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In reply to the discussion: Here is one reason we have high gas prices. [View all]ProfessorGAC
(64,960 posts)19. It Seems Totally Appropriate, To Me
The continued high prices when it's obvious that the Ukraine situation is not having a major impact on supply is clearly price manipulation to hold off losses from overly expensive futures bought in March & April.
Repeating myself from a post below:
Russia is about 12% of world supply. Embargo efforts affect 25-30% of that, so a bit over 3% of world supply.
Of the countries pumping the other 88%, not one is producing over 80% of capacity.
The supply of crude was never in jeopardy. The only change would have been geography, the whole time, unless ALL of Russia's exports were blocked.
It's easier to direct ire at oil companies because their financials are public information with every 10q filing.
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K&R, yes ... 100% greedy because their profit ***MARGIN*** has gone up along with top line profits.
uponit7771
May 2022
#1
60 votes not in Senate to overcome GOP filibuster of Gas Price Gouging Bill
TheBlackAdder
May 2022
#28
BP reports bumper first-quarter net profit, but posts massive loss on hit from Russia exit
Celerity
May 2022
#29
PPB was over 100 in 2011-15 and gas prices, set by big oil, was not this high
uponit7771
May 2022
#34
THIS !!!! ☝🏾☝🏾☝🏾 2011-15 oil was over 100 a barrel at clips and we still never paid this close to
uponit7771
May 2022
#30
Then how are they making such high net profit ***MARGINS*** come on, we see their 10ks !!
uponit7771
May 2022
#32
True but not the point, Big Oil is profiting GREATLY while raking in profit margins that are stupid
uponit7771
May 2022
#41
Ahhh. How I long for the days when we could get paid to take delivery of crude.
Lucid Dreamer
May 2022
#39