Quoting Removed, click Modern View to see Of course the oil companies are trying to please shareholders. They try to balance production against cost. In one sense, if you don't produce it today, you can never get that lost production back. They have to produce enough to pay for ongoing operations.
Refineries are a little different, they have to run at a loss because shutting down means even bigger losses. For an integrated oil company it's OK, losses in refining is usually made up in production. A company that only refines with no production is hung out to dry when the price of crude makes it impossible for them to make a profit. With low crude, the refiners are swimming in cash. It's a dog eat dog world, much as everyone would like to think Mr. Big is pulling the strings somewhere. Each oil company or refiner is eager to cut the other guys throat. Sometimes consumer win and sometimes they lose.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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