Gas prices are projected to stay high through 2022. Now can we blame Biden?

ICYMI:

Legion said:
Gas prices are on the rise again, experts say, and will continue to rise at least into 2022.

The national average hit a seven-year high thanks to even higher prices in northern and western regions of the country.

The unexpected price increases during the fall season — when demand and prices typically decline — are again prompting questions of how much blame should be placed on Joe Biden and his policy to wean the nation off fossil fuels to stave off "climate change".

Analysts are saying that yes, persistently high oil and gasoline prices can be at least partially attributed to the president’s goal of shutting down the fossil fuel industry.

Crude oil prices continue to climb.

Energy analyst David Blackmon said that the Biden administration has been “doing all it can” to slow growth of the domestic shale industry. “Public policy matters, and the public policy of this administration has signaled that oil and gas is now a disfavored industry in America,” Blackmon wrote.

When analysts and traders observe an administration backing policies it believes will suppress supply, that places upward pressure on prices. Those policies can also dissuade investment. Environmental groups are urging supporters to avoid investing in fossil fuel producers. Pension funds for public employees in New York, Maine and California have announced plans to divest from fossil fuel investments in coming years. Private investment banks are following suit.

Biden, suddenly wary of rising gasoline prices, recently called on OPEC to increase production.

There’s little incentive for them to comply, especially with higher prices putting more money into their hands after a tough year.



https://www.msn.com/en-us/money/markets/gas-prices-projected-to-stay-high-through-2022-now-can-we-blame-biden/ar-AAPFBdT
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Bulletbob said:
What about the 14 percent production cuts here at home thanks to blow hole Biden ?
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This sounds made up, but even if it were true, THE USA CANNOT CHANGE THE PRICE PER BARREL OF OIL BY SIMPLY PRODUCING MORE OF IT.

The reason is because when compared to OPEC, the US is nothing in the global oil market.

So if we increase production by 14%, OPEC will simply cut production by whatever amount is necessary to balance it out.

We have no leverage over OPEC...and until you morons understand that, you're going to continue making asses of yourselves everywhere you go.
 
It is not just supply and demand. Oil is subject to speculation from investors.
However, it is true that oil producers cut way back during the Trump recession. They do have to rebuild.
 
LV426 said:
No he didn't.

OPEC cut production, not the US, and OPEC cut production last year because the pandemic got out of control thanks to you and Trump lying about it.
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Yes he did. Here is the US oil production by month. Notice the drop right after Biden came into office.

https://www.eia.gov/petroleum/production/

In January 2020, U.S. crude oil production reached a peak of 12.8 million b/d. In May 2021 , U.S. crude oil production reached its lowest average monthly volume for the year at 10.0 million b/d.
 
Legion said:
Gas prices are on the rise again, experts say, and will continue to rise at least into 2022.

The national average hit a seven-year high thanks to even higher prices in northern and western regions of the country.

The unexpected price increases during the fall season — when demand and prices typically decline — are again prompting questions of how much blame should be placed on Joe Biden and his policy to wean the nation off fossil fuels to stave off "climate change".

Analysts are saying that yes, persistently high oil and gasoline prices can be at least partially attributed to the president’s goal of shutting down the fossil fuel industry.

Crude oil prices continue to climb.

Energy analyst David Blackmon said that the Biden administration has been “doing all it can” to slow growth of the domestic shale industry. “Public policy matters, and the public policy of this administration has signaled that oil and gas is now a disfavored industry in America,” Blackmon wrote.

When analysts and traders observe an administration backing policies it believes will suppress supply, that places upward pressure on prices. Those policies can also dissuade investment. Environmental groups are urging supporters to avoid investing in fossil fuel producers. Pension funds for public employees in New York, Maine and California have announced plans to divest from fossil fuel investments in coming years. Private investment banks are following suit.

Biden, suddenly wary of rising gasoline prices, recently called on OPEC to increase production.

