The FTC just found evidence that American oil companies colluded with the Saudi government to hike gas prices, costing the average family $3,000 last year. The question is, what can we do about it?
While BIG reports on the Saudi-shale producer collusion over oil output, the NYT features an article entitled "Israel and Saudi Arabia are Trading Places," (https://www.nytimes.com/2024/05/02/opinion/israel-saudi-arabia.html) in which Tom Friedman reports on a mutual defense treaty being negotiated between the U.S. and Saudi Arabia that also requires the Saudis to initiate a peace deal with the Israelis. It is to be lamented that our government continues to treat Saudi Arabia as its most favored foreign cousin, while the Saudis, earning none of that respect, steal and plunder from their American cousins.
The Saudis very publicly snubbed Biden in 2022 and refused to increase production. This obviously kept the gas prices high, but also dampened the sanctions on Russia. Biden promised "consequences", but never followed through.
It seems like we need Saudis a lot more than they need us. It's also interesting to learn that our domestic producers have been coordinating with them all along.
Al did you see, and saw from ADs when the GOP debates, the second one. Ads where WHY gasoline was so high, was from Biden`s policy on Whale lanes. Thus and had a local by me, posting sticker on gas pumps of Biden pointing a finger with a line, "I did that" .. pointing at the price of gasoline on the pumps.
lol,,, Ad`s stating it was from whale lanes,,, I had or have two questions as to that.
First, how is it here in the USA was able to ship tankers out at record high level, BUT you can not get in heavy Crude to make gasoline here. How is it, tanker can go out but not in?
Second if so,, as to refineries only able to produce only from heavy crude here for gasoline. WHEN, here you only have light Crude produced? Is those refineries still from 1940`s and 50`s?
My name is NoBody, (1vs160)
My Favorite person now is Lina Khan, and to note as Matt posted once, when they past over year ago now, big spending package bills.. and mistake where they or adds mistyped as to defunding FTC department, for two years, noted by both heads of parties in power in congress in the Senate.
Question I ask to all, isn't this just a issues of Wealth wanting total control. why buy one side of parties when both can be bought? I think there is a way, as to slowing down lobbies. DC is a big cash cow.
I moved to Kansas from Chicago burbs 2 years ago. It's amazing to me that the R's here continue to hold a supermajority in the state. Koch money (oil) everywhere (Wichita based) trying to suppress any government spending, supress wages, and spinning up calamatous consequences if trickle down isn't adhered too. The wages here are low, too low to live decently on, and social services almost non existent. Recently the Speaker of the KS House (Hawkins (R)) was on a dog and pony show trying to convince everyone that medicaid expansion would devestate the local economy, in spite of the most recent polls showing 67% of KS residents favor it. Yet, they stiill re-elect these morons by huge margins. I can see it now, they'll spin this story as big government attempting to impede the progress of big oil, who's trying it's best to make everyones life better. And these Fox News immersed idiots will buy it. Moving to Wisconsin in 2 weeks, and that's not soon enough.
Fox News/Murdoch dummied down an already declining American empire, where citizen rights have been replace with corporate rights and the government is beholden to corporations and its own internal military industrial complex.
We're in a dystopian Ayn Rand world with extreme individualism, laissez-faire capitalism, lack of empathy, with a dysfunctional polarized society.
Can the wrath of Khan fight such overwhelming odds?
Welcome to the dairy State! Wisconsin still hasn't taken the Medicaid expansion. And I'm sure WMC (Wisconsin Manufacturers and Commerce) the biggest lobbying organization in the state (Koch followers)will love on the big oil frame. BUT, with the recent change in legislative maps, and the remarkable young leaders in Milwaukee City and County, important changes are happening.
Thanks. We're actually from N IL and the better 7/8's is full blooded cheese by birth. I followed the Supreme Court election very closely, that went a long way to facilitating those changes. Having a super majority in a state that's essentially 50/50 was proof positive that gerrymandered maps were grossly over representing the party.
Didn’t Goliath describe how Bork was obsessed with convincing everyone that economists are “real” scientists? Summers epitomizes that outcome. He is a hack who truly believes he’s a scientist, rather than a “social scientist.”
Economists’ models, often shrouded in complex mathematics, perfectly describe the past, “ceteris paribus”. Yet they often completely fail to describe the present or predict the future—the exact opposite of what real science does. 😡
If you're an anti-monopolist, watch Fallout on Amazon Video (I know..Amazon). Based on a video game but a good storyline and well written. Stick with it.
