Discover and read the best of Twitter Threads about #RussiaWarOnUkraine
Most recents (4)
Alright folks, here's a little lecture from my book, The Tyranny of Oil, about how #gasoline prices are set in the U.S., and yes, it's largely under the control of the largest oil companies -- Exxon, Chevron, BP, Shell, etc, -- even though it's not legally supposed to be. a 🧵
1. The major oil companies in the U.S. are vertically integrated, controlling production, refining, & sales.
2) They set the price of #gasoline at stations they own. But most stations are "independently owned" & branded- ie selling the major brands "Exxon" "Shell" "Chevron" etc.
2) They set the price of #gasoline at stations they own. But most stations are "independently owned" & branded- ie selling the major brands "Exxon" "Shell" "Chevron" etc.
3) It is illegal for oil companies to set prices at
gas stations they do not own, but they've has found several ways to get around the law—by controlling the prices charged at its branded stations through the wholesale price for gas, "suggested" retail prices, & zone pricing./3
gas stations they do not own, but they've has found several ways to get around the law—by controlling the prices charged at its branded stations through the wholesale price for gas, "suggested" retail prices, & zone pricing./3
I heard a story on the news today about calls to cut the federal #gas tax in response to rising prices. This is really bad idea. The gas tax supplies money to the federal government to do things like fund public transit. IF you want lower gas prices (IF), focus on companies.
First: there's been no reduction in overall exports of #oil & #gas from Russia since its war against #Ukraine, incl via #NordStream1 (c/o S&P Global). Russia did cut gas supply before invasion, not since. Energy traders are driving soaring global prices; not actual supply.
The major oil companies, all of which employ energy traders & make a profit off trading, not just selling, oil & gas, are currently making record profits due to the war. In the U.S., just a few Big Oil companies control oil & gasoline refining, distribution, marketing, & sales.
Still no reduction in overall exports of #oil & methane (ie natural) #gas from Russia since its war against #Ukraine, incl via #NordStream1 (c/o S&P Global). Russia did cut gas supply before invasion, not since. Energy traders are driving soaring global prices; not actual supply.
The major oil companies, all of which employ energy traders & make a profit off trading, not just selling, oil & gas, are currently making record profits due to the war. In the U.S., just a few Big Oil companies control oil & gasoline refining, distribution, marketing, & sales.
Thus, U.S. oil companies could be asked to limit gasoline price spikes to demonstrate a desire not to profit off of #RussiaWarOnUkraine. Alternatively, they could be told not to pass the price spike onto consumers by federal and state governments.
dear Western journalists...
there is a crucial distinction, guys, between the left map and the right map.
russians move by big roads, hence it is just misleading to deem all the territory between those roads as russian.
it is not.
it is where the civilians fight them.
there is a crucial distinction, guys, between the left map and the right map.
russians move by big roads, hence it is just misleading to deem all the territory between those roads as russian.
it is not.
it is where the civilians fight them.
1 March, 2022, update.
