The threat of using SPR to control oil price appears to be working as the price is dropping. However, the drop will be a lot slower than the rise.
There are some funny posts on this board that the price of gasoline is market driven. The counter proof is the export of gasoline (not oil) from CA to China where the retail price is tightly controlled to 8 RMB per liter, or slightly higher than the retail price in CA. Considering the cost of shipping, tarifff and tax, why would the refineries sell gasoline to China?
If you are shorting oil company, instead of OXY, have you considered Marathon? Your move is quite risky.
I believe that the oil will continue to drop in the short term. However, it is not a free market, and the Republicans will jack the oil price back up quickly. Better candidates are natural gas and coal companies that have more competition.
It was my pleasure. Did you notice that not one of the conservative dikheds (PIGLET, AARDVARK et al) usually insulting my motives for being progressive have not replied in anyway to my post. Do you think I hit a nerve or they're just too GD stooooopid to figger out what's really going on in their made up little worlds? The Rotney's of this world and his fan base like the Ryan tax cut proprosal because it gives a $125,000 tax break for every million they earn in wages and cuts the tax liability for their earnings from dividends and capital gains to little or possibly nothing? That's how Willard got himself into a 14% tax bracket on millions in earnings while not being able to hold down a job.
It's business is the simple answer. The complex answer is it's business. We have a surplus of gas in this country, the demand is not exceeding the supply. Saber rattling against Iran, by the conservative candidates running for POTUS is not helping. Speculators, who neither own nor take delivery of the product they're buying and selling are profiteering, which may have been illegal prior to deregulation of the financial sector, thanks to republican Congressional activities fixing something that wasn't broken, in turn, breaking the economy.