Tagged: gas prices
June 19, 2022 4:02 pm at 4:02 pm #2098308
WHAT WILL BE ?
PEOPLE ARE TAKING MONEY OUT OF SAVINGS FOR GAS ?
IS IT A NORMOL THING.
WHAT IS THE FEDEREL GOVERMENT ACTUALLY DOING ABOUT IT ????????June 19, 2022 5:34 pm at 5:34 pm #2098339ymribiatParticipant
The government can’t guarantee access to a NORMAL education either.June 19, 2022 5:35 pm at 5:35 pm #2098341DovidBTParticipant
The Democratically controlled Federal Government intentionally caused the high prices and is continuing to make them higher. The only way it will stop is to return control of Congress and the Presidency to the Republican party.June 19, 2022 6:34 pm at 6:34 pm #2098378
you are right!June 19, 2022 6:34 pm at 6:34 pm #2098377June 19, 2022 6:45 pm at 6:45 pm #2098396ymribiatParticipant
We’d rather have a democratically elected government than one ruled by little orange men.June 19, 2022 6:46 pm at 6:46 pm #2098397
Biden brought the same inflation Carter brought.
We need another Reagan to tame inflation.June 19, 2022 11:45 pm at 11:45 pm #2098403
With the exception of a relatively smalll (35K b/d) refinery west-Texas refinery built in 2019, there hasn’t been a major new refinery built in the U.S. in nearly 50 years spanning both Democratic and Republican administrations. Existing refineries are running near 100 percent capacity so even if we had additional crude imports, they couldn’t be processed in the near term. The combination of a post-covid surge in demand and the loss of Russian distilled product are the primary cause of recent price spikes and it has little to do with Biden. In the longer term, however, when demand levels return to normal and Russian product is back on the market, Biden’s policies could keep prices at above market levels since his “excess profit” rhetoric and constraints on new pipelines will limit incentives for expanding U.S. refining capacity. Refiners don’t want to invest in new capacity unless they are assured of reasonable returns and those assurances are sorely lacking.
a m Condensate splitters are distillation units that process condensate, which is lighter than crude oil. Splitter capacity is included as atmospheric distillation units in U.S. Energy Information Administration (EIA) data.
However, the newest refinery with significant downstream unit capacity is Marathon’s facility in Garyville, Louisiana. That facility came online in 1977 with an initial atmospheric distillation unit capacity of 200,000 b/cd, and as of January 1, 2021, it had a capacity of 578,000 b/cd.June 19, 2022 11:46 pm at 11:46 pm #2098400
Please tell us all what the republicans are going to do to bring down gas prices?
Magat’s love to complain. But they have zero solutions.June 20, 2022 8:36 am at 8:36 am #2098478
@Jackk, how about letting fracking work and reopening Keystone, bith were killed by BrandonJune 20, 2022 9:17 am at 9:17 am #2098517
Democrats have also blocked drilling gas in Alaska’s ANWR arctic.June 20, 2022 9:18 am at 9:18 am #2098522
The gas companies already have enough land to frack on, if they wanted. They don’t want to. They are all enjoying the billion dollar profits that they are currently making while the America consumer suffers.
Finishing building the Keystone XL phase 4 pipeline is a republican fairy tale that it would significantly lower gas prices.June 20, 2022 9:18 am at 9:18 am #2098529
What’s happening is the Fed needs inflation to offset all the crazy borrowing of the last twenty and eighty years. There is no stick happy ending to this one.June 20, 2022 9:20 am at 9:20 am #2098524
Keystones is both a pipedream and a punchline. The government should spend trillions building a infrastructure to freight oil across the country from a place it may or may not be extracted to a place that it may or may not be refined. Also, the infrastructure should than be privatized, and those private companies should not be obligated to use it.
If you like the idea of massive government projects with no accountability, than in keystone. Otherwise, just lower taxes on gasoline.June 20, 2022 10:52 am at 10:52 am #2098537hujuParticipant
To ujm: The public official who brought down inflation in the Carter-Reagan years was Carter appointee Paul Volcker, head of the Federal Reserve Board. Learn some facts.
As for oil prices, they are set by world markets. If American companies find more oil, they will sell it at world market prices. And, no, if American companies find more oil or gas, it is unlikely to increase world supplies so much that prices go lower. Only Saudi Arabia can pump or withhold enough oil to impact world prices.
