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re: Democrats control the House, Senate and White House...

Posted on 10/26/21 at 7:55 pm to
Posted by AmericanPsycho99
Member since Sep 2021
121 posts
Posted on 10/26/21 at 7:55 pm to
quote:

I could care less how much gas costs the rest of the world. That's their problem. We were self sufficient in oil and energy this time last year and gas was $1.75/gal or thereabout nationally. Trump's energy policy helped make that possible. Yes, Biden bears a lot of the blame after reversing Trump's energy policy. You did this, Joe. Now own it.




I want you to think about how moronic this sounds. We were never self-sufficient in oil and energy - the US imported around 8 million barrels of oil a day in 2020. The number of refineries in the US has declined from 1900 in 2012 to around 450 in 2020. The decline continued under Obama and Trump.

It has nothing to do with Trump's energy policies. Gas prices were low because there was less demand and supply exceeded demand during the pandemic.



Look at this graph that shows the correlation between retail oil prices and WTI crude. Oil and gas prices started to rise in May of 2020 when demand for oil picked back up. There's been a shortage of supply since 2020 since refineries have been slow to open back up.

Biden cancelling a pipeline doesn't determine the prices *now.* It may have an impact in the future but oil markets respond to what happens in the short-run, not the long-run.

The rest of the world has also had rising gas prices for this reason alone.


This post was edited on 10/26/21 at 7:57 pm
Posted by BFIV
Virginia
Member since Apr 2012
7774 posts
Posted on 10/26/21 at 8:07 pm to
quote:

the US imported around 8 million barrels of oil a day in 2020.


And just how much oil a day does the US import after Biden has been President for 10 months?
Posted by imjustafatkid
Alabama
Member since Dec 2011
51047 posts
Posted on 10/26/21 at 8:11 pm to
quote:

I want you to think about how moronic this sounds. We were never self-sufficient in oil and energy


Wrong. The USA became a net exporter of oil in 2019 (before the pandemic, if you're keeping score at home). Simply having imports does not mean you aren't oil independent. LINK

quote:

It has nothing to do with Trump's energy policies. Gas prices were low because there was less demand and supply exceeded demand during the pandemic.


Wrong again. Gas prices were lower even before the pandemic. Saying this makes you look like you're simply trying to make excuses for Biden.

quote:

Biden cancelling a pipeline doesn't determine the prices *now.* It may have an impact in the future but oil markets respond to what happens in the short-run, not the long-run.


Wrong again. You're right that the pipeline would not have been built yet, but the clear hostility of this government towards the American oil industry has companies hesitant to invest further. No one is going to invest a ton of money and time into a project that Biden may pull out from under them at the last moment, like he did with the pipeline.

To say that is only related to the pipeline again makes it look like you're just trying to make excuses for Biden. He also halted drilling permits on federal lands. He is clearly hostile to the oil industry, even in situations that would clearly lead to bad things nationwide. Halting those drilling permits as the country was starting to reopen was nonsensical and foolhardy. When you are working in that sort of regulatory environment, why would you invest further? You wouldn't.

If you are involved in trading securities and bonds, then I would recommend to anyone not to deal with whatever fund you're involved in.
This post was edited on 10/26/21 at 8:15 pm
Posted by BFIV
Virginia
Member since Apr 2012
7774 posts
Posted on 10/26/21 at 8:40 pm to
And you think I sound moronic??? LOL! Statistics link: LINK
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