Fogbow

jcolvin2 wrote: ↑Fri Apr 29, 2022 1:46 am I would gladly pay $10 or $20/gallon if that helped defeat Putin.

Comparing 1Q 2011 and 1Q 2022 is problematic. Vaccines were just ramping up in 1Q 2021 and driving was down. Also just stating profit numbers tells you very little. You need to consider the investment required to create that profit. Billions in profit on an investment of hundreds of billions might not be all that great.

Saw something interesting yesterday. Diagonal corners on the same intersection. The Exxon station had gas for $3.89, and the tanker was refilling the underground tanks when I passed it. Came back through a bit later and the same truck was refilling the tanks at the no-name station across the street. Their gas was $3.65. Long line at the Exxon, pumps open at the no-name. And I have no doubt the people at the Exxon were bitching about the price of gas.

sugar magnolia wrote: ↑Fri Apr 29, 2022 5:35 pm Saw something interesting yesterday. Diagonal corners on the same intersection. The Exxon station had gas for $3.89, and the tanker was refilling the underground tanks when I passed it. Came back through a bit later and the same truck was refilling the tanks at the no-name station across the street. Their gas was $3.65. Long line at the Exxon, pumps open at the no-name. And I have no doubt the people at the Exxon were bitching about the price of gas.

Even though the same truck delivered the base gas, Exxon would have added its proprietary additives before selling. This has been normal practice for decades in order to minimize transportation costs. Gas is in most ways is a commodity so gas retailers have long touted their additives to distinguish their gas from the crowd.

Also, there are many major gas producer retirees, like myself, who get a discount on retail gas prices which makes their employer's gas cheaper for them than the no-name gas. We also get the cash price (plus our discount) at stations which charge more for credit purchases.

One more thing, major gas retailers typically offer loyalty programs by which holders of their brand of credit card earn points that can be redeemed for gasoline, hotel discounts or various gifts.

When I first started working at my employer, some decades ago now, most of the gas stations selling that brand also did car repairs, sold batteries and tires, etc. I got a discount on the gas, the batteries, the tires and oil changes. I also had oil heat in my house then and got a discount on that oil too.

We get points at our grocery store that can be used on gas or food. We always use it on gas. My husband filled up this morning for $18.+ He saved over $40. We have to buy our gas at their station, but we've done that for years, and it's perfectly fine. Without the Advantage Card, their gas is the going price.

According to gasbuddy.com, Costco gas is now $5.55/gal. There will be long lines.... I found a station not far from me that is 5.79, so I'll probably go there and save myself from a 30 to 45 minute wait.

I don't understand economics, maybe somebody can answer my question, point me in the right direction.

Is this one of those problems that won't be solved because more money will be made by not solving it?

Correct.

Of all the various topics on Fogbow, this is the one that will be most explanatory if/when Presidential, House, Senate all go strongly Republican. It could be perceived as a mandate encouraging horrific legislation.

This is why Biden cannot win if he runs.

What can he do? The oil companies are international. Might help if he explains that those companies are international thieves and are raking in the money from the US and other countries.

Yes, be vocal. The problem is real and affecting everyone— especially low income people. Our people. American. He is president. Even if his power is limited, the perception and reality must be that the democratic will fight for the solution until things are better. (Republicans blocked an important attempt)

If the most powerful person on the planet shrugs and say “ but what can I do?”, they don’t deserve to be re-elected. Period.

And that is why I'm a socialist. I saw it in action when I lived in Oz. Although the out going premier f@cked it up.

busterbunker wrote: ↑Sun Jun 12, 2022 2:24 am I don't understand economics, maybe somebody can answer my question, point me in the right direction.

Is this one of those problems that won't be solved because more money will be made by not solving it?

BUT.... But.... but.... if Biden only would open up the Federal land and seas to exploration....

I'm a gonna join up with our comrades in the various conspiracy groups milling about.