One other popular proposal – eliminate gas taxes – is a temporary fix at best, as we need tax revenue to maintain the roads.June 20, 2022 10:52 am at 10:52 am #2098544
Fracking is no longer a partisan issue. It’s all tied up in the Courts. The oil industry knew it was a legal gamble to not apply long standing legal norms to new methods of drilling. Now they have a bunch of useless infrastructure. But their happy. The public already paid for it twice.June 20, 2022 10:52 am at 10:52 am #2098558
to commonsaychel: yesJune 20, 2022 10:52 am at 10:52 am #2098559
@n0m, your ignorance is showing, the goverment never spent a dime on it, its a private enterpries owner by TC Corp with minor equity stakes by Conoco and ValeroJune 20, 2022 10:52 am at 10:52 am #2098563QuayboardwarriorParticipant
Pulled your heads out the ground. Gas prices and general inflation are a worldwide issue, not a localized one. And certainly not caused by a few recent, relatively minor choices made by an American president.June 20, 2022 11:07 am at 11:07 am #2098581yaakov doeParticipant
Even if construction of the Keystone pipeline was allowed to continue it wouldn’t effect today’s gas price as it would not be functioning yet.
Oil companies set the prices for gas and they have had record profits. They could cut the price by 10% and still be profitable.June 20, 2022 12:38 pm at 12:38 pm #2098586
@Yakov, the level of ignorance is amazing, the price is set on the trading floor not by the companies, more supply = lower prices, Brandon strifled the domestic gas production hence less supplies.June 20, 2022 12:39 pm at 12:39 pm #2098591amomParticipant
America has lots and lots of oil enough to be pretty much self reliant and be able to set prices.
The reason we are not is because gas companies are always afraid the dems will shut them down. It is not worth it for them to invest the huge sums when one day a dem president will say we have to go green and we can’t drill our own oil.
Instead of us drilling in the most green way possible, we are allowing the Arab countries to get rich and they don’t care about green and safety. American companies can’t lower prices because they are in a very risky business, when dems are in power. If there was a Republican in power, they would be receiving incentives to produce more (instead of the rhetoric Biden seems to love) which would cause lower prices.
Under Biden, taxes for these companies are higher, there are more regulations- and then Biden gives all his nice speeches that they are making too much profit and that they have to drill more oil. Biden loves blaming the American oil companies for their high prices, yet he is tying their hands behind their back. Even if he lowers regulations (which I believe he did) the oil companies don’t trust him not to put them right back.June 20, 2022 12:39 pm at 12:39 pm #2098592moishekapoiehParticipant
you are wrong!June 20, 2022 12:40 pm at 12:40 pm #2098594
Obama stopped Keystone 10 years ago. If he hadn’t it would have been online today.June 20, 2022 12:40 pm at 12:40 pm #2098624GefilteFishParticipant
As @jackk said, there are lots of drilling and fracking permits already issued, which could increase the totally capacity for American energy production.
The biggest complaint against Biden (in this regard) is that he openly has been supportive of the “progressive” agenda including posing for “green” energy way too fast.
While he’s calling for more production right now, he’s made it clear that as soon as he can, he is throwing the whole fossil fuel industry away.
This attitude of his, starting with that symbolic first day executive order against Keystone pipeline, has disincentivized investments in new drilling projects. Who wants to invest in something the government has declared war on?
And this is not hyperbole.
Remember his nominee for one of the governmental financial positions (maybe in the Federal reserve?)
This Russian, communist-educated woman openly stayed that bankrupting the fossil fuels industries was a necessary step towards implementing “green”.
Even after Biden found out about this, he still kept her as his nominee, until it was clear she would lose the vote.
So yeJune 20, 2022 12:41 pm at 12:41 pm #2098615
Oil companies are neither public utilities subject to cost of service regulation nor charitable organizations focused on public welfare. They function in a global market where prices for crude are set largely by OPEC production decisions and distillate products by refining capacity and short-term demand. We don’t tell sellers of $300 esrogim from Italy to “be patriotic” and sell their products for $50 so the poishete yid can be mehader mitzvah like his affluent brehthren. Their current prices aren’t even the highest (in real terms) relative to prior supply disruptions. Biden’s stupid comment to “be patriotic” and cut prices is indicative of the political and market economics naivete on BOTH sides of the debate.June 20, 2022 12:41 pm at 12:41 pm #2098593moishekapoiehParticipant
gas prices and all other money-related problems is due to the jolt the economy got because of covid.
anyone blaming either democrats or republicans is dead-wrong.June 20, 2022 12:42 pm at 12:42 pm #2098588
CHECK THIS OUT!!!!!!!!!June 20, 2022 1:43 pm at 1:43 pm #2098642
@therealthuth, Do you own a car?June 20, 2022 1:43 pm at 1:43 pm #2098641
The gas companies love that video. They love it to the bank.
