SwimExpert
Gold Member
- Nov 26, 2013
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- #1
Here's a treat for those people who still think that the Keystone XL would have led to lower gas prices in the US.
The drop in prices means that Phillips can buy the crude it refines more cheaply. And it profits from the fact that the price of gas hasn't fallen as much as the price of oil has. Phillips' refining profits actually rose last year to $2.6 billion from $1.6 billion in 2014. "People don't notice it because the price at the pump has come down so much, but gasoline prices are quite high relative to crude," said Tom Kloza, chief oil analyst for the Oil Price Information Service.
Warren Buffett's $1 billion bet on oil
According to people who supported the Keystone XL, the price of gas HAD to go down because more oil would mean cheaper oil, and that would mean cheaper gas. But it's just no that simple. There's more to it, which is probably why some of the dimmest bulbs were the most vocal to support the XL, all while not actually saying anything. But why bother with thinking when we can just bury our heads in the sand and indulge in easy answers, right?
The drop in prices means that Phillips can buy the crude it refines more cheaply. And it profits from the fact that the price of gas hasn't fallen as much as the price of oil has. Phillips' refining profits actually rose last year to $2.6 billion from $1.6 billion in 2014. "People don't notice it because the price at the pump has come down so much, but gasoline prices are quite high relative to crude," said Tom Kloza, chief oil analyst for the Oil Price Information Service.
Warren Buffett's $1 billion bet on oil
According to people who supported the Keystone XL, the price of gas HAD to go down because more oil would mean cheaper oil, and that would mean cheaper gas. But it's just no that simple. There's more to it, which is probably why some of the dimmest bulbs were the most vocal to support the XL, all while not actually saying anything. But why bother with thinking when we can just bury our heads in the sand and indulge in easy answers, right?