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In the mid-1990s too much refining capacity, not too little, concerned the nations major oil
companies. At that time, the oil and gas industry faced what they termed excess refining
capacity, a circumstance they viewed as a financial liability that drove down overall profit
margins. The industry reduced the total amount of potential supply by closing down more
than 50 refineries in the past decade. Since 1995 alone, 24 refinery closings have taken
nearly 830,000 barrels of oil per day.
In September 1999, I released a report looking into the anti-competitive practices of zone
pricing and redlining by West Coast oil companies. At the time of the 1999 investigation,
industry officials explained higher gas prices as the result of refinery fires in California and
worldwide production cuts spurred by OPEC. They did not blame inadequate domestic
refining capacity as the culprit for restricted supply or high prices.
Today, the nations major oil companies are experiencing record profits, thanks in no small
part to higher prices at the pump. Despite the across-the-board financial gains of the
industry, the Bush administrations recently released National Energy Policy seeks to
provide incentives, perhaps including relaxed environmental regulations, to quickly boost
refining capacity.
Information I have received during my ongoing investigation raises serious concerns that
the nations major oil suppliers have set out in a strategic effort to orchestrate a financial
triple play, a coordinated effort that would reduce supply, raise prices at the pump and
relax environmental regulations. Unfortunately, in each case, it is the consumer who
takes the hit.
While the documents target activity on the West Coast and refinery closings in 11 states,
they point to practices with significant national ramifications. The companies involved
are national companies that operate in multiple states. In addition, gas and oil is a
fungible commodity and the amount of capacity that has been taken offline is significant
enough to affect national markets.
http://wyden.senate.gov/issues/gas_prices/pdfs/wyden_oil_report.pdf
If all you are going to do is hide under Ron Wyden's skirt, why not just admit that you don't know what it is that you are talking about. He is a liberal from Oregon who hates refining.
What does econcomics teach ....if there are profits....more competition enters the market. It has.....as pointed out....from Saudi and India.
Please explain to me how they can do it cheaper than we can ?
I will be waiting.
You must be joking.
The oil companies spent years buying up all these small refineries, so they could corner the market and jack up the price.
And that is exactly what happened.
If all you are going to do is hide under Ron Wyden's skirt, why not just admit that you don't know what it is that you are talking about. He is a liberal from Oregon who hates refining.
What does econcomics teach ....if there are profits....more competition enters the market. It has.....as pointed out....from Saudi and India.
Please explain to me how they can do it cheaper than we can ?
I will be waiting.
You must be joking.
The oil companies spent years buying up all these small refineries, so they could corner the market and jack up the price.
And that is exactly what happened.
You are the joke.
Refineries consolidated in the 1990's and divested in the late 1990's and early 2000's.
You don't know crap.
And that isn't even the question you moron. The question is how come with all these great profits, they are not building more. Your own article said we were consuming more.
Where is it comeing from ?
Please pull your head out of Wyden's ass and answer me that.
You must be joking.
The oil companies spent years buying up all these small refineries, so they could corner the market and jack up the price.
And that is exactly what happened.
You are the joke.
Refineries consolidated in the 1990's and divested in the late 1990's and early 2000's.
You don't know crap.
And that isn't even the question you moron. The question is how come with all these great profits, they are not building more. Your own article said we were consuming more.
Where is it comeing from ?
Please pull your head out of Wyden's ass and answer me that.
If you restrict the supply, you can raise the price.
Simple economics.
De Beers did the same thing with Russian diamonds.
They forced the government of Russia to hold millions of middle sized diamonds in warehouses in Russia, so they wouldn't flood the market and lower the price.
You are the joke.
Refineries consolidated in the 1990's and divested in the late 1990's and early 2000's.
You don't know crap.
And that isn't even the question you moron. The question is how come with all these great profits, they are not building more. Your own article said we were consuming more.
Where is it comeing from ?
Please pull your head out of Wyden's ass and answer me that.
