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Started By
Message
re: The Consumer Fuel Price Gouging Act
Posted on 6/17/22 at 8:01 pm to Purplehaze
Posted on 6/17/22 at 8:01 pm to Purplehaze
This idea that “big oil” is colluding to price-fix is some of the most ignorant commentary I’ve seen in years about the O&G industry.
The 7 largest international oil companies - ExxonMobil, Chevron, Shell, Eni, Total, BP, and ConocoPhillips (collectively “big oil”) - account for a whopping 14% of global oil production. 58% of production comes from other countries’ state-owned oil companies.
How the frick can big oil be jacking up the price when they control less than 1/5 of production?
There is certainly price fixing happening in the oil & gas industry. That’s basically why OPEC exists. But it has jack shite to do with American oil companies.
ETA: Also, the conflation of “price gouging” (which is typically localized price increases in response to an emergency) with “price fixing” (meaning colluding to keep supply low) is red meat for idiots who never took entry-level ECON.
The 7 largest international oil companies - ExxonMobil, Chevron, Shell, Eni, Total, BP, and ConocoPhillips (collectively “big oil”) - account for a whopping 14% of global oil production. 58% of production comes from other countries’ state-owned oil companies.
How the frick can big oil be jacking up the price when they control less than 1/5 of production?
There is certainly price fixing happening in the oil & gas industry. That’s basically why OPEC exists. But it has jack shite to do with American oil companies.
ETA: Also, the conflation of “price gouging” (which is typically localized price increases in response to an emergency) with “price fixing” (meaning colluding to keep supply low) is red meat for idiots who never took entry-level ECON.
This post was edited on 6/17/22 at 8:08 pm
0
Posted on 6/17/22 at 8:05 pm to Purplehaze
quote:
gouged
Doesn't really exist. Certainly not in this context.
Posted on 6/17/22 at 8:06 pm to Purplehaze
If you produce and sell Purple Haze and someone decides to crush the beer industry which makes it more expensive for you to produce beer, you increase the price of your purple haze
Posted on 6/17/22 at 8:08 pm to HailHailtoMichigan!
quote:
There is no such thing as price gouging
No such thing? There's never been an example of price gouging? In the pharmaceutical industry?
Posted on 6/17/22 at 8:09 pm to Purplehaze
quote:
So if you think someone is gouging you on fuel, ask your GOP Congressman why they wanted you to be gouged.
Posted on 6/17/22 at 8:28 pm to Purplehaze
There is no single reason, person, or entity that produced the supply/demand imbalance we have now. However, one of the big issues that very few seem to be talking about is the shale boom. The shale boom produced a glut in supply and it wrestled control of the market away from OPEC because it was mainly indies in the shale market. That was all roses at the pump until 4/20/20. From that point forward CapEx dropped like a rock for everyone from small indies to multinationals and it shows no signs of returning to where it was. In many ways, OPEC sux but they would have never let 4/20/20 happen.
Posted on 6/17/22 at 8:29 pm to Purplehaze
So why now? Why not gouge prices before? Why wait now to make extra profits?
If Buden and the dems really wanted to lower gas prices, they could do it easily by suspending taxes on gas. Instant lowering of the cost to the consumer.
If Buden and the dems really wanted to lower gas prices, they could do it easily by suspending taxes on gas. Instant lowering of the cost to the consumer.
Posted on 6/17/22 at 8:31 pm to Purplehaze
You are so stupid.
Please post somewhere else.
Please post somewhere else.
Posted on 6/17/22 at 8:31 pm to HailHailtoMichigan!
quote:
There is no such thing as price gouging
I will disagree with this in the case of Pharm Bro.
Posted on 6/17/22 at 8:31 pm to dgnx6
quote:
why now? Why not gouge prices before? Why wait now to make extra profits?
What they can never answer:
Why did Russia wait until Trump was out of office to invade?
Why did “big oil” suddenly decide to “price gauge” and leave all this profit on the table during Trumps term?
This post was edited on 6/17/22 at 8:32 pm
Posted on 6/17/22 at 8:32 pm to JackieTreehorn
Posted on 6/17/22 at 8:32 pm to 3nOut
excellent counter to dawgfan’s 1st nonsense post in this thread.
now do Big Pharma
quote:
Follow the money see who is getting how much from certain groups
now do Big Pharma
Posted on 6/17/22 at 8:33 pm to Purplehaze
Those gubment leases carry so much regulation, no oil company is interested.....if they can't make a good profit, it ain't worth the risk, period.
And fricking Joe wants big oil corporations to reduce their margins to make him look better....frick THAT!
And fricking Joe wants big oil corporations to reduce their margins to make him look better....frick THAT!
Posted on 6/17/22 at 8:33 pm to Purplehaze
quote:
gouged
You seem intimately familiar with that term. I guess that goes with your power bottom status.
Posted on 6/17/22 at 8:35 pm to Purplehaze
Leftists hate when capitalism reigns and producers and consumers alike thrive because their platform of division are marginalized when all boats are raised by a high tide.
Leftists blame capitalists when dictatorial collectivists suffocate the supply chain operated by producers and cause consumers to suffer real life deprivation.
Leftists have no answers to anything. Never have. Only infantile and uninformed criticism. The Marxist doctrine is a mathematical cancer to the tide lifting philosophy of Free Trade
Leftists blame capitalists when dictatorial collectivists suffocate the supply chain operated by producers and cause consumers to suffer real life deprivation.
Leftists have no answers to anything. Never have. Only infantile and uninformed criticism. The Marxist doctrine is a mathematical cancer to the tide lifting philosophy of Free Trade
This post was edited on 6/18/22 at 2:30 am
Posted on 6/17/22 at 8:36 pm to Purplehaze
I don't know what is true or false anymore or who to blame for anything, but I know this.
- All politicians are bought. They are a bunch of whores, but instead of pussy they have a vote.
- On this board everything republicans do is good. Everything democrats do is bad. No in between.
- All politicians are bought. They are a bunch of whores, but instead of pussy they have a vote.
- On this board everything republicans do is good. Everything democrats do is bad. No in between.
Posted on 6/17/22 at 8:38 pm to chryso
quote:Monopoly pricing is a separate issue
I will disagree with this in the case of Pharm Bro.
price gouging refers to the raising of prices due to demand surges, supply crunches, or both
Posted on 6/17/22 at 8:41 pm to Purplehaze
Isn’t there a Poliboard?
Posted on 6/17/22 at 8:41 pm to OweO
quote:
On this board everything republicans do is good. Everything democrats do is bad. No in between.
Nah, Republicans are fricking terrible
They just aren’t nearly as fricking terrible as Democrats.
I just cannot fathom how any adult, with any life experience whatsoever, could support the current DNC.
Posted on 6/17/22 at 8:42 pm to HailHailtoMichigan!
quote:
price gouging refers to the raising of prices due to demand surges, supply crunches, or both
Link for that? Or did you just make up your own definition in order to further support your dumb take?
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