Still think TITNC3: Return of the Iceberg was peak

what pic got you a 30? Haha

 

I watched this ACTUAL clip last night...LOL...
https://youtu.be/WnG4ZXklyp4?t=109

 

It's all a non-standardized process...You might get your post deleted and a warning or you might get the axe....You might even get your post deleted and then get the axe for asking why your post was deleted...It depends on who undertakes the policing process..
Hence a general knowledge to not directly mention the names of ANY elected representatives, nor post any images of their likeness...
Unless it's dead ones...


If I'd seen your post I would have messaged you...done it before

 

What you're missing is that US refining capacity is running at 95%, which exceptionally high. 4 refineries closed down during covid and haven't been brought back online and there are no plans to restart them. The gulf coast refiners are flush with crude so adding more Canadian crude to the mix does nothing to help alleviate the gasoline market's tightness.

Oil majors run most refineries and right now don't have much incentive to invest hundreds of millions of dollars to reopen and construct new refineries. They're making record profits right now and the shareholders are telling them to use those monies for dividends and buybacks.

 

It's almost like we need a FEDERAL refinery for National Security

$MRO top domestic refiner in terms of barrels...
https://www.eia.gov/tools/faqs/faq.php?id=29&t=6

 

Using inflation adjusted prices we are currently 20% over the prices reached at the height of the oil embargo in 82. We need to drill ANWAR yesterday. Increase refining capacity. Hell, an EO could force the hand of refiners to do just that. Then when things settle we pay them to curtail production to keep supply constant to demand. It works for corn and soy so why not oil?

 

Yup..
We can nudge car makers to switch to ventilator manufacturing...
I THINK we can get people to ramp up Refinery production. It would be a better trickle down investment than just about any other federal dollar spent over the next 6 months.
Federal Govt can refine at cost but gets 100% of the profits off the product...You'll see refineries coming back online fast...they want that margin money, not uncle sam

 

If you mean gasoline prices the US actually reached an inflation adjusted high of ~5.45/gal in June 2008

 

What source are you using? USEIA doesn't have it nearly that high. This is current as of 6/2/22.

 

I was looking at some different EIA data. That's where I work. Not sure what's going on with my calculation.

 

No shit. Cool. It's a well known fact data can be adjusted to skew the results. Would you say that is a fair representation of the actual numbers? Or are we looking at a skewed data set?

 

Ah wait I see it. That chart is annual mean price, I was referencing weekly mean prices.

 

Prices are high, but I wouldn't call them mean...maybe troubling

 

Which companies are most ahead on maintenance and repairs if you know? The article treefort posted mentioned phillips66 doing some big overhauls. Their stock looks like a decent buy now. I would assume whomever keeps their refineries in best shape will run laps around competition if others don't. Be nice to get an idea of who that is going to be

 

Targa Resources Corp $TRGP looks solid. A dividend as well but it's not much.
You're really coming through with some good info today

 

Good people, probably the smartest on the planet.

lol he's old enough to NGAF ... unlike the kooks wearing 3 masks and a face shield while lining up for a (4th, 5th, 6th ??) mrna booster.

#bloodclotsarenormal

 

The refinery issue is a certainty problem.

No major refiner wants to drop hundreds of millions in CapEx that takes years to recoup on investment in a facility that may get undermined in the stroke of a pen if hostile parties get into certain political offices. A lot of these companies also expect a secular decrease in need for refined petro products as BEV continue to make headway - which they will. Remember, going EV not only gets rid of your need for gasoline, but there's also no more motor oil, fewer forms of other lubricants, and a lot less plastic that goes into the vehicle construction (no need for a lot of that plastic shit under the hood, or hoses/tanks for unneeded fluids).

The transition is going to take some time, and there will be some pain, because no sane business wants to invest in something expected to die.

 

I also read that taking refineries offline is a MAJOR process...and when Covid tanked oil they thought they were looking at a 2-3 year lag in demand...so they said "Welp...Let's scrub those tubes now..." and then BOOM everything bounces back. They're probably screaming behind closed doors "HOW FAST CAN WE GET BACK UP!!" because they are leaving BILLIONS on the table...

 

My FIL works at the Sinclair Oil Refinery in Sinclair WY. A couple years ago when COVID hit one pathway was taken down for upgrade/changeout. He said it was supposed to be a 6mo process...just to change products on an already existent setup.

 

Um...their Dino is brilliant...