Oil Prices Continuing Down Trend

That may be, but gas prices at the pump are not reflecting that downward trend.



https://www.gasbuddy.com/charts

 

Trump doesn't drill. Funny that oil companies were raking in profits by drilling at a loss.

 

With all the upward pressure on oil prices in the world, the prices dropped??? How did that happen?! I feel like I'm being lied to about the processes that go into deciding the oil prices. What's really going on?

 

Petroleum workers were doing fine when oil was at $40 or less????????

B.S.!

I retired from the oil & gas industry Feb 2020, nearly a 40 year career.

When oil price averaged $40 or less, there were many cuts, such as;

Wages
Number of rig workers
Mileage rates
Benefits
Safety bonuses
Overtime
Etc., etc.

Thus, we shouldn’t go back to said average price, and just to please the MAGA losers.

 

B.S. again!

When Trump was POTUS, most non-integrated producers carried forward losses.

 

True. But, what's your point???

I do think this is an interesting issue. But, the US president doesn't have control of gas prices, either.

Gas pricing isn't trivial as it is not just dependent on oil price. There is a world market in gasoline (and related products). So, like oil there is a market in gasoline, and US gas corporations ARE selling overseas as well as here. And, those who manufacture gas need other materials as well. So, the price and availability of those products is a factor - and maybe more so, due to supply chain issues.

 

The average consumer does not look at the price per barrel, but what they see at the gas pump, unfortunately. And until the gas prices at the pump start to fall, which is not anytime soon given the summer vacation months are upon us, hurricane season that may disrupt supply chains, etc, the prices are either going to go up or stay the same no matter what the price per barrel does.

 

Ignoring you partisan hate for the moment, the US president has little control over the world price of oil.

Releasing some from the national reserve is an act that can help moderate inflation for a short time.

And more importantly, the Fed can raise interest rates - action the president can not demand.

You've got nothing here.

Oil is not used to produce electricity. It is not economical for that use.

Today, 70% of our oil consumption is for transportation.

By moving to EVs we would be freeing our economy from the world price of oil.

Plus, the health and other costs of burning oil on our city streets would start going away.

 

I suspect you are right. I believe the gasoline corporations pretty much have a lock on whatever they want to charge. At least it seems that way.

I wish someone would investigate whether gasoline production is a free market enterprise, how much gas is subject to world market in gasoline, etc.

 

You will be burning coal and natural gas. And you will be burins more of it with more EVs on the road. Wind and solar will not fill the gap.

 

Seems they didn’t quite make 100%. What a load of crap.

 

You clearly don't understand how commodity market works! Not long ago oil producers could not give away their oil

 

Err, the link says that they didn't quite make 100%

 

Do you have a citation for this? I’ll accept if you have a reliable link but to me your word is less than worthless.

 

So what ppb is the "right" figure for you right now?

 

On one hand we have Trump supporters saying that Trump wanted low ppb and on the other hand we have Trump supporters saying that Trump was telling OPEC+ to reduce production in order to increase ppb. They are so wishy washy. As it was, Shale oil producers at the start of Trumps presidency did need a ppb above $60 for new wells to break even and there was a big push for shale oil. We even had Trump supporters in this forum saying they were willing to pay higher prices at the pumps to protect oil jobs. How fickle they are

 

There is no way in hell I'm going to believe solar and wind energy powered up California almost 100%. This would be huge news everywhere. There is clearly a catch to this.

 

You could have just said you lost the argument...

 

Well sir you look at how much it costs to frack it out of the ground and then refine it.

 

LMAO, yeah right, the load of crap is this notion that renewables are not working. !!!!!

 

Having a problem with the facts.

 

You could have just said that whatever price it is, while Biden is President it is still too high or still too low

 

Things have inflated substantially since this was an issue back when Trump had to meet with OPEC and Russia to get them to knock it off. My contention was with Trump having to get OPEC and Russia to stop taking the price of oil as it was putting American Shale out of business as being a bad thing. It wasn't. It was absolutely needed.

 

The current price of oil is already at a level that is nearly too low for new shale drilling to be viable yet we have Trump supporters saying that it's Biden fault that the oil price is too high and should be around $40

 

I honestly haven't looked into this as there haven't been headlines of oil companies going bankrupt like they were in 2020.

40 sounds like the price point it needed to be back in 2020. However as I've stated...Biden's inflated everything so perhaps 40 is now too low. I'm not seeing any oil companies going out of business just yet.