Gas Prices Skyrocketing Thanks Biden!

[bbsam]

They aren't? Shipping costs aren't passed on to the consumer? Higher gas costs don't cut into discretionary spending?

Remember the pandemic? Remember how the economy tanked and nobody noticed because the government handed out money? Remember how low gas prices were?

You remember all that, right?

 

[vantexan]

Remember the pandemic? Remember how the economy tanked and nobody noticed because the government handed out money? Remember how low gas prices were?

You remember all that, right?

Not sure what you're suggesting? The government should continue to hand out money? Do you think the middle and working classes weren't affected by higher grocery and gas costs? And were the gas prices low during the pandemic? I recall $4.59 a gallon around here.

 

[bbsam]

Not sure what you're suggesting? The government should continue to hand out money? Do you think the middle and working classes weren't affected by higher grocery and gas costs? And were the gas prices low during the pandemic? I recall $4.59 a gallon around here.

$4.59?!? I have no idea what Trump supporters are bragging about the economy under Trump for if that’s the case.

I think maybe you’re mistaken.

I think that without the government handouts it would have been much, much uglier.

 

[bbsam]

Not sure what you're suggesting? The government should continue to hand out money? Do you think the middle and working classes weren't affected by higher grocery and gas costs? And were the gas prices low during the pandemic? I recall $4.59 a gallon around here.

Did US Gas Prices Drop Below $2 Under Trump?

"They want you to forget gas was under $2 when Trump was in office," one Twitter user posted.

www.snopes.com

 

[newfie]

Remember the pandemic? Remember how the economy tanked and nobody noticed because the government handed out money? Remember how low gas prices were?

You remember all that, right?

remember Biden restricting the developement of gas?
remember Biden cutting the development of pipelines?
remember biden approving less federal land for oil and gas development than any other president in history?
remember that oil companies cant get past stricter environmental regulations under biden

remember the transportation secretary went out on adopted paternity leave in the middle of a logistics crisis?

your side didnt make excuses for Trump but now you throw you hands up for Biden when his policies directly affect the economy.

 

[bbsam]

remember Biden restricting the developement of gas?
remember Biden cutting the development of pipelines?
remember biden approving less federal land for oil and gas development than any other president in history?
remember that oil companies cant get past stricter environmental regulations under biden

remember the transportation secretary went out on adopted paternity leave in the middle of a logistics crisis?

your side didnt make excuses for Trump but now you throw you hands up for Biden when his policies directly affect the economy.

Remember when Trump got Saudis to flood the market and US oil companies went out of business? Remember wh n demand came back but there weren’t enough wells producing? I’m not even being critical of Trump. I’m not sure what else he could have done.

But to act like the pandemic would lift and economies would just go back to pre pandemic stability isn’t a rational belief.

 

[newfie]

Remember when Trump got Saudis to flood the market and US oil companies went out of business?

if you're going to supply us with dnc spin then which one is it? Did the oil companies go out of business or are they collecting too much profit?

Remember wh n demand came back but there weren’t enough wells producing? I’m not even being critical of Trump. I’m not sure what else he could have done.

thats under Biden not trump and the reason we're paying too much for oil

But to act like the pandemic would lift and economies would just go back to pre pandemic stability isn’t a rational belief.

yes it requires some managment . Biden refused to manage it , instead his policies restricted the recovery as I pointed out in my previous post.

 

[bacha29]

Instead of reciting sensationalized headlines to one another why not focus attention on what is known?

DOE has put out bids for replacement oil for the SPR at $72. This puts a floor under oil.

EU has capped price offered for Russian oil at $60. Putin says he won't sell it to the EU at that price.

With the pipelines closed the only way out of a major Russian export depot is by tanker passing through the Turkish Straits.

Turkey requires all tankers going through the Turkish Straits to be fully insured against spills and other unpleasant possibilities .
Russian and Chinese flagged tankers are considered to be in poor condition from a safety and seaworthiness perspective compared to Western flagged tankers which have to conform to higher standards.

As a result only Western flagged tankers are currently able to get their boats insured. This in turn means that Putin's oil can only go on Western flagged and insured tankers and therefore it's 60 or it sits.

 

[bbsam]

It’s actually a lot like farming. You’ve got your Exxon’s and Shell’s and BP’s and then you’ve got lots of small companies. Some survived and some didn’t.

What is 100% true is that in capitalism, a lot of those wells were shut down during the pandemic because they simply weren’t profitable. And once shut down, whether it was actually worth it to pay the considerable cost to get those wells up and running became a question. Probably more so with fracking operations. It’s not just a “flip the switch” proposition.

Now in countries like Saudi Arabia and Russia, the state owns the oil industry so it’s not an issue. In the US, companies are driven by profit so the decision to close wells or go out of business is on a wholly different set of parameters.

 

[bbsam]

Instead of reciting sensationalized headlines to one another why not focus attention on what is known?

DOE has put out bids for replacement oil for the SPR at $72. This puts a floor under oil.

EU has capped price offered for Russian oil at $60. Putin says he won't sell it to the EU at that price.

