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its almost like its rigged system,
Almost like?
Pretending this is a serious question- it’s because the USA participates in the global crude oil market..
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It’s a money grab and nothing more. Remember when covid hit how much the price went up on bottled water…..?
Don't know anything about the price of bottled water but the price of oil went to zero. How many people remember that?
Oil went to negative numbers yet gas here was still over $2
Gas was probably over 3$ here in California. Refining crude to make gasoline is pretty much a fixed cost. The big variable is the cost of the crude. Even if crude is zero on the NYMEX it doesn't mean that it's what refiners pay for it. However, refiners will play play the game if they can. It takes a month or so for crude to be refined and reach the retail location but the price goes up the next day.
Bottled water at the gas station is still more expensive than the gas from the pump
🤔
And yet that seems to escape the president’s understanding….
Yet, the stockpile of the US crude oil reserves is the wrong kind for the existing refineries. We still need to outsource to make gasoline.
Really? No light sweet crude?
I think he’s referring to the regional refining problem and applying it a bit “broadly”.
Oil dropping…… $83.78 a barrel now.
Pot, meet kettle.
Well, clearly I'm not understanding something because all the oil coming out of Texas (which is approximately 20% of all U.S. production) is the perfect oil to make gasoline.
As I understand it, most of our refineries process dark sour crude. They are unable to process the light sweet that Bakkan supplies. Permian is more refinable I believe so we ship a lot of light sweet to the newer refineries over seas and they send back refined products. We also take the dark sour they produce because our refineries are set up for it.
I would say quite the opposite- He very much understands we play in a global market and also understands it’s priced in USD. Also understood the importance of having control over Venezuela’s oil and keeping it out of Russia and China’s hands…so it’s always priced in USD..
Anyways, you’re a smart guy who already knows all this…
Pit Row
All I know much about is Texas refineries. There are at least 20 major ones on the coast, and the biggest on Galveston bay who all produce gasoline, diesel, and jet fuel and much of thier crude comes from the Permian Basin.
The rest of the country's refineries maybe set up as you describe. I don't know.
I’m old enough to remember when California refined a lot of fuel.
Then, the Left took over.
Fact
I remember when gas was 30 cents a gallon and my dad would give me a quarter for gas to put in my yellow 68 Honda mini trail. I would grab the one gallon can, hook it on my bicycle bars and off to the gas station I’d go. I ride back and it was on till I ran dry again…….. “Hey dad, can I have another quarter?” Those were some of the best days of my life.❤️
I remember “gas wars” At the corner of Saticoy and Fallbrook…Atlantic Richfield and Esso stations & maybe a Texaco?…I think…
I recall filling up the go-cart for two dimes (about 1/2 gallon “square” tank atop a Briggs & Stratton). My uncle filled up his Stingray for $10 (and got money back) and he’d smoke-show down Saticoy like tires were free.
At McDonalds on Roscoe…a cheeseburger, fries and a coke…change back on your dollar.
Remember going surfing at Huntington beach (early mid 70s) and going home with tar on your feet? My parents used to drop me off at the cliffs north of the pier many times. And I always tried to avoid stepping on those little back balls on the ground, but inevitably I would step on some. Arghh
The cliffs were my favorite spot. We would go right where PCH drops down into Bolsa Chica. We had another spot up farther at one of the lifeguard towers at Bolsa Chica. When I was 12, about '65, I had a 9'6" Jacobs that weighed more than I did when it got water logged. I had to drag it out of the water but I didn't care.
I bought a used board from a neighbor (with lawn mowing money) and promptly ruined it. Dad bought me a replacement from the Robert August surf shop across the street from the Huntington pier. Boy did I take care of that. It was my only board for the next 6 years
OK. Texas is still refining a shit load...
WTI Crude Oil Spot Price (Market Daily) - Historical Data &…
You gotta love what an “Intellectual Fail” some of these angry hater threads are 🤣
The thread got much better when we squirreled off in the direction of surfing. Hell, I even interjected an oil story. 🤣
Grew up surfing Manhattan / El Porto next to the big oil storage tanks in El Segundo where the tankers loaded and unloaded oil and its byproducts . Nothing like getting tar on your feet then the transfer of it to your wax and then to your front side.
Cant mention El Segundo without bringing up Redd Foxx. He liked to say that’s where he’d take her when his lady wanted him to do her where it stinks 🤣
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