Oil refiners exploited the crisis': Report shows oil refiners are gouging California drivers (global warming, premium)

[steel7]

I paid $4.86 today at fast trip in Yucaipa. We sure are being screwed in CA & the state will not do anything. Welcome to CA.

[Rakin]

Originally Posted by steel7

I paid $4.86 today at fast trip in Yucaipa. We sure are being screwed in CA & the state will not do anything. Welcome to CA.

Gas has sunk to $2.90 - $3 a gallon here in Texas. California is screwing you people.

But you get what you vote for.

[moneill]

Haven't read everyone's comments but from day one oil producers were transparent about their choice to try and recover 2020 losses and also shore up their assets.

It is frustrating...but at the same time we believe in freedom for businesses to do business.

Wasn't until early summer demand for the gas started decreasing. Oil companies did what they could.

And sure the President can ask them to produce more....but they don't have to cooperate.

Oil producers aren't the only corporations that have raises profit margins over and above inflation rates. Profit rates have gone up -- not just gross sales.

[beach43ofus]

Excellent!...love it. This partially offsets the Libs control of the media.

[Crossfire600]

Originally Posted by tijlover

if the oil flow from Venezuela hadn't been stopped in 2019 under Trump, we'd have lots of cheap oil. There are negotiations going on with Maduro, and I'm sure it has to do with which sanctions to drop, but Chevron is standing by in case we reach an agreement with Maduro.

Yes, Maduro is a Dictator, but why be so picky about which Dictator to buy oil from?

We had lots of cheap oil… and it was ours until Pedo Joe..

[Mathguy]

Originally Posted by steel7

I paid $4.86 today at fast trip in Yucaipa. We sure are being screwed in CA & the state will not do anything. Welcome to CA.

CA is behind your high gas prices with their taxes and special blends.

Any questions, go look at prices around the country.

Weird how the minute you cross a state line the price drops huh?

[erieguy]

“Just buy an electric vehicle”- Sleepy Joe

[albert648]

The only gouging I see is tax gouging on the part of the State of California.

[WRM20]

Originally Posted by Crossfire600

We had lots of cheap oil… and it was ours until Pedo Joe..

What are you talking about with "it was ours until Biden"? Biden didn't destroy demand and cause consumption to drop off a cliff, bankrupting smaller producers and forcing large ones to suffer multi-billion dollar losses. The smaller producers are gone forever, since no one will ever lend them money again. The smaller producers weren't making money even before demand dropped, since the proceeds from each well were used to pay for the debt from the previous well. When demand started rising again, there were supply chain and employee availability issues along with a reluctance to offend shareholders that kept the pace of drilling slow.

As for exports, the US does not have the capacity to refine all of the light oil produced by fracking, so it gets exported and heavier oil that works better in US refineries is imported. ExxonMobil is starting up the 250,000 barrel per day light oil expansion in Beaumont soon, and Chevron and others have similar projects under way.

[Mathguy]

Originally Posted by Crossfire600

We had lots of cheap oil… and it was ours until Pedo Joe..

If the going rate for oil is $100 a barrel and some well in Oklahoma starts pumping out oil, they're going to sell it for $100 or are they going to sell it for $50 to a US refinery so you can have cheaper gas?

You have a serious gap in your flow of logic that somehow our domestic production has this massive impact on oil prices.

Part of the problem is our refinery capacity which is stagnant and can't handle demand spikes.

So, by making up an imaginary non-sensical reason you actually wind up giving a pass for the policies and promises that have kept our refining capacity limited.