This summers gas prices....

Big Oil's first quarter profits:
Shell: $9.13 billion
ExxonMobil: $8.8 billion
Chevron: $6.5 billion
BP: $6.2 billion
 
Cdillerud said:
Big Oil's first quarter profits:
Shell: $9.13 billion
ExxonMobil: $8.8 billion
Chevron: $6.5 billion
BP: $6.2 billion
Click to expand...

So what. I thought oil was based on the "market price" so they can't charge more for their products than the market.

The more important number you should look at is their investment in facilities and expansion. That's the future. Old Joe has all but shut that down.
 
Golfman25 said:
So what. I thought oil was based on the "market price" so they can't charge more for their products than the market.

The more important number you should look at is their investment in facilities and expansion. That's the future. Old Joe has all but shut that down.
Click to expand...
I didn't offer any commentary. Just sharing the info.

I would offer you might be mad at the wrong people. in 2014 oil was about the same price as this morning. The average cost of a gallon of gasoline was $3.54. Today it's over $5.00.
 
Cdillerud said:
I didn't offer any commentary. Just sharing the info.

I would offer you might be mad at the wrong people. in 2014 oil was about the same price as this morning. The average cost of a gallon of gasoline was $3.54. Today it's over $5.00.
Click to expand...
Yeah, nice try. We all know why you posted those "obscene" earnings.

And there is a big difference between 2014 and today. Our current President has every intention of eliminating "fossil fuels." He's doing what he said he would do. The industry is just following his lead and shutting down.
 
Golfman25 said:
Yeah, nice try. We all know why you posted those "obscene" earnings.

And there is a big difference between 2014 and today. Our current President has every intention of eliminating "fossil fuels." He's doing what he said he would do. The industry is just following his lead and shutting down.
Click to expand...
Shutting down? We are averaging almost the exact daily output today as the average during the trump years. What has shut down, if anything it is ramping up(slowly...) after the pandemic shutdowns?

Further, the the cost of crude oil remains about 55% of the cost of a gallon of gasoline. So where is the extra $ per gallon going? That's my question(obviously my first post answers this...)
 
Cdillerud said:
Shutting down? We are averaging almost the exact daily output today as the average during the trump years. What has shut down, if anything it is ramping up(slowly...) after the pandemic shutdowns?

Further, the the cost of crude oil remains about 55% of the cost of a gallon of gasoline. So where is the extra $ per gallon going? That's my question(obviously my first post answers this...)
Click to expand...
You may want to read this. Refining capacity is down. Plants are being, shut or converted, not built.
https://www.reuters.com/markets/com...alter-efforts-keep-up-with-demand-2022-05-31/
 
Golfman25 said:
You may want to read this. Refining capacity is down. Plants are being, shut or converted, not built.
https://www.reuters.com/markets/com...alter-efforts-keep-up-with-demand-2022-05-31/
Click to expand...

Perfect article, if you read it and comprehend what you read. Why is capacity down?

2 (China and Russia) of the 3 largest Refiners are at reduced capacity or out of the picture. China and their zero covid policy not only is shutting down refineries , but has also placed export quotas (13.1 million Barrels per day net effect). Russia we all know is sanctioned (1.5 million Barrels per day net effect).

That has caused the highest ever surge in USA refining up 6.1 Million Barrels per day. at 92% capacity needs to meet exports. This surge is to meet EXPORT demand.

Refiners have closed 1 Million BPD of capacity over the last 3 years. We now have 17.9 million barrels per day of capacity. Pre-Russian war and China impacting the market, US refiners were operating at 60% capacity.

60% --- We had excess refining capacity prior to this mess. That's the reason they are shutting down or had plans to shut down...

Refiners are making record margins currently the article states and if you read Exxons qtr investor report, they say the same thing. They also state they have trimmed operating expenses in refining. The lyondell plant thats cited in the article that is shutting down cites "high cost of maintenance" it was earmarked for closure in 2023. Then they had a fire that shut it down completely early and reduced.

https://www.bloomberg.com/news/arti...e-shows-how-fast-refining-capacity-can-shrink

But its Joe fault...
 
Smashpjp said:
Perfect article, if you read it and comprehend what you read. Why is capacity down?

2 (China and Russia) of the 3 largest Refiners are at reduced capacity or out of the picture. China and their zero covid policy not only is shutting down refineries , but has also placed export quotas (13.1 million Barrels per day net effect). Russia we all know is sanctioned (1.5 million Barrels per day net effect).

That has caused the highest ever surge in USA refining up 6.1 Million Barrels per day. at 92% capacity needs to meet exports. This surge is to meet EXPORT demand.

Refiners have closed 1 Million BPD of capacity over the last 3 years. We now have 17.9 million barrels per day of capacity. Pre-Russian war and China impacting the market, US refiners were operating at 60% capacity.

60% --- We had excess refining capacity prior to this mess. That's the reason they are shutting down or had plans to shut down...

Refiners are making record margins currently the article states and if you read Exxons qtr investor report, they say the same thing. They also state they have trimmed operating expenses in refining. The lyondell plant thats cited in the article that is shutting down cites "high cost of maintenance" it was earmarked for closure in 2023. Then they had a fire that shut it down completely early and reduced.

https://www.bloomberg.com/news/arti...e-shows-how-fast-refining-capacity-can-shrink

But its Joe fault...
Click to expand...
I get a kick out of you 'can't comprehend' people. I highlighted some of your comments in red.

