by local operators who  have next to no control over what they pay for the product they sell. They buy it from refiners   .
 
2022-07-05 5:46:22 PM  

Eightballjacket: shroom: Fireproof: shroom: Fireproof: shroom: thornhill: shroom: thornhill: Because the gas being refined today was purchased at a higher price several weeks ago?

Great.  So why doesn't that logic apply when prices are going the other direction?

There is a lag between when crude prices go up and gas at the pump increases.

I don't know what to tell you, but it's complex. The change in price is not uniform across the country because different refiners supply different regions. Demand also plays a big role -- there's a record amount of vacation driving happening despite the high price of gas, which is helping to keep prices up.

That's funny, because every time I hear about oil prices going up during the day, I can see the increase at the pump between my morning commute and my evening commute.

See my post from a few hours ago about "shoot up like a rocket, float down like a feather."

Or better yet, Google that phrase for a more complete explanation than something from a random Farker.

It's not that I don't understand it.  I'm just calling it out as the bullshiat that it is, and I wish the government would put these people's feet to the fire and do something about it.  What we have is oligopoly in the gasoline market, not a free market.

You want the government to put the feet of the local gas station owners to the fire over protecting their already-tiny profit margins? Like I already said, that's the reason for it shooting up like a rocket and floating down like a feather.

You did not seriously just use "tiny profit margins" and oil companies in the same sentence.  Tell me I didn't just read that.

He said gas stations.  Many many gas stations are not owned by Exxon, BP, or Citgo. They are owned by local operators who  have next to no control over what they pay for the product they sell. They buy it from refiners   .


And you think their profit margin smaller when the retail price is $5.50 than when the retail price is $2.50, why exactly?  If anything, it's probably higher per gallon.  Much easier to extract profit margin from the consumer when the per-unit price is higher.

I mean, seriously, who is trying to tell you gas station owners are suffering right now?  Because they're lying to you.  During the initial Covid lockdowns, when nobody was buying gas, that was when gas stations owners were losing money.
 
2022-07-05 7:00:22 PM  

Ivo Shandor: shroom: zgrizz: neongoats: Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.

Yep. Killed pipelines which would have increased the availability of petroleum across the entire world.
Killed exploration and future incentives reducing supply and allowing a Russian madman to bring the world to its knees.

He DID that, and no smoke and mirrors from blind Facebook liberals can change that. It's cast cold historic fact.

Instead of trying to tell us what you think he didn't do, tell us what he has actually done to fix the problem? (Other then demonstrating an abject failure to comprehend basic economics).

He is a failure, a fraud, and the biggest Presidential joke since Taft got stuck in a bathtub - and it's all on you.

He killed a pipeline that was designed to bring tar sand oil (which is not used to refine gasoline) to Gulf ports to ship oversees to China.  The part of the Keystone pipeline you *think* you're actually talking about, is already complete and has been pumping oil into the U.S. midwest since 2010 (thanks Obama).

The Keystone XL expansion would have supplied additional crude feedstock to US refineries on the Gulf coast. It is their value-added products, not the raw diluted bitumen, which would have been exported.

It's not relevant to the current situation though, as the record-high pump prices are driven by refinery margins more than the price of crude.

[Fark user image image 425x466]


Keystone XL would increase the price of gasoline in the upper Midwest and not lower it anywhere else in the USA. People advocating for the Keystone XL are arguing for higher domestic gas prices. No matter how many times this is explained to them they ignore it.
 
2022-07-05 7:18:11 PM  
Fark user imageView Full Size
 
2022-07-05 7:19:28 PM  

Moopy Mac: Ivo Shandor: shroom: zgrizz: neongoats: Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.

Yep. Killed pipelines which would have increased the availability of petroleum across the entire world.
Killed exploration and future incentives reducing supply and allowing a Russian madman to bring the world to its knees.

He DID that, and no smoke and mirrors from blind Facebook liberals can change that. It's cast cold historic fact.

Instead of trying to tell us what you think he didn't do, tell us what he has actually done to fix the problem? (Other then demonstrating an abject failure to comprehend basic economics).

He is a failure, a fraud, and the biggest Presidential joke since Taft got stuck in a bathtub - and it's all on you.

He killed a pipeline that was designed to bring tar sand oil (which is not used to refine gasoline) to Gulf ports to ship oversees to China.  The part of the Keystone pipeline you *think* you're actually talking about, is already complete and has been pumping oil into the U.S. midwest since 2010 (thanks Obama).

The Keystone XL expansion would have supplied additional crude feedstock to US refineries on the Gulf coast. It is their value-added products, not the raw diluted bitumen, which would have been exported.

It's not relevant to the current situation though, as the record-high pump prices are driven by refinery margins more than the price of crude.

[Fark user image image 425x466]

Keystone XL would increase the price of gasoline in the upper Midwest and not lower it anywhere else in the USA. People advocating for the Keystone XL are arguing for higher domestic gas prices. No matter how many times this is explained to them they ignore it.


This post has been copy pasted 1,000,000 times. I'm not sure where the text originated, but I've run into clowns saying it for a year.

Hogwash.
 
2022-07-05 7:25:23 PM  

paulleah: Moopy Mac: Ivo Shandor: shroom: zgrizz: neongoats: Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.

Yep. Killed pipelines which would have increased the availability of petroleum across the entire world.
Killed exploration and future incentives reducing supply and allowing a Russian madman to bring the world to its knees.