With the pipelines closed the only way out of a major Russian export depot is by tanker passing through the Turkish Straits.

Turkey requires all tankers going through the Turkish Straits to be fully insured against spills and other unpleasant possibilities .
Russian and Chinese flagged tankers are considered to be in poor condition from a safety and seaworthiness perspective compared to Western flagged tankers which have to conform to higher standards.

As a result only Western flagged tankers are currently able to get their boats insured. This in turn means that Putin's oil can only go on Western flagged and insured tankers and therefore it's 60 or it sits.

Putin doesn’t care and when push comes to shove, I wouldn’t trust Turkey. That’s an ally on a moment to moment basis and they will bend any rule or stipulation for the right price.

 

[newfie]

Maybe you should research the oil industry before talking out your rear.

i think its great you give yourself this advice.
again the return to normalcy needed to be managed . Instead Bidens policies have restricted the oil flow.
when you follow your advice you give yourself here you will know we are still pumping a million less barrels of oil a day then the trump years.
If Trump was still in office he would have met with the oil executives and figured out what he needed to do to get them pumping and investing more .
biden refuses to meet with them. Oil is not on his agenda.

 

[bottomups]

U.S. Oil Exports Hit Record High | OilPrice.com

Just days before the EU embargo on Russian oil came into effect, U.S. exports of crude oil and petroleum products hit an all-time high

oilprice.com

 

[bacha29]

Putin doesn’t care and when push comes to shove, I wouldn’t trust Turkey. That’s an ally on a moment to moment basis and they will bend any rule or stipulation for the right price.

" The enemy of my enemy is my friend"*
* Most of the time.....Politics makes strange bedfellows.
Turkey is nevertheless a NATO member and has the second largest standing army among European NATO members. The friction started when Turkey bought Russian S-400 missile system but the US as a result of that purchase refused it's request for the F35. And it has issues with regard to Finland's and Sweden's request to join NATO.

 

[newfie]

U.S. Oil Exports Hit Record High | OilPrice.com

Just days before the EU embargo on Russian oil came into effect, U.S. exports of crude oil and petroleum products hit an all-time high

oilprice.com

thats scary we're still down a million barrels a day from our record high production in 2019 but yet we're exporting more to others rather than selling here and keeping our prices down?

2019	11,869	11,673	11,913	12,149	12,154	12,218	11,902	12,486	12,590	12,809	13,000	12,978
2020	12,852	12,842	12,797	11,914	9,713	10,442	11,006	10,577	10,921	10,457	11,196	11,168
2021	11,124	9,925	11,326	11,305	11,356	11,356	11,347	11,277	10,918	11,569	11,790	11,634
2022	11,369	11,316	11,701	11,668	11,629	11,797	11,844	11,979	12,268

 

[Next Day Error]

thats scary we're still down a million barrels a day from our record high production in 2019 but yet we're exporting more to others rather than selling here and keeping our prices down?

2019	11,869	11,673	11,913	12,149	12,154	12,218	11,902	12,486	12,590	12,809	13,000	12,978
2020	12,852	12,842	12,797	11,914	9,713	10,442	11,006	10,577	10,921	10,457	11,196	11,168
2021	11,124	9,925	11,326	11,305	11,356	11,356	11,347	11,277	10,918	11,569	11,790	11,634
2022	11,369	11,316	11,701	11,668	11,629	11,797	11,844	11,979	12,268

So you're against capitalist markets? Can't they do what they want with their product?

 

[vantexan]

$4.59?!? I have no idea what Trump supporters are bragging about the economy under Trump for if that’s the case.

I think maybe you’re mistaken.

I think that without the government handouts it would have been much, much uglier.

It was $4.59 under Biden of course.

 

[vantexan]

It’s actually a lot like farming. You’ve got your Exxon’s and Shell’s and BP’s and then you’ve got lots of small companies. Some survived and some didn’t.

What is 100% true is that in capitalism, a lot of those wells were shut down during the pandemic because they simply weren’t profitable. And once shut down, whether it was actually worth it to pay the considerable cost to get those wells up and running became a question. Probably more so with fracking operations. It’s not just a “flip the switch” proposition.

Now in countries like Saudi Arabia and Russia, the state owns the oil industry so it’s not an issue. In the US, companies are driven by profit so the decision to close wells or go out of business is on a wholly different set of parameters.

What's true is demand went way down and we only have so much storage capacity. When the tank farms in Cushing, OK get full there's no choice but to shut down production until there's an equilibrium.

 

[newfie]

What's true is demand went way down and we only have so much storage capacity. When the tank farms in Cushing, OK get full there's no choice but to shut down production until there's an equilibrium.

demand is up , production is down, exports are at record levels, reserves are gone. what could possibly go wrong.

 

[newfie]

So you're against capitalist markets? Can't they do what they want with their product?

its not capitalism when the brainless president is controlling the market.

 

[Next Day Error]

its not capitalism when the brainless president is controlling the market.

You ascribe way too much power to Biden and way too little power to global economics.