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This most recent increase in gas prices is a complete rig job by the oil companies.

The White House is fitting back but consumers need to help them push back on the predatory oil companies. They can’t do it all. Tighter regulation takes time.

In the meantime, don’t accept the artificial price increase or the cash grab from oil execs. Go buy a hybrid, cancel your Shell or BP credit cards, walk instead of Lyft for closer distances. Just do anything to push back.

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by Anonymousreply 36January 18, 2022 11:13 AM

Everybody keeps trying to make Biden look bad but each incidence is completely a failure of the private sector.

We need to bring back some kind of regulation. Look at the cost of lax rules. Corporations will exploit and price gouge their consumers without a second thought.

by Anonymousreply 1November 17, 2021 11:30 PM

Oil companies are notorious for price gouging. Going into peak consumption seasons (like holidays where lots of people drive more), they always supposedly have "unplanned refinery upgrades" or some such bullshit in an attempt to claim a supply shortage in order to justify dramatic price increases. It is complete bullshit and they need to be much more heavily regulated.

by Anonymousreply 2November 17, 2021 11:33 PM

The market is controlled by a price-fixing cartel that can’t be sued under US antitrust law (OPEC).

by Anonymousreply 3November 17, 2021 11:33 PM

Isn't there a huge reserve the U.S. has from past fracking that can be brought into the U.S. marketplace to bring down the price?

by Anonymousreply 4November 17, 2021 11:35 PM

All the inflation is, it's a political hit job and the worst part is it's working.

by Anonymousreply 5November 17, 2021 11:41 PM

Higher oil prices were foreseen by specialists even as they crashed in March 2020 during the global shutdown. Commodities like oil are cyclical. It's a boom-bust business.

When oil price is high, oil companies start chasing production growth to cash in, which ultimately leads to hypergrowth and oversupply, and thus lower commodity price. This causes lower share prices of oil companies and low ROI for investors who then take their money elsewhere - the bust part of the cycle. With the bust we have lower growth, low spare capacity and the commodity price goes higher - which is where we are at now.

Add to that the ESG pressure on oil companies so they start investing in renewables - but those technologies aren't yet able to replace global demand for oil - because oil isn't only gas, it's plastics, it's medicines, it's used everywhere. Your electric car cannot be made without oil products. Now investment funds esp. public funds have ESG mandates and they started divesting from oil which also contributed to higher gas prices.

At the moment US, Canadian companies and OPEC+ aren't rushing to increase drilling so the new boom cycle of growth hasn't started. Apart from government and public funds pressure on ESG, the US/Canadian E&Ps especially have been under pressure by their major shareholders (investment funds) to use the free cash flow from operations to increase return of capital to the shareholders and not for capex growth. Which is why the companies recently started share buybacks and dividend increases instead of investing in growth.

So it's not so simple as a "political hit job", nor drill baby, drill.

by Anonymousreply 6November 18, 2021 12:46 AM

Good try OP

by Anonymousreply 7November 18, 2021 12:47 AM

It’s a scam. Gas should be about 2.50 with the added issues but even then it’s a dying industry that will collapse all at once when renewables take critical mass.

by Anonymousreply 8November 18, 2021 1:46 AM

It’s fine to make a profit but to gouge in these conditions is beyond egregious. People are going hungry so they can buy $5 gas. These oil companies have enough money and pay no taxes. Who pays to clean up their pollution. The whole racket is a scam.

by Anonymousreply 9November 18, 2021 1:48 AM

In CA there are taxes and fees of about $1.18 PER GALLON on gas, per a news story this week.

Taxes:

Federal Excise Tax: 18 cents per gallon

State Excise Tax: 51 cents per gallon

Sales Tax (estimated): 10 cents per gallon

Fees: Low Carbon Gas Programs: 22 cents per gallon

Greenhouse Gas Programs: 15 cents per gallon

Underground Tank Storage: 2 cents per gallon

by Anonymousreply 10November 18, 2021 1:58 AM

I think a lot of companies are doing this. There is tons of outright robbery by these crooks looking to exploit people during the “supply crunch”. Yet never once has anyone mention stateside manufacturing as a solution.

by Anonymousreply 11November 20, 2021 7:34 PM

How much is gas in your area? Some of this is regional.

by Anonymousreply 12November 20, 2021 7:37 PM

The oil companies know what markets they can scam and gouge but others they have to watch their moves.

It’s really egregious. They don’t care if single mothers can’t get to work or people patients have to skip their dialysis appointments and possible die because they can’t afford the gouging and profiteering. These oil companies are vultures. They pay nothing for their pollution. And No taxes.

by Anonymousreply 13November 20, 2021 7:40 PM

And now all the other companies will start gouging their customers and then blaming the increased oil prices.

All the CEOs vacation together on their yachts and spend all the increased profits on caviar and champaign.

by Anonymousreply 14November 20, 2021 7:42 PM

This whole inflation ruse is a scam. Companies are making more money than ever in history. God forbid that trickles down a little and they don’t raise their prices. So what if you make a few less bucks.

But no. They raised the prices on everything to teach us a lesson.

by Anonymousreply 15November 20, 2021 7:44 PM

This week in the airline industry will be one huge cluster fuck for airline passengers, especially if the weather doesn't cooperate.

