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(NPR)   While gas prices spiked all over the world, Saudi Arabian energy company Aramco's profits surged 90 percent during the second quarter. Are you saying that Joe Biden "I did that" sticker lied to me?   (npr.org) divider line
    More: Obvious, Saudi Arabia, Saudi energy company Aramco, Petroleum, Peak oil, United Arab Emirates, last year, OPEC, Aramco's net profits  
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345 clicks; posted to Business » on 14 Aug 2022 at 2:26 PM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



12 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-08-14 12:25:18 PM  
Biden promised to help reduce gas prices.  He did that...BUT SAUDI OIL COMPANIES ARE STILL MAKING HUGE PROFITS SO HE LIED.
 
2022-08-14 2:44:42 PM  
Keep buying petroleum products at any price or don't. It's up to you.
 
2022-08-14 2:46:49 PM  
So, my understanding is that oil/gas prices rose due to uncertainty about supply brought on by Russia's war (Russia being a significant producer). So everyone else, as long as production costs don't go up too much, would obviously be making bank on the oil they're still producing; they weren't the cause of any supply pressures, since their production didn't drop. This should hardly be a surprise, and much as I'd like to, I can't muster much outrage over it.
 
2022-08-14 5:02:46 PM  
Americans have short memories.  This isn't our first oil price shock and I doubt that it will be our last.  There is usually little that the president can do about them in the near-term, even with the opposition party breathing down their necks.  So when picking a new vehicle, ask yourself if you want to be driving it if gasoline prices hit $5.

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2022-08-14 6:55:15 PM  
Fuel is based on speculation, months in advance. Thats it. russias input to the global pool was not a small amount, nor a giant one ( versus OPEC or the US ). Refineries have hosed people for years with the same tired stories, and it has always been bullshiat. If I always knew I was going to be short of supply to a customer, year after year after year , I should be out of a job. But the speculators all make a bet that supplies will be low, and thus , the price goes up.

Nobody with power says "increase output stocks prior to maintenance or planned shutdowns or switching to winter or summer blends" , and here we are. Again.
its not rocket surgery.
It also is not lack of drilling, because a developed field or well only costs about 25 bucks or so a barrel , if manned, less if automated. It takes a year of about 50 bucks a barrel for a new field or well to get to that point.
They never lower the cost of a barrel to the refineries. Hmmm.
 
2022-08-14 7:35:48 PM  

Dinjiin: Americans have short memories.  This isn't our first oil price shock and I doubt that it will be our last.  There is usually little that the president can do about them in the near-term, even with the opposition party breathing down their necks.  So when picking a new vehicle, ask yourself if you want to be driving it if gasoline prices hit $5.

[Fark user image 850x524]


Hey, you can't force me to think about the future (or the past)! I live only in the present. It's the American way!
 
2022-08-14 8:28:13 PM  

hissatsu: Dinjiin: Americans have short memories.  This isn't our first oil price shock and I doubt that it will be our last.  There is usually little that the president can do about them in the near-term, even with the opposition party breathing down their necks.  So when picking a new vehicle, ask yourself if you want to be driving it if gasoline prices hit $5.

[Fark user image 850x524]

Hey, you can't force me to think about the future (or the past)! I live only in the present. It's the American way!


What SPR releases
 
2022-08-14 9:11:34 PM  

alienated: Fuel is based on speculation, months in advance. Thats it. russias input to the global pool was not a small amount, nor a giant one ( versus OPEC or the US ). Refineries have hosed people for years with the same tired stories, and it has always been bullshiat. If I always knew I was going to be short of supply to a customer, year after year after year , I should be out of a job. But the speculators all make a bet that supplies will be low, and thus , the price goes up.

Nobody with power says "increase output stocks prior to maintenance or planned shutdowns or switching to winter or summer blends" , and here we are. Again.
its not rocket surgery.
It also is not lack of drilling, because a developed field or well only costs about 25 bucks or so a barrel , if manned, less if automated. It takes a year of about 50 bucks a barrel for a new field or well to get to that point.
They never lower the cost of a barrel to the refineries. Hmmm.


Do people just end a sentence with "hmmm", when they think they have a point, but can't really articulate late it?

Yesterday I didn't get any mail, tommorow the weather forecast predicts a heatwave wave. Hmmm.
 