Congrats Matt! Another grand slam homer hit right outta the park. I’m going to write a piece based on this for my local paper … all your readers/subscribers could/should. This is a MAJOR story that won’t get 1/5 the play it deserves if we leave it up to the media. Last thought: it’s time to yank Larry Summers’ license to prognosticate … is he ever right? Nope. (Plus in a personal exchange years ago he couldn’t be bothered to get my name right … I was everything from Sylvia to Sharon to Cindy. He’s Asshat in chief).
Matt will you join Bluesky? Many of us abandoned Twitter and I would love to tag you when I post your outstanding articles. It’s critical your articles get the widest distribution possible.
Aside from being certain I do not want Trump in office, the only other reason I have to vote for Biden is... Lina Khan. She is doing what I have wanted from the FTC for at least 50 years now.
AND every time I see the name Larry Summers, and see how the corporate media treats him like some kind of Economics Genius, I want to bash my skull into the nearest wall. Or his, which admittedly would be better. How ANY ONE! can think of that man as being anything but pure poison to our economy is beyond me. Have people lost their friggin' minds?!?
How abortion rights for women? That's a pretty big reason to support Biden. Also to prevent the destruction of government regulation of industry, to prevent the destruction the New Deal/Great Society?programs of Social Security, Medicare, Medicaid etc. To prevent the setting up of mass camps of millions of migrants/undesirables that Trump is calling for.
Hi Matt, I'd love to see you do an in depth piece on price fixing software. Like yieldstar for landlords but also how software like this is being used in other industries. Thanks!
Every time I make a presentation on the economy I need to discipline myself or I’ll go into a 20-minute rave on Matt’s work (which wouldn’t be too bad) or a rant on Larry Summers.
Only thing more disturbing than the media and politicians putting Larry Summers on a pedestal is the OpenAI's selection of Larry Summers to its board. He thinks AI could replace ‘almost all’ forms of labor (he's right) and regulations have made banks less safe (he's wants to be a billionaire). The future of the planet is partially in his hands. What could go wrong?
Has any human being ever been more wrong, in more ways, more publicly, and more often who all the while continued to fail either up or laterally than Larry Summers? What a prize AH.
I still feel personally financially sanctioned by Biden admin with their actions regarding Ukraine, Russia sanctions, and Nordstream pipeline bombing. So much for the free market.
First and write this on first line after I got finished, "sorry for the long read, but facts need to get out there. Plus forgive my mis-spelling and grammar I hope.
I am so glad Matt that your posting on this topic! Light on Awareness on what the true problem as to cost of living or inflation cost. Old line now, "Do not let a good crisis go to waste". and as one other posting here the" Bork" issue or as to Whom should rule, and to our wealth divide.
NOTE: to topic, Gasoline and oil cost started up when Turmp was in office, NOTING: one of the Oil CEO came out and stated, We`re losing money, from lack of demand or not making the profits we should!! or ?.
OK, if those whom is old enough and remember in the 1970`s Oil embargo, and note as to WHY, we support Israel or is that another topic or not?
FACT, now and after shell drilling started or came out. WE in the USA didn't need outside oil. BUT, and the Bull shit. WHY as to We here in the USA are buying more on Gasoilne. Its not from GOV or Biden. Their last or two months are so statement as to exporting record number OUT of the USA. Out pacing the OPIC exports. BUT, as to why we here still have high prices WAS, Our refineries here only geared to Heavy Crude, vs light Crude we produce. Thus, it was Biden`s policy as to saving Whale lanes and We couldn't get Heavy Crude in. BUT, they was able to export,, HHHMMM! hows that?
This is a supply vs demand issue, IF and when You or we. once have Corp., big money, Wall Strett, whom ever HAVE full control over supplies- production. Thus they have total control of sale prices.
Thius is where and YES I support Capitalism, WHY, it bring in new tectnology and advancement. By Competion But, once we lost the Competion side. thus we have what we are facing. Food prices is in this same issue. Grocery chains. or the one or two now has that Same control. raking in very high profits from the Pandemic issue. They hit the Meat sipplers over this but not the retailers or middle men.
Back to Oil- crude, 2008 remember Oil hit 147.00 Barrel ? Over a report that we Globally was only producing 1% ,, one percent less than we Globally produce. At the TIME, maybe true, WHY, for they, Productors was capping production, They cap off the supply end. this has been going on going back to the early 1980`s after. Hey cut the supply end and we will make a bigger Profits. Being from Texas and working in Hay fields yeah, I see the Oil companies staff checking on oil tank and producing wells.
