Price of gasoline remains ridiculously low.  As indicated by sales of gas guzzlers that remain strong.  Gasoline only starts getting expensive when it reaches (maybe) $10 a gallon.

Gasoline in 1979, in today's money, was about $5 a gallon.  Today's $4 a gallon is cheap.

And so in 1979, sales of gas guzzling American cars reached a peak of 16 million.   Today, largest SUVs now amount to about half of all domestic auto sales (still about 16 million total).  And today (because their products have so little innovation) GMs sales are now down to something like a paltry 6 million.

Many do not make conclusions from facts.  Emotions are too often justification. (For the same reason Saddam had WMDs, people smoked cigarettes to increase health, and Trump's war was going to be won in three days.)   Only emotions claim that gasoline prices are too high.  Facts contradict emotions.
 

$50.00 almost filled it yesrewday,

Last edited by fargon (7/31/2026 5:46 pm)

They should double their profits.  By simply taking a same percent profit margin from a market that has almost doubled its commodity.  They are taking same percent profits - as all honest companies do.  And simply putting oil prices where they should be.

If gas was too expensive, then consumption would drop.  Then profits would drop.  Free market economics.

Scary is how so many are even increasing consumption.    The strategic oil reserves is now down to 43% capacity.  Dropping quickly.  A reserved that is only supposed to be used during an actual crisis.  Not when oil prices are at acceptable levels.

Something written so short demonstrates a problem now reported by the OECD.  In increasing numbers, Americans are becoming less intelligent.  For example, one in seven kids in college can only read at a ten year old's level.  Not tenth grade; ten year old.  A problem also seen with many older adults who also have a decreasing attention span.  Cannot read more than a tweet.  Therefore automatically believe everything that Trump says.

Even Nixon could not lie that much.  Back then, people could read tens of paragraphs.  Not just tens of words.  Ignorance creates anti-Americans.  As demonstrated by lies from Mission Accomplished, in Afghanistan, and Vietnam.  And the war that will be won in three days.    Short attentions spans are associated with those who do not learn from (read about) reality.

Price of gasoline is still cheap.  Oil companies are simply taking a same standard percent profits. Which would decrease if demand decreased.  Which will diminish if oil prices fall.  How many have seriously reduced their gasoline consumption?  Numbers say none.  Because gasoline is at an acceptable price.  So consumption remains high.

Basic free market economics is not found in tweets.

McDonalds now chares $8 for a hamburger that once sold for $1.  So they too must be evil?

Last edited by tw (8/01/2026 12:53 pm)

They make excellent profits when oil field prices rise.  And significant losses when prices fall.  They buy oil at one price three months earlier.  Then take profits or losses three months later when prices change.

Why do oil companies not have the massive profits seen in the 1950s and 1960s.  Competition is severe.  Prices rise just as fast as prices fall.  But the industry always has good profits.  Because demand  constantly exists.  Varies only little.   No matter how much prices change.
 

They are still making massive profits and have a president making massive personal profits right alongside.

glatt wrote:

I'm kicking myself for not seeing the signs and buying an energy ETF late last year to ride the elevator up just before the war.  It's hard to pay attention to all the signs

The situation is fluid and new opportunities may be developing.

Phillips 66 Says It’s The Third-Largest Buyer Of Venezuelan Crude As Trump Blasts Exxon And Chevron

TOPLINE

Phillips 66 stated in its earnings call Wednesday that it has become the world's third-largest buyer of Venezuelan crude, doing so through a fleet expansion and Jones Act waivers as President Donald Trump has pressured Exxon and Chevron over increased profits fueled by the Iran war.

KEY FACTS

Phillips 66 marketing chief Brian Mandell said the company’s increased purchases of Venezuelan crude is part of a strategy to build a leading position in discounted heavy grades.

The company’s surge in Venezuelan purchases has been bolstered by the Trump administration issuing waivers suspending rules around the Jones Act, a law requiring maritime goods transported between American ports to be carried on ships built and operated by Americans, with Phillips 66 receiving around 20% of all exemptions granted.

The White House is expected to extend the waiver this month, according to Reuters, as Trump has targeted Phillips 66 rivals Exxon and Chevron, saying they are “making too much money” as the Iran war has driven up crude oil prices.

Mandell also said Phillips 66’s time-charter fleet has grown fourfold in the last two years, supporting about 40% of the company’s asset-backed crude and product demand.

[GREEN MINE]