alt Hacker NewsThe fun part of this is the crack spread doesn't care about the relatively low price that crude is selling for. Refined petroleum is going for eye-watering prices, and will continue to do so for a very long time, even if peace breaks out tomorrow.
Also seems pretty doubtful that oil prices would drop even if the war ended, given that everyone is going to be scrambling to refill their reserves for a very long time. On top of that, a lot of wells have been capped, which is a destructive act, so it'll take years to repair the supply.
The real winners will be everyone who destroyed their own oil demand. I went out and bought an EV in May to replace an ICE vehicle, and the other car in the household hasn't burned through a full tank in the months since. They may have killed the EV subsidies in the US but they just went out and created a huge regressive tax on everyone not driving an EV.
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> The real winners will be everyone who destroyed their own oil demand. I went out and bought an EV in May to replace an ICE vehicle, and the other car in the household hasn't burned through a full tank in the months since. They may have killed the EV subsidies in the US but they just went out and created a huge regressive tax on everyone not driving an EV.
LOL, I sold my car and bought an e-bike.
Will the tradespeople (contractor) crowd turn up in this thread and cheer on the oil companies for making good money, damn any effect on the rest of the economy? ;)
>the other car in the household hasn't burned through a full tank in the months
My gas car was filled in November and has half a tank. EV's are such a better experience and so much cheaper to operate[^1] that most owners don't want to go back to gas.
[1] - dependent on one's access to inexpensive electricity. In the U.S. using DC fast chargers is often more expensive than gasoline.