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Oil companies report sky-high profits thanks to wartime crude prices

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Re: Oil companies report sky-high profits thanks to wartime crude prices

#32

Earlier quoted context omitted.

WTF do you drive, a RAM 2500? If the gallon is $4, the $350 is 90 gallons.

A RAM 2500 gets 12 city. 40 miles city per day over a month would be 100 gallons, which at today’s average price in California is $565.20/mo They’re doing a bit better than that.

$5/gallon, cheap af.

Re: Oil companies report sky-high profits thanks to wartime crude prices

#33

Why don't I hear anyone mentioning "Windfall profits tax" Are oil companies immune from legislation under the current administration?

The whole point of this war is to make money on oil.

Obviously not, and a little part of me dies every time someone boils a complex issue down to an obviously wrong statement like this.

The war with Iran right now is the culmination of the war in Gaza. These are two battlefields in a larger conflict - the belligerents are Iran and its proxies (Hamas, Hezbollah, the Houthis) versus everyone else in the region.

Iran escalated the conflict (which previously was only simmering and involved occasional missile attacks on Israel) with the 10/7 attacks in response to Saudi Arabia and other regional powers normalizing relations with Israel. They did not properly account for Israel being led by warmongering right-wingers, nor did they account for the US being led by a geriatric man who seems like he might have dementia. They assumed, incorrectly, that the US would continue to be led by reasonable people who weighed the risks of closing the Strait of Hormuz (earthshattering) against the risks of continued Iranian-funded terrorism in the region (Israel gets more bad press and has to keep spending money on missile defense).

The goals of this war, in a geopolitical sense, are to force Iran to abandon its proxies and to lead to regime change in Iran. The fact that the current US administration is made up of morons who should never been placed in power doesn't change that. The goals of any war are best explained by geopolitical factors and not whoever is in charge, because geopolitical factors are real and enduring while presidents and kings change often.

If anything, Trump's only pressing need at the moment is to get oil prices down so that the GOP isn't completely blown out in the midterms by $6/gal gas prices. Oil companies making money is not the cornerstone of US foreign policy, no matter how often people like citing it.

This isn't going to happen because Hormuz is likely to be closed for years to come. Eventually domestic economic pressure will force Iran to the negotiating table; the regime needs to sell oil almost as bad as Trump needs low gas prices. God willing all of the parties involved will have better leadership by then.

Re: Oil companies report sky-high profits thanks to wartime crude prices

#34

Earlier quoted context omitted.

Yeah I drive about 40 miles a day and pay about $20 per month. I would have had to pay $350/month or so with an equivalent gas vehicle.

WTF do you drive, a RAM 2500? If the gallon is $4, the $350 is 90 gallons.

Gas is around $5.50 here in Seattle. Lots of unknowns to consider.

Re: Oil companies report sky-high profits thanks to wartime crude prices

#35

Before 2008 oil was above 100$ per barrel, and dollar was worth a lot more back then.

Is your point that such historical prices only occur when the shit is hitting the fan? Because the first time oil ever went above $100 was at the start of the 2008 financial crisis...

[1] https://www.cbsnews.com/news/oil-prices-top-100-for-first-ti...

Re: Oil companies report sky-high profits thanks to wartime crude prices

#37
post #7

Earlier quoted context omitted.

Yeah I drive about 40 miles a day and pay about $20 per month. I would have had to pay $350/month or so with an equivalent gas vehicle.

350 how? my subaru gives me 30 mpg in the city.

Equivalent gas Ford F-150, I have a lightning

Re: Oil companies report sky-high profits thanks to wartime crude prices

#38

Before 2008 oil was above 100$ per barrel, and dollar was worth a lot more back then.

I often wonder how people so quickly forget this. That said, the inflation we have seen since could be such that $100/barrel today is equally or more burdonsome.

Re: Oil companies report sky-high profits thanks to wartime crude prices

#39
post #35

Before 2008 oil was above 100$ per barrel, and dollar was worth a lot more back then.

Is your point that such historical prices only occur when the shit is hitting the fan? Because the first time oil ever went above $100 was at the start of the 2008 financial crisis... [1] https://www.cbsnews.com/news/oil-prices-top-100-for-first-ti...

Their point is that $100 in 2008 adjusted for inflation is around $155 today
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