Oil

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Wow...the stupidity is just breathtaking.... Brain surgeon Elizabeth Warren has resurrected the "Windfall Profits Tax"  to punish those evil oil companies...the same "Windfall profits tax" (even using the same name) that Brother Jimmy laid on the "evil 70's oil companies" that led to the disastrous oil shortages and offshoring of production of that era....Never one to learn from a mistake, this is what our current leadership proposes....Wow!!

Oil Market Chaos Deepens As Sen Warren Pushes Windfall Profits Tax For ?Big Oil?

"Big Oil?s first priority is to maximize profits.

It?s also their second priority, third priority, and on and on.

We can?t let them use Putin?s invasion as an excuse to pad their bottom line with war-fueled profits. So I?m working with Senate Democrats on a windfall profits tax."
https://tradeforprofit.net/2022/03/...rren-pushes-windfall-profits-tax-for-big-oil/

Carter's ?Windfall?

May 9, 1979
WASHINGTON, May 8 ? President Carter's proposed tax on ?'windfall? profits of oil companies goes before Congress tomorrow, and it is likely to touch off a political donnybrook as intense, if not as protracted, as last year's struggle over the President's energy program.

The Secretary of the Treasury, W. Michael Blumenthal, will open the Administration's case when he testifies tomorrow before the House Ways and Means Committee. As he does so, the windfall profits tax is under attack from two directions.

Some opponents of the President's decision to remove price controls from crude oil produced within the United States are working to defeat the tax and thereby make decontrol untenable. But the tax is also drawing fire from the oil industry, which heartily favors decontrol
https://www.nytimes.com/1979/05/09/archives/carters-windfall-profits-tax-issue-and-debate.html

Carter's windfall profits tax fell far short of its projected revenues, partly because it discouraged domestic production and partly because worldwide economic events caused oil prices to fall sharply during the early 1980s. According to the Congressional Research Service, the Carter-era windfall profits tax:

Reduced domestic oil production by 3-6%; and
Increased foreign oil imports by 8-16%.
If foreign producers have the capacity to offset all the lost domestic production, then the windfall profits tax will simply shift domestic consumption from domestic to foreign oil with no effect on pump prices at all. On the other hand, if foreign producers can't turn up the taps to offset reduced U.S. production?Saudi Arabia in particular may not be able to meet its ambitious production targets?then not only will we be more dependent on foreign oil, but pump prices will rise to bring demand in line with newly-reduced supply.

So there's your windfall profits tax in a nutshell: reduced domestic production, increased dependence on foreign oil, and pump prices either unchanged (best case) or higher (worst case).
 
The California Court Company said:
Time is money?.how many here will drive highway at 65 miles per hour vs 80? MPG difference could be more than 10%?

Exactly. Time is money. The same people who spend 30 minutes in Costco gas line penny pinching are driving at 80 instead of 65.  ;D
 
The California Court Company said:
Time is money?.how many here will drive highway at 65 miles per hour vs 80? MPG difference could be more than 10%?
I always laugh at the ones speeding through Irvine Blvd and zig zagging in hopes to get to the destination 1-5 minutes quicker. Along the way they are flooring & braking hard. I guess people don't mind wearing their brake pads out early :)
 
Sown the seeds of their own destruction....pendulum swings..


Will Dems? Green Dream Fuel GOP Red Wave?

Republicans are already hitting the most vulnerable Democrats for their green legislative agenda, highlighting specific votes on bills limiting oil and gas production or shutting down the Keystone pipeline. Democrats can expect an avalanche of attacks as long as gas prices remain high.

Just a few months ago, House Democrats were the ones itching for a fight over oil and gas. Last fall, the House Committee on Oversight and Reform launched investigations into oil and gas companies? records on contributing to climate change, hauling their executives before Congress. Rep. Carolyn Maloney, who chairs the panel, promised that oil companies would face their ?Big Tobacco moment,? a comparison to the series of hearings Congress held in 1994 when the CEOs of all the major tobacco companies admitted the harmful health effects of nicotine.

What a difference a few months makes, along with $5-a-gallon gasoline. A new poll conducted by leading Democratic pollster Impact Research and released Wednesday found that voters in several midterm battleground states favor continued natural gas production and export as a way to achieve energy independence from foreign sources and help U.S. allies become less reliant on Russian energy supplies.

The poll found that 80% of voters, including 80% of Democrats, agree that America?s energy future must include a mix of renewables and natural gas. The numbers are consistent across several battleground states, including Pennsylvania, Arizona, and North Carolina. Seventy-four percent of those surveyed believe the government should prioritize reliability and affordability with a gradual shift to clean energy, versus 22% who prefer an energy policy akin to the Green New Deal, which aggressively moves to 100% renewable energy even if it costs consumers more each month. Moreover, 72% of respondents reported that rising costs are creating problems for their families.
https://www.realclearpolitics.com/a...ms_green_dream_fuel_gop_red_wave__147311.html
https://youtu.be/DBDy0-Zt6qc
 
let?s say the gas price jumped $1, so that?s 400 gallons. With lets say average 30 mpg, that?s 12000 miles a year which is a good average number used for leasing.

it is quite mind boggling $400 per year makes or breaks for some California drivers?
 
