High gas prices are not Biden's fault

[Yo_Mama_Been_Loggin]

Let’s put a stake in the heart of the myth that Joe Biden is responsible for more than $4 a ​gallon gas. In an election year, if he did have the ability to impact world oil prices, he would want the price of gas as low as possible.

No one person can change the price of a commodity that is produced and traded worldwide. World oil consumption is roughly 98,000,000 barrels a ​day.

-snip-

A common myth is the loss of the oil from the Keystone pipeline (most of which was slated for export) has added to the increased prices and therefore Biden having canceled it is to blame gas prices. The pipeline would not have been operational by now.

Even if it was operational today, it was scheduled to carry 830,000 barrels a ​day, less than 1% of what the world consumes every day and would have no impact on the price of oil.

https://www.msn.com/en-us/money/markets/not-biden-s-fault/ar-AAXhCm3

[Eyeball_Kid]

1. The fascists will blame Biden for melting ice cream if it meant his defeat. n/t

[dlk]

2. Neither is the post-Covid inflation, around the world

I would love to see a proposed solution from the news media or complaining politicians and pundits. Even one useful suggestion would be helpful. They need to put up or shut up.

[louis-t]

3. Keystone pipeline would carry only tar sands AFAIK.

We don't use tar sands. Price of oil would not be affected, yet all of the fox 'news' watching morons happily repeat this nonsense.

[1Thebopper]

5. Original Keystone

The 1st Keystone pipeline does send tar sands to the U.S., much of which is processed (pollution here) and sent out of the country. The one exception is a refinery just North of St.Louis that a Phillips 66 refinery sends to the midwest. The irony is that oil is $20-30 dollars a barrel cheaper, yet the local gas prices are as high or higher.

[cbabe]

4. Profits over a planet

Making money while the earth burns….

Saudi oil giant Aramco reports 82% rise in quarterly profits

Investors to get $4bn in bonus shares after record earnings of $39.5bn on higher demand and crude prices

https://www.theguardian.com/business/2022/may/15/saudi-oil-giant-aramco-reports-82-rise-in-quarterly-profits-to-record-395bn