They would warn me, heads up on my future Diesel and gasoline prices. They just came out of a meeting. Orders as to go out and cap off Wells and pipe line. NOTE: then go apply for Unemployment benefits, Then, hold on "Do not go look for new work" We will hire you back in two-3 months once prices go up.
IMPORTANT. IF you can fine it, Rex Tillerson, Video, was on Youtube. OVER and if you remember the 2008 oil- gasoline prices jump. Thus and how media or those "EXperts in Oil" We need to Stop or kill Speculators on commodity Futures traders, They was the ones that drove those prices up. True but also Bull shit, Locals I was telling, just wait, once that BS report get called out, THOSE same ones that "Speculated on the up side will be the one that will drive it back down.
As to Rex and then CEO of Exxon Mobile, making over THEN 400 Million a year. (Side I think a good man) AFTER two Senate side hearing over and Congress needed to act on killing Future trading, the "Septulators". Truth, so They the Productor could have total control of pricing. ON the House side hearing, and NO I could not fine that clip, but yeah the two Senate hearing. BUT, that house side is some what of a comedy for the first 2-30 minutes, BEING, the 6 person chair was from Alaska, and got two homes plus 200K in cash from Big oil. Didnt or would not swear them in All the CEO`s thus others on the board then could not ask or have them answer questioning,,lol. It was What the hell moment for me. ONE, 1 person from California- rep. keeped asking why did they "OIL" shut down new refinery in her state? Finally, Rex T. stated "I`ll answer that QUESTION,.. so he did the answer was one word, or two, For Profit.
That Rep. stated at the end, Once the People learn of this, as to what is going on. THEN, things will change. FACTS and Truth,, We got to educate the PEOPLE. I hope to simpliy things as to long report reading people will not do. Add, as to why, we elect the same ones that do the will of wealth and those that wish to have total control. Or, just hand over your hard working money to me,,, Say or wrote that last with a smile, as they would like or do.
Big oil is the government. Do you not understand that the corporate structure merged with government years ago? They are just fighting over scrapes as they tear apart the country.
While BIG reports on the Saudi-shale producer collusion over oil output, the NYT features an article entitled "Israel and Saudi Arabia are Trading Places," (https://www.nytimes.com/2024/05/02/opinion/israel-saudi-arabia.html) in which Tom Friedman reports on a mutual defense treaty being negotiated between the U.S. and Saudi Arabia that also requires the Saudis to initiate a peace deal with the Israelis. It is to be lamented that our government continues to treat Saudi Arabia as its most favored foreign cousin, while the Saudis, earning none of that respect, steal and plunder from their American cousins.
The Saudis very publicly snubbed Biden in 2022 and refused to increase production. This obviously kept the gas prices high, but also dampened the sanctions on Russia. Biden promised "consequences", but never followed through.
It seems like we need Saudis a lot more than they need us. It's also interesting to learn that our domestic producers have been coordinating with them all along.
Al did you see, and saw from ADs when the GOP debates, the second one. Ads where WHY gasoline was so high, was from Biden`s policy on Whale lanes. Thus and had a local by me, posting sticker on gas pumps of Biden pointing a finger with a line, "I did that" .. pointing at the price of gasoline on the pumps.
lol,,, Ad`s stating it was from whale lanes,,, I had or have two questions as to that.
First, how is it here in the USA was able to ship tankers out at record high level, BUT you can not get in heavy Crude to make gasoline here. How is it, tanker can go out but not in?
Second if so,, as to refineries only able to produce only from heavy crude here for gasoline. WHEN, here you only have light Crude produced? Is those refineries still from 1940`s and 50`s?
My name is NoBody, (1vs160)
My Favorite person now is Lina Khan, and to note as Matt posted once, when they past over year ago now, big spending package bills.. and mistake where they or adds mistyped as to defunding FTC department, for two years, noted by both heads of parties in power in congress in the Senate.
Question I ask to all, isn't this just a issues of Wealth wanting total control. why buy one side of parties when both can be bought? I think there is a way, as to slowing down lobbies. DC is a big cash cow.
I moved to Kansas from Chicago burbs 2 years ago. It's amazing to me that the R's here continue to hold a supermajority in the state. Koch money (oil) everywhere (Wichita based) trying to suppress any government spending, supress wages, and spinning up calamatous consequences if trickle down isn't adhered too. The wages here are low, too low to live decently on, and social services almost non existent. Recently the Speaker of the KS House (Hawkins (R)) was on a dog and pony show trying to convince everyone that medicaid expansion would devestate the local economy, in spite of the most recent polls showing 67% of KS residents favor it. Yet, they stiill re-elect these morons by huge margins. I can see it now, they'll spin this story as big government attempting to impede the progress of big oil, who's trying it's best to make everyones life better. And these Fox News immersed idiots will buy it. Moving to Wisconsin in 2 weeks, and that's not soon enough.
