The Jones act waivers add insult to injury. Instead of the crude being shipped by US mariners from US Port to US port, it can now be shipped by foreign flagged vessels which pay their crew 1/3 of what US mariners make. More profits for the refineries at the expense of American jobs, with no effect on fuel prices.
This is phenomenally good reporting, Ken. I looked into the FT link, and found several other stories (WSJ, MarketWatch) that corroborate this surprising result. And there's no questioning the oil companies' record profits. Those are publicly-traded companies, and like you said, these execs can barely contain their glee.
Short term: what kind of action can the incoming democratic congress to do throw the book at the oil execs who are engaging in war profiteering?
Long term: I still believe in supply and demand, and the only way for the price of gas to stay down indefinitely is for us to stop using so much of it. I've put solar panels on my house, my car is a hybrid, I replaced my gas furnace with a heat pump system. (I'm still keeping the gas stove however :-)) This is easy for me, living in California. How can folks in colder parts of the country transition to oil-and-gas-free energy sources?
I am somewhat skeptical of all this. IF this IS INDEED PROVEN TO BE TRUE, then it is the BIGGEST CORRUPTION STORY since the 2008 financial crisis, and maybe of all time. The administration’s position seems counterintuitive. Why would Trump not be hollering loudly about all of this knowing that the price of gas and diesel will spell disaster for him and Republicans in the midterms? However, IF this is the price-gouging plot of the century, as Ken suggests, then what is to stop the government from NATIONALIZING the oil companies who are proven to be involved? We basically nationalized the investment banks in 2008 during THAT financial crisis (Fannie Mae, Freddie Mac, Bear Sterns, Lehman Brothers, Merrill Lynch, AIG, etc.). They were just as global as the oil companies are. This situation is just as big, if not bigger, and just as disruptive. Could THIS be Trump's coming "October surprise"? Comments please….
The odd thing is that Trump is the Fossil Fuel President who has done everything he can to both promote fossil fuel consumption, open new areas for extraction and act against renewable energy in every way he can not to mention denying global warming is man made.
High gasoline price and particularly diesel fuel price drive up the cost of everything, the single greatest threat (economic trouble) for any administration. I don't understand why the oil companies that have been so well served would deliberately do the very thing that would undermine him and his party the most at the election booth.
Could it be that the execs realize climate change is going to make their position worse as time goes on so they figure to cash in as much as possible before the inevitable decline that will come as climate effects become too obvious to ignore?
The Jones act waivers add insult to injury. Instead of the crude being shipped by US mariners from US Port to US port, it can now be shipped by foreign flagged vessels which pay their crew 1/3 of what US mariners make. More profits for the refineries at the expense of American jobs, with no effect on fuel prices.
Yes! Such an insane system
When P.T Barnum is in the White House, congress, and the courts, I guess we all know what that makes us.
Cannot get over him bragging they’re getting rich off this. Barnum would not have been that brazen!
“Strait of Hormuz. Omg, Omg, Omg”, people bleat. Critical thinking is a dying art.
"national security" is such a racket
“National security” and “homeland” set my hair on fire. Thank you, 9/11.
impossible to keep track of corruption, the coverups and the the general incompetence within this administration. i am glad you are doing it for us.
This is phenomenally good reporting, Ken. I looked into the FT link, and found several other stories (WSJ, MarketWatch) that corroborate this surprising result. And there's no questioning the oil companies' record profits. Those are publicly-traded companies, and like you said, these execs can barely contain their glee.
Short term: what kind of action can the incoming democratic congress to do throw the book at the oil execs who are engaging in war profiteering?
Long term: I still believe in supply and demand, and the only way for the price of gas to stay down indefinitely is for us to stop using so much of it. I've put solar panels on my house, my car is a hybrid, I replaced my gas furnace with a heat pump system. (I'm still keeping the gas stove however :-)) This is easy for me, living in California. How can folks in colder parts of the country transition to oil-and-gas-free energy sources?
not an expert but the rise of EV technology seems inevitable at this point!
I am somewhat skeptical of all this. IF this IS INDEED PROVEN TO BE TRUE, then it is the BIGGEST CORRUPTION STORY since the 2008 financial crisis, and maybe of all time. The administration’s position seems counterintuitive. Why would Trump not be hollering loudly about all of this knowing that the price of gas and diesel will spell disaster for him and Republicans in the midterms? However, IF this is the price-gouging plot of the century, as Ken suggests, then what is to stop the government from NATIONALIZING the oil companies who are proven to be involved? We basically nationalized the investment banks in 2008 during THAT financial crisis (Fannie Mae, Freddie Mac, Bear Sterns, Lehman Brothers, Merrill Lynch, AIG, etc.). They were just as global as the oil companies are. This situation is just as big, if not bigger, and just as disruptive. Could THIS be Trump's coming "October surprise"? Comments please….
The odd thing is that Trump is the Fossil Fuel President who has done everything he can to both promote fossil fuel consumption, open new areas for extraction and act against renewable energy in every way he can not to mention denying global warming is man made.
High gasoline price and particularly diesel fuel price drive up the cost of everything, the single greatest threat (economic trouble) for any administration. I don't understand why the oil companies that have been so well served would deliberately do the very thing that would undermine him and his party the most at the election booth.
Could it be that the execs realize climate change is going to make their position worse as time goes on so they figure to cash in as much as possible before the inevitable decline that will come as climate effects become too obvious to ignore?