Gas

[snox801]

We are talking oil companies and the profits they made in 2021. It was not a result of PPP money. The PPP money was given out in 2020 when the oil industry almost went belly up. If you are suggesting that PPP money kept them from bankruptcy which aloud them to make profits in 2021, I can't dispute that but the profits themselves came from the price of oil. 2020 saw the largest reduction in oil production in this country's history. The reason was because oil prices were tanking. The reason they tanked was 2 fold. 1st and foremost, everyone stopped traveling and demand tanked. The 2nd reason is that Russia was having an oil war with OPEC and flooded the market. Oil dropped to $11 a barrel. In 2021, things start to get back to normal and demand starts increasing. If you want to claim the PPP money helped get back to normal and as a result affected demand, I won't disagree. Oil production increased but was not keeping up with demand so oil prices continued to climb. At some point, the oil companies realized they could make more money by controlling the flow of oil than going back to drill baby drill.

By the way, I work from home as a result of covid. Some companies are making their employees go back to the office because they have to much invested in the buildings they are in or they are old school and think they need to be able to keep an eye on them to make sure they are working. Funny thing is that productivity went up when everyone went remote. I think they are realizing or soon will that their employees got a taste of working from home and will go find another job working remote if they are forced back into the office. I know several people who have done this.

Yes 2020 was the start of the ppp. But much of the money didn't hit accounted till later in the year. My company and several others were already in the 21 fiscal year around the time that hit and a lot of cash flowed over from stim checks. I would bet a huge amount of money the oil companies got huge ppp checks. Which they collected and never had to pay most operating cost. That equals huge profits. Plus I've seen reports of many companies saving hundreds of thousands with staff not taking up space and resources in the office. Heck just the catering bills where I work sometimes would save huge amounts. It's not as simple as greed I. The oil companies. Never had been that never will be. At some point one of them would say hey I want market share and they would be a lower price and force others to lower or lose share.

View attachment 367350

This is funny, that being said Jim and I have had many private conversations and I can tell you he is not a troll. If he is he is the highest kind but I believe he is not.
He just has a different view. I view is as wrong but he doesn't. I'm glad he does post his views. He like me believes that our system. Should work this way.
In fact one of our conversations was about how we both didn't care who wins elections as long as it was fair. The last one should have followed outlined laws and had a full audit. Let the chips fall in place. Either way that the system we have and if our guy doesn't win then so be it we need better arguments and more reach.
So although we do not agree and I originally thought he was a troll he truly believes in these wacky ideas. But keep in mind if we keep them civil we can all find some common ground and if we do that we can eventually form something that can make a change. Maybe term limits?

 

[2buffalo]

Yes 2020 was the start of the ppp. But much of the money didn't hit accounted till later in the year. My company and several others were already in the 21 fiscal year around the time that hit and a lot of cash flowed over from stim checks. I would bet a huge amount of money the oil companies got huge ppp checks. Which they collected and never had to pay most operating cost. That equals huge profits. Plus I've seen reports of many companies saving hundreds of thousands with staff not taking up space and resources in the office. Heck just the catering bills where I work sometimes would save huge amounts. It's not as simple as greed I. The oil companies. Never had been that never will be. At some point one of them would say hey I want market share and they would be a lower price and force others to lower or lose share.

This is funny, that being said Jim and I have had many private conversations and I can tell you he is not a troll. If he is he is the highest kind but I believe he is not.
He just has a different view. I view is as wrong but he doesn't. I'm glad he does post his views. He like me believes that our system. Should work this way.
In fact one of our conversations was about how we both didn't care who wins elections as long as it was fair. The last one should have followed outlined laws and had a full audit. Let the chips fall in place. Either way that the system we have and if our guy doesn't win then so be it we need better arguments and more reach.
So although we do not agree and I originally thought he was a troll he truly believes in these wacky ideas. But keep in mind if we keep them civil we can all find some common ground and if we do that we can eventually form something that can make a change. Maybe term limits?

Everyone has an opinion. Jim stated some facts, framed the facts with his opinions that he tried to pawn off as facts with no back up. That is dishonest at best and definitely troll like. I can have a civil conversation with a liberal in fact the majority of my family are die hard Democrats. Accusing people or companies of something and backing it up with his opinion and telling people his opinion is fact is slander. He then goes on to say he never made any baseless claims. This is a lie and you know it. God bless you for having the patience to listen to the fantasy going on in his head and not bust on him. If I have learned one thing about liberals is they deal in emotion not facts. Last week there was one on TV telling us a man can have a baby. Its fascinating to watch.

P.S. He must still be studying for his quiz...

 

[snox801]

Everyone has an opinion. Jim stated some facts, framed the facts with his opinions that he tried to pawn off as facts with no back up. That is dishonest at best and definitely troll like. I can have a civil conversation with a liberal in fact the majority of my family are die hard Democrats. Accusing people or companies of something and backing it up with his opinion and telling people his opinion is fact is slander. He then goes on to say he never made any baseless claims. This is a lie and you know it. God bless you for having the patience to listen to the fantasy going on in his head and not bust on him. If I have learned one thing about liberals is they deal in emotion not facts. Last week there was one on TV telling us a man can have a baby. Its fascinating to watch.

P.S. He must still be studying for his quiz...

Well I have called him on stuff as much or more than most here and in the health insurance thread. If anything at least we know what the arguments will be so we are prepared to counter.
Just stating Jim may not agree with us but he seems to be a very decent person in general.

