… depressing consumer confidence.
2 Likes
Diesel matters because it powers the trucks and heavy equipment that enable
other economic activity like shipping and construction. It’s especially important in
agriculture—and not just in the US.
Some major food-producing countries like Brazil are experiencing diesel fuel shortages.
This is problematic for global food supplies, and therefore food prices.
1 Like
And all the US congress ( democrats) care about is Jan. 6th, never mind the suffering that awaits millions if this continues and the predicted $10 a gallon is reached, and what happens this coming winter when people can not afford home heating oil, if they are even able to get it at any price
What should Congress do about gas prices exactly?
Gas Tax relief?
Suspend the federal tax on gas?
Tap the strategic oil reserve?
Ask Saudi Arabia to produce more?
Convince US companies to increase production and refinement?
- They don’t want to for fear of price collapse after they invest money to ramp up
Other Bad options:
- Deal with Iran or Venezuela - they’re doing it, but slow
- Decrease regulation by opening up federal land and waterways to more drilling - environmental impact and slow
- Allow more pipelines - slow, there’s no immediate impact to allowing this
Helping to stop the war in Ukraine might have the biggest impact, but that will also take time. I don’t think there’s much Congress can do. And the Jan 6.commission wouldn’t take away their ability to do something, if there was something to do. Congress can walk and chew gum at the same time.
Dude, good to see you, I knew mentioning Jan. 6th would get you out from under that rock, just kidding, we are all friends here, and just trying to survive
You asked the question so here is my take
Congress and the white house should be addressing this as a crisis with the same urgency they addressed the 2008 financial crisis
Get all the major players involved ( CEO’s of the producers and refineries) in one room, ( no TV production like being staged for Jan 6th) and asked them what do they need from the government to increase production and stop the current price spiral.
Remember these escalating gas prices began day one of biden’s presidency when he cancelled that Canadian pipeline, much of this is phycological and when you have a president that is anti-big oil then that will have an effect which we are seeing,
again, good to see you back
2 Likes
I like this idea. Get the major players involved to figure out this mess.
On the pipeline, I’ll be honest and say I didn’t know much about the specifics - where, what it would provide, to whom, etc. Good read here, which has an obvious bias to it. But there’s some interesting facts in there i wasn’t aware of and maybe you know more about it than me.
First I thought this was a new pipeline, creating a completely new route between Canada and Texas. Apparently it’s more of a shortcut from Canada to southern Nebraska/northern Kansas.
Second, this pipeline would do little to lower fuel prices. Is this something that changed throughout the course of it’s life? If not, why is this “benefit” always touted as reality, when it fact it appears the pipeline was never intended to support local needs. Key quote:
But environmental reviews by both the Obama and Trump administrations concluded that the Keystone XL pipeline would not have lowered gasoline prices. NRDC and its partners also found the majority of Keystone XL oil would have been sent to markets overseas—aided by a 2015 reversal of a ban on crude oil exports.
Maybe the ban can be put back in place, of course, at the expense of our partners and allies who are buying it up. Not sure about this one.
Third, and this needs some explaining, we’re exporting an astronomical amount of crude oil and fuels right now. Why aren’t we keeping those for local consumption? Most likely it’s about money. Probably partly about the type and quality of oil and fuel being exported. But most likely all about the money.
This lines up with an industry trend: Oil and gas companies are exporting 8.4 million barrels of crude oil and refined fuels every single day. That’s up nearly threefold from a decade ago, and an amount equal to 42 percent of our consumption. And these exports are more than 10 times the capacity of the proposed Keystone XL pipeline.
To end, an excellent article summarizing the current state of our oil affairs.
https://www.nasdaq.com/articles/america-produces-enough-oil-to-meet-its-needs-so-why-do-we-import-crude
So, we are left in a place where the U.S., despite producing more crude than it needs, is dependent on imports. When the country feels it must ban imports from Russia because of an unprovoked attack on an ally, it is forced to go cap in hand to countries such as Saudi Arabia, Venezuela, and Iran to make up the difference. That is not the fault of Joe Biden, Donald Trump, Barack Obama, George W. Bush, or any other individual politician. It is the fault of all of them and of every Congressperson and oil executive who prioritized a partisan lever over reducing America’s dependence on imported oil over the last thirty or forty years.
