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"Trumps Oil Crisis" - sounds good. He always wants things named after him, but where he decorated himself with the efforts of others like with the former Kennedy Center, this is one he really owns.
See also: "Trumps Unprovoked War in the Middle East", "Trumps Hormus Blockade", and "Trumps Breakdown of the American Economy".
Is he still trying to blame all this on Biden?
And given his candy-glass ego he'll likely claim it's treason and unAmerican to have his name referenced in this oil crisis
Wait until he blames it on the next Democratic president!
Chevron's CEO giddily exclaims gas prices will almost certainly go higher.
Here’s the thing. They don’t want it this high. People start looking at alternatives. Buying electric cars. That sorta thing. They want oil between like $60-90 a barrel. Not $120. He’s not happy. At least not long term.
Nah man that’s multiple quarters in the future and every drop the US can produce and sell will get out there meaning maximum profits. For long term you’re right. Which longterm it’s probably the right direction. It should have stayed $4-$5 from back when Bush/Obama was in office. Alternatives would already be here.
Actually, US oil is pretty much junk from a gasoline perspective. You can squeeze gas out of it, but you can't really get DIESEL, which is the big driver of fuel costs thanks to our entire modern delivery system, and in turn most of our manufacturing capability, relying entirely on it. You used to be able to do it by sending it through alkylation, but the last plant that handled that in the US blew up a couple years ago and it was never fixed, because why would anything need to be fixed ever.
Right. The oil we produce is not suitable for the refineries we have. Most people don't understand this at all.
One thing I find funny is when "conservatives" say that we should not import or export oil, but only use our own. They don't realize that this is a very anti-capitalistic idea. It also flies in the face of their laissez faire capitalistic notions.
Yeah that’s the flip side for sure. High gas prices would have caused some much needed change.
We had oil crises in the 80s and gas over $4 in 2008. I don't see this having any significant long-term impact. Existing efforts will continue, but most people will just go right back to their old habits.
The major long lasting effects was the introduction and adoption of Japanese autos because of their better gas mileage.
For close to 2 decades fuel economy was an important selling point. At the time there was no viable alternative to gasoline engines. Today there is so whole markets are likely to change-over to majority electric.
I'm pretty sure that electric vehicles didn't really exist in a remotely viable form in 2008, because my Dad was a relatively early adopter with the Nissan Lead, and I remember it took an inordinate amount of effort to plan charging stops for a long distance journey.
A lot of people will just go back to their old habits, but for many others, this could be the thing that kicks them out of their inertial rut.
The embargo in the 70s pushed towards smaller cars, energy conservation but mainly towards exploring in areas outside of the middle east.
I know. I was there. How many land yachts do you see now? Because there were lots before that.
When oil gets this high it’s disruptive. People start buying less because everything is more expensive. Going to get it. All the products oil is used in ..plastics, synthetic fabrics, cosmetics,etc. Shipping it. Everything. Whether we like it not this entire country’s economy is based on the price of oil.
So yes we will recover eventually. But it will be different.
The difference is that now there are viable alternatives. Countries around the world are stepping up their renewables and embracing EVs. Trump's stupid war could very well end up being the catalyst for the rest of the world ditching oil.
In many countries EV sales are higher than ICE sales.
Not the US though.
In the US the Trump Administration is just doubling on making sure America's Future is the early XX century (in more ways than one, even).
But I thought we took over Venezuela so we could have all the oil in the world??? Did someone LIE to us?
If you can't lower prices by kidnapping the legal president of another country what can you do?
Not for them though. They're making record profits.
For now. These prices are already forcing people to look at evs or alternative modes of transport. If it goes on long enough things could reach a tipping point that collapses their industry. Like a star going supernova before collapsing into a dwarf.
Please.
Actually we've been heading there for quite a while, this just throws the geopolitical instability of fossil fuels into sharp relief. Damage is done. Nice own goal Trump.
I think the Chevron CEO is feigning concerns so that oil companies won't get a bad PR. Everyone knows they got record profits because there is talk of windfall tax after all.
What gets me are the two different excuses that the public are given when it comes to gas prices:
Well oil prices went up yesterday, so of course gas prices need to rise today.
Well just because oil prices dropped doesn't mean we can just lower gas prices - it takes weeks for that cheaper oil to make it to your car.
They're scared of the long term implications for fossil fuel industry. Every time gas prices fall, people buy less fuel efficient vehicles and travel more. High gas prices do the opposite. This is nothing more than a CEO who can see past a single quarter's profits.
Does anyone care what CEO's think anymore? They don't speak to the people, they speak to the shareholders. All I hear is "My hugely grossly big bonus might be a little smaller this year".
You got it all wrong.
An American oil company is going to have absurd windfall profits this year, because the global price for oil has skyrocketed while American production hasn't gone down at all. So that CEO is warning everyone that he's gonna have an extraordinarily large bonus this year.
And the budget for Landman is going to double thanks to sponsorship from Oil lobbying firms
Not all wrong. When speaking of just oil, I agree with you.
Exactly.
He's making sure upfront that when he gets the Extra Large Bonus at the end of the year all the righteous anger of the people who are being fucked to pay for it is directed elsewhere.
Oil companies when they can move less oil for more money: 
Not sure how many people can afford fuel over $5. I know I’m already cutting out most of my extra curriculars to offset it on my budget.
I wonder how high prices have to go before even maga and republicans get sick of this.
The elected ones are positioned to profit from higher gas prices. The ones who voted them in will tolerate anything to feel complicit in punishing the world.
why would they get sick of this - it's another example of how the democrats are fucking up the economy. so says OAN and Fox News. and/or It's the price we have to pay for our freedoms
*Chevron CEO explains they have reached the appropriate amount of “justification” to further war profiteering price adjustments.
"We have decided we want more money and this is a really good excuse to jack up prices even more."
Sounds like we need to 86 all these oil execs because them and their bribing of politicians has led us down this path. They have done this intentionally to create a global oligarchy.
Warning i will make more money soon this is working so great i have to raise prices.
Correction: Donny’s oil crisis will get worse.
Was the next word, "Woohoo"?
Has anything involving Pedo Don ever done anything but get progressively worse?
Chevron CEO warns Trump’s oil crisis could make them buku bucks.
Were you trying to write "beaucoup?"
Too buku
The gas prices are bullshit and nothing more than a ripoff. In 2001 with the "war" in Iran, Iraq, and Afghanistan, it didn't get this bad. Same with 2008 market crash and 2022 with Covid. Check the charts-especially Monthly Avg Domestic Crude
https://inflationdata.com/articles/inflation-adjusted-prices/historical-crude-oil-prices-table/
Neither of those closed the strait that moves oil and gas for the entire region…
Oh, gotcha. Well OK that makes a little more sense. I figure either way, the price of crude was still around $100/barrel (I think now it's over) and gas hadn't gone so high before, so regardless I was just basing it around prices.