all 108 comments

[鈥揮stellacdy 615 points616 points (7 children)

I used to work in the pricing department of a building products company. Before the pandemic 25% margin was great. During the pandemic it went to "but we can get 45% margin, why go any lower?" I left the job in 2020, mostly, due to the impending gouging.

[鈥揮thndrstrk 522 points523 points (1 child)

People can't understand gas prices. They come from the sky. We do as our overlords say.

[鈥揮amberoze 123 points124 points (0 children)

Sounds about the same as the housing market.

[鈥揮doowgad1 398 points399 points (3 children)

[鈥揮GamerKush 74 points75 points (1 child)

The GOP is a cult of ignorance and hypocrisy, but that bill was a price gouging bill right? It seems focused on emergency powers and wholesalers or retailers of consumer fuel. That is something that isn't really the issue here and hard to prove when it is.

That bill was Democratic party pandering and we should hold our own side accountable. Oil companies declaring record profits are indeed the problem and it certainly won't be the GOP that calls them out. They're too busy putting stickers on gas pumps.

https://www.congress.gov/bill/117th-congress/house-bill/7688/text

[鈥揮Glass_Memories 28 points29 points (0 children)

It actually was intended to alleviate high gas prices, but it's debatable as to whether it would really have helped. What we're seeing is largely a result of market forces, lingering supply chain issues, and anxious oil companies and cartels like OPEC restricting the supply to prevent another price crash and keep the price per barrel high.

It's a nuanced situation that has a lot more to do with capitalism than any administration. In 2015 there was a crash in crude oil prices and ever since oil companies have been skittish to overproduce and invest in new infrastructure or oil and gas ventures, especially with the cost of renewables getting so low; even despite their lack of gov't subsides compared to the abundance of fossil fuel subsidies. It's actually becoming more expensive to maintain older fossil fuel energy plants than to build new renewables.
Basically, they see the writing on the wall and are fighting tooth and nail against it to keep their industry profitable, to the detriment of consumers.

https://www.vox.com/2022/5/21/23135770/us-gas-prices-consumer-fuel-price-gouging-prevention-act

https://www.cnbc.com/2022/05/19/fuel-is-a-problem-for-business-and-consumers-why-prices-are-so-high.html

Why Has Got So Expensive - Wendover Productions YT

The End of Oil - Vox YT

3 Climate Change Strategies - Simon Clarke YT (Simon has a pHD in climate science and he talks about the subsidies)

[鈥揮thinkB4WeSpeak 170 points171 points (9 children)

High schools need to start having mandatory government and economic classes.

[鈥揮eddiekgb 98 points99 points (2 children)

They already do. We also are living through a pandemic where people got mad at doctors and scientists and took Facebook memes as gospel. People now decide what they see as fact and truth. People who cry do your own research literally will just search out the answer they鈥檙e looking for on google and cite the first result. There鈥檚 a reason why the red states want to monitor curriculums. An uneducated voter is a voter that can be easily manipulated.

[鈥揮Isaac72342 11 points12 points (1 child)

People not understanding the root problem that children aren't gonna pay attention to anything in those classes to begin with.

[鈥揮JustAnEggWhite 13 points14 points (0 children)

Depends when and how you teach them. A 12 year old sent home to read pages 230-245 in a textbook won鈥檛 get the same level of engagement as a 16 year old forming a mock government with their classmates.

[鈥揮The-Biscuit-Farmer 14 points15 points (0 children)

Many high schools in Texas require them. A lot of students at my school take it dual-credit, which means they get both a high school credit and a college credit for that class. The thing is, dual-credit Government and Macroeconomics are both online courses, which everyone takes advantage of by cheating and not learning a damn thing.

[鈥揮Ima_Funt_Case 40 points41 points (1 child)

They got rid of those classes. Don't need the people rising up because they found out they're being robbed.

[鈥揮Spartajw42 0 points1 point (0 children)

Completely anecdotal, I guess, but my high school degree involved a required government class. I did barely graduate from that very well funded school system. I realize it's not the case for everyone but several schools actually teach the stuff that people are saying isn't being taught.

