Signs of the Times

No one to blame but greedy executives.
https://www.americanprogress.org/article/these-top-5-oil-companies-just-raked-in-35-billion-while-americans-pay-more-at-the-pump/

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Dainbramadge · 56-60, M

Our government imposed a lot of regulations on the oil companies and removed their plans for a larger supply.
One thing in life is absolute. You will never get a rich man's money. The government made it more expensive to process oil so the oil company passed that on to the consumer.
The oil companies are still thriving just as they always have. They just adjust their prices according to how much it costs to produce oil products so that they still make their money.

sunsporter1649 · 70-79, M

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sunsporter1649 · 70-79, M

@McGeeisme

McGeeisme · 61-69, M

@McGeeisme @sunsporter1649

sunsporter1649 · 70-79, M

@McGeeisme In January 2020, just before the Covid-19 pandemic began to sweep across the U.S., domestic oil production was 12.8 million barrels per day (BPD). Production remained at that level for a couple of months despite the double-whammy of a price war between Saudi Arabia and Russia, and growing demand destruction as a result of the Covid-19 pandemic.

But the situation was untenable. The price of oil eventually fell to zero and then kept going. That forced some producers into bankruptcy, resulting in the largest short-term oil production drop in U.S. history.

Monthly Oil Production
Monthly U.S. Oil Production Since 2000 ROBERT RAPIER
Production declined all the way to 9.7 million BPD in May 2020 (which was the month after oil prices went negative), but has since bounced back to 11.3 million BPD.

Meanwhile, U.S. oil demand has jumped back above 21.8 million BPD, which is where it was prior to the Covid-induced plunge. This loss of supply and recovery of demand is the biggest reason we have $80/bbl oil today when it was only $60/bbl just before the pandemic.

The loss of supply has caused the U.S. to lose its briefly-held status as a net exporter of petroleum and petroleum products. That number had trended down from a high of 13 million BPD of imports in 2005 all the way to over a million BPD of exports in 2020. Now we have returned to net importer status, most recently importing a net average of 1.3 million BPD over the past four weeks.

Forbes Oct 22, 2021

Budwick · 70-79, M

In the USA we go through an average of about 369 million gallons per day.
Your complaint doesn't say what period of time the companies made their money in.
But, making money is what they are supposed to do.

You could just do what Biden is telling you to do and stop using gas!

McGeeisme · 61-69, M

@Budwick or, since almost all of the oil that is pumped out of the ground in the US, the current leader in oil production in the world, is pumped from wells in Public Lands, we can just shut them the hell down.

Budwick · 70-79, M

@McGeeisme And that would help, how?

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