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Fair enough. I picked that article because it was pre pandemic. Although, I still think you are off on your price, not that it really matters. According to this article, from June of 2019 , gas was less than $2.90 plus and dropping.
The average cost for a gallon of self-serve unleaded gasoline is going for $2.79 in Michigan as of Friday morning, June 7.
“More impressively is the surprise that may soon hit some motorists: the nation’s cheapest gas prices may soon fall back under $2 per gallon as oil prices
We had low gas prices under Trump, and high gas prices under Biden, and neither had anything to do with influencing that. Is that the rhetoric I should be following ?
Well, I'm just looking at the GasBuddy charts, which is the same data one of those articles cited, IIRC.
<shrug>
Do US Presidents have NOTHING to do with influencing globally traded commodities? Obviously not. Are US Presidents the primary influencers of globally traded commodities? Again, obviously not.
No one has ever said it is cheap but 40 years since the last one, how many times has gas prices surged because of out of date refineries, off line due to fire, failure or flood. Remember the gas pipeline hijacking because they didn't spend the money to update their security software. Remember the Texas freeze how many power plants were taken offline in the US & Mexico because the Natural Gas Pipeline(s) froze because they weren't insulated even though they were told to 15 years prior when the last freeze occurred
It hard to have pity on the industry, maybe we should nationalize it then everyone who wants to blame the government can do so...
I see a new handbook has been distributed.
The New Orleans refinery is 100 years old, and gets updated and upgraded. I'm no oil expert and don't know how long one lasts - but clearly parts of it seem to last 100 years. To build a new one from scratch - for higher refining capacity - first requires that the company believe the additional refining will occur during the time it takes to build and amortize the facility.
Blame is politically motivated and not the reason. Gas prices have and will continue to rise all over the world with an exception of a handful of oil rich countries. The US has never been nor will it ever be energy independent. While the US has an abundance of petro products, most of it is unsuitable for refining into gasoline from an economic standpoint. It’s basic chemistry. The trade associations for refineries and production have made clear they are operating at or near capacity and prices have always been set by global markets, not the US. Let’s repeat this. PRICES ARE BASED ON GLOBAL SUPPLY and DEMAND
The entire response was patently false.
Gas prices in the U.S. rose from the start of the Biden-Harris Administration because of policies of the Biden-Harris Administration and the stated goals of the Biden-Harris Administration.
The U.S. was energy independent during the Trump Administration because of Trump Administration policies. It took the U.S. awhile to get there while the Trump Administration reversed the anti-U.S. energy policies of the Obama-Biden Administration.
It is completely false that the carbon resources the U.S. has in the ground (oil, shale oil, coal, natural gas, etc) are not suitable or economically viable to be turned in gasoline, or used in other ways to free up more oil for refining into gasoline.
The same evil "green" people who have opposed nuclear energy and hydroelectric are the ones who are now pushing to destroy the U.S. coal, oil and gas industries. Those evil greens do not care that people will die because of Biden-Harris Administration energy policies in the coming Summer and following Winter.
Yes current refineries are at full capacity and Biden-Harris Administration energy policies are preventing new refineries from being built.
The U.S. has zero need for oil, gas, coal, uranium, or hydro resources from ANY PLACE in the world. Global supply and demand means nothing when the U.S. develops and uses its own resources.
Gas prices in the U.S. rose from the start of the Biden-Harris Administration because of policies of the Biden-Harris Administration and the stated goals of the Biden-Harris Administration.
The U.S. was energy independent during the Trump Administration because of Trump Administration policies. It took the U.S. awhile to get there while the Trump Administration reversed the anti-U.S. energy policies of the Obama-Biden Administration.
It is completely false that the carbon resources the U.S. has in the ground (oil, shale oil, coal, natural gas, etc) are not suitable or economically viable to be turned in gasoline, or used in other ways to free up more oil for refining into gasoline.
The same evil "green" people who have opposed nuclear energy and hydroelectric are the ones who are now pushing to destroy the U.S. coal, oil and gas industries. Those evil greens do not care that people will die because of Biden-Harris Administration energy policies in the coming Summer and following Winter.
Yes current refineries are at full capacity and Biden-Harris Administration energy policies are preventing new refineries from being built.
The U.S. has zero need for oil, gas, coal, uranium, or hydro resources from ANY PLACE in the world. Global supply and demand means nothing when the U.S. develops and uses its own resources.
So why are prices higher in the rest of the world? Still Biden's fault?
Current inflation goes back to the bailout packages personally hand signed/“from” Trump- a new prescient btw.
Everyone from big businesses to those on SSI got wads of cash, most of it not needed nor directed and spent in the best way.
Sorry to break the circle jerk but that’s just basic economic theory.
And why is the question just about “gas?” Everything is more expensive, especially home prices. I doubt Trump knew he was gonna tank the economy at the time he was being so exuberant, but let’s not pretend he’d GAF either.
If he was still in office, we would be getting more stimulus checks to shut us up, then when the next adult got in office they would have to try to fix an even bigger mess, no matter who that part was.
That’s the way it has gone for the last 60 years.
One administration ****s **** up, next administration gets blamed while they try and fix it.
Presidential Adulting is a thankless job.
all of Trump's economic advisers were against additional stimulus. Mnuchin even tried to claw back ~$400B of stimulus funds (not checks to consumers) because it wasn't needed, and Congress (Pelosi) fought it.
Yes, that 2nd round of stimulus actually promoted by Trump in Sept 2020 and approved in December 2020 was a big mistake, a "campaign promise" intended as a last gasp to get votes/sympathy/agreement even after the rest of us knew Trump had lost.
I wonder why, when Biden chose to use the Defense Production Act 2-3 weeks ago he didn't use it to make the US energy companies keep oil in-country. It could have immediately lessened the burden. Instead, he used DPA to ramp up production - years from now - of renewable energy.
I just posted the article where the environmental folks suing Biden to stop all kinds of proposed drilling etc. Nobody cared to read it. This does affect having more oil available at some point and the president does have a say in that. But for present circumstances it’s a global problem. My friend in Panama told me it’s at $6.56 in that country. Those folks still at $3/4 min wage.
The oil industry is attacking the world n bringing it to it’s knees. It affects everything. They are making a lot of money, as if they didn’t have enough, and they will reverse at the tipping point n go back slowly. All Biden can do is take away the taxes for a period of time.
no, incorrect. see above.
If any of you really believe that the energy sector is price-gouging and profit-taking, explain why their operating profit margin hasn't exploded.
It's very simple.
If Exxon's operating profit a year ago was 12% on a gallon of gas (say at $3/gal, so $2.64 cost), and all of this is Big Oil just jacking up prices, then their operating margin should be at least 40%. It's not.
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