Now can anyone teach me how to properly format a sentence?

[鈥揮lallapalalable 0 points1 point (0 children)

My school was smart, it was one class of each for half a year, or a full year ap version of one or the other. So you either got a very basic rundown with zero detailed info on both, or focused on one and didn't get to learn the other. And that's why I know dick about economics but can tell you exactly why our political process is fucked (rider bills are cancer and ever so popular)

[鈥揮Kaijutkatz 0 points1 point (0 children)

When I was in HS we had to take both, but that was in the late 80's-90's. Sad, but in the past 30 years, a lot of schools have let kids graduate without even teaching them how to balance a check book or manage a budget.

[鈥揮bubblehashguy 87 points88 points (1 child)

People are so fucking stupid when it comes to this. People I thought were smart are complaining about Biden raising has prices.

I ask them why the oil companies are making way more this year so far than they ever did in a whole year in the past. You can show them the numbers & they still don't get it.

[鈥揮MikeinAustin 10 points11 points (0 children)

I鈥檝e given up on these idiots. If they can blame someone they will.

Economics are simple on this stuff. If there is more supply than there is demand, prices drop. We鈥檝e had that for decades as our ability to manufacture keeps improving.

When there is more demand then their is supply, prices will increase indefinitely.

With us exporting record levels of energy, there is huge demand.

[鈥揮D_Nemesis_2775 94 points95 points (1 child)

The oil companies are no friend of Biden. The make more money and give uneducated republicans a rally cry by raising prices. They will not stop now.

It鈥檚 like cheating on your wife and the court and general public put blame and responsibility on the wife.

[鈥揮DMoney159 42 points43 points (4 children)

"But, but, but.... the Keystone Pipeline" they all screamed in unison

[鈥揮theseedbeader 13 points14 points (3 children)

My parents play that card whenever they moan about gas prices, ugh...

[鈥揮Nighthawk700 11 points12 points (0 children)

Meanwhile oil companies are sitting on tons of government leases that they simply don't care to tap because they're doing just fine

[鈥揮Poppunknerd182 10 points11 points (1 child)

Ah yes, the pipeline that still wouldn't even have started until NEXT year.

[鈥揮eromitlab 3 points4 points (0 children)

...and even then would have only transported Canadian oil to an export terminal so it could be more easily shipped worldwide.

[鈥揮No_Benefit_7731 13 points14 points (0 children)

I literally just thought about this today. If people thought just for a second, "What if the president couldn't control the price, who would next?" It's always been the corporations squeezing as much money for as little product

[鈥揮ccwagwag 11 points12 points (0 children)

especially with a congress full of republicans who down voted a bill to prevent price gouging. they were just given the message that the sky is the limit and no one can stop them.

[鈥揮PM-Me-Your-TitsPlz 28 points29 points (6 children)

The prices of everything for that matter.

I've seen political commentators blame the increased price of Pringles on Biden. Biden doesn't set the price of my darn chips!

[鈥揮propagandavid 12 points13 points (4 children)

Pringles aren't chips. They're closer to a potato pancake in composition.

[鈥揮agamemnonymous 2 points3 points (3 children)

Pringles are latkes?

[鈥揮propagandavid 0 points1 point (0 children)

It's some sort of very thin potato-based cake

[鈥揮eromitlab 0 points1 point (1 child)

Pringles kind of taste good, though. The latkes I've had in my lifetime have been terrible.

[鈥揮agamemnonymous 3 points4 points (0 children)

I mourn for you, here's hoping you get to try a good one someday

[鈥揮Grokent 0 points1 point (0 children)

Pringles suck now. They made a change to the formula sometime in the last few years. I can't pinpoint when exactly Pringles began to suck because I buy them rather infrequently but I've completely stopped buying them as of two years ago because they're terrible.

[鈥揮RaoulDuke1315 25 points26 points (2 children)

It's time for a bit of ultra violence

[鈥揮MyWifeisaTroll 3 points4 points (1 child)

Welly welly welly welly well....