If you restrict the supply, you can raise the price.
Simple economics.
De Beers did the same thing with Russian diamonds.
They forced the government of Russia to hold millions of middle sized diamonds in warehouses in Russia, so they wouldn't flood the market and lower the price.
Your own article said we were consuming more.
Where is it comeing from ?
You have made up about ten strawmen....now answer the question.
How do we get more gasoline out of lower capacity ?
If you restrict the supply, you can raise the price.
Simple economics.
De Beers did the same thing with Russian diamonds.
They forced the government of Russia to hold millions of middle sized diamonds in warehouses in Russia, so they wouldn't flood the market and lower the price.
Your own article said we were consuming more.
Where is it comeing from ?
You have made up about ten strawmen....now answer the question.
How do we get more gasoline out of lower capacity ?
Strawmen?
I posted the memos from the oil companies themselves.
It took them decades to buy up all the little guys, but they finally did it.
Your own article said we were consuming more.
Where is it comeing from ?
You have made up about ten strawmen....now answer the question.
How do we get more gasoline out of lower capacity ?
Strawmen?
I posted the memos from the oil companies themselves.
It took them decades to buy up all the little guys, but they finally did it.
I'll take that to mean you don't have an answer. You posted fifteen year old memos.
Yes strawmen...your articles don't speak to today's refining market. In 2004, there were expansion project all over the books. Process licensors could not keep up.
You are arguing ancient history. If you understood refining today...you'd crawl in hole for the idiot you've made of yourself.
You probably don't even know what alkylate is.
Strawmen?
I posted the memos from the oil companies themselves.
It took them decades to buy up all the little guys, but they finally did it.
I'll take that to mean you don't have an answer. You posted fifteen year old memos.
Yes strawmen...your articles don't speak to today's refining market. In 2004, there were expansion project all over the books. Process licensors could not keep up.
You are arguing ancient history. If you understood refining today...you'd crawl in hole for the idiot you've made of yourself.
You probably don't even know what alkylate is.
It took decades for the big oil companies to buy up the small independent refineries.
So the memo proves my point.
Like I said, you don't know much about economics.
We were in a deflationary spiral.
The stimulus stopped that and turned us around.
The stock market doubled, GDP grew, and we had 19 straight months of private sector job growth.
And I am making more money than I ever have.
If you knew as much about economics as you "say" you do, Chris...you'd know that the concept of a "deflationary spiral" isn't even accepted as a fact by many economists. It's funny but for someone who says you got A's in economics you only seem to have learned Keynesian economic theory...were you absent when they discussed alternative theories?
You're making more money NOW than you were during the real estate boom? Really? Damn, Chris...you may be the only Realtor I know who can say that. What's your secret? House sales are down. House prices are WAY down. Yet you're making more money now? Did you not sell anything before? Last time I checked I think house sales were off about 80% from the height of the boom yet you're making more money than you ever have! That's ASTOUNDING.
You really don't know anything, do you?
Home sales are not off 80%. Housing is a universal human need.
Homes will always be bought and sold.
And you just described a defationary spiral in the housing industry.
You just proved yourself wrong in your own post.
If you knew as much about economics as you "say" you do, Chris...you'd know that the concept of a "deflationary spiral" isn't even accepted as a fact by many economists. It's funny but for someone who says you got A's in economics you only seem to have learned Keynesian economic theory...were you absent when they discussed alternative theories?
You're making more money NOW than you were during the real estate boom? Really? Damn, Chris...you may be the only Realtor I know who can say that. What's your secret? House sales are down. House prices are WAY down. Yet you're making more money now? Did you not sell anything before? Last time I checked I think house sales were off about 80% from the height of the boom yet you're making more money than you ever have! That's ASTOUNDING.
You really don't know anything, do you?
Home sales are not off 80%. Housing is a universal human need.
Homes will always be bought and sold.
And you just described a defationary spiral in the housing industry.
You just proved yourself wrong in your own post.
