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685327592 t1_iux8urm wrote

Reply to comment by amanamongbotss in What factors contribute to gas prices? [OC] by USAFacts_Official

The profit is mostly in producing crude oil.

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wijenshjehebehfjj t1_iuxk3s5 wrote

Tell that to Valero, PSX, etc.

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685327592 t1_iuxknyb wrote

Valero made 2.8B in profit last quarter.. Saudi Aramco made 173B

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wijenshjehebehfjj t1_iuy2j6e wrote

Well yes, a petrostate will tend to make more money than a single refiner.

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685327592 t1_iuy9yiy wrote

It's not just that they made more, Saudi Aramco's profit margins are absurd whereas Valeros are pedestrian.

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InfiniteState t1_iuzloc2 wrote

That’s misleading because Saudi Aramco is cashing in on years of investing in extraction tech and infrastructure. That investment is why we’ve had cheap oil for the last 15 years.

They changed their thinking a few years ago and have decided, given the accelerated pace of the energy transition, to invest a lot less and take near term profits.

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[deleted] t1_iuz0dqo wrote

Thanks to Biden for making the usa not a net exporter

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656666_ t1_iuzk5pa wrote

Stfu with your political bs. No one is interested in that opinion.

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ThisIsOurGoodTimes t1_iuyiaq1 wrote

PSX refining capacity is about 2mmbl/day or about 84 million gallons. Q3 earnings were $3.1 billion. So a very rough total margin per gallon on all products is about $0.40/gal. It’s much lower on that for fuel though

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