2022-08-14 10:02:08 PM  

KB202: Keep buying petroleum products at any price or don't. It's up to you.


An excellent statement. Individual choice! Who can't support that?

Here is an implication. A "typical" American would be able to purchase technologies, such as a PHEV, and EV, AC, heat pumps, solar panels, etc., any or all of which would "liberate" them from fossil fuels. So do it!

I mean, we have a path to salvation ahead of us, and if we would just spend the money, we can walk that path. So few do. We are confused.

I am really struggling with mandates requiring that everyone adopt some technology that might be obsolete in five years. "Something needs to be done," but it can't be done too gradually or too hastily. Doing everything all at once can lead to blind alleys, especially if we are being herded by the judgment and ambitions and vision of Elon Musk. And maybe making oil prices so high that everyone conserves oil and Saudis get rich, is a good thing?

And so we come back to choice!

Make oil expensive enough to reflect all of its negative externalities and let the chips fall where they may. Giving more money to the Saudis is a good thing. Our current system and infrastructure have been created that way. If the only way to "save ourselves" is to "crash the system," then we need to make oil expensive enough that we can shed the sectors which rely on it most. or find alternatives. We are making a mistake hating the Saudis when they make huge profits from restricting oil production or expanding oil production.  Everyone can make their choices, but you can't choose production. You can only choose consumption. So leave the Saudis out of it.

Oil QUANTITY is the problem. Oil PRICES are the solution.
 
2022-08-14 11:25:24 PM  

Ketchuponsteak: alienated: Fuel is based on speculation, months in advance. Thats it. russias input to the global pool was not a small amount, nor a giant one ( versus OPEC or the US ). Refineries have hosed people for years with the same tired stories, and it has always been bullshiat. If I always knew I was going to be short of supply to a customer, year after year after year , I should be out of a job. But the speculators all make a bet that supplies will be low, and thus , the price goes up.

Nobody with power says "increase output stocks prior to maintenance or planned shutdowns or switching to winter or summer blends" , and here we are. Again.
its not rocket surgery.
It also is not lack of drilling, because a developed field or well only costs about 25 bucks or so a barrel , if manned, less if automated. It takes a year of about 50 bucks a barrel for a new field or well to get to that point.
They never lower the cost of a barrel to the refineries. Hmmm.

Do people just end a sentence with "hmmm", when they think they have a point, but can't really articulate late it?

Yesterday I didn't get any mail, tommorow the weather forecast predicts a heatwave wave. Hmmm.


you dont seem thick, but maybe you are ? I ended it a certain way because. Try not to be all conspiracy theory because I end a sentance or paragraph a certain way. I have taught people English but I often break from it. You can follow, so no worries.
 
2022-08-15 3:53:45 AM  

2fardownthread: KB202: Keep buying petroleum products at any price or don't. It's up to you.

An excellent statement. Individual choice! Who can't support that?

Here is an implication. A "typical" American would be able to purchase technologies, such as a PHEV, and EV, AC, heat pumps, solar panels, etc., any or all of which would "liberate" them from fossil fuels. So do it!

I mean, we have a path to salvation ahead of us, and if we would just spend the money, we can walk that path. So few do. We are confused.

I am really struggling with mandates requiring that everyone adopt some technology that might be obsolete in five years. "Something needs to be done," but it can't be done too gradually or too hastily. Doing everything all at once can lead to blind alleys, especially if we are being herded by the judgment and ambitions and vision of Elon Musk. And maybe making oil prices so high that everyone conserves oil and Saudis get rich, is a good thing?

And so we come back to choice!

Make oil expensive enough to reflect all of its negative externalities and let the chips fall where they may. Giving more money to the Saudis is a good thing. Our current system and infrastructure have been created that way. If the only way to "save ourselves" is to "crash the system," then we need to make oil expensive enough that we can shed the sectors which rely on it most. or find alternatives. We are making a mistake hating the Saudis when they make huge profits from restricting oil production or expanding oil production.  Everyone can make their choices, but you can't choose production. You can only choose consumption. So leave the Saudis out of it.

Oil QUANTITY is the problem. Oil PRICES are the solution.


How baked are you right now?
 
2022-08-15 4:13:54 AM  
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