Right now it is about making the average American poorer as the rich get richer, and I have seen nothing from this president or the party running congress that would change that, in fact they have taken the wealth gap and put it on steroids.
Funny how this guy ( me) who many of you would identify as a conservative Republican seems to be the lone voice speaking for the working poor and those on fixed income. The rest of you by your comments seem to be supporting the status quo, that is a position I find unacceptable and repulsive
He’s talked about pausing the gas tax. Not enough for you.
He’s talking to the governments of the world nobody in the US likes, against his own political interest, to increase supply. Nope.
You suggested he call the oil company execs up. He did that. He literally did exactly what you suggested he do. Yet you say you’ve seen nothing from him.
There’s not much in my understanding that a President can do to give us relief in the short-term that he hasn’t already done…
What exactly do you think Trump could do in this situation that doesn’t involve major governmental subsidies for companies that are swimming in profits or opening protected federal properties down the road?
Maybe Biden isn’t the root cause of all of our issues right now, including gas prices.
Serious question, why are all of your posts a defense of biden? what is your love affair with this guy,
News flash, President Trump is no longer in office, so your question is rather meaning less, a meaning full question would be " What exactly do you think biden could do" and I have answered that
Our country ( US) is in a crisis , and not just fuel prices, and these are are the leaders that some of you here defend and refuse to hold accountable. Thank God for truth tellers like Russell Brand
No love affair on my end. Simply having a go at you since all of your posts still dump on Biden for causing this fuel mess when there’s literal evidence in your face explaining otherwise.
Easy way out… but that’s expected.
Your post from 1 day ago
5 days ago
Give credit where credit is due. Might get us back to more civility.
After years of underinvestment in the US, there’s not much that can be done in the short term to increase production. And now that North America has to supply Europe to offset Russian energy bans, any marginal increases in production won’t help due to increased demand.
My opinion was based on this news report posted on Yahoo Finance, seeing how the article was dated June 22, 2022 I am taking it as being up to date, and it supports biden’s disinterest in addressing this energy crisis
In the US, refinery capacity is the big constraint. Having adequate crude oil supplies isn’t much help if we can’t turn them into usable fuels. What’s the problem?
While bureaucracy and environmental regulations make new refinery construction difficult, the companies also have financial constraints.
Construction costs must be amortized over the facility’s lifespan, which requires assumptions about future demand. Some scenarios show it may peak fairly soon—2026 for gasoline, 2029 for diesel in this Bloomberg study:
While fuel demand won’t drop to zero, the question is whether in 10-20 years from now, if fuel demand will be high enough to repay giant investments in building new refineries now?
Refiners seem to think the answer is “NO,” or are at least highly uncertain.
Given the long-term structural decline of gasoline and diesel demand, why invest more to expand or maintain existing capacity?
Regardless of who is the president, the US refining capacity is unlikely to grow much, and retail fuel prices will stay high until demand drops enough to restore balance.
Chevron CEO on Oil Demand, Costs, Refinery Closures
Chevron Chairman and CEO Mike Wirth discusses his firm’s efforts to meet rising oil demand, costs management, and the impact of refinery closures on inflation. He speaks on “Bloomberg Markets.”
Hence, governments around the world have been talking about moving away from oil for decades, so no one wants to refine oil.
OPEC+ nations to boost oil production, but not enough to ease high gas prices
NEW YORK — The OPEC oil cartel and allied producing nations decided Thursday to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy.
The increase of 648,000 barrels per day in August still leaves the world thirsty for oil as it rebounds from the COVID-19 pandemic and runs up against the inability of the 23-member OPEC+ alliance to meet its production quotas.
Could be some relief coming in the next week or two. Let’s check back in a week and then 2 weeks to see the effects of this news.
Brent futures for September delivery fell $2.08, or 2.0%, to settle at $100.69 a barrel. U.S. West Texas Intermediate (WTI) crude fell 97 cents, or 1.0%, to settle at $98.53. Both benchmarks closed at their lowest since April 11, in technically oversold territory for a second straight day.
U.S. diesel futures also fell over 5%.
Trade was volatile, with both crude benchmarks up over $2 a barrel early on supply concerns and down over $4 a barrel at session lows. Crude futures have been extremely volatile for months.
On Tuesday, WTI slid 8% while Brent tumbled 9%, a $10.73 drop that was the third biggest for the contract since it started trading in 1988. Its biggest drop was $16.84 in March.
A bit more trader-focused explanation for the drops in the prices, but stating the same about fears of recession and tight supply
This guy thinks prices have peaked, and the recession will have wholesale prices down near 2 bucks, that has been the pattern in the past and we do seem to be following 2008/2009
Bottom line; the US is a large country and our economy is dependent on cheap and abundant energy, if the US government is standing in the way of that happening then the leadership of this government must change
There is either a political agenda at work or you are too stupid to do research
Here’s why tapping the US oil reserve has led to America increasing crude exports - and why even more US energy supplies could be shipped overseas
Since President Joe Biden tapped the Strategic Petroleum Reserve, US crude supplies have jumped.
But refining capacity constraints have limited how much extra oil the US can process.
US oil exports from the Gulf Coast are set to climb further from record highs, according to Rystad Energy.
Since President Joe Biden announced the release of oil from the Strategic Petroleum Reserve to try to tame high gasoline prices, the US has sent more crude to other countries.
US supply is expected to hit 13 million barrels per day this summer for the first time since November 2019, according to Rystad Energy. Meanwhile, refining capacity constraints have limited how much extra oil the US can process. Because of earlier shutdowns and limited investment in recent years, capacity has shrunk and refineries have been running nearly at full tilt to meet high demand for gasoline and other fuels.