The California Court Company said:
let?s say the gas price jumped $1, so that?s 400 gallons. With lets say average 30 mpg, that?s 12000 miles a year which is a good average number used for leasing.

it is quite mind boggling $400 per year makes or breaks for some California drivers?

Its the sychology of the "have-not" that inequality must be pay for or given to, so no riot or violent would erupted.

This is designed to keep things calm and winning votes.
 
The California Court Company said:
let?s say the gas price jumped $1, so that?s 400 gallons. With lets say average 30 mpg, that?s 12000 miles a year which is a good average number used for leasing.

it is quite mind boggling $400 per year makes or breaks for some California drivers?
You're talking about a country where half the people cannot afford a $1000-$2000 emergency event without it impacting their normal day to day expenses. Lots of people live paycheck to paycheck unfortunately.

Personal finance is not required to be taught in school. It's a shame and hopefully gets changed in the future.
 
I think the suspension of the state gas tax won't work... what is to stop the stations/companies from just bumping up prices to cover that 26, 34 or 51 cents and just make more profit?
 
irvinehomeowner said:
I think the suspension of the state gas tax won't work... what is to stop the stations/companies from just bumping up prices to cover that 26, 34 or 51 cents and just make more profit?
I'm a bit sketched out right now. Oil prices have fell below $100 per barrel and the prices of gas have not even moved down. There is definitely some sketchy price gouging right now. I'm shocked it's not being discussed more.
 
sleepy5136 said:
irvinehomeowner said:
I think the suspension of the state gas tax won't work... what is to stop the stations/companies from just bumping up prices to cover that 26, 34 or 51 cents and just make more profit?
I'm a bit sketched out right now. Oil prices have fell below $100 per barrel and the prices of gas have not even moved down. There is definitely some sketchy price gouging right now. I'm shocked it's not being discussed more.

I brought this up before. Oil price dropped 25% from high and gas price went UP. Greed oil company. That's all.
 
CalBears96 said:
sleepy5136 said:
irvinehomeowner said:
I think the suspension of the state gas tax won't work... what is to stop the stations/companies from just bumping up prices to cover that 26, 34 or 51 cents and just make more profit?
I'm a bit sketched out right now. Oil prices have fell below $100 per barrel and the prices of gas have not even moved down. There is definitely some sketchy price gouging right now. I'm shocked it's not being discussed more.

I brought this up before. Oil price dropped 25% from high and gas price went UP. Greed oil company. That's all.
***sorry I meant not being discussed more by mass media
 
sleepy5136 said:
CalBears96 said:
sleepy5136 said:
irvinehomeowner said:
I think the suspension of the state gas tax won't work... what is to stop the stations/companies from just bumping up prices to cover that 26, 34 or 51 cents and just make more profit?
I'm a bit sketched out right now. Oil prices have fell below $100 per barrel and the prices of gas have not even moved down. There is definitely some sketchy price gouging right now. I'm shocked it's not being discussed more.

I brought this up before. Oil price dropped 25% from high and gas price went UP. Greed oil company. That's all.
***sorry I meant not being discussed more by mass media
True. Not even a mention of it.
 
$400 annually, or 34 a month?cut a few starbucks cancel a streaming service or two you can save it?


sleepy5136 said:
The California Court Company said:
let?s say the gas price jumped $1, so that?s 400 gallons. With lets say average 30 mpg, that?s 12000 miles a year which is a good average number used for leasing.

it is quite mind boggling $400 per year makes or breaks for some California drivers?
You're talking about a country where half the people cannot afford a $1000-$2000 emergency event without it impacting their normal day to day expenses. Lots of people live paycheck to paycheck unfortunately.

Personal finance is not required to be taught in school. It's a shame and hopefully gets changed in the future.
 
Those avocado toast are tastety and pretty expensive. Those millennials loves those avocados. Well, maybe if they can trespass OH, and pick some off of those trees, I say they can save some mucho bucks.....Or better yet, live there and its right in your backyard.
 
CalBears96 said:
sleepy5136 said:
irvinehomeowner said:
I think the suspension of the state gas tax won't work... what is to stop the stations/companies from just bumping up prices to cover that 26, 34 or 51 cents and just make more profit?
I'm a bit sketched out right now. Oil prices have fell below $100 per barrel and the prices of gas have not even moved down. There is definitely some sketchy price gouging right now. I'm shocked it's not being discussed more.

I brought this up before. Oil price dropped 25% from high and gas price went UP. Greed oil company. That's all.
Oil is rebounding and gas prices lag the movement of oil.

I was expecting to see prices drop some but gasbuddy shows every station I ever go to is up.

https://www.gasbuddy.com/gaspricemap?fuel=1&z=4&lat=48.43764890263501&lng=-101.67147316503906

That big bright yellow, is you California..................... the entire state is a big fat glaring money sucking yellow blob.
 
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