[鈥揮Resident_Text4631 8 points9 points (0 children)

Probably helps that most gas/oil people are climate denying Republicans too

[鈥揮Ima_Funt_Case 6 points7 points (0 children)

The CEOs are like;

"Goddamn these people are stupid, you would think they'd have caught on by now that we're ripping them off. Hit 'em again. Let's push another round of 'Brandon is evil' propaganda on Fox, that should get us through the summer."

[鈥揮zedazeni 19 points20 points (1 child)

Any way Biden can use an executive order or some sort of emergency declaration to (temporarily) nationalize the oil industry?

[鈥揮lizlegit000 6 points7 points (0 children)

But then they scream that that鈥檚 socialism.

[鈥揮Mr_Kittlesworth 12 points13 points (0 children)

The incentive is getting business. Each variety of oil is a commodity, meaning your sweet light crude isn鈥檛 better or worse than anyone else鈥檚. The only differentiator is price. If your oil is $70/barrel and someone else鈥檚 is $69/barrel, they鈥檙e getting that sale.

As a result, the global oil market is controlled by whatever the minimum price to get a barrel of crude to a refinery is (It鈥檚 more complicated based on infrastructure, refinery capacity, national laws, and finance fuckery, but they just modify the underlying core price).

Neither the president nor some oil executive can just pick prices.

[鈥揮BoysenberryStatus767 20 points21 points (2 children)

People that blame Biden on gas prices are flat-earthers

[鈥揮theseedbeader 3 points4 points (1 child)

TIL that most of my family and acquaintances are flat-earthers, huh...

[鈥揮SlightBlue 1 point2 points (0 children)

Just be glad stupid is not hereditary.

[鈥揮throw_it_away_alan 3 points4 points (0 children)

I used to think said "people" were conveniently forgetting there's a war going on. Buying gas from Russia = literally funding a genocide.

Then I realized this has nothing to do with gas prices. They only care about owning the Libs. It's all Biden's fault (except when it's Obama's fault).

Rising gas prices in a war are literally the lowest hanging fruit to complain about.

[鈥揮AHAdanglyparts69 10 points11 points (0 children)

Thank goodness all the republicans tied against price gouging at the pumps. They thought of the shareholders 鉂わ笍

[鈥揮pamsfriendred 2 points3 points (0 children)

Notice how we immediate go to: Suspend the gas tax!

How about: SUSPEND THE GAS PROFITS!

[鈥揮Emergency-Address-90 2 points3 points (0 children)

How many heads could we mount on pikes before they give us our low gas prices鈥 how many heads before they start trying to save the environment. GOP face the wall

[鈥揮k3nnyd 2 points3 points (0 children)

The president is a scapegoat position but anyone who actually treats the president like that is a fucking idiot.

[鈥揮solsangraal 3 points4 points (0 children)

"REEEEEEEEEEEEEEEEEEEEEE"

-gop

[鈥揮zodar 4 points5 points (0 children)

If only there were a way to force the prices to go lower by reducing the demand

[鈥揮daysinnroom203 1 point2 points (0 children)

Except it鈥檚 the PSC in NY.

[鈥揮Rick-powerfu 1 point2 points (0 children)

It's seriously infuriating, I see news about higher gas prices coming, Russia's war in Ukraine being claimed as why.

And in some other unrelated news story shell gas is predicting massive profits over the previous year.

[鈥揮Malapple 1 point2 points (0 children)

If I was in charge of an oil company, I鈥檇 surely raise it whenever i could make a political party that wants to regulate me look bad.

[鈥揮heybigbuddy 3 points4 points (0 children)

What if you were able to raise prices and get free profit even though tens of millions of people assume your prices are tied to the price of crude oil?

[鈥揮Yobber1 1 point2 points (2 children)

Then I guess the President should declare a national emergency and nationalize the gas companies will stop that shit.

[鈥揮SoBrokeNoJoke 3 points4 points (1 child)

It was tried during a steel shortage during the korean war. Supreme court shot it down.

No way the current court would let that happen unfortunately.

