One of the smart…s here please explain why the refining margins went through the roof. We all understand the crude price move. But refining?What law of the invisible hand explains that, other that the hand on the scale?
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Absolutely every time the price of oil is very high and the price of gasoline goes to painful levels, ruling politicians (mainly on the left but not only them!) start taking about price gouging. And each time mo_rons in the public, who don’t understand the most basic things about the way the economy works believe them.
Last time prices were around $100 was around 2010-2013, a decade ago. There’s a whole new crop of mo-rons who came about after those years and who believe the same idio_cies that politicians sell them.
You see, these high prices have nothing, absolutely nothing to do with politicians very actively trying to strangle investment in the oil industry in this last decade.
First you have to explain why we made a $22b loss in 2020 if we can fix prices. Once you have done this I’m willing to talk. Until then I consider as either a) a troll or b) and absolutely tw-t. By the way, if you are a) you immediately qualify as a)+b).
My goodness - hopefully OP was cannon fodder for the PIP.
WTA+1 summed it up below. My only critique is I would’ve added more insults…. And maybe some basic ECON lingo for good measure. With these development opportunities you could be in outstanding next year.
Yes, thank you all… I’ll be cruising this site for the rest of my grotesque existence at XOM.
I've never denied it. So 'No'.
EM is not an American company. We are gouging Globally.
Nothing personal.
Very d-mb question.
Exxon by law has to buy and sell at market rates.
If Exxon upstream sold oil to Exxon downstream for less than market rate, the partners would sue, shareholders would sue, and employees behind that deal could go to jail.
Where was the concern when Exxon sold oil for less than cost of extraction and Exxon had to borrow money?
Tell me you’re a troll without telling me you’re a troll
Exxon owns less than 1% of the world’s oil reserves and has little if any power to influence oil prices.
Maybe Congress should investigate, set up a price gouging committee.
Ha!
And that the gas prices had nothing to do with us and the company greed? (And other O&G companies, of course.)