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Sat May 21, 2022, 08:21 PM

Analyst on why gas prices are so high

There is a lot of finger-pointing about who's to blame for the high gasoline prices.

Republicans blame the Biden administration while Democrats say the oil companies are price-gouging. Analyst Severin Borenstein of Berkeley's Energy Institute told CBS News the root of the problem is more complex.

"Most of the increase has come from crude oil prices going up, and that's because world demand has been coming back quite strongly from the pandemic and supply hasn't caught up," he said. "Even before Russia attacked Ukraine, we were seeing the production of oil lagging. Producers in the United States are reporting they're having a hard time getting workers to come back to the oil fields. They're having supply chain problems with parts and equipment."

Oil companies are benefiting from the spike in prices at the pump. In the first 3 months of the year, Chevron's profits rose 33% over the last three months of 2021. Shell's profits jumped 42% while Conoco Philips is up 43%, and British Petroleum's profits soared 51%.

https://www.msn.com/en-us/money/markets/analyst-on-why-gas-prices-are-so-high/ar-AAXz8CW

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Arrow 12 replies Author Time Post
Reply Analyst on why gas prices are so high (Original post)
Yo_Mama_Been_Loggin May 21 OP
Beartracks May 21 #1
Skittles May 21 #3
Igel May 21 #5
Thunderbeast May 21 #2
RussBLib May 21 #4
MichMan May 21 #6
Midnight Writer May 21 #7
3Hotdogs May 23 #8
Kid Berwyn May 24 #9
democratforlife2022 May 24 #10
LineLineNew Reply .
lj332000 May 24 #11
GoldandSilver May 26 #12

Response to Yo_Mama_Been_Loggin (Original post)

Sat May 21, 2022, 08:52 PM

1. Republicans just "blame Democrats," but can't explain how or why.

Democrats blame market forces, and can explain the reasoning.

==========

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Response to Beartracks (Reply #1)

Sat May 21, 2022, 09:35 PM

3. they know they don't need to explain

because they know how stupid and easily manipulated their base is

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Response to Beartracks (Reply #1)

Sat May 21, 2022, 09:55 PM

5. Did you read the OP? n/t

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Response to Yo_Mama_Been_Loggin (Original post)

Sat May 21, 2022, 09:00 PM

2. Does any oil industry analyst have an estimate of how profits correlate to price?

What, for example, does the 33% to 51% increase translate to in the price of a gallon of gasoline? How much of my five dollars is returned to stockholders?

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Response to Yo_Mama_Been_Loggin (Original post)

Sat May 21, 2022, 09:40 PM

4. prices here almost equal to Europe

You'd pay $0.08/gallon in Venezuela up to $10.96/gallon in Hong Kong. Venezuela has state-owned oil. USA comes in at $4.66/gallon

interesting chart of prices as of 16 May

https://www.globalpetrolprices.com/gasoline_prices/

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Response to RussBLib (Reply #4)

Sat May 21, 2022, 10:31 PM

6. There is a wide disparity in fuel taxes between different countries

That accounts for most of the difference

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Response to Yo_Mama_Been_Loggin (Original post)

Sat May 21, 2022, 11:55 PM

7. Love the way phrases like "production of oil lagging" and "Oil companies are benefiting"

are separated in different paragraphs, as if one has nothing to do with the other.

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Response to Midnight Writer (Reply #7)

Mon May 23, 2022, 08:19 AM

8. Too few workers and not being able to replace broken parts......

Probably true. An oil company C.E.O. would raise production now to take advantage of the high price of oil if it were possible. Rather than wait for the price to drop and make less money per barrel. This was a scenario with O.P.E.C. Member nations would agree to tamp down production. Prices would rise. One or two members would break the agreement.

or maybe they are waiting for further increases in the price.

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Response to Yo_Mama_Been_Loggin (Original post)

Tue May 24, 2022, 08:35 AM

9. Then there's Putin.

War on Ukraine has crimped the supply hose.

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Response to Yo_Mama_Been_Loggin (Original post)

Tue May 24, 2022, 03:41 PM

10. Putin's price hike

Hello fellow comrades! How much longer are we gonna have to be feeling the effects of putin's price hike!

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Response to democratforlife2022 (Reply #10)

Tue May 24, 2022, 08:22 PM

11. .

 

" "Even before Russia attacked Ukraine""

Quoted from article.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu May 26, 2022, 12:11 AM

12. It's acknowledged there are many reasons for exhorbitant gas prices

but the oil companies are failing to act as responsible global citizens.

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