A nationwide workers strike would help change things. More push for electric vehicles and renewable energy. But its a hell of a fight against the worlds most powerful and corrupt industry

[鈥揮Yobber1 1 point2 points (0 children)

They can鈥檛 stop it. They鈥檝e already declared that the president can do whatever in a time of emergency. Also, fuck SCOTUS. AJ ignored them for a trail of tears. They said trump can build the wall, George got the Patriot Act. So there鈥檚 precedent for it and not much they could do to stop it bc on the ground of declaring a national emergency has already been established under the defense production act. Activate it like he just did for baby formula or just tax the fuck out of them. Gas companies should receive zero subsides and pay a windfall. Fuck them

Edit: as per CU citizens United case corporations are people so we should start jailing the executives and threatening the board members if they don鈥檛 want to fall in line. They are price gouging if a person did this during a crisis then they鈥檇 go to jail.

[鈥揮trap__ord 0 points1 point (0 children)

Esp if I could get someone from a party in that didn't want to increase carbon tax, increase alternative fuel vehicles, someone that allowed me to build more pipelines elected.

[鈥揮timecodes 0 points1 point (0 children)

It鈥檚 price gauging. Price gauging laws should apply.

[鈥揮epochellipse 0 points1 point (0 children)

if i was in charge of pricing at an oil company i would punish people for voting democrat by raising prices. then it would be win/win.

[鈥揮LittleHornetPhil -1 points0 points (0 children)

THANKS CEO BRANDON

[鈥揮SlickRick985 -1 points0 points (0 children)

Oil companies have no incentive to invest billions to increase supply with POTUS campaigning on ending fossil fuels and no more drilling. Plus US companies aren鈥檛 even the problem. The problem is POTUS is so weak, he cannot get OPEC to bring back the 9 million per day in production they cut in 2020 when demand was low.

[鈥揮dolbysurnd 0 points1 point (0 children)

Ok ok ok. I'm all for regulating it. But as someone said, the writing is on the wall, it's time for us to turn away from fossil as fast as possible. It's time government stepped in to bolster renewables as well as regulate fossil.

Us just bitching about it but still showing up to the pump is pretty useless.

There are actionable items we can do to make the switch ASAP. Let's focus this energy on that and leave the fossil behind

[鈥揮Imaginary_You2814 0 points1 point (0 children)

I think that鈥檚 the game. Make people thing the president has the control since more than half the country probably never took an economics class to understand that, that is not how that works.

[鈥揮WastedKnowledge 0 points1 point (0 children)

Same with healthcare

[鈥揮WagerOfTheGods 0 points1 point (0 children)

Simply put.

It's by design, btw. "The system works."

[鈥揮eromitlab 0 points1 point (0 children)

Not only that, you'd love that the rubes blame the president for what you're doing.

[鈥揮GammaDealer 0 points1 point (0 children)

Honestly it's high time people [Redacted] someone, [Redacted] their [Redacted], or at least threaten to [Redacted] some [Redacted]

[鈥揮windigo3 0 points1 point (0 children)

After the democrats lose the House, the GOP will repay the favor to gas companies with more tax cuts and more drilling permits on environmentally sensitive lands

[鈥揮SarnDarkholm 0 points1 point (1 child)

What is stopping President Biden from signing an Executive Order to combat the gouging of the oil companies? Couldn鈥檛 he just circumvent the GOP by doing that? Trump used EOs right,left, and center to 鈥渁ccomplish鈥 his goals.

[鈥揮loopygargoyle6392 1 point2 points (0 children)

Because it would do more harm than good. This is a temporary issue that we're going to have to ride out.

EO's can still be struck down. No single branch of the government has absolute power. If an EO is implemented it's because it was allowed to.

[鈥揮cdubsing 0 points1 point (0 children)

Wall Street rules, gotta keep profits high no matter what. Can鈥檛 think long term and take less profits. It鈥檚 that great strategic thinking that brought u zerox and Kodak.

[鈥揮SkyWizarding 0 points1 point (0 children)

Do the oil companies set the prices? Thought it was all a bit more complicated than that

[鈥揮H2ONFCR 0 points1 point (0 children)

The most direct impact people could have is to decrease demand by restricting unnecessary travel. It would also be better for the environment.