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Started By
Message
re: California Governor Accuses Valero Of Ripping People Off At The Pump
Posted on 10/26/22 at 11:36 am to RogerTheShrubber
Posted on 10/26/22 at 11:36 am to RogerTheShrubber
quote:
Which benefit the wealthy, not the poor or middle class.
Love Capitalism!
1
Posted on 10/26/22 at 11:40 am to Lakeboy7
quote:
Love Capitalism!
Its not.
Its far closer to socialism when government unilaterally shuts down industry, throws a bunch of money into the situation.
I'm glad you realize the failure of central planning today..
Posted on 10/26/22 at 11:40 am to ragincajun03
quote:
I’m sure the differential in prices has nothing to do with the higher taxes Californians have to pay at the pump, and has nothing to do with the various more strict regulations. Nothing.
The highest excise fuel tax in the continental U.S. by far. Oh, and there was a tax rate increase of 3 cents per gallon enacted on July 1 2022 that was wholeheartedly endorsed by Newsome.
Posted on 10/26/22 at 11:42 am to Boomdaddy65201
Consumers pay roughly .80/gal in in taxes in Ca, sales and fuel taxes.
Posted on 10/26/22 at 11:42 am to LSUFanHouston
quote:
They are making all the money they can. That's how they "fight back".
They can do a lot more.
Posted on 10/26/22 at 11:44 am to ragincajun03
Some big earl companies made $600-700 million on their retail fuel business globally year-to-date. That's on an asset base of $8+ billion.
That does not seem to be the result of price gouging.
If that were price gouging, Pricing Managers should be jobless.
That does not seem to be the result of price gouging.
If that were price gouging, Pricing Managers should be jobless.
Posted on 10/26/22 at 11:47 am to RogerTheShrubber
quote:
I'm glad you realize the failure of central planning today..
Eh, you are in fricking Alaska talking shite about the Worlds 4th largest economy.
Maybe its you who doesnt understand how shite works.
Posted on 10/26/22 at 11:49 am to LegendInMyMind
quote:
The federal government charges an excise tax of 18.4 cents per gallon.
-California’s excise taxes on gasoline come to 50.5 cents per gallon.
-That includes 12.7 cents per gallon from the controversial Senate Bill 1 that became law to improve infrastructure and develop transportation programs across the state.
-Plus, there’s a state sales tax. It can vary by area but the Stillwater analysis estimated the sales tax averages 10.7 cents per gallon.
Now, take a guess how much some big earl companies make per gallon?
Hint:
wholesale models = 1-2 cpg, retail models = 8-12 cpg
Give or take
CA makes WAY MORE per gallon than the big earl companies do in the retail fuel segment of the business.
Posted on 10/26/22 at 12:04 pm to RogerTheShrubber
quote:
Its not.
Its far closer to socialism when government unilaterally shuts down industry, throws a bunch of money into the situation.
I'm glad you realize the failure of central planning today.
Seriously, what a moron. Scary party is, they are PROUD to be that STUPID.
He really thinks that comment was a "gotcha".
Posted on 10/26/22 at 12:11 pm to Oates Mustache
quote:
That dumb arse has no idea how crack spreads work. And does he comment when oil and gas is losing their asses due to the spreads being shite, taking losses?
Remember how they celebrated when XOM was delisted from the NYSE when their stock was tanking?
Posted on 10/26/22 at 12:12 pm to ragincajun03
Now, while i agree that the oil companies are screwing everyone over, i also see the BS in crap like Gavin Newsome talks about
Posted on 10/26/22 at 12:13 pm to Tchefuncte Tiger
He thinks O&G companies just wake up every morning and throw a dart at a wall to set prices at the pump, while the feds and states are taxing it into oblivion.
Posted on 10/26/22 at 12:14 pm to ragincajun03
That's ironic: A California government official accusing a corporation of ripping people off.
Posted on 10/26/22 at 12:16 pm to ragincajun03
quote:
In a statement, Newsom said that “Big oil is ripping Californians off, hiking gas prices and making record profits. As Valero jacked up their profits by over 500% in just a year, Californians were paying for it at the pump instead of passing down those savings.”
Newsome is a clown.
All of this information is easily found:
Valero Margins in the last decade
quote:
Valero Energy net profit margin as of September 30, 2022 is 4.54%.
His claim of 500% of because last year, Valero was at nearly 0% proft margin coming out of the COVID shutdown.
Anyone that supports Newsom is a bubbling idiot.
Posted on 10/26/22 at 12:17 pm to Lakeboy7
quote:
Eh, you are in fricking Alaska talking shite about the Worlds 4th largest economy. Maybe its you who doesnt understand how shite works.
How do you think the oil and gas industry should work? Who should have control? What policies do you propose?
Posted on 10/26/22 at 12:17 pm to Fat and Happy
quote:
Now, while i agree that the oil companies are screwing everyone over,
They aren't.
Posted on 10/26/22 at 12:18 pm to LSUFanHouston
quote:
So when the oil companies and their boot lickers are saying "but muh higher costs" tell them to suck it. It's not impacting them one bit... except giving them hihger profits.
Blame wall street for this, but also realize that as the costs of chemicals, equipment, and manpower go up, you need larger amounts of profit to reinvest back into the company to grow.
Posted on 10/26/22 at 1:00 pm to Sao
quote:
GN is a terrible politician but I, too, sometimes question the consistent quarterly records big oil sees.
Did you question the industries consistent losses from 2014 thru 2021?
The crash of the GoM offshore industry over that time frame?
Does the government set a floor price for oil during hard times for them?
No.
O&G has long been an international business, requiring huge investments with high risk and decades to pay off.
Price control or windfall profit tax gasoline in CA and they'll simply reduce supply and sell elsewhere. Takes a while but it's strictly business.
There's a reason Chevron is moving corporate functions out of CA.
Not picking on you, just pointing a few simple facts that drive the oil and gas business those not in the business don't usually know.
It's fairly easy to lose your arse in this business, plenty of examples out there. It's a highly cyclical commodities industry.
Posted on 10/26/22 at 1:16 pm to Animal
quote:
Company in business to make a profit makes a profit. Film at 11.
Well, that and this:
quote:
Who controls the price of gas?
Petroleum prices are determined by market forces of supply and demand, not individual companies, and the price of crude oil is the primary determinant of the price we pay at the pump.
That said, I don't understand why more in the media and those with an R next to their name don't point this out more often, and expose people like Newsome.
Posted on 10/26/22 at 1:18 pm to Sao
quote:
GN is a terrible politician but I, too, sometimes question the consistent quarterly records big oil sees.
Liberal policies are literally what is generating those record profits by restricting supply and sending futures through the roof. Isn't it ironic?
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