Yes, housing "is" a universal human need, Chris but that doesn't mean houses HAVE to bought or sold. Take the last few years for instance. Young people who normally would be graduating from college...getting good jobs and entering the housing market...are instead moving back in with mom & dad because those good jobs are non existent. Or take the people who would normally be selling their houses as they retired and either downsizing or moving to a warmer climate...many of those folks are either not retiring because their 401K's took such a hit or if they have retired they aren't selling their houses because the value has dropped so drastically. Then there is the new climate in financing the purchase of real estate. Gone are the days of the "liar loan"...gone are the days of the "zero down" purchase. A huge portion of the population cannot get financing to buy a house even though prices are way down and mortgages are at historic lows.
You've been quite vague about how it is "you've" managed to make more money than ever before, Chris. What "magic market" is it you're in that has bucked the economic trends that seem to be affecting everywhere else?
If you knew as much about economics as you "say" you do, Chris...you'd know that the concept of a "deflationary spiral" isn't even accepted as a fact by many economists. It's funny but for someone who says you got A's in economics you only seem to have learned Keynesian economic theory...were you absent when they discussed alternative theories?
You're making more money NOW than you were during the real estate boom? Really? Damn, Chris...you may be the only Realtor I know who can say that. What's your secret? House sales are down. House prices are WAY down. Yet you're making more money now? Did you not sell anything before? Last time I checked I think house sales were off about 80% from the height of the boom yet you're making more money than you ever have! That's ASTOUNDING.
You really don't know anything, do you?
Home sales are not off 80%. Housing is a universal human need.
Homes will always be bought and sold.
And you just described a defationary spiral in the housing industry.
You just proved yourself wrong in your own post.
Yes, housing "is" a universal human need, Chris but that doesn't mean houses HAVE to bought or sold. Take the last few years for instance. Young people who normally would be graduating from college...getting good jobs and entering the housing market...are instead moving back in with mom & dad because those good jobs are non existent. Or take the people who would normally be selling their houses as they retired and either downsizing or moving to a warmer climate...many of those folks are either not retiring because their 401K's took such a hit or if they have retired they aren't selling their houses because the value has dropped so drastically. Then there is the new climate in financing the purchase of real estate. Gone are the days of the "liar loan"...gone are the days of the "zero down" purchase. A huge portion of the population cannot get financing to buy a house even though prices are way down and mortgages are at historic lows.
You've been quite vague about how it is "you've" managed to make more money than ever before, Chris. What "magic market" is it you're in that has bucked the economic trends that seem to be affecting everywhere else?
You really don't know anything, do you?
Home sales are not off 80%. Housing is a universal human need.
Homes will always be bought and sold.
And you just described a defationary spiral in the housing industry.
You just proved yourself wrong in your own post.
Yes, housing "is" a universal human need, Chris but that doesn't mean houses HAVE to bought or sold. Take the last few years for instance. Young people who normally would be graduating from college...getting good jobs and entering the housing market...are instead moving back in with mom & dad because those good jobs are non existent. Or take the people who would normally be selling their houses as they retired and either downsizing or moving to a warmer climate...many of those folks are either not retiring because their 401K's took such a hit or if they have retired they aren't selling their houses because the value has dropped so drastically. Then there is the new climate in financing the purchase of real estate. Gone are the days of the "liar loan"...gone are the days of the "zero down" purchase. A huge portion of the population cannot get financing to buy a house even though prices are way down and mortgages are at historic lows.
You've been quite vague about how it is "you've" managed to make more money than ever before, Chris. What "magic market" is it you're in that has bucked the economic trends that seem to be affecting everywhere else?
Virginia.
We have a lower unemployment rate than the rest of the country.
And you don't know anything about real estate. First time homebuyers and the military can still get 100% money. And anyone who pays their bills can get a mortgage. I have never had any problem getting people mortgage money.
And as far as 401Ks are concerned, the stock market has almost doubled since the stimulus.