-There was no 6.1 million barrel a day surge to meet export demand.
-You can see from chart what capacity our refineries run. The big dips are usually some catastrophe like even Covid.
If refineries only ran at 60% capacity there wouldn't be any because they'd lose their ass and fold up.
refining.JPG
 
Smashpjp said:
Perfect article, if you read it and comprehend what you read. Why is capacity down?

2 (China and Russia) of the 3 largest Refiners are at reduced capacity or out of the picture. China and their zero covid policy not only is shutting down refineries , but has also placed export quotas (13.1 million Barrels per day net effect). Russia we all know is sanctioned (1.5 million Barrels per day net effect).

That has caused the highest ever surge in USA refining up 6.1 Million Barrels per day. at 92% capacity needs to meet exports. This surge is to meet EXPORT demand.

Refiners have closed 1 Million BPD of capacity over the last 3 years. We now have 17.9 million barrels per day of capacity. Pre-Russian war and China impacting the market, US refiners were operating at 60% capacity.

60% --- We had excess refining capacity prior to this mess. That's the reason they are shutting down or had plans to shut down...

Refiners are making record margins currently the article states and if you read Exxons qtr investor report, they say the same thing. They also state they have trimmed operating expenses in refining. The lyondell plant thats cited in the article that is shutting down cites "high cost of maintenance" it was earmarked for closure in 2023. Then they had a fire that shut it down completely early and reduced.

https://www.bloomberg.com/news/arti...e-shows-how-fast-refining-capacity-can-shrink

But its Joe fault...
Click to expand...
So in other words, we did in fact reduce refining capacity and are currently at max capacity. Nothing new is being added. Yes it Joe's fault and the morons who voted for him. He ran on destroying "fossil fuels" and is doing a bang up job.
 
Cdillerud said:
Big Oil's first quarter profits:
Shell: $9.13 billion
ExxonMobil: $8.8 billion
Chevron: $6.5 billion
BP: $6.2 billion
Click to expand...

Fake news.

Guess who’s engineered high oil prices…. which benefits oil companies?

Brandon. :cool:

Exxon Mobil made $23 billion in profit for 2021. But that came after suffering $22.4 billion in losses the previous year because of the pandemic-fueled economic downturn. The New York Times reported.

“And while oil companies have reported record profits, these records followed billions of dollars of pandemic-era losses from 2020. ”. Politifact.
 
Last edited:
Golfman25 said:
So in other words, we did in fact reduce refining capacity and are currently at max capacity. Nothing new is being added. Yes it Joe's fault and the morons who voted for him. He ran on destroying "fossil fuels" and is doing a bang up job.
Click to expand...


It takes 5-7 years from planning,permits, and building to get a net new medium sized refinery operational. Not to mention a couple billion in capital. So by your logic and that timing, isnt this Trumps fault?
 
Smashpjp said:
It takes 5-7 years from planning,permits, and building to get a net new medium sized refinery operational. Not to mention a couple billion in capital. So by your logic and that timing, isnt this Trumps fault?
Click to expand...
If you’re talking about new refinery capacity it goes back to way before Trump. But Biden’s war on oil is real.
 
Golfman25 said:
If you’re talking about new refinery capacity it goes back to way before Trump. But Biden’s war on oil is real.
Click to expand...

We have plenty of crude oil. We have a refinery problem. Gas and diesel are the issue. Thats the part of the reason why price at the pump and price of oil don’t correlate.

Im sure if Biden had the power to magically stop inflation and lower the price of gas he would. The dems will get slaughtered in the mid terms and Biden will most likely be Jimmy Carter 2.0.


I dont hear any viable solutions to these problems from anyone. Just hopes it will go away from the (D) and Let’s go brandon or fjb. from the other side. No solutions, no strategies. Just desire for a political win
 
Smashpjp said:
We have plenty of crude oil. We have a refinery problem. Gas and diesel are the issue. Thats the part of the reason why price at the pump and price of oil don’t correlate.

Im sure if Biden had the power to magically stop inflation and lower the price of gas he would. The dems will get slaughtered in the mid terms and Biden will most likely be Jimmy Carter 2.0.


I dont hear any viable solutions to these problems from anyone. Just hopes it will go away from the (D) and Let’s go brandon or fjb. from the other side. No solutions, no strategies. Just desire for a political win
Click to expand...
I have been talking refinery capacity for several posts now. It is being shutdown or not reopened from the pandemic. Policy matters and if you have a war on fosile fuels the oil & gas industry is a much less attractive investment. If you have a billion $$$, you going to invest in an oil refinery or weed.

Unfortunately for senile Joe, the answer is simple. But he won't do it. He'd have to stop his war on fosile fuel. The US economy needs cheap energy to thrive. The difference between Biden and Carter is today the problem was self inflicted.

And don't get me started on the Republicrats. They are clearly letting a crisis go to waste. They should be campanging on the US Energy Indepence Act. But they are too stupid to figure it out.
 
Woody said:
I get a kick out of you 'can't comprehend' people. I highlighted some of your comments in red.

-There was no 6.1 million barrel a day surge to meet export demand.
-You can see from chart what capacity our refineries run. The big dips are usually some catastrophe like even Covid.
If refineries only ran at 60% capacity there wouldn't be any because they'd lose their ass and fold up.
View attachment 128861
Click to expand...
McCoy says: Dammit Jim, I’m just a doctor, I can’t make people understand business…
 
You must log in or register to reply here.

Forum statistics

Threads
113,154
Messages
1,427,384
Members
61,060
Latest member
Danileo
Back
Top