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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.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.
Atlanticmike wrote: ↑Sat Nov 06, 2021 8:21 pmBiden's energy policy will hurt gas prices, Art Laffer.
https://youtu.be/XnJhzLMZzfY
https://www.reuters.com/business/energy ... 021-11-05/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.