Domestic oil production booming under Biden

Into the Night said:
So? You seem to have some problem with that.
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No, YOU seem to have the problem with it since you're whining about gas prices on JPP.

High gas prices = high oil company profits.

Why would any oil company lower their profits willingly?

So there's nothing to be done about high gas prices unless you either a) nationalize the domestic industry or b) release from the strategic reserve to increase supply and drive down the price...but (b) is a temporary solution.
 
LV426 said:
Yes, we all know how you don't understand how capitalism works, so let me give you yet another lesson.

Since oil is traded on global markets, not individual ones, the way oil companies price gouge is to cut production. Doing so cuts the supply and increases the price per barrel.

It's a shame you can't understand how capitalism works.
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There is no 'price gouging'.
It is YOU that does not understand capitalism at all, though I've explained it to you multiple times.
 
LV426 said:
Newsflash, dipshit, if you increase the supply of anything, but particularly oil and steel, you lower the price and thus, lower your profit margin.

So why would any private, for-profit company do that?
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So, according to you, the ideal position for a company is to not supply it at all, and charge infinite price for it!
:rofl2:

You have no idea what capitalism is or how markets work.
 
Into the Night said:
There is no 'price gouging'.
Click to expand...

When an oil company cuts its supply, it increases the price per barrel, and that is price gouging because they're doing it solely to maximize their profits.

They don't maximize their profits when supply is high.

Unless you think they do, in which case you're confessing that you don't understand how supply and demand works.
 
LV426 said:
No, YOU seem to have the problem with it since you're whining about gas prices on JPP.

High gas prices = high oil company profits.

Why would any oil company lower their profits willingly?

So there's nothing to be done about high gas prices unless you either a) nationalize the domestic industry or b) release from the strategic reserve to increase supply and drive down the price...but (b) is a temporary solution.
Click to expand...

High prices are caused by Biden cancelling permits, and the resulting shortages.
 
LV426 said:
When an oil company cuts its supply, it increases the price per barrel, and that is price gouging because they're doing it solely to maximize their profits.

They don't maximize their profits when supply is high.

Unless you think they do, in which case you're confessing that you don't understand how supply and demand works.
Click to expand...

There is no 'price gouging'.
 
Into the Night said:
It is YOU that does not understand capitalism at all, though I've explained it to you multiple times.
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I understand that if you increase the supply of a commodity like oil, you lower the overall price...and that runs in direct conflict with capitalist profit motives because oil companies make the most profit when oil is at its highest price.

So you can't argue for lower oil prices without arguing for state intervention to some degree because no oil company is going to willingly increase production to drive down their own profit margins.
 
Into the Night said:
So, according to you, the ideal position for a company is to not supply it at all, and charge infinite price for it!
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No, the ideal position is for a company to MEET DEMAND.

This is why most Conservative businesses fail, because they think they can dictate demand with no leverage.

For oil companies, they make the most money when oil is at its highest price, and oil reaches its highest price when demand outstrips supply.

I should get paid for explaining capitalism to idiots like you.
 
Into the Night said:
You have no idea what capitalism is or how markets work.
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I understand it perfectly, it's you who can't reconcile profit motives with low supply.

You stupidly think that increasing production in the US won't be met with equal or greater production cuts by OPEC.
 
Into the Night said:
High prices are caused by Biden cancelling permits, and the resulting shortages.
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No. Wrong.

High gas prices are intrinsically linked to supply; so if the supply is low, then gas prices are going to be high.

If you increase supply, then you lower gas prices, but doing so lowers oil company profits.

So you can't have it both ways, Nazi. You can't demand that production increases because those will simply be met by production cuts elsewhere, ultimately having no effect on the global price per barrel, but having the effect of raising oil company profits.

There exists no world in which a lower price per barrel results in higher oil company profits.
 
Into the Night said:
Word stuffing. Trolling.
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You are the most disingenuous person on JPP because you exclusively act in bad faith.

There is no reason to believe anything you are saying is truthful because you refuse to stand behind anything you say here.

So it's all phony, for show.
 
Into the Night said:
You aren't debating. Void argument fallacy.
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No, YOU aren't debating because you refuse to reconcile the inherent dissonance in your argument: the fact that you want lower gas prices, but don't want lower oil company profits.

Well, you can't have one without the other, and it's time you grew up and accepted that like an adult.
 
LV426 said:
No, YOU seem to have the problem with it since you're whining about gas prices on JPP.

High gas prices = high oil company profits.

Why would any oil company lower their profits willingly?

So there's nothing to be done about high gas prices unless you either a) nationalize the domestic industry or b) release from the strategic reserve to increase supply and drive down the price...but (b) is a temporary solution.
Click to expand...

False dichotomy fallacy.
Biden cancelled permits. That caused shortages to develop, and thus high prices. Yes...I'll complain about high gas prices, along with the 30% devaluation of the dollar in just one year alone.
 
Into the Night said:
Biden cancelled permits. That caused shortages to develop
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How so since none of those permits had wells that were open and producing anything and wouldn't for years?

"Shortages" is wrong...it's a deliberate constraining of the supply in order to maximize profit.

Oil companies don't make as much profit if they increase supply, which is why they hardly ever do it.
 
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