Sharp rise in gas prices due to Biden's energy actions!!

[Tinfoilhat]

Sharp rise in gas prices due to Biden's energy actions!! I just paid $1.30 higher then what I was paying last year. Let's go Brandon!!
https://youtu.be/Tw840soT8Pg

[K Graham]

More economic ignorance. Even kids in high school are understanding how supply and demand works. Maybe you should've at least finished high school. It is better than listening to a disgraced ex-president who lies for a living. I mean, seriously? You're crediting the ignorant opinion of Trump on Fox news?

Please, do tell Atlanticmike, what President Biden's "energy actions" are, and how they connect with the rising global price of crude.

[Gadianton]

This morning, my right-wing friend suddenly burst into a rant about Biden's policies screwing us, and I eventually "put him on ignore" by shaking my head and trotting away to let him limp home alone. One item he brought up would be concerning if true, so I looked it up, and of course, it wasn't true.

In that spirit I clicked on this YouTube link. I'm pretty sure I'm still under 3 clicks on an A-Mike YouTube link.

The title of this thread oversells the content. The Florida guy is blaming it only in part on "the keystone pipeline" and mostly on Biden's irresponsible "green rhetoric". He asks who would want to invest in fossil fuels if Biden is saying he wants to get rid of them? He asks that as he appeals to the suffering poor.

What a pile of garbage this congressman must be as a human being; he's just plain lying. Look at oil and dirty energy stocks since last September and its 10 -15x returns for mid-caps. Nobody is investing?

As usual when a right-winger in today's world opens their mouth, the exact opposite of what is said is true. If there were a tremendous store of resources ready of go we could tap into to keep prices down, nobody would invest because no money to be made. Supply curves are upward sloping -- I know, tinfoilhat has never seen one of those, and never will see one on Fox news, and so he will die before ever seeing what a supply curve looks like. Creating a glut to keep prices low, such as the Soviet Union did with bread and milk, is what will destroy the industry.

And wasn't Trump bragging about being an net energy exporter? Oh yes, being tied to the world is a major problem for the right-winger who wants artificially low fuel costs. Energy prices are up worldwide (And no, it's not possible for Biden's rhetoric to cause that). What that means, is if we produce so much oil that we can actually lower gas prices here, we'd first have to deflate the entire world's oil market because oil producers would be filling up tankers and raking in the cash from higher bidders before Americans would see price decreases.

here's some information easy to find on natural gas:

https://www.cnbc.com/2021/09/09/natural ... inter.html

Natural gas prices have been caught in their own perfect storm, of lower supplies and rising demand. Prices raced higher, first as unprecedented heat stoked air conditioning demand across the U.S., particularly in the Northwest. As a result, less gas was put into storage for winter months, during the key summer injection period.

Add to that any colder than normal winter weather and prices could jump more. “Anything closer to [or colder than] a full standard-deviation form average would likely trigger a price spike to cause demand destruction with gas above $10/mmBtu,” Goldman Sachs analysts note. Gas prices were last that high in 2008.

Kilduff said natural gas is tied tightly into the economy, and for a long period prices did not matter. Now, utilities will pay more and so will some consumers who have real-time pricing schemes. “You could easily see it reach $6 and you could see it get to $8 to $10,” he said. “Any early season cold weather outbreak will juice this thing.”

The upward pressure on gas prices is global, and since the U.S. is an exporter, prices in North America are now more influenced by prices in other markets.

Yes, perhaps Biden could do something about this, just like the Soviet Union or Argentina, perhaps he could create Trump-esque executive orders to isolate us from the world, over produce, and keep prices low.

[canpakes]

Wait, is Tin/Mike claiming that if the Keystone Pipeline was under construction, that his gas prices would be lower right now?

[Gadianton]

I think the main argument was Biden said the word "green" too many times, but a secondary argument, yes, was that Biden did nothing to get fracking going back when oil was 50$ a gallon, as frackers went bankrupt, in order to keep oil prices from climbing higher to the point where fracking might one day be profitable again.

Do I understand this correctly, tinfoil?

[canpakes]

So, Tin/Mike wants us to ditch free market systems, and to nationalize the oil industry and institute artificial price controls?

Why is Tin/Mike a socialist?

[Atlanticmike]

Biden's energy policy will hurt gas prices, Art Laffer.
https://youtu.be/XnJhzLMZzfY

[K Graham]

The idiot who started the con of trickle down economics is going to talk about gas prices.

Laugher indeed.

[drumdude]

I get a warm fuzzy schadenfreude feeling seeing the massive Trump Trucks feel the pain of increased gas prices.

When it gets up to $6 a gallon they'll all be flooding the market with them.

[canpakes]

Biden's energy policy will hurt gas prices, Art Laffer.
https://youtu.be/XnJhzLMZzfY

You got punk’d, Mike. The good folks at Fox like turning their viewers into tools. Why let them do that to you?

Why are gas prices high now?

WASHINGTON, Nov 5 (Reuters) - U.S. Energy Secretary Jennifer Granholm on Friday suggested that the Biden administration has little power to push the country's oil producers to boost output in an effort to lower rising fuel costs.

"Would that I had the magic wand on this," Granholm told Bloomberg TV, laughing in a response to a question on what her plan was to raise U.S. oil output. "That is hilarious," she added.

U.S. oil output is expected to fall 260,000 barrels per day (bpd) to about 11 million bpd in 2021 as production is slow to recover from the pandemic even as demand rises, the Energy Information Administration, an independent arm of the Department of Energy, said this month.

That output would be 60,000 bpd lower the EIA previously forecast. Output is expected to rebound in 2022 to 11.7 million bpd, but fall short of pre-pandemic record output of nearly 13 million bpd in November 2019.

Granholm said oil is a global market "controlled by a cartel, the cartel is called OPEC." President Joe Biden's administration has been pushing OPEC and its allies, known as OPEC+, to boost production so as not to impair the global economic recovery. But this week OPEC+ stuck to a plan to only raise output gradually, and Brent oil prices marched higher on Friday to nearly $83 a barrel.

"If 80-plus dollars a barrel doesn't incentivize oil companies to get off the sidelines, I'm not sure what will," Granholm said. She rejected the idea that Biden administration restrictions on drilling leases on public lands had caused oil and gas companies to slow output, adding that they are not acting on more than 7,000 leases on public and private lands that they have.

"They are sitting on them, they're stockpiling these leases, why is that?" Granholm said.

https://www.reuters.com/business/energy ... 021-11-05/

Did the number of lease parcels decrease since before the pandemic? Did Biden take any away? If nothing has changed fundamentally about the number of available parcels and rigs since when the Trump Administration claimed that we were ‘energy independent’ (which we never quite were), then why are prices higher now?

Hint: it ain’t because of policies that haven’t even been enacted.