He DID that, and no smoke and mirrors from blind Facebook liberals can change that. It's cast cold historic fact.

Instead of trying to tell us what you think he didn't do, tell us what he has actually done to fix the problem? (Other then demonstrating an abject failure to comprehend basic economics).

He is a failure, a fraud, and the biggest Presidential joke since Taft got stuck in a bathtub - and it's all on you.

He killed a pipeline that was designed to bring tar sand oil (which is not used to refine gasoline) to Gulf ports to ship oversees to China.  The part of the Keystone pipeline you *think* you're actually talking about, is already complete and has been pumping oil into the U.S. midwest since 2010 (thanks Obama).

The Keystone XL expansion would have supplied additional crude feedstock to US refineries on the Gulf coast. It is their value-added products, not the raw diluted bitumen, which would have been exported.

It's not relevant to the current situation though, as the record-high pump prices are driven by refinery margins more than the price of crude.

[Fark user image image 425x466]

Keystone XL would increase the price of gasoline in the upper Midwest and not lower it anywhere else in the USA. People advocating for the Keystone XL are arguing for higher domestic gas prices. No matter how many times this is explained to them they ignore it.

This post has been copy pasted 1,000,000 times. I'm not sure where the text originated, but I've run into clowns saying it for a year.

Hogwash.


Why do you believe a pipeline extension to ship crude from Canada to Gulf ports that can't be used to make gasoline, would lower retail gasoline prices in the continental U.S.?
 
2022-07-05 8:09:32 PM  

zgrizz: neongoats: Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.

Yep. Killed pipelines which would have increased the availability of petroleum across the entire world.
Killed exploration and future incentives reducing supply and allowing a Russian madman to bring the world to its knees.

He DID that, and no smoke and mirrors from blind Facebook liberals can change that. It's cast cold historic fact.

Instead of trying to tell us what you think he didn't do, tell us what he has actually done to fix the problem? (Other then demonstrating an abject failure to comprehend basic economics).

He is a failure, a fraud, and the biggest Presidential joke since Taft got stuck in a bathtub - and it's all on you.


Oh, you...are a farking ignorant piece of crap. Record oil profits while still increasing prices is not indicative of normal economics. It's called price gouging, and it should result in torches and pitchforks, but assholes like you think it is great for some reason.

What, exactly? Should Biden be doing? *crickets*

XL wasn't going to produce crude for gasoline and it wasn't going into our market. Further exploration won't yield fuel for years. You are a farking moron.
 
2022-07-05 8:11:18 PM  
Planet money did a big thing on how it's not the local gas station owner screwing you over, because they want to sell you soda, ice and slim jims. Not a peep on oil company CEOs and boards. Not...a...peep.
 
2022-07-05 8:12:43 PM  

iaazathot: What, exactly? Should Biden be doing? *crickets*

XL wasn't going to produce crude for gasoline and it wasn't going into our market. Further exploration won't yield fuel for years. You are a farking moron.


Also - and almost everyone ignores this - THERE IS NO GAS SHORTAGE IN THE U.S.  Have you driven past any gas stations lately that were out of gas?  No? Neither have I.  Then by definition there is no shortage.  This is not the 1970's.

/YMMV in Europe
//pun sort of in intended
 
2022-07-05 8:35:19 PM  

shroom: paulleah: Moopy Mac: Ivo Shandor: shroom: zgrizz: neongoats: Meanwhile some wormbrained idiot is blaming Joe Biden for the WHOLE WORLD experiencing a gas crunch.

Yep. Killed pipelines which would have increased the availability of petroleum across the entire world.
Killed exploration and future incentives reducing supply and allowing a Russian madman to bring the world to its knees.

He DID that, and no smoke and mirrors from blind Facebook liberals can change that. It's cast cold historic fact.

Instead of trying to tell us what you think he didn't do, tell us what he has actually done to fix the problem? (Other then demonstrating an abject failure to comprehend basic economics).

He is a failure, a fraud, and the biggest Presidential joke since Taft got stuck in a bathtub - and it's all on you.

He killed a pipeline that was designed to bring tar sand oil (which is not used to refine gasoline) to Gulf ports to ship oversees to China.  The part of the Keystone pipeline you *think* you're actually talking about, is already complete and has been pumping oil into the U.S. midwest since 2010 (thanks Obama).

The Keystone XL expansion would have supplied additional crude feedstock to US refineries on the Gulf coast. It is their value-added products, not the raw diluted bitumen, which would have been exported.

It's not relevant to the current situation though, as the record-high pump prices are driven by refinery margins more than the price of crude.

[Fark user image image 425x466]

Keystone XL would increase the price of gasoline in the upper Midwest and not lower it anywhere else in the USA. People advocating for the Keystone XL are arguing for higher domestic gas prices. No matter how many times this is explained to them they ignore it.

This post has been copy pasted 1,000,000 times. I'm not sure where the text originated, but I've run into clowns saying it for a year.

Hogwash.

Why do you believe a pipeline extension to ship crude from Canada to Gulf ports that can't be used to make gasoline, would lower retail gasoline prices in the continental U.S.?


Why do you believe that Texas refineries are incapable of making gasoline? E.g.

https://www.bizjournals.com/sanantonio/news/2017/03/24/a-look-at-valero-refineries-that-can-process.html

https://www.valero.com/sites/default/files/valero-documents/Port%20Arthur%20Fact%20Sheet%20MAR2020.pdf
 
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