Free market as in unsubsidized fossil fuel industry like UK? Nope, then it'll still be about $7/gallon on national avgIn other words, a free market would lower prices.
Flood the market with supply and all this goes away. Econ 101, simple common sense.🤷🏽♂️
We have no pipelines coming into the state so fuel has to be shipped in. The regulations and taxes make running a refinery an unattractive business UNLESS operating at very high profit levels as from 1982 until now the total number of CA refineries has dropped from 40 to 17 (somehting like that per the CA Inside article). As the EV mandate draws nearer why would oil companies do anything but jack prices up further to maximize profitability of assets that will be statutorily obsoleted?Oh it’s regulations, taxation and dumb special blends but the main culprit is The base price of oil. Drill baby drill!
Free market as in unsubsidized fossil fuel industry like UK? Nope, then it'll still be about $7/gallon on national avg
So what you want is a subsidized fuel without CA gas tax and regulations
From that excerpt, supply isn't the issue.
You are looking at the gross cost of fuel without factoring the much higher sales (VAT) tax that they pay. The average sales tax in the UK is 46% or $3.21/gal based on your linked fuel prices, compared to only $1.18/gal in tax we pay in California. Even comparing to CareBears' ultra low Costco price, we are still paying more than they do in the UK when normalizing for the sales tax.
So by your own admission, the UK is more of a free market than we are, and they pay less for fuel than we do. They do, however, pay more in sales tax than we do.
Why Is The UK Sending Gasoline To America As Prices Explode?
On the face of it, the flow of gasoline from the UK to the U.S. looks counterintuitive to market forces as UK gasoline prices are $3 a gallon higher than the gasoline prices in America.
But gasoline in the UK is taxed much more than the levies on gasoline in the U.S., that's why British drivers pay much higher prices at the pump, as do most other motorists across Europe.
If taxes are left out of the equation, it actually makes sense for UK exports of gasoline and blending components to flow to the United States, Bloomberg's Lee notes.
Gasoline prices in the UK—where total taxes on gasoline account for an average 46% of the retail price...
Why Is The UK Sending Gasoline To America As Prices Explode? | OilPrice.comThe UK is shipping a tremendous amount of gasoline to the United States, leaving some consumers scratching their headsoilprice.com
Exact same old argument and exact same old proven failed policy…don’t fall for it twice just cause you are too young to remember the last time it didn’t work…Wow...the stupidity is just breathtaking.... Brain surgeon Elizabeth Warren has resurrected the "Windfall Profits Tax" to punish those evil oil companies...the same "Windfall profits tax" (even using the same name) that Brother Jimmy laid on the "evil 70's oil companies" that led to the disastrous oil shortages and offshoring of production of that era....Never one to learn from a mistake, this is what our current leadership proposes....Wow!!
Oil Market Chaos Deepens As Sen Warren Pushes Windfall Profits Tax For ?Big Oil?
"Big Oil?s first priority is to maximize profits.
It?s also their second priority, third priority, and on and on.
We can?t let them use Putin?s invasion as an excuse to pad their bottom line with war-fueled profits. So I?m working with Senate Democrats on a windfall profits tax."
May 9, 1979
WASHINGTON, May 8 ? President Carter's proposed tax on ?'windfall? profits of oil companies goes before Congress tomorrow, and it is likely to touch off a political donnybrook as intense, if not as protracted, as last year's struggle over the President's energy program.
The Secretary of the Treasury, W. Michael Blumenthal, will open the Administration's case when he testifies tomorrow before the House Ways and Means Committee. As he does so, the windfall profits tax is under attack from two directions.
Some opponents of the President's decision to remove price controls from crude oil produced within the United States are working to defeat the tax and thereby make decontrol untenable. But the tax is also drawing fire from the oil industry, which heartily favors decontrol
Carter's windfall profits tax fell far short of its projected revenues, partly because it discouraged domestic production and partly because worldwide economic events caused oil prices to fall sharply during the early 1980s. According to the Congressional Research Service, the Carter-era windfall profits tax:
Reduced domestic oil production by 3-6%; and
Increased foreign oil imports by 8-16%.
If foreign producers have the capacity to offset all the lost domestic production, then the windfall profits tax will simply shift domestic consumption from domestic to foreign oil with no effect on pump prices at all. On the other hand, if foreign producers can't turn up the taps to offset reduced U.S. production?Saudi Arabia in particular may not be able to meet its ambitious production targets?then not only will we be more dependent on foreign oil, but pump prices will rise to bring demand in line with newly-reduced supply.
So there's your windfall profits tax in a nutshell: reduced domestic production, increased dependence on foreign oil, and pump prices either unchanged (best case) or higher (worst case).
Supply is everything…all else follows. UK has those prices becaus they tax the living shit out of it…full stop!😂😂😂
Exact same old argument and exact same old proven failed policy…don’t fall for it twice just cause you are too young to remember the last time it didn’t work…
Biden considering imposing a 'windfall tax' on energy company's profits: President will make oil and gas firms the villains on Halloween and blame them for soaring prices at the pumps in a final push before the midterms
· President Joe Biden is considering a 'windfall tax' on energy companies
· A 'windfall profits tax' would fall on the profits of energy firms that are in excess of their typical annual profits
· Biden trying to lower gas prices ahead of midterm election
· Congress would have to approve any new tax
· Biden making remarks on energy prices at White House Monday afternoon
No, it’s oligopolies with barriers to entry. Same problem as the deregulated energy market when companies figured out an unplanned emergency “maintence” created more profit than producing.The 3 problems are lack of refineries, high taxes, and the super special blend.
It's simple. As Christmas gets closer, the corporations become less greedy as a gesture of good will towards men.So how have prices come down? Winter blend is that much cheaper? Russia still warring with Ukraine.
Why have profits been so high during these times?
“We have split natural seawater into oxygen and hydrogen with nearly 100 per cent efficiency, to produce green hydrogen by electrolysis, using a non-precious and cheap catalyst in a commercial electrolyser,” said Professor Shizhang Qiao, the team’s co-lead. Seawater typically needs to be purified before electrolysis splits it into hydrogen and oxygen. The team says its results, using cobalt oxide with chromium oxide on its surface as the catalyst, had similar performance to a standard process of applying platinum and iridium catalysts to highly purified and deionized water.
Growth of wind and solar power has saved the European Union (EU) €12 billion in avoided gas costs since Russia invaded Ukraine, according to a new analysis from energy think tank Ember.
This Friday, February 24, marks a year since Russia invaded Ukraine. And in that rough period – from March 1, 2022, to January 31, 2023 – EU wind and solar grew by 50 TWh (+10%) since the start of the war, generating 23% of EU electricity in that period (546 TWh).
The annual increase in wind and solar alone reduced the amount of gas required for electricity generation by 90 TWh (9 bcm) and avoided gas costs of €12 billion ($12.78 billion).
Russia’s invasion of Ukraine shocked Europe into action. Suddenly, gaping vulnerabilities due to fossil fuel dependence became a stark reality. The last year has been a scramble to address these risks through an accelerated transition to a cleaner, more secure power system. At the year marker of Russia’s devastating war in Ukraine, it remains critical that the EU rapidly expands solar and wind to attain permanent energy independence.