Article

2022-11-01 Economy

Pump Prices Are Rising in US as Big Oil Profits Soar

(Bloomberg) -- US gasoline prices rose for the first time in 16 days, potentially posing a political challenge for the Biden administration ahead of elections even as it casts a spotlight on Big Oil’s massive profits.

The average national pump price inched up to $3.761 a gallon Friday, snapping a streak of declines seen as easing pressure on Democrats trying to keep control of Congress. The reversal is being driven by rising prices on the East Coast, where gasoline supplies are so tight that some terminals have reported running out of fuel.

The jump comes as President Joe Biden lambasts some of the world’s biggest oil companies for reaping record profits while Americans struggle with historic inflation. Exxon Mobil Corp. on Friday posted the highest profit in its 152-year history while Chevron has its second-best quarter ever. Meanwhile, some of the states facing the highest pump prices are those poised to determine which party controls Congress.

While the cost of gasoline generally follows the price of oil, the current rise has more to do with US fuel supplies being at historic lows. Inventories on the East Coast have depleted to their lowest levels in a decade for this time of year, with imports from energy-starved Europe slowing and top supplier India also cutting back on shipments due to refinery maintenance there. A backwardated market structure is disincentivizing storage, exacerbating the shortage.

The Biden administration is weighing several options to cushion the blow, including expanding emergency fuel reserves and requiring private companies to hold minimum inventories, but no decisions have yet been made.

Posted by The Walking Unvaxed 2022-11-01 00:00|| || Front Page|| [11136 views ] Top

#1 Two weeks and the game is over. Home heating oil, All vehicle fuels. Some corporate management factory meetings being held with employee's.I should hear today what is to come. National railroad strike never resolved in most of the country. Florida settled but that was a local Union thing.

Posted by Dale 2022-11-01 04:00|| 2022-11-01 04:00|| Front Page Top

#2 It's funny how inflation only effects customers and never companies to these ignorant pea brains.

Posted by AlanC 2022-11-01 08:11|| 2022-11-01 08:11|| Front Page Top

#3 Number of cracking plants the government, at all levels, have approved for building in the last 20 years?
Before you even breath, Venezuela nationalized theirs. How's their production going?

Posted by Procopius2k 2022-11-01 08:18|| 2022-11-01 08:18|| Front Page Top

#4 Just seven more days. Tick tock.

Posted by Billy B 2022-11-01 09:13|| 2022-11-01 09:13|| Front Page Top

#5 Big Oil!

Emergency reserves and minimum inventories mean nothing if they can't be filled, you pretz.

Posted by swksvolFF 2022-11-01 10:28|| 2022-11-01 10:28|| Front Page Top

#6 Biden says oil company profits are 'outrageous' and a 'windfall' from the Ukraine War: President says 'enough is enough' and execs should be paying higher taxes if they don't reduce prices at the pump

Posted by Skidmark 2022-11-01 10:41|| 2022-11-01 10:41|| Front Page Top

#7 Because higher taxes always reduces the price.
/derp

Posted by swksvolFF 2022-11-01 10:50|| 2022-11-01 10:50|| Front Page Top

#8 BP boasts its profits have more than DOUBLED to £7.1 BILLION over past three months compared to 2021 as global energy supplies face huge strain amid the war in Ukraine... as calls for windfall taxes grow

Posted by Skidmark 2022-11-01 11:21|| 2022-11-01 11:21|| Front Page Top

#9 Wait til he sees what it'll cost to refill the ~~Democrat Election Prop~~ Strategic Reserve

Posted by Frank G 2022-11-01 11:21|| 2022-11-01 11:21|| Front Page Top

#10 Ah'm thinkin' they believe all the wells in the Gulf off Texas will serve as a strategic reserve.

Posted by Skidmark 2022-11-01 13:49|| 2022-11-01 13:49|| Front Page Top

#11 Meeting was about orders dropping dramatically for product line. Sounds like layoff time.

Walmart has turned to the railroad to ship product rather than tractor trailers. I understand rail cars labeled Walmart.

Two and one half hour wait to refuel tankers. Diesel very difficult to secure for delivery. Shortage of drivers also. Gray hair time for dispatchers.

Posted by Dale 2022-11-01 14:29|| 2022-11-01 14:29|| Front Page Top

#12 Meeting was about orders dropping dramatically

What meeting, Dale? You forgot to mention it.

Posted by trailing wife 2022-11-01 15:40|| 2022-11-01 15:40|| Front Page Top

#13 "Ms. Karen, please explain to us in your own words the difference, if any, between Gross Profit and Net Profit."

A backwardated market structure is disincentivizing storage, exacerbating the shortage.

Momma always said not to chew khat and talk at the same time.

Posted by swksvolFF 2022-11-01 16:17|| 2022-11-01 16:17|| Front Page Top

#14 I see (and hear) a hell of a lot of coal and oil moving on the central rail lines every day

Posted by Large Lover of the Algonquins9615 2022-11-01 18:10|| 2022-11-01 18:10|| Front Page Top

#15 OH, Railroaders went back to work but no contract. No where near agreement. TW I wanted to keep the name quiet but it was American wood-mart.

Posted by Dale 2022-11-01 20:22|| 2022-11-01 20:22|| Front Page Top

#16 Thanks, Dale. You know I don’t know enough not to ask awkward questions, for which I apologize afterward and in advance. In future just say something about not being comfortable mentioning the name, and I should get the hint not to ask.

Posted by trailing wife 2022-11-01 21:36|| 2022-11-01 21:36|| Front Page Top

12:01 Crusader
11:55 Grom the Affective
11:52 Crusader
11:50 Crusader
11:40 swksvolFF
11:11 HeavyG
11:10 Angstrom
11:07 HeavyG
11:07 Angstrom
11:06 DarthVader
11:05 HeavyG
10:58 alanc
09:43 Mullah Richard
09:27 Warthog
09:11 Mercutio
09:07 AlmostAnonymous5839
08:52 Matt
08:24 Matt
08:20 SteveS
07:43 Procopius2k
07:42 BrerRabbit
07:42 Procopius2k
07:39 Procopius2k
07:36 Procopius2k