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JohnSJ

(98,883 posts)
2. It isn't just oil companies. I think most of Wall Street also. Fitch lowering the credit rating of
Sat Aug 5, 2023, 11:24 AM
Aug 2023

the US at this particular time I think is evidence of that.

Kid Berwyn

(24,289 posts)
3. Since Jimmy Carter -- the price of crude oil is the most important THING.
Sat Aug 5, 2023, 11:28 AM
Aug 2023

Hostages, like all the wars for oil since, jack up the barrel price.

Say the price goes from $20 to $120. All the reserves go up in value, too. So, if SA's are worth a trillion it becomes $6 trillion.



No wonder they called him Bandar Bush.

usonian

(25,102 posts)
6. CA. Amazed at those low prices. But F Big Oil anyway.
Sat Aug 5, 2023, 11:44 AM
Aug 2023
https://www.democraticunderground.com/?com=view_post&forum=1002&pid=18131993


Big oil owns damn near everything and everyone who could possibly contain Big oil. Until government is eliminated, which seems to be one of their strategies, they own it.

America's moral compass largely points to money. Or is that MoreOil compass.

Putin and MBS, who are paupers without oil bought an entire government.

Citizens United against civilization.


 

Snooper9

(484 posts)
7. They have way more things on their mind that Drumpf
Sat Aug 5, 2023, 11:50 AM
Aug 2023

I watched this documentary last night, almost an hour long but gives ALL the issues they have. Going back to FDR's deal with Abdul Aziz ibn Saud to the present. 90% of the states income comes from oil and they only have a couple decades of that left. Without that cash flow threats internal and external will finally wipe out the monarchy.

Saudi Arabia’s Catastrophic “Everything” Problem

okaawhatever

(9,565 posts)
9. SA and other OPEC Countries have agreed to reduce output in a bid yo
Sat Aug 5, 2023, 12:20 PM
Aug 2023

raise prices. SA just announced a cut of another 1m barrels per day.

hunter

(40,668 posts)
12. Proving once again that we're all in denial about global warming.
Sat Aug 5, 2023, 01:19 PM
Aug 2023

People will still be complaining about gasoline prices as our civilization is collapsing all around us.

For the record, my wife and I live in California and drive a car that gets 50 miles per gallon. You've no doubt heard about gasoline prices here. I don't commute, and gasoline is a negligible expense in our family budget.

For me, the gas situation hasn't been so good since I was a young man making $8.00 an hour and I could fill the tank of my little Toyota for less than $7.00

Wild and free, unconcerned about gasoline prices, I drove all over the U.S. American West and Northern Mexico.

At other times I had no money at all, and no working car. (Feast or famine has always been my life.)

There's a solution to this gasoline problem. We need to rebuild our cities, turning them into attractive affordable places where car ownership is unnecessary.

Then we need to ban fossil fuels entirely, replacing them with synthetic carbon neutral fuels made using nuclear power. (The United States Navy has already demonstrated one way of doing this.)

Sadly it seems we'll continue to deny that global warming is a problem, promote "solutions" to the problem that don't work, or blame the problem on someone else.

gab13by13

(32,191 posts)
13. That is absolutely not it,
Sat Aug 5, 2023, 01:33 PM
Aug 2023

I can afford 3.99/gallon, but raising gasoline prices will raise inflation. It will cost more to get products to market.

hunter

(40,668 posts)
14. And inflation is worse than a world on fire?
Sat Aug 5, 2023, 02:20 PM
Aug 2023

Rising prices caused by global warming, especially the impact of crop failures on food prices, will surely be worse and will hit lower income people the hardest.

Everyone eats.

Inflation caused by rising fuel prices is less important.

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