There’s little incentive for them to comply, especially with higher prices putting more money into their hands after a tough year.



https://www.msn.com/en-us/money/markets/gas-prices-projected-to-stay-high-through-2022-now-can-we-blame-biden/ar-AAPFBdT
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How does a guy who has been office just ten months now shut down the fossil fuel industry? And did you think that all of this develop on its own within the last ten months?

Gas prices, actually oil prices are escalating world wide, not a development unique to America, do you need an explanation of basic economics to understand it
 
ExpressLane said:
Yes he did. Here is the US oil production by month. Notice the drop right after Biden came into office.
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US OIL PRODUCTION DROPPED AFTER BIDEN BECAUSE WE WERE STILL IN THE WORST OF THE PANDEMIC.

Half the country was still locked down, so production cuts maintained the price for refineries.

The US doesn't produce and will never produce enough oil to have a lasting impact on the global oil markets because we are dwarfed by OPEC nearly 20-1.

So for every barrel of oil the US produces, OPEC produces 20.

So if the US increases its production of oil, OPEC simply cuts theirs by whatever amount is necessary to maintain or strengthen the price.

You don't know what you're talking about.
 
LV426 said:
The reason gas prices are high today is because of two things:

1. OPEC production cuts at the start of the pandemic that reduced supply.
2. An end to the lockdowns and the release of pent-up demand; whenever demand goes up, so do prices.

So if you are sincere in your outrage, it should be directed at OPEC, who cut production which lead to supply gaps, and Trump, who downplayed the virus and turned outbreaks into a nationwide pandemic.
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You left out the 14 percent cut inn domestic oil that took us from being oil independent in 2020 to to no longer being so thanks to blowhole Joe .
 
LV426 said:
Lies, lies, lies...

All this guy does is lie because he's a liar.

We are a net exporter of oil, not an net importer...and furthermore, the increase in the price of oil has to do with OPEC's production cuts at the start of the pandemic, because you and Trump downplayed it and made it worse.




Completely fucking wrong:

OPEC and allies target full end to oil production cuts by September 2022, increase supply limits as prices climb
https://www.cnbc.com/2021/07/18/ope...nd-oil-production-cuts-by-september-2022.html

US oil is nothing compared to the power that OPEC weilds in the oil markets.

Any US production increase will result in a decrease of OPEC production (or further) in order to maintain the price.

You don't know what you're talking about because your parents were blood relatives when they conceived you.
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EIA’s data for 2020 indicates that total U.S. petroleum production averaged about 18.375 million barrels per day (b/d), which included:

crude oil—11.283 million b/d
natural gas liquids—5.175 million b/d
biofuels and oxygenates—1.024 million b/d
refinery processing gain—0.924 million b/d
Total U.S. petroleum consumption (as product supplied) averaged about 18.186 million b/d in 2020. The difference between petroleum consumption and production is mainly composed of net imports (imports minus exports) of petroleum and changes in petroleum inventories. https://www.eia.gov/tools/faqs/faq.php?id=268&t=6


And remember our oil production fell 8% in 2021. So no the US is NOT currently a net exporter of fossil fuels.
 
LV426 said:
WE HAVE NO FUCKING CONTROL OVER OPEC'S PRODUCTION.

Increasing US production will only result in OPEC production cuts.

Nothing the US can do will change the price per barrel of oil - WHAT IS SO HARD FOR YOU CLOWNS TO UNDERSTAND ABOUT THAT?

Calm your saggy tits.
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Who produced more oil per day in 2020 the US or Saudi Arabia.
 
Bulletbob said:
He cut fracking on public lands and more.
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He did. We won't feel the effects of that for a while, though. I suspect the DEMOCRATS want to price petroleum-powered vehicles out of existence and force everyone to buy an EV (if they can afford it and there's enough electricity to charge them), or force the poor to become captive customers for "green" government run mass-transit systems.
 
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