Fox News/Murdoch dummied down an already declining American empire, where citizen rights have been replace with corporate rights and the government is beholden to corporations and its own internal military industrial complex.
We're in a dystopian Ayn Rand world with extreme individualism, laissez-faire capitalism, lack of empathy, with a dysfunctional polarized society.
Can the wrath of Khan fight such overwhelming odds?
Welcome to the dairy State! Wisconsin still hasn't taken the Medicaid expansion. And I'm sure WMC (Wisconsin Manufacturers and Commerce) the biggest lobbying organization in the state (Koch followers)will love on the big oil frame. BUT, with the recent change in legislative maps, and the remarkable young leaders in Milwaukee City and County, important changes are happening.
Thanks. We're actually from N IL and the better 7/8's is full blooded cheese by birth. I followed the Supreme Court election very closely, that went a long way to facilitating those changes. Having a super majority in a state that's essentially 50/50 was proof positive that gerrymandered maps were grossly over representing the party.
Chip, Moving to Wisconsin? IF over politics issue are you sure of that being a better move. but, maybe so. There it is heavy divide, right?
Didn’t Goliath describe how Bork was obsessed with convincing everyone that economists are “real” scientists? Summers epitomizes that outcome. He is a hack who truly believes he’s a scientist, rather than a “social scientist.”
Economists’ models, often shrouded in complex mathematics, perfectly describe the past, “ceteris paribus”. Yet they often completely fail to describe the present or predict the future—the exact opposite of what real science does. 😡
If you're an anti-monopolist, watch Fallout on Amazon Video (I know..Amazon). Based on a video game but a good storyline and well written. Stick with it.
Congrats Matt! Another grand slam homer hit right outta the park. I’m going to write a piece based on this for my local paper … all your readers/subscribers could/should. This is a MAJOR story that won’t get 1/5 the play it deserves if we leave it up to the media. Last thought: it’s time to yank Larry Summers’ license to prognosticate … is he ever right? Nope. (Plus in a personal exchange years ago he couldn’t be bothered to get my name right … I was everything from Sylvia to Sharon to Cindy. He’s Asshat in chief).
Matt will you join Bluesky? Many of us abandoned Twitter and I would love to tag you when I post your outstanding articles. It’s critical your articles get the widest distribution possible.
No wonder corporate Democrats despise Lina Khan.
Aside from being certain I do not want Trump in office, the only other reason I have to vote for Biden is... Lina Khan. She is doing what I have wanted from the FTC for at least 50 years now.
AND every time I see the name Larry Summers, and see how the corporate media treats him like some kind of Economics Genius, I want to bash my skull into the nearest wall. Or his, which admittedly would be better. How ANY ONE! can think of that man as being anything but pure poison to our economy is beyond me. Have people lost their friggin' minds?!?
Agree. FTC, DOJ Antitrust, and NLRB. Otherwise no reason to support Biden administration.
How abortion rights for women? That's a pretty big reason to support Biden. Also to prevent the destruction of government regulation of industry, to prevent the destruction the New Deal/Great Society?programs of Social Security, Medicare, Medicaid etc. To prevent the setting up of mass camps of millions of migrants/undesirables that Trump is calling for.
Well, there's the economy. That's usually a big one for most folk.
Hi Matt, I'd love to see you do an in depth piece on price fixing software. Like yieldstar for landlords but also how software like this is being used in other industries. Thanks!
Every time I make a presentation on the economy I need to discipline myself or I’ll go into a 20-minute rave on Matt’s work (which wouldn’t be too bad) or a rant on Larry Summers.
Only thing more disturbing than the media and politicians putting Larry Summers on a pedestal is the OpenAI's selection of Larry Summers to its board. He thinks AI could replace ‘almost all’ forms of labor (he's right) and regulations have made banks less safe (he's wants to be a billionaire). The future of the planet is partially in his hands. What could go wrong?
Has any human being ever been more wrong, in more ways, more publicly, and more often who all the while continued to fail either up or laterally than Larry Summers? What a prize AH.
It's my understanding that U.S. Oil production recently reached an ALL-TIME record high.
I can only marvel at what output might have been without the collusion.