Try to get your facts straight.
And as far as 401Ks are concerned, the stock market has almost doubled since the stimulus.
What's amusing, Chris is that I was going to guess that you had to be in the DC area if you thought real estate wasn't depressed. Gee, I wonder why Virginia's unemployment rate is SO low? Could it possibly be because of all the Public Sector workers clustered around our nation's capital? You just proved "my" point about the Obama Stimulus. The stimulus that hung the Private Sector out to dry while it propped up Public Sector workers. The reason that Virginia's unemployment rate has remained so low is that the Federal Government was ADDING employees while people in the Private Sector everywhere else in the country were getting canned.
What's amusing, Chris is that I was going to guess that you had to be in the DC area if you thought real estate wasn't depressed. Gee, I wonder why Virginia's unemployment rate is SO low? Could it possibly be because of all the Public Sector workers clustered around our nation's capital? You just proved "my" point about the Obama Stimulus. The stimulus that hung the Private Sector out to dry while it propped up Public Sector workers. The reason that Virginia's unemployment rate has remained so low is that the Federal Government was ADDING employees while people in the Private Sector everywhere else in the country were getting canned.
That is the nice thing abour regional economics.
You can still get by quite well with your head up your ass.
I usually don't either blame or credit presidents for the economic situation. Mainly what happens is beyond their control. But this time I think it may be a little different. Obama's taken some steps some other presidents would be afraid to go. He's taken some political risks, in other words, which appear to be paying off. Should he get more than normal credit for the recovery?
In this case Obama deserves almost total credit - because he's been doing all the heavy lifting with no help from the right.
He gets 100% of the credit for nothing.
George W. Bush inherited a strong economy, a budget surplus, and a nation at peace.
Eight years later, he left Obama with a shattered economy, a trillion dollar deficit, and two useless wars.
Obama saved the country from another Great Depression, rebuilt GM, reformed healthcare, reformed Wall Street, created 19 straight months of private sector job growth, created 7 straight quarters of GDP growth, got Bin Laden, got Gaddafi, and got us out of Iraq.
A real potential one-termer.
A real potential one-termer.
I wish there was a way to take action on this. The real odds for the Republicans are more like 2:1 against.
Yes, housing "is" a universal human need, Chris but that doesn't mean houses HAVE to bought or sold. Take the last few years for instance. Young people who normally would be graduating from college...getting good jobs and entering the housing market...are instead moving back in with mom & dad because those good jobs are non existent. Or take the people who would normally be selling their houses as they retired and either downsizing or moving to a warmer climate...many of those folks are either not retiring because their 401K's took such a hit or if they have retired they aren't selling their houses because the value has dropped so drastically. Then there is the new climate in financing the purchase of real estate. Gone are the days of the "liar loan"...gone are the days of the "zero down" purchase. A huge portion of the population cannot get financing to buy a house even though prices are way down and mortgages are at historic lows.
You've been quite vague about how it is "you've" managed to make more money than ever before, Chris. What "magic market" is it you're in that has bucked the economic trends that seem to be affecting everywhere else?
Virginia.
We have a lower unemployment rate than the rest of the country.
And you don't know anything about real estate. First time homebuyers and the military can still get 100% money. And anyone who pays their bills can get a mortgage. I have never had any problem getting people mortgage money.
And as far as 401Ks are concerned, the stock market has almost doubled since the stimulus.
Try to get your facts straight.
What's amusing, Chris is that I was going to guess that you had to be in the DC area if you thought real estate wasn't depressed. Gee, I wonder why Virginia's unemployment rate is SO low? Could it possibly be because of all the Public Sector workers clustered around our nation's capital? You just proved "my" point about the Obama Stimulus. The stimulus that hung the Private Sector out to dry while it propped up Public Sector workers. The reason that Virginia's unemployment rate has remained so low is that the Federal Government was ADDING employees while people in the Private Sector everywhere else in the country were getting canned.
