Quote:
Originally Posted by Destroyer
Actually, it's not so much Big Oil that's making the profits so much as it is the speculators on Wall Street. Not many people know it but the oil that's in a tanker may change ownership several times before it reaches our ports. That's because speculators might buy it at (this is just an example) $100 a barrel for 50,000 barrels and then sell it to someone else for $101 a barrel. They just made a cool profit of $50,000. Now the person that bought it for 101 sells it for 102. They also make a 50,000 profit. All of this is happening while the ship is at sea. By the time it reaches port it's cargo may have transferred hands several times, each time adding to the price. So yes, Big oil is making a profit for sure, but they are not the only ones and it's doubtful they are making the lions share. Wall St. speculators are.
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Well destroyer you’re WRONG AGAIN .
Our biggest US Oil Companies ARE making a fortune ON US and they LOVE high prices !
Exxon-Mobil alone just reported record profits off us ….$6-8 billion last quarter and will make MUCH MORE this quarter !!!
https://www.reuters.com/business/ene...es-2022-02-01/