I still feel personally financially sanctioned by Biden admin with their actions regarding Ukraine, Russia sanctions, and Nordstream pipeline bombing. So much for the free market.
First and write this on first line after I got finished, "sorry for the long read, but facts need to get out there. Plus forgive my mis-spelling and grammar I hope.
I am so glad Matt that your posting on this topic! Light on Awareness on what the true problem as to cost of living or inflation cost. Old line now, "Do not let a good crisis go to waste". and as one other posting here the" Bork" issue or as to Whom should rule, and to our wealth divide.
NOTE: to topic, Gasoline and oil cost started up when Turmp was in office, NOTING: one of the Oil CEO came out and stated, We`re losing money, from lack of demand or not making the profits we should!! or ?.
OK, if those whom is old enough and remember in the 1970`s Oil embargo, and note as to WHY, we support Israel or is that another topic or not?
FACT, now and after shell drilling started or came out. WE in the USA didn't need outside oil. BUT, and the Bull shit. WHY as to We here in the USA are buying more on Gasoilne. Its not from GOV or Biden. Their last or two months are so statement as to exporting record number OUT of the USA. Out pacing the OPIC exports. BUT, as to why we here still have high prices WAS, Our refineries here only geared to Heavy Crude, vs light Crude we produce. Thus, it was Biden`s policy as to saving Whale lanes and We couldn't get Heavy Crude in. BUT, they was able to export,, HHHMMM! hows that?
This is a supply vs demand issue, IF and when You or we. once have Corp., big money, Wall Strett, whom ever HAVE full control over supplies- production. Thus they have total control of sale prices.
Thius is where and YES I support Capitalism, WHY, it bring in new tectnology and advancement. By Competion But, once we lost the Competion side. thus we have what we are facing. Food prices is in this same issue. Grocery chains. or the one or two now has that Same control. raking in very high profits from the Pandemic issue. They hit the Meat sipplers over this but not the retailers or middle men.
Back to Oil- crude, 2008 remember Oil hit 147.00 Barrel ? Over a report that we Globally was only producing 1% ,, one percent less than we Globally produce. At the TIME, maybe true, WHY, for they, Productors was capping production, They cap off the supply end. this has been going on going back to the early 1980`s after. Hey cut the supply end and we will make a bigger Profits. Being from Texas and working in Hay fields yeah, I see the Oil companies staff checking on oil tank and producing wells.
They would warn me, heads up on my future Diesel and gasoline prices. They just came out of a meeting. Orders as to go out and cap off Wells and pipe line. NOTE: then go apply for Unemployment benefits, Then, hold on "Do not go look for new work" We will hire you back in two-3 months once prices go up.
IMPORTANT. IF you can fine it, Rex Tillerson, Video, was on Youtube. OVER and if you remember the 2008 oil- gasoline prices jump. Thus and how media or those "EXperts in Oil" We need to Stop or kill Speculators on commodity Futures traders, They was the ones that drove those prices up. True but also Bull shit, Locals I was telling, just wait, once that BS report get called out, THOSE same ones that "Speculated on the up side will be the one that will drive it back down.
As to Rex and then CEO of Exxon Mobile, making over THEN 400 Million a year. (Side I think a good man) AFTER two Senate side hearing over and Congress needed to act on killing Future trading, the "Septulators". Truth, so They the Productor could have total control of pricing. ON the House side hearing, and NO I could not fine that clip, but yeah the two Senate hearing. BUT, that house side is some what of a comedy for the first 2-30 minutes, BEING, the 6 person chair was from Alaska, and got two homes plus 200K in cash from Big oil. Didnt or would not swear them in All the CEO`s thus others on the board then could not ask or have them answer questioning,,lol. It was What the hell moment for me. ONE, 1 person from California- rep. keeped asking why did they "OIL" shut down new refinery in her state? Finally, Rex T. stated "I`ll answer that QUESTION,.. so he did the answer was one word, or two, For Profit.
That Rep. stated at the end, Once the People learn of this, as to what is going on. THEN, things will change. FACTS and Truth,, We got to educate the PEOPLE. I hope to simpliy things as to long report reading people will not do. Add, as to why, we elect the same ones that do the will of wealth and those that wish to have total control. Or, just hand over your hard working money to me,,, Say or wrote that last with a smile, as they would like or do.
Kind of funny how “big oil” is always the bad guy when the real problem is our big government.
Big oil is the government. Do you not understand that the corporate structure merged with government years ago? They are just fighting over scrapes as they tear apart the country.