Question by casey: If people start driving less and conserve gas, will gas companies cut production even more to drive up prices?
I know people who work at refineries and no, production is not full throttle as some would like for you to believe. There is little to no competition among oil companies, if you look at the difference in price at the pumps it is only a cent or two. What did congress find the other day when they questioned the oil companies? Are we being seriously screwed?
Best answer:
Answer by Scott H
Bingo! They will manipulate the supply by cutting production until it balances with demand. Prices will remain at or near what they are now. The oil companies are not going to lose money and see their stock prices tank.
What do you think? Answer below!
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Tags: Companies, conserve, drive, driving, even, less, more, people, prices, production, start
#1 written by Agent319.007 October 12th, 2011 at 10:33
If people drive less and conserve gas, the gas companies will not profit. The gas and oil tycoon VERMIN will be begging for their donations.
But since traveling to work and home is essential to those who have to travel by car, where city transportation is unavailable, they are being seriously screwed.
There is a difference in oil companies profiting from cents. For every single cent more, out of a million people out there, that is some extra loose change.
#2 written by Doc. justasinner111 October 12th, 2011 at 11:14
Listen its investors,Banks,and other Stock market devils,buying and selling and trading,that drives oil prices up.
Leave a minimum in checking,savings,IRAs,pay credit cards,car payments,house mortgages,at the last possible date.It will hurt the banks ability to play the stock markets Oil Game.
#3 written by Answerman October 12th, 2011 at 12:05
How many millions of dollars will oil companies loose if all the people in America don’t buy gas for one day—its only one day but that will be devastating to gas companies!
Why don’t they drill gas on Alaska?
Why don’t they invent cars that work with water?
What is stopping them to manufacture cars that have high gas mileage? 30mpg or more!