$105/bbl is the inflated ‘speculated ‘price. Exxon, BP and others own their own wells. They don’t pay $105/bbl. But they do charge us based on the speculator price and that’s where the 41 billion in profit came from for Exxon last year. They even admitted the increase in profits was due “to the rise in the cost of oil per barrel”.
The tankers pull into an oil port and buy at the well price and that’s NOT $105/bbl. Wise up people.
Tankers don’t buy anything but bunker fuel. They are contracted by the owner of the oil to transport it to the buyer.
The increase in profits from the rise in cost of oil will of course result given the same percentage of margin. Wise up yourself.