The airlines are simply in this for a huge revenue grab, when they know good and well they don't have the personnel to properly staff these flights. American had a major operations meltdown Halloween weekend, Southwest had a major operations meltdown Columbus Day weekend, and the whole system will probably collapse this week.

The airlines are trying to make up for all the lost revenue in 2020, and are accepting reservations for flights and passengers they know they can't handle. They're banking on only a minority of suckers (i.e. passengers) asking for refunds

by Anonymousreply 16November 20, 2021 8:04 PM

…and this is a surprise? Of course, 3rd quarter profits are at an all time high

by Anonymousreply 17November 20, 2021 8:13 PM

This is definitely a political hit job. Oil & gas corporations don't like democratic presidents.

They're just trying to make Biden look bad.

Fuck all of them!

by Anonymousreply 18November 20, 2021 8:22 PM

Don’t forget about me!

[quote] In 2017, Trump broke with tradition by choosing Riyadh, the capital of Saudi Arabia, for his first foreign visit and soon announced a record arms sale to the kingdom. Later, after Khashoggi, a contributor to the Washington Post, was brutally dismembered in a Turkish consulate, Trump cast doubt on MBS’s involvement, saying, “Maybe he did, maybe he didn’t.” After his own CIA director briefed Congress on MBS’s culpability, Trump reportedly boasted about his efforts to protect the crown prince, saying, “I saved his ass.”

[quote] Trump requested that Saudi Arabia and its cartel, the Organization of the Petroleum Exporting Countries, lower energy prices by increasing output, and the kingdom complied. Prices bottomed out in 2020 amid the coronavirus pandemic, and usage sank to record lows. Prices surged once the pandemic waned and the economy reopened, and this August Biden requested that OPEC again increase output.

[quote] This time MBS refused, angry at having yet to be granted an audience with Biden…

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by Anonymousreply 19November 20, 2021 8:39 PM

Please inform the public when you hear complaints of inflation and their true cause.

by Anonymousreply 20November 20, 2021 8:42 PM

The billionaires, foreign and domestic, who control the oil industry hate any Democratic administration and have a long history of capricious price increases when they're in control. Unfortunately, Americans don't understand the extremely manipulative nature of politics, nor can they figure out just who is doin' the screwin'.

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by Anonymousreply 21November 20, 2021 9:01 PM

$5.20 a gallon here for supreme which my car requires. Southern CA.

by Anonymousreply 22November 20, 2021 10:12 PM

Wow @r21.

The republicans are full blown anti-American.

by Anonymousreply 23November 22, 2021 3:40 PM

So when gas does down we thank Biden?

Bookmark this page.

by Anonymousreply 24November 22, 2021 3:41 PM

[quote]Go buy a hybrid, cancel your Shell or BP credit cards, walk instead of Lyft for closer distances. Just do anything to push back.

If $3.20 a gallon scandalizes you, just follow OP's advice and spend $35-45,000 on a hybrid car! And cancel your Shell credit card! That should solve everything!

Americans can't fucking be bothered about anything that matters, but if gas prices go up, it's the end of the world.

by Anonymousreply 25November 22, 2021 4:43 PM

Why isn’t this common knowledge. Why isn’t this all over Twitter.

The White House needs to get a PAC.

by Anonymousreply 26December 15, 2021 11:56 PM

This is such a scam. Ripping off the poorest people in the country. They can not afford these cash grabs by oil companies. This means less presents under the tree.

by Anonymousreply 27December 15, 2021 11:58 PM

Why didn’t people on social media being this up when the Walker kid was making a stink about gas prices.

Instead they just got into twitter wars.

Hit these people with the truth. Walker Jr should have been mad at Exxon. Not Biden.

Biden has been trying to get these prices down. He owns the president an apology.

by Anonymousreply 28December 15, 2021 11:59 PM

Crazy that they are still this high. It’s robbery.

by Anonymousreply 29December 16, 2021 12:22 AM
by Anonymousreply 30December 16, 2021 10:32 AM

What’s with republicans trying to blame this on Biden?

The White House is working hard on this but they need help from the American people.

by Anonymousreply 31January 18, 2022 9:43 AM

Prices are just now starting to go down. There was the usual holiday increase (because of "demand") but that's over with, and also the formerly very angry Saudis are now just peeved -- or perhaps miffed -- and thanks to Biden and the Senate agreeing to a sale of arms to Saudi Arabia, OPEC has released more oil reserves. They also lowered oil prices in Asia after raising them just a month ago plus have increased total output to pre-COVID levels, a signal that gas prices might continue to drop in the next few weeks.

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by Anonymousreply 32January 18, 2022 10:02 AM

Here's the article on OPEC:

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by Anonymousreply 33January 18, 2022 10:02 AM

They are really going for it. Gas prices are through the roof. They are staying high and not budging.

by Anonymousreply 34January 18, 2022 10:47 AM

*At least so far.

by Anonymousreply 35January 18, 2022 10:48 AM

I’d like to see this as part of the mainstream hit job on Joe Biden.

He doesn’t own the oil companies.

by Anonymousreply 36January 18, 2022 11:13 AM
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