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NEW -> Contingent Buyer Assistance Program
https://www.globalpetrolprices.com/gasoline_prices/
So what you want is a subsidized fuel without CA gas tax and regulations
From that excerpt, supply isn't the issue.
After thinking about the pure economics I am really surprised we don't have $10/gal gas in CA. I wonder what their internal calculation of the demand destruction price point is - I'm guessing somewhere near $8
You are looking at the gross cost of fuel without factoring the much higher sales (VAT) tax that they pay. The average sales tax in the UK is 46% or $3.21/gal based on your linked fuel prices, compared to only $1.18/gal in tax we pay in California. Even comparing to CareBears' ultra low Costco price, we are still paying more than they do in the UK when normalizing for the sales tax.
So by your own admission, the UK is more of a free market than we are, and they pay less for fuel than we do. They do, however, pay more in sales tax than we do.
On the face of it, the flow of gasoline from the UK to the U.S. looks counterintuitive to market forces as UK gasoline prices are $3 a gallon higher than the gasoline prices in America.
But gasoline in the UK is taxed much more than the levies on gasoline in the U.S., that's why British drivers pay much higher prices at the pump, as do most other motorists across Europe.
If taxes are left out of the equation, it actually makes sense for UK exports of gasoline and blending components to flow to the United States, Bloomberg's Lee notes.
Gasoline prices in the UK—where total taxes on gasoline account for an average 46% of the retail price...
oilprice.com
vat is 20%
However, there is substantial difference in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices. The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different. Use the drop menu to see the prices in gallons.
so without fossil fuel subsidies in the us, you think prices will remain low?
Biden considering imposing a 'windfall tax' on energy company's profits: President will make oil and gas firms the villains on Halloween and blame them for soaring prices at the pumps in a final push before the midterms
· President Joe Biden is considering a 'windfall tax' on energy companies
· A 'windfall profits tax' would fall on the profits of energy firms that are in excess of their typical annual profits
· Biden trying to lower gas prices ahead of midterm election
· Congress would have to approve any new tax
· Biden making remarks on energy prices at White House Monday afternoon
https://www.dailymail.co.uk/news/ar...ing-windfall-tax-energy-companys-profits.html
The 3 problems are lack of refineries, high taxes, and the super special blend.
That windfall tax would never pass pass today and for sure won't pass after next Tuesday.
Those barriers though are breathing or not.
Free market as in unsubsidized fossil fuel industry like UK? Nope, then it'll still be about $7/gallon on national avg
https://www.globalpetrolprices.com/gasoline_prices/
So what you want is a subsidized fuel without CA gas tax and regulations
Flood the market with supply and all this goes away. Econ 101, simple common sense.
From that excerpt, supply isn't the issue.
irvinehomeowner
Well-known member
So now you are saying it's a supply issue?
It's still greed and fear in my opinion.
It's still greed and fear in my opinion.
We have no pipelines coming into the state so fuel has to be shipped in. The regulations and taxes make running a refinery an unattractive business UNLESS operating at very high profit levels as from 1982 until now the total number of CA refineries has dropped from 40 to 17 (somehting like that per the CA Inside article). As the EV mandate draws nearer why would oil companies do anything but jack prices up further to maximize profitability of assets that will be statutorily obsoleted?
After thinking about the pure economics I am really surprised we don't have $10/gal gas in CA. I wonder what their internal calculation of the demand destruction price point is - I'm guessing somewhere near $8
Liar Loan
Well-known member
Free market as in unsubsidized fossil fuel industry like UK? Nope, then it'll still be about $7/gallon on national avg
https://www.globalpetrolprices.com/gasoline_prices/
So what you want is a subsidized fuel without CA gas tax and regulations
From that excerpt, supply isn't the issue.
You are looking at the gross cost of fuel without factoring the much higher sales (VAT) tax that they pay. The average sales tax in the UK is 46% or $3.21/gal based on your linked fuel prices, compared to only $1.18/gal in tax we pay in California. Even comparing to CareBears' ultra low Costco price, we are still paying more than they do in the UK when normalizing for the sales tax.
So by your own admission, the UK is more of a free market than we are, and they pay less for fuel than we do. They do, however, pay more in sales tax than we do.
Why Is The UK Sending Gasoline To America As Prices Explode?
On the face of it, the flow of gasoline from the UK to the U.S. looks counterintuitive to market forces as UK gasoline prices are $3 a gallon higher than the gasoline prices in America.
But gasoline in the UK is taxed much more than the levies on gasoline in the U.S., that's why British drivers pay much higher prices at the pump, as do most other motorists across Europe.
