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this post was submitted on 07 Sep 2023
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You realize the gas companies have had record breaking profits, right? It's greed, nothing more
Heck yeah it is. I moved a bunch of money into oil when it bottomed out at the start of covid and its more than trippled. The only thing that would have been a better investment was big pharma. That being said, I'd rather that profit stay with US companies and investors than go to Russians, Iranians, and Saudis.
I'd rather the "profits" stay in the pockets of every American citizen
See, that's where we're different. You pretend to be upset about Americans paying more at the pump, but are actually selfish and only care about a handful of Americans getting richer
Most Americans have 401k's which are invest broadly, including the energy sector.
https://www.fool.com/retirement/2017/06/19/does-the-average-american-have-a-401k.aspx
I'm pretty sure 32% is less than a majority, but I admit I'm bad at math.
sorry, 79% of the workforce has the option of a 401k. which is a huge majority. If a person chooses to opt out, that's on them.
Bullshit.
not bullshit. it's 100% their personal choice, and a bad one.
Notice I provided evidence and you did not?
You provided my evidence for me. Your article says 79%.
It says a 401(k)-style plan, which is very vague. Maybe they don't go for it because it's a shitty 401(k)-style plan.
If there is zero employer match then sure. 401k-style plans are all basically the same as a 401k, the largest differences are really on the administration end. I have a small business and offer my guys SIMPLE IRA with a match. From what I can tell there's no difference from the employee side.
If you invest in oil, then you should want higher gas prices. If you want lower gas prices, then i recommend not investing in oil. If you want energy independance, then you should be championing green energy initiatives and electric cars as much as drilling new claims, even if you yourself dont plan on getting an ev it reduces national dependance.
Oil companies got crushed under trump with the insanely low gas prices of 2016 2017 (i think it was saudi selling at a loss to take market share that time), then again under covids reduced demand and more opec suppliers flooding the market and stealing market share (also under trump). Then they cut production to match demand and cut costs. You can't just turn a well off and back on, so when demand rose gobally post covid and foreign suppliers cut back production at the same time to reap the profits, the US lagged in ramping up production, and their record profits (under biden) didnt incen tivise them ramping it up. Those 5$ gas prices made the stock go up.
The president does influence gas prices, but not much. Here's a decent video on gas prices.
https://youtu.be/QnBqAzJXVGo?si=rdfQFVneqaOtf9u9
Gas prices don't bother me personally as long as government isn't unnecessarily hamstringing the domestic industry. The people who should be most upset about $5 gas are the ones financially struggling to buy it.
Translation: I don't give a fuck as long as the rich people who own the industry get richer. People with less money than me should join me in protecting those poor billionaires and hectomillionaires from only becoming 45% richer every year or two.
Here in reality, the US is the number one oil producer in the world and exports much more than it uses. Prices are not affected by production anywhere near as much as by commodities trading, cartel price fixing and good old fashioned profiteering.
Stupid deflection and "most" is wildly inaccurate, unless you're talking about boomers, who by your standards, should be thanking Biden then
Fine, not "most" then. Practically all mature adults who are a net benefit to society have 401k's.
Define "net benefit to society." Does that include the entire service industry, much of which does not offer 401(k) plans? I'd like to see what you would do without all the people who pamper you.
net tax payer, depending on where you live that's something like 60-80k per year. and 401k is just the most common of many ways to save for retirement. The biggest loss would be the house cleaners for sure.
You think house cleaners would be the biggest loss? How about waiters? How about cooks? How about fucking janitors?
None of them are a net benefit to society? Well then why even have those jobs? They're a net loss to society.
I Don't go out much. The house cleaners do pamper me though.
There's the Republican moral compass. Unless you're giving corporations extra spending cash, you're a detriment to society.
ooh boy, you need to hear this. Social security will NOT provide you enough to live in retirement. You really should learn about and invest in a 401k or some sort of retirement account.
I'd rather the environment stay with us instead of trading it for money
that's not an option. Every barrel of oil not extracted here gets extracted from somewhere else with far fewer regulations like Russia, or Nigeria
Yeah let the environment in Russia be destroyed first please. Let's keep American land the way it naturally is
Russian oil is down 24% YOY
https://www.barrons.com/market-data/stocks/rosn?countrycode=ru
Yep, that's because the major oil buying nations realized they couldn't survive without buying some Russian oil, and signed an agreement to only buy it for I think it was exactly 25% under current market value. So if this war ever ends I'm sure Russian oil will rebound. If countries had stuck to their promise to never buy Russian oil it would be way lower than that.
This is a bold claim to actually bet money on. Too risky for my blood but do you. If you believe it, this is definitely the dip to buy in at.
Oh i'm not in Russian oil, I'm in US companies. I think BP has done just as well though. Investing in dictator run countries is certainly too risky for me too.
If you're trying to make money invested in US oil and hoping to keep money in the US, you need the price to be > $3/gal. During the pandemic Russia killed us and our fracking oil fields with the cheap gas. Many US fields had to close, many permanently because damage is done to the fracked wells when operations stop. Below $3/gal it's cheaper to import and we're sending our money to the Saudis and elsewhere.
High gas prices makes the US oil fields competitive. Low prices sends US money over seas.
Right, and gas prices are high now, so we should be expanding domestic production right now. I don't mind $1 gas from importer oil either, but when in rome...