High Gas Prices...Don't Blame Joe

[Septua]

I'm sick of hearing the anti-Biden bunch harping about high gas prices. In fact, the cause-and-effect economics could partially be blamed on Trump and troops for their failure to accept and address the covid crisis early on. Most of us know it was inevitable but for the sake of anyone who's confused, here's the explanation.

(1/14/22) Nearly two years ago the world’s oil producers slammed on the brakes and drastically cut production as the pandemic gripped the world’s economies. The sharp pullback came with an implicit promise that as factories reopened and planes returned to the air, the oil industry would revive, too, gradually scaling up production to help economies return to prepandemic health.

It isn’t exactly turning out that way. Oil producers are finding it harder than expected to ramp up output. Members of the cartel OPEC Plus, which agreed to cut output by about 10 million barrels a day in early 2020, are routinely falling well short of their rising monthly production targets.

“In a lot of places, once output has been reduced, it is not easy to bring it back,” said Richard Bronze, the head of geopolitics at Energy Aspects, a London-based research firm.

A prolonged period when more oil has been consumed than pumped has drained tank farms to low levels. Investment in new drilling for new oil has also fallen to multiyear lows, though it is expected to pick up this year. At the same time, demand is expected to grow strongly, reaching prepandemic levels this year.

https://www.nytimes.com/2022/01/14/business/energy-environment/oil-prices-opec.html

[Emile]

1. One minute Joe is a Socialist, next minute he's a Predatory Capitalist. Anyone

with any sense knows it's OPEC that set the worldwide price of oil, not the President of the United States.

[Septua]

17. "Socialist" is another thing...

..I'm sick of hearing. It gets thrown around by the Trump bunch who know it's not accurate and the people who hear it don't even know what the word means and ain't got enough brain to know Trump wants a fascist government.

[Emile]

18. I wouldn't let that one word bother you. They been using that word since FDR

on every Democratic politician that's ever ran for President. Predatory Capitalism is 10 times more scarier and we should be using that against Republicans!

[Tickle]

2. When I try to explain

to others why it is not Biden’s fault they throw the down pipeline at me. How do others handle a response to the closing of the pipeline?

[jimfields33]

3. Yeah I hear the blame on the keystone pipeline

But I don’t think we’d benefit from it. I tell people that when they use that against the President.

[Emile]

5. The Canadian pipeline helps Canada and that oil would still go into the global marketplace!

The price of oil is set in the global marketplace.

[Ferrets are Cool]

8. Don't bother. It's a waste of time.

Trust me on this.

[Red Mountain]

4. He didn't close the pipeline

He put the final nail in the coffin of an expansion to the existing pipeline.

The Supreme Court had already essentially killed it while Trump was in office.

https://www.vox.com/22306919/biden-keystone-xl-trudeau-oil-pipeline-climate-change

[Fullduplexxx]

9. Here it is

But in July 2020, the Supreme Court killed any hope of completing Keystone XL under the Trump administration, siding with environmental groups from Montana who argued that the Army Corps of Engineers’ permitting process for the Keystone XL pipeline should undergo a full environmental review because it would cross bodies of water.

Biden killed the pipeline for good — but demand for it had already weakened
Demand for oil, which had already been declining for some time, was hit hard in 2020 by falling investment, severe storms that hurt production, and the coronavirus pandemic. And in recent years, Alberta’s oil sands industry, once booming with money, has had trouble attracting investment.

[Red Mountain]

14. It's important to realize the Keystone pipeline is complete and functioning.....

....it was the Phase 4 expansion that was stopped.

https://en.wikipedia.org/wiki/Keystone_Pipeline

[Fullduplexxx]

15. Thank you for the clarification.. nt

[Septua]

16. Right...

nt

[doc03]

6. Gas was cheaper in 2020 because the country was locked down, restaurants, movie theaters,

airlines, cruise ships, hotels closed because nobody was traveling, people were not going to work or school. The gas and oil drilling companies had ceased operation. The spot price for oil at one time was around (minus $80) as I remember, they were
paying people to take it off their hands.

[BlueJac]

7. It isn't Biden....

Most people are agree about everything, constantly complaining to no end. Hopefully by summer things will improve. Just my opinion.

[ProfessorGAC]

10. In 2018,...

...from April to October gas prices in our zip code ranged from 5 cents lower to 8 cents higher than they are now.
Rs controlled the WH & both houses of Congress, then.
Do they blame their guys for that?

[VGNonly]

11. Gas was $4.20

in 2008. Who was in charge then..Bush.

[Miguelito Loveless]

12. Adjusbted for inflation

Gas is the same price as it was in 1980.

Gas is cheap.

[bif]

13. It's supply and demand. Period.

To blame the president for high gas prices is absurd.