Gas prices

[dennishoddy]

Dennis,

Are you a Good Sam member? If you are and stumble upon a Pilot/Flying J service station, using the Good Sam card for their "bonus" discount nets you a five-cent per gallon discount. That said, it only works for you if Pilot/Flying J is competitive with the rest of the fuel stations.

We came back from Alabama recently, and I was surprised to see them competitive with the other stations. Usually, they are a bit higher.

I have all the fuel discount apps on my phone. Most will give a .10 cent a gallon off the top. Shell only gives .03 and Pilot with good sams or the Pilot rewards is .05.
I have another app that gives me cash back but no discount at the pump, so when it’s getting time for fuel, wife gets on gas buddy app and starts looking for stations, looking who has the lowest price and biggest discount.
Sometimes you just get stuck though in a one horse town with one fuel station and have to pony up what ever they are charging.

 

[dennishoddy]

I don't know where these numbers are coming from, because they are not from the audited financial statements.

The numbers below are from the financial reports for Shell and I added the two columns to the right showing the change. This is public information available on Shell's website.

The report compares Q1 2022 to Q1 2021. There is not a 180% increase in profits in Q1 2022 as compared to Q1 2021. There is a 27% increase in profit but the profit margin decreased from 10% to 9%.

Revenue increased 41% and expenses increased 42%.

Also notice the 2020 loss of (21.7)B.

View attachment 285188

Do tell. Once again completely false talking points have been unearthed and exposed.
You know, like the economy is solid and the border is secure.

 

[Woodman 59]

I got a question maybe someone can answer. The gas at the Oncue and 7/11 are 4.23 and 4.25. The 7/11 and Oncue at May and Hefner are 4.43 a gal., how does 5 miles difference account for the higher gas prices? Just wondering.

Stations check the prices of other stations every day. If other stations are selling for 4.45 in the area then that place will set their price the same or maybe a cent lower.

 

[El Pablo]

Uh huh.... Comparing year over year (data from These Top 5 Oil Companies Just Raked In $35 Billion While Americans Pay More at the Pump) It seems like your example would work better if you didn't get a raise for a year and then doubled your salary. Obviously this is looking specifically at Q1 year over year.

• Shell’s profits were 180 percent higher than in the first quarter of 2021.
• Shell made $19.3 billion in total profits in 2021.
• Shell bought back $8.5 billion in stocks for wealthy shareholders.
• Shell cut 5,000 jobs from its workforce in 2021.
• Shell’s CEO has not been shy about admitting that Russia’s war on Ukraine helped the company’s profits, saying on a recent shareholder call that “well, you know, can I also say that the performance we are seeing this quarter, of course, has been helped by the macro, and the macro has been impacted by the war in Ukraine.”

• ExxonMobil’s profits were 220 percent higher than in the first quarter of 2021.
• ExxonMobil made $23 billion in total profits in 2021.
• ExxonMobil pledged to buy back $30 billion in stocks for wealthy shareholders through 2023.
• ExxonMobil cut 9,000 jobs from its workforce in 2021 to “cut costs.”
• Despite being one of the most profitable corporations in the United States, ExxonMobil paid an effective federal income tax rate of just more than 2 percent in 2021, and that is not for a lack of funds. ExxonMobil’s Chief Financial Officer Kathy Mikells underscored just how much the company expected to profit in the first quarter of 2022 and how that would benefit shareholders, saying in early March that “we expect to generate over $100 billion in excess cash flow beyond meeting our capital program and current dividend, and so I would say we have a very robust forward plan and we expect to have sustained excess cash flow and increasing shareholder distributions.”

• Chevron’s profits were 280 percent higher than in the first quarter of 2021.
• Chevron made $15.6 billion in total profits in 2021.
• Chevron plans to buy back $10 billion in stocks for wealthy shareholders by the end of 2022.
• Chevron cut its workforce by 5,000 jobs in 2021.
• Despite being one of the most profitable corporations in the United States, Chevron paid an effective federal income tax rate of less than 2 percent in 2021. Moreover, Chevron’s CEO has been upfront about the profits they are raking in, saying amidst rising gas prices in January that “the last two quarters have been the best two quarters the company has ever seen.”