If taxes are left out of the equation, it actually makes sense for UK exports of gasoline and blending components to flow to the United States, Bloomberg's Lee notes.
Gasoline prices in the UK—where total taxes on gasoline account for an average 46% of the retail price...
Why Is The UK Sending Gasoline To America As Prices Explode? | OilPrice.com
The UK is shipping a tremendous amount of gasoline to the United States, leaving some consumers scratching their heads
oilprice.com
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You are looking at the gross cost of fuel without factoring the much higher sales (VAT) tax that they pay. The average sales tax in the UK is 46% or $3.21/gal based on your linked fuel prices, compared to only $1.18/gal in tax we pay in California. Even comparing to CareBears' ultra low Costco price, we are still paying more than they do in the UK when normalizing for the sales tax.
So by your own admission, the UK is more of a free market than we are, and they pay less for fuel than we do. They do, however, pay more in sales tax than we do.
Why Is The UK Sending Gasoline To America As Prices Explode?
On the face of it, the flow of gasoline from the UK to the U.S. looks counterintuitive to market forces as UK gasoline prices are $3 a gallon higher than the gasoline prices in America.
But gasoline in the UK is taxed much more than the levies on gasoline in the U.S., that's why British drivers pay much higher prices at the pump, as do most other motorists across Europe.
If taxes are left out of the equation, it actually makes sense for UK exports of gasoline and blending components to flow to the United States, Bloomberg's Lee notes.
Gasoline prices in the UK—where total taxes on gasoline account for an average 46% of the retail price...
Why Is The UK Sending Gasoline To America As Prices Explode? | OilPrice.com
The UK is shipping a tremendous amount of gasoline to the United States, leaving some consumers scratching their heads
vat is 20%
However, there is substantial difference in these prices among countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices. One notable exception is the U.S. which is an economically advanced country but has low gas prices. The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different. Use the drop menu to see the prices in gallons.
so without fossil fuel subsidies in the us, you think prices will remain low?
morekaos
Well-known member
Exact same old argument and exact same old proven failed policy…don’t fall for it twice just cause you are too young to remember the last time it didn’t work…
Biden considering imposing a 'windfall tax' on energy company's profits: President will make oil and gas firms the villains on Halloween and blame them for soaring prices at the pumps in a final push before the midterms
· President Joe Biden is considering a 'windfall tax' on energy companies
· A 'windfall profits tax' would fall on the profits of energy firms that are in excess of their typical annual profits
· Biden trying to lower gas prices ahead of midterm election
· Congress would have to approve any new tax
· Biden making remarks on energy prices at White House Monday afternoon
https://www.dailymail.co.uk/news/ar...ing-windfall-tax-energy-companys-profits.html
usctrojancpa
Well-known member
Supply is everything…all else follows. UK has those prices becaus they tax the living shit out of it…full stop!
The 3 problems are lack of refineries, high taxes, and the super special blend.
usctrojancpa
Well-known member
That windfall tax would never pass pass today and for sure won't pass after next Tuesday.
nosuchreality
Well-known member
No, it’s oligopolies with barriers to entry. Same problem as the deregulated energy market when companies figured out an unplanned emergency “maintence” created more profit than producing.
Those barriers though are breathing or not.
morekaos
Well-known member
Of course it is…
Biden’s Energy ‘Windfall’ Tax Is Election Theater For Economic Illiterates
President Joe Biden has accused oil companies of “war profiteering” and is threatening to impose a windfall tax if they fail to boost domestic production — and improve the Democrats’ fortunes in the 2022 midterms. It is ugly political theater. Demanding private entities act on behalf of the party or face punishment from the state, as the president might say, is semi-fascisty behavior.
Other than appealing to the anger and frustrations of economic illiterates, windfall taxes (a tax on allegedly excessive, or unfairly obtained, profits) make zero sense. They neither bring down the price of energy nor increase supply. All windfall taxes do is disincentivize oil producers — their business already facing an existential threat from Democrats — from investing in long-term production. And, as with all corporate taxes and regulations, the cost will be passed to the consumer.
https://thefederalist.com/2022/11/0...is-election-theater-for-economic-illiterates/
Biden’s Energy ‘Windfall’ Tax Is Election Theater For Economic Illiterates
President Joe Biden has accused oil companies of “war profiteering” and is threatening to impose a windfall tax if they fail to boost domestic production — and improve the Democrats’ fortunes in the 2022 midterms. It is ugly political theater. Demanding private entities act on behalf of the party or face punishment from the state, as the president might say, is semi-fascisty behavior.
