Reply to $7/gallon gas is coming

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm not sure why so many people are condemning the President when oil companies are raising prices, prioritizing paying dividends to share holders, and raking in huge profits at the expense of the customers.

The President has made a bi-partisanly politically popular decision to ban the import of oil from Russia in response to the Russian invasion of Ukraine.  But that, and even the closing of the XL pipeline are not the reasons why the price of gasoline is skyrocketing at the pump.  The oil companies should be held accountable, not the President.  Most other corporations out there, when faced with rising costs, tighten their belts, decrease their profit margins and lower dividend payouts to shareholders in order to minimize the amount they raise the price of their products.  Not oil companies.  And the oil companies get to skip off scott free and let the politicians take the blame.

[twitter]https://twitter.com/EdMarkey/status/1500862313678708744?s=20&t=EE5-e-anDF0woyxUniV1qA[/twitter][/quote]

You don't seem to understand market dynamics. The price of oil is not increasing because of rising costs, but because of a shortage in supply (and some speculation too). Oil is traded in commodities market, it's a very transparent process. It's supply and demand that is dictating the current price of oil not these companies. Some could say they should increase production but as already mentioned the economics may not make sense for them. Up to the Government to take action.[/quote]

I'm not talking about the price of oil.  I'm talking about the price of gasoline at the pump.  The oil companies do not control the price of the raw product, but they do control the amount of profit they make and the amount of dividends that they pay out to shareholders for the processing of the raw product into the finished product that they sell.  I'm not saying that they need to eat all of the cost, eliminate all profit or shareholder dividends, but taking in $46B worth of profits for the corporation and shareholders and buying back shares to cut down on debt should not be done at the same time that the cost of oil is rising.

This reeks of price gouging and the federal government should be looking into more regulation of the oil industry if they are making such huge profits during times of crisis when the international price of oil is rising.[/quote]

Paying down debt when the price is rising is the exact thing they should be doing.  One cant pay down debt when profits are shrinking.[/quote]

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