• BP’s profits were 140 percent higher than in the first quarter of 2021.
• BP made $12.8 billion in total profits in 2021.
• BP expanded its stock buyback plan to $2.5 billion for wealthy shareholders in 2022.
• BP cut its workforce by 2,000 jobs in 2021.
• BP executives attributed their record profits to “exceptional oil and gas trading” conditions—conditions that included Russia’s invasion of Ukraine and Americans suffering record-high gas prices.

• ConocoPhillips’ profits were 380 percent higher than in the first quarter of 2021.
• ConocoPhillips made $8 billion in total profits in 2021.
• ConocoPhillips plans to buy back $10 billion in stocks for wealthy shareholders in 2022.
• ConocoPhillips’ workforce numbers stayed essentially flat in 2021.
• ConocoPhillips’ has tripled its lobbying expenditures to lock in oil and gas development for decades to come at its proposed Willow project in the Western Arctic. The proposed project threatens to erase the climate benefits of renewables on public lands and waters and would require the installation of artificial “chillers” to refreeze the Arctic’s melting permafrost in order to build the infrastructure needed to drill for oil. The company has also been under fire for a recent gas leak that “led to the temporary removal of 300 personnel [and] alarmed residents in the nearby village of Nuiqsut.”

But look at 2020, etc.... where everyone had massive losses...

Gas is a commodity. Oil companies do not set the price. It's a very simple supply/demand and economics problem. It's a bad bet get loans to drill more. Adding more refining capacity costs an obsurd ammount too, they have zero incentive to borrow money to increase that capacity as it's not a wise bet either.

 

[Junk Yard Dog]

I'm in Lawton, Oklahoma
Gas is $3.89 on the west side of town.
Down from $4.08 a few days ago.

 

[Rez Exelon]

But look at 2020, etc.... where everyone had massive losses...

Gas is a commodity. Oil companies do not set the price. It's a very simple supply/demand and economics problem. It's a bad bet get loans to drill more. Adding more refining capacity costs an obsurd ammount too, they have zero incentive to borrow money to increase that capacity as it's not a wise bet either

So they should have guaranteed profits? I mean, if I put money in stocks, for instance, there's a catch.... I may lose money. I don't get to say "man I had a bad 2020 so I better get everything back in 2022". I don't get to say "dear company, I didn't get a raise during COVID so now I better get it added onto 2022"

All companies should have the ability to lose just as they profit. I don't even have issues with profiting. But I don't think they should be able to knowingly and willfully gouge to recoup as it seems like they are doing.

 

[El Pablo]

So they should have guaranteed profits? I mean, if I put money in stocks, for instance, there's a catch.... I may lose money. I don't get to say "man I had a bad 2020 so I better get everything back in 2022". I don't get to say "dear company, I didn't get a raise during COVID so now I better get it added onto 2022"

All companies should have the ability to lose just as they profit. I don't even have issues with profiting. But I don't think they should be able to knowingly and willfully gouge to recoup as it seems like they are doing.

No one is willfully gouging much less gouging, it's a COMMODITY! If oil and gas companies could set prices, it would be stable at @ 90 a barrel. Then profit MARGINS, would be great, and planning would be easy. And to say 2020 was bad, is a massive understatement.

Since it's a commodity, and capacity, pre russian invasion was I believe 2% above demand.... When you loose russian oil, then add in more demand...

 

[dlr918okc]

Gas your boat up at a marina. Friends of our son's were at Beaver Lake in Arkansas over the 4th. The marina they gassed up at sells only 91 octane pure gas. Eleven dollars a gallon. Yep. Sixteen gallons = $176. They thought there was a mistake, so called them on it. Nope. No mistake.
At least one marina on Kaw was getting Nine Dollars a gallon.

Wow, now that is high.

 

[dennishoddy]

Paid $5.29 today in Colorado.

Hey! It came down today!

Did find it cheaper at Tin Cup though. Pump didn’t want to work though.

 

[Broncos]

Pump prices vary even in same company depending on location of store Ie Norman is less than Bethany which is less than Edmond