Gas prices are a collusion among the oil companies to get the Democrats out of office in the mid terms and also in the next presidential election. They will remain high until the Rethuglicans gain power and presto! They will return to their former levels. I also think that some of the inflationary pressures are behaving similarly. You can point to all the economic factors, unrest in Ukraine, etc. etc., but this does not seem to explain away such a significant jump in the retail price of fuel so suddenly.

If tfg had legitimately been reelected, would we be seeing these same sort of prices? I dunno.

I disagree.

The increase in fuel demand now that pandemic restrictions have been lifted is the cause of higher prices.

You can't just look at gasoline. Most crude oil, about 60%, is not used to make gasoline.

Refineries have to balance production of various products with demand.

Currently diesel fuel is quite a bit more expensive than gasoline. Diesel users, mostly large trucks, are willing to pay a higher price per gallon so refiners prioritize diesel production which means less gasoline from each barrel of crude oil.

Producing more crude oil won't help much in the short term because refinery capacity is the real limitation right now.

If you want lower gas prices then buy less of it.

When I ride my bike to the grocery store, I get the feeling I'm spending a lot of gas money. In the early days of Covid, some shelves were empty, but prices were relatively stable. Shelves are getting empty again, but some prices have doubled. Is gas the primary pressure on other commodities? Or could there be there a little profit-taking going on elsewhere, too?

Fortunately - knock on wood - the price of beer has remained fairly stable, as long as you buy it on sale. Beer is pretty heavy and must take a lot of gas to move around. But a can of black olives just went from $1 to $2. And I haven't heard of any olive shortage, they grow them up the road.

Money is one of those things I'll probably never understand.

busterbunker wrote: ↑Sun Jun 12, 2022 5:16 pm Fortunately - knock on wood - the price of beer has remained fairly stable, as long as you buy it on sale. Beer is pretty heavy and must take a lot of gas to move around.

I just checked online at my local Walmart -- prices of the two biggest brands (Bud and Miller) are stable, but all the products are "Out of Stock". Even Stella and Corona are out of stock.

Damn. That sucks, dude. Maybe they sold all their beer because they had to buy a football team. My mom won't let me shop there anyway.

When beer is missing, shop for toilette paper. That's the next thing to get stuck in the supply chain

busterbunker wrote: ↑Sun Jun 12, 2022 5:16 pm When I ride my bike to the grocery store, I get the feeling I'm spending a lot of gas money. In the early days of Covid, some shelves were empty, but prices were relatively stable. Shelves are getting empty again, but some prices have doubled. Is gas the primary pressure on other commodities? Or could there be there a little profit-taking going on elsewhere, too?

Fortunately - knock on wood - the price of beer has remained fairly stable, as long as you buy it on sale. Beer is pretty heavy and must take a lot of gas to move around. But a can of black olives just went from $1 to $2. And I haven't heard of any olive shortage, they grow them up the road.

Money is one of those things I'll probably never understand.

Prices jumped immediately where I live. Lots of staples doubled, and are now triple pre-pandemic prices. At least I'm working from home more days than not, so gas consumption is way down.

i picked up a new tank of propane for the grill today. it was only a couple bucks more that what i payed last fall for the last one. yeah, i know they are different production streams, but still, today’s gas prices are a scam.

Chilidog wrote: ↑Mon Jun 13, 2022 12:02 am i picked up a new tank of propane for the grill today. it was only a couple bucks more that what i payed last fall for the last one. yeah, i know they are different production streams, but still, today’s gas prices are a scam.

Bottled gas gets hit by the transportation cost more than by the price of the basic product.

I'm stupid, just had a flashback.

Money
It's a gas
Grab that cash with both hands and make a stash
New car, caviar, four star, daydream
Think I'll buy me a football team

So now the oligarchs are forced to sell Chelsea and Walmarts are buying the Broncos. And I'm paying double for black olives.

Makes sense. I suppose.

DONT TREAD ON MY BEERS. DEMS FIGHTING WORDS.

If they put out more gasoline then they will have to put out less of something else like diesel fuel or jet fuel. Refinery capacity is finite.

It takes years to design and build refinery capacity.

I can not imagine anyone building new refineries when the automakers are all developing electric vehicles.