What's does this mean for Hess trucks

[ucbruin]

Chevron buys Hess for $53 billion as oil prices surge

Chevron buys Hess for $53 billion as oil prices surge

Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge.

www.staradvertiser.com

Does this mean no more Hess trucks for Xmas....

 

[Terrel L. Shields]

Amarada-Hess was a small reliable oil company with a long history as a well run company. Hess himself bought out the rest of the owners and it is now simply "Hess" - Leon Hess started the company many years ago and his son is current owner.... of course, this "Hess" has nothing to do with the Hesstruck toy company.

 

[Surf Cat]

What doesn't mean? It means that Chevron is gouging the ever loving c*ap out us for a gallon of gas...

 

[Terrel L. Shields]

What doesn't mean? It means that Chevron is gouging the ever loving c*ap out us for a gallon of gas...

The Hess purchase is much less than Exxon buying out Pioneer... much much less. And oil companies do not dictate the price of oil nor gasoline. The trading pits in London, New York and Singapore do most of the futures trading. The prices cannot be dictated to these traders except when in short short supply. Further, worldwide OPEC sets prices within a limit by withholding oil from market. Hess itself hasn't refined oil for many years and closed their gas stations 10 years ago. They simply produce and sell oil. That is what Chevron is buying - the reserves in the ground. They closed their Tulsa office years ago - I think they have offices in Houston and will be integrated into Chevron. The NY office is likely going to be closed. Amarada Oil was originally a British company sent to explore in America in 1919. Leon Hess (who owned the NY Jets) bought the company out and changed the name although it was known as Amarada-Hess for a long time. My ex worked for Amarada-Hess back in the 80s in Tulsa.

 

[Overimprovement]

Loved my Hess truck.
What is interesting is the big money purchases by the oil companies in the face of an industry being pushed over the cliff by clean energy, and growing restrictions on our own national extraction. Makes me wonder what the big boys know...

 

[TerryRohrer]

The recent permission for media outlets to print stories regarding the unlikely demise of traditional energy sources any time soon is at least interesting. I hesitate to hope it means some of the misguided are beginning to think for themselves in lieu of just drinking the kool-aid being served.

 

[Terrel L. Shields]

Makes me wonder what the big boys know...

They know that even if the US bans oil, there is an eager foreign market in the wings willing to buy oil and produce products cheaper than our unicorn wind gens and solar panels will. And that market is sustainable for the rest of this century no matter how much wind and solar energy is created.

 

[McMurphy]