 

[JimFromTN]

Yes 2020 was the start of the ppp. But much of the money didn't hit accounted till later in the year. My company and several others were already in the 21 fiscal year around the time that hit and a lot of cash flowed over from stim checks. I would bet a huge amount of money the oil companies got huge ppp checks. Which they collected and never had to pay most operating cost. That equals huge profits. Plus I've seen reports of many companies saving hundreds of thousands with staff not taking up space and resources in the office. Heck just the catering bills where I work sometimes would save huge amounts. It's not as simple as greed I. The oil companies. Never had been that never will be. At some point one of them would say hey I want market share and they would be a lower price and force others to lower or lose share.

Oil companies received their money in 2020. I think oil companies got about $8 billion total in PPP. Oil companies reported $80 billion in losses in 2020. Oil companies reported an $240 billion in profits in 2021. Even if the oil companies were able to report the entire $8 billion as profits in 2021, it does not explain the $232 billion in additional profits. In 2019, oil companies reported $55 billion in profits. So we can deduct that which leaves $177 billion that oil companies were able get by cutting operating costs. Maybe its me but that seems like kind of a stretch.

 

[JimFromTN]

Everyone has an opinion. Jim stated some facts, framed the facts with his opinions that he tried to pawn off as facts with no back up. That is dishonest at best and definitely troll like. I can have a civil conversation with a liberal in fact the majority of my family are die hard Democrats. Accusing people or companies of something and backing it up with his opinion and telling people his opinion is fact is slander. He then goes on to say he never made any baseless claims. This is a lie and you know it. God bless you for having the patience to listen to the fantasy going on in his head and not bust on him. If I have learned one thing about liberals is they deal in emotion not facts. Last week there was one on TV telling us a man can have a baby. Its fascinating to watch.

P.S. He must still be studying for his quiz...

The only thing you have called me on is the oil companies absorbing the profits. Oil dropped from almost $120 a barrel to around $95 a barrel. Gas prices should have almost dropped close to $3 a gallon. Maybe they did where you were but they did not where I was. They dropped maybe 10 cents. There have been several occasions over the last few months where this has occurred. It also does not explain why back in 2008 when oil prices reached $145 a barrel, it was cheaper than today when its $110 barrel. If it makes it up to $145 a barrel, we will probably be paying 50% or more for gas than we did in 2008.

 

[jbs2014]

The only thing you have called me on is the oil companies absorbing the profits. Oil dropped from almost $120 a barrel to around $95 a barrel. Gas prices should have almost dropped close to $3 a gallon. Maybe they did where you were but they did not where I was. They dropped maybe 10 cents. There have been several occasions over the last few months where this has occurred. It also does not explain why back in 2008 when oil prices reached $145 a barrel, it was cheaper than today when its $110 barrel. If it makes it up to $145 a barrel, we will probably be paying 50% or more for gas than we did in 2008.

Answer his question

 

[JimFromTN]

Answer his question

Which question is that?

 

[jbs2014]

Which question is that?

587

 

[JimFromTN]

587

632

 

[jbs2014]

632

Post # 632 has not even been written yet. You a time traveler now Jimmy?

 

[JimFromTN]

Did Trump warn the American people that Bidens policies would lead to high gas prices? Y/N (link for help in answering)

Trump warned about allot of things. Of course, when he made that warning, the oil industry was already crashing. Oil wells had been shut down as had oil refineries all under his watch. It was the largest reduction in oil production in US history. Agin, $80 billion in losses and over 600 oil companies filing bankruptcy. Again, all under his watch.

You state "When oil has dropped oil companies have not been lowering the price of gas. They have been absorbing the profits." do you have proof of this? (Please refer back to post 539 for your answer) Y/N

If you can't is this a baseless claim? Y/N

No. Its not a baseless claim.

This isn't the epoch times or even info wars so you probably won't believe them

U.S. producers reluctant to drill more oil, despite sky-high gas prices

Rather than give consumers relief at the pump, many oil and gas executives are sending profits to investors.

www.cbsnews.com

The Real Reason Big Oil Won't Save Us From High Gas Prices

The Real Reason Big Oil Won't Save Us From High Gas Prices

time.com

‘DUCs’ Are Goosing Oil Companies’ Booming Profits. What Happens When They Run Out?

Oil companies are completing wells they drilled years ago to boost cash flow and keep shareholders happy. What happens when the backlog runs out?

www.forbes.com

Why Oil Companies Are Lush With Cash but Not Spending Much | The Motley Fool

It may come down to a variety of factors.

www.fool.com

$100 Oil Is Back! Why Isn’t Texas Drilling?

Russia’s war on Ukraine has made it practically patriotic to pump oil, but the Permian hasn’t ramped up production. Don’t blame Washington. Blame Wall Street.

www.texasmonthly.com

Did Biden sign an executive order with an indefinite "pause on new oil and natural gas leases on public lands" until a comprehensive review on the climate change impacts can be completed. Y/N (Hint you can find your answer here). https://www.whitehouse.gov/briefing...ckling-the-climate-crisis-at-home-and-abroad/

The pause lasted maybe 2 months and there were 9000 existing leases available

"Interestingly, Oil prices where higher under G W Bush but the price of gas lower". Has the price of doing business gone up from 20 years ago? Y/N

Our refining capacity has more than doubled in that amount of time.

 

[Old Rooster]

My wife filled up her car with a 22 gallon tank I think and paid almost 72.00.
I may start looking at mopeds

 

[JimFromTN]

She must have only needed a half a tank.

 

[Old Rooster]

Good afternoon Jim,she said she put 16.7 gallons in as we are hearing rumors of another price hike.
That put the price per gallon at 4.31.Thats beyond ridiculous!