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re: Bessent warning to oil and gas companies if they refuse to drop prices the same way they r
Posted on 4/15/26 at 9:51 am to atlgamecockman
Posted on 4/15/26 at 9:51 am to atlgamecockman
quote:
Lol is this guy serious? The O&G guys sell at whatever the prevailing market rate is, they have no control over price beyond what they can store which is peanuts.
More ignorance on display on twitter... don't believe everything you read.
When it takes months for oil to go from in the ground, to the refinery to the pumps and into your car, how does "news" in the middle east immediately impact gas pump prices within 24 hours? The oil that made that pump gas was bought at a lower price. There is no real justification for immediate price jumps at the pump. Gas pump prices shouldn't go up until it receives fuel that cost more to make.
The argument that these are always just natural market mechanisms is complete bullcrap.
This post was edited on 4/15/26 at 9:53 am
2
Posted on 4/15/26 at 9:54 am to Ailsa
Need to clean up the title to say gas stations and not oil and gas companies. Big difference between the two.
Posted on 4/15/26 at 10:00 am to GREENHEAD22
quote:
Need to clean up the title to say gas stations and not oil and gas companies. Big difference between the two.
That was my first thought. But, at the same time, I’m sure it doesn’t really matter for the Daughtery audience.
Posted on 4/15/26 at 10:01 am to notsince98
Exactly. I would guess that from ground to gas pump has to be 90 days or more on average. Gas already in a store's tank jumping 40 cents overnight because a bomb went off somewhere is pure greed putting a crisis to use.
Posted on 4/15/26 at 10:06 am to notsince98
Prices at the pump are not based on how much the gas currently in the underground tanks cost. It's based on how much it will cost to refill those tanks.
Posted on 4/15/26 at 10:13 am to The Baker
quote:
Explain how prices responding to supply isnt how a market works.
Prices are nothing but what someone on the market is willing to pay for it. you can buy future contracts for crude oil and gasoline right now and theres a whole market of buyers and sellers
Posted on 4/15/26 at 10:17 am to dalefla
quote:
Exactly. I would guess that from ground to gas pump has to be 90 days or more on average. Gas already in a store's tank jumping 40 cents overnight because a bomb went off somewhere is pure greed putting a crisis to use.
OP references oil and gas companies, not gasoline retailers
Posted on 4/15/26 at 10:37 am to atlgamecockman
Your mistake is thinking gas prices are based on the current supply and demand. They are based on predicted future supply(demand is much more steady and predictable, it’s almost a constant aside from predictable seasonal fluctuations) So when prices at the pump go up instantly based on fears of future decline in supply, shouldn’t they go down when those fears are alleviated? I appreciate Bessent using his bully pulpit to try to push this along.
Posted on 4/15/26 at 10:39 am to hubertcumberdale
quote:
future contracts
Which are dependent on supply…
So again, explain in detail, how prices responding to supply isnt how a market works.
Posted on 4/15/26 at 10:39 am to Ailsa
Posted on 4/15/26 at 10:40 am to baldona
quote:
Look I agree this is Politics 101...but I also think you guys are being INCREDIBLY ignorant if you think gas stations aren't going to buttfrick their customers if they can get away with it.
You need to understand Econ 101. Gas stations are going to charge as much as they think they can sell gas for, just like you're going to try to buy gas as cheaply as possible. Are you screwing a gas station by choosing another one because it's $.05 per gallon cheaper?
Posted on 4/15/26 at 10:42 am to Ailsa
Oil and gas companies do not set the price of gasoline at the pump. The price is market-driven by the cost of oil. So it’s confirmed that the Republicans are just as clueless as the Democrats.
Posted on 4/15/26 at 10:43 am to Bayou_Tiger_225
quote:
quote:
Are you specifically calling Scott Bessent ignorant?
There are many people in the Trump admin that you could make a pretty solid case for. Scott Bessent isn’t one of them
100% agree.
Posted on 4/15/26 at 10:47 am to The Baker
quote:
Which are dependent on supply…
So again, explain in detail, how prices responding to supply isnt how a market works
it is all baked into the price at any given time, when did i argue this? how is a US oil company going to determine what people buy and sell crude oil/refined products for? It is certainly based on the future outlook of supply and demand
Posted on 4/15/26 at 10:47 am to Ailsa
Wait, this board was claiming only Panicans were worried about gas prices. And high short term gas prices were the cost of not having Iran drop a nuke on the Average Joe's front door in Kingsport Tennessee.
Posted on 4/15/26 at 10:47 am to dalefla
quote:
Exactly. I would guess that from ground to gas pump has to be 90 days or more on average. Gas already in a store's tank jumping 40 cents overnight because a bomb went off somewhere is pure greed putting a crisis to use.
Lol come on man. Think about this at a basic level. Using your own rationale if there's an item you know will go up in price in 90 days. What do you think is going to happen to the price of that item TODAY? Consumers will buy, speculators will buy, which in turn drives those prices up TODAY.
I can assure you, there's no "BIG OIL"getting together to keep prices high at the pump in the US. It's very very close to" free market."
Posted on 4/15/26 at 10:52 am to hubertcumberdale
quote:LINK
when did i argue this?
Did you jump in to agree with me or the poster who told me OPEC doesnt influence market price with oil supply
Posted on 4/15/26 at 10:57 am to The Baker
quote:
Did you jump in to agree with me or the poster who told me OPEC doesnt influence market price with oil supply
I was reiterating that US oil and gas companies cannot control the price of oil outside of increasing supply, which is already at world record levels
Posted on 4/15/26 at 11:06 am to hubertcumberdale
quote:
I was reiterating that US oil and gas companies cannot control the price of oil outside of increasing supply,
okay. well we have major leverage over OPEC at the moment with Venezuala and the gulf states both under our thumb currently. So my assertion is that's why Trump expects everyone to play ball.
And Bessent really was referring to retail gas stations.
Posted on 4/15/26 at 11:06 am to lazlodawg
quote:
Prices at the pump are not based on how much the gas currently in the underground tanks cost. It's based on how much it will cost to refill those tanks.
Distinction w/out a difference.
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