Other than appealing to the anger and frustrations of economic illiterates, windfall taxes (a tax on allegedly excessive, or unfairly obtained, profits) make zero sense. They neither bring down the price of energy nor increase supply. All windfall taxes do is disincentivize oil producers — their business already facing an existential threat from Democrats — from investing in long-term production. And, as with all corporate taxes and regulations, the cost will be passed to the consumer.
https://thefederalist.com/2022/11/0...is-election-theater-for-economic-illiterates/
morekaos
Well-known member
Sell low buy high….brilliant.
Biden Admin Quietly Raises The Price It’s Willing To Pay To Refill Oil Reserves
The Energy Department announced Friday that it would begin buying oil to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below $96 per barrel, even though the White House previously stated that the department would begin buying back oil at a price of $67 to $72 per barrel.
The Energy Department declared that it would start to repurchase crude oil at a lower price than the $96 per barrel average price that barrels were previously sold for to secure a “good deal” for the taxpayer, according to an official press release. However, the White House said in October that the department would buy oil back once the average price of oil reached $67 to $72 a barrel, touting the plan as a “win for taxpayers.”
https://dailycaller.com/2022/12/16/...willing-to-pay-refill-strategic-oil-reserves/
Biden Admin Quietly Raises The Price It’s Willing To Pay To Refill Oil Reserves
The Energy Department announced Friday that it would begin buying oil to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below $96 per barrel, even though the White House previously stated that the department would begin buying back oil at a price of $67 to $72 per barrel.
The Energy Department declared that it would start to repurchase crude oil at a lower price than the $96 per barrel average price that barrels were previously sold for to secure a “good deal” for the taxpayer, according to an official press release. However, the White House said in October that the department would buy oil back once the average price of oil reached $67 to $72 a barrel, touting the plan as a “win for taxpayers.”
https://dailycaller.com/2022/12/16/...willing-to-pay-refill-strategic-oil-reserves/
irvinehomeowner
Well-known member
So how have prices come down? Winter blend is that much cheaper? Russia still warring with Ukraine.
Why have profits been so high during these times?
Why have profits been so high during these times?
Liar Loan
Well-known member
It's simple. As Christmas gets closer, the corporations become less greedy as a gesture of good will towards men.
irvinehomeowner
Well-known member
Look out oil... here comes... the ocean!
www.engadget.com
Yet another good reason to live near the coast.
Researchers can now pull hydrogen directly from seawater, no filtering required | Engadget
Researchers at the University of Adelaide successfully split hydrogen and oxygen from seawater, offering new hope for cheaper and more accessible renewable energy for coastal regions..
www.engadget.com
Yet another good reason to live near the coast.
irvinehomeowner
Well-known member
Reliance on oil a concern in Europe... so alternate forms of energy are growing:
electrek.co
At least that's one benefit from Putin's stupidity.
Growth of wind and solar has saved the EU €12 billion since Russia invaded Ukraine
Growth of wind and solar power has saved the EU €12 billion in avoided gas costs since Russia invaded Ukraine, according to Ember.
electrek.co
At least that's one benefit from Putin's stupidity.
morekaos
Well-known member
Life finds a way. I told you to always follow the money. Capitalism at its best…if there is money to be made…companies will find a way..not because of but despite dumb government attempts at social engineering…money will always win out….Drill baby Drill!!!
The Russia-Ukraine war remapped the world’s energy supplies, putting the U.S. at the top for years to come
· Since Russia’s invasion of Ukraine, the U.S. oil and gas sector has boosted exports to the point where the U.S. is at the top of the world’s energy-exporting nations.
· This week new data from the U.S. government showed the U.S. exported a record 11.1 million barrels a day of oil and refined products.
· “It’s amazing to think of all those decades of concern about energy dependence to find the U.S. is the largest exporter of LNG and one of the largest exporters of oil. The U.S. story is part of a larger remapping of world energy,” said Daniel Yergin, vice chairman of S&P Global.
The Russia-Ukraine war remapped the world’s energy supplies, putting the U.S. at the top for years to come
· Since Russia’s invasion of Ukraine, the U.S. oil and gas sector has boosted exports to the point where the U.S. is at the top of the world’s energy-exporting nations.
· This week new data from the U.S. government showed the U.S. exported a record 11.1 million barrels a day of oil and refined products.
· “It’s amazing to think of all those decades of concern about energy dependence to find the U.S. is the largest exporter of LNG and one of the largest exporters of oil. The U.S. story is part of a larger remapping of world energy,” said Daniel Yergin, vice chairman of S&P Global.