2 Likes
The next crisis being ignored by this congress and president is the cost of home heating oil, this commodity has tripled during biden’s 17 months in office. Home heating oil is critical for 100 million Americans living in northern states, people can die if they are not able to heat their homes.
Heating oil prices are normally lowest in the summer and spike during the heavy demand months of winter, we are on course to see prices double again from here making heating your home 8 times more expensive than January 2021
The cure for high gasoline prices is higher gasoline prices.
This is a huge problem in the PH too. 
Price of gas per liter here is almost at $2. 
Where does heating oil come from?
Refined from crude. So same issue as gas. Blame the refineries for decreasing capacity to pad their margins. The rest is imported. Same issues affecting global crude/gas prices. High demand. OPEC locking up supply. War in Ukraine. Russian oil ban. Local companies not wanting to invest in ramping up production.
Biden/Congress will have a hard time telling the oil companies to stop making money. It’s all about the Benjamin’s.
In case you’re interested, US oil production is at an all time high under Biden.
Number of oil and gas rigs have also doubled since Jan 2021.
They won’t of course - it’s all in line with the ridiculous “Green agenda” - There is no way “They” can produce enough fuel from their bird mincers and bird fryers - so we all have to do without fuel - Perfectly reasonable form of rationing really !
1 Like
I see the topic of gasoline prices has evolved into U.S. politics.
Too myopic. Y’all realize that the issue is a global one.
And the solution still remains…
The cure for high gasoline prices is higher gasoline prices.
1 Like
unfortunately, U.S. gas prices are being driven by politics, biden is the anti-oil president and prices are reflecting that. Then just to our south, you have Venezuela with gas selling for 30 cents a gallon, but we have sanctions against them too, again, more politics.
If by this you mean that the U.S. economy will crash under the weight of high gas prices, that has been the path in the past and we seem to be headed in that direction with stocks down 9 of the last 10 weeks and near lows of the year.
Everything we see happening in the U.S. economy is a direct result of government actions, be it low-interest rates, money printing, bailouts, stimulus checks, energy policies, sanctions, the list goes on and on
Bottom line
The government created this mess
1 Like
At $120+ a barrel and $5+ a gallon, it only makes sense to bring as much to the market as fast as possible,
By the way gun sales are also higher under biden, do you see a pattern
that is ridiculous, there is no way to manufacture that many rigs, you got some bad info here. Maybe what you are trying to say is a lot of rigs that were off line because of low gas prices have now been brought back on-line to take advantage of $120 a barrel prices, which I can believe
1 Like
There are reasons why Venezuela is under sanctions. (As well as other oil-producing countries). It’s not as simple as lifting sanctions.
And even if sanctions were lifted for Venezuela, their oil production infrastructure wouldn’t be able to support global demand due to lack of CapEx and incompetence/corruption. It would take years and billions for them to return to pre-Chavez levels.
Everything we see happening in the U.S. economy is a direct result of government actions, be it low-interest rates, money printing, bailouts, stimulus checks, energy policies, sanctions, the list goes on and on
High oil prices can be attributed to government actions but not just the U.S. It’s really a global coordination of multiple countries making poor policy choices over the years, even way before COVID, which is why we’re here. Your analysis is too US-centric.
1 Like
Well, I do live in the US and just reporting what is going on around me, and is not the thread title that you created titled " U.S. retail gasoline…" that sound pretty US-centric
[quote=“TradingPanda, post:16, topic:784000”]
I am 100% in agreement , Globalism is what you are describing and it has not been our friend, my fear is what we are seeing is part of the grand plan and we will see Globalism stronger than ever after this , not a good thing
2 Likes
I wasn’t implying that it was due to the U.S. government though. But yes, valid point. 
Regarding gas price, I expect prices to contine to break all-time hights.
If hostilities erupt in the Middle East due to food crisis, combined with the sanctions on Russia along with the deliberate reduction in US production, it’s possible we see an energy crisis tthat’s far worse than folks expect.
I wouldn’t be surprised to see oilt hit $200 a barrel.
1 Like
I have two things to say in response
First, by Exxon Mobil or energy ETF XLE
Second, LET’S GO BRANDEN
And yes I do blame the current US president and congress, this happen on their watch, in response to their actions
1 Like