They can raise prices up and up and up, and the republicans will continue to blame Biden.June 21, 2022 12:22 am at 12:22 am #2098669yaakov doeParticipant
Are you telling me that Exxon, BP OR Gulf don’t set the price they charge gas stations?June 21, 2022 12:23 am at 12:23 am #2098686
What proverbial sands are you referring to?
The government spent two billion in the 2010s and was posed to “lend” over five billion last year. I don’t know what happened to that money now that Biden canceled the cross-border permit.June 21, 2022 12:24 am at 12:24 am #2098697
Most of the Keystone that we have, was built under Obama. Now, if only it would be used at capacity, or if that oil would be usable on American markets…..June 21, 2022 12:24 am at 12:24 am #2098703
I’ll make it even simpler. It’s more profitable for companies to sit back and say they will produce, than actually producing a product and selling it. It sounds ridiculous for the oil industry to say that it is hard for them to sell their oil, so they blame government regulations. Which is true. But after fifty years, it’s about time that they come up with a business model that is profitable off of it’s own realities.June 21, 2022 12:24 am at 12:24 am #2098704
The oil from Canada is too dirty. That makes it unfit for domestic consumption. The Keystones pipeline is to send this oil through the USA and on to international markets with lower fuel standards. More fuel there, does not correlate to cheaper fuel here.June 21, 2022 12:39 am at 12:39 am #2098705
For dem defenders: Biden said that he will shut down oli industry. Now, you are saying government has no role, it is all markets. So, either he, and you, lied then, or you are lying now.
The government has a role in setting up fair markets and when it doesn’t, things go wrong.June 21, 2022 1:03 am at 1:03 am #2098714June 21, 2022 1:04 am at 1:04 am #2098720
“Brandon strifled the domestic gas production hence less supplies…”
As someone observed, the level of ignorance here is breathtaking…
The mods prefer we don’t post URL links but if you go to the DOE website (EIA.gov) and luse the dropdown menu to link to “U.S. Natural Gas production”) you will note that the monthly natural gas production when Trump left in January 2021 was 2.876 MCF…..the most recent monthly production for April 2022 was 3.187 MCF.
Conventional wisdom suggests that 3.187 is a larger volume than 2.876. The figures for May and June will be even larger since producers ramped up marginal production capacity when Russia invaded Ukraine in March 2022. As world prices spiked over the past 90 days, foreign demand made it substantially more profitable to convert U.S. production to LNG exports to Europe where it was priced at $30/MMBTU (including conversion and transport costs) compared to domestic commodity prices (Henry Hub of about $9/MMBTU).June 21, 2022 1:08 am at 1:08 am #2098781
Biden’s dread is to make oil companies responsible for their own solvency. So that they do not end up like the coal industry that is reliant on internet subsidies to turn a profit. That way when the time comes to go one hundred percent electric, all the oil and coal could end. Right now the government could work on the margins of gas prices. But who will it make happy when has hits seven dollars a gallon at the pump instead of nine? And, Saudi Arabia will laugh at us and drop the price through the floor. Like they did at the end of the Bush years.June 21, 2022 9:55 am at 9:55 am #2098841akupermaParticipant
If you are whining about gas prices your an ungreen deplorable and should worry about being cancelled. Our (assuming you are an American) democratically elected government is hard at work to save the country, the world and even the universe, from climate catastrophe which the official scientists have decided is caused by carbon emissions (only heretics point to frequent variability in climate throughout recorded history, and that it has often been warmer, and that warm periods tend to have higher standards of living due to increased food production). Our Democratic government has wisely coerced oil companies to cut back production by blocking drilling, banning new pipelines and carbon-related infrastructure, and subsidizing the worthy woke in switching to very expensive electric cars.June 21, 2022 9:56 am at 9:56 am #2098850
@n0m, Your lack of knowledge is amazing, ALL crude is impure regardles if its shale in PA, sands in Canda or the Persian Gulf, it all gets refined and the sold on the world market, including Keystone.
@Yackov Doe, the wholesale price of gas is either spot market or options with two benchmarks West Texas Intermediate or Brent [North Sea] The majors have a slight markup of the wholesale price but majority of the price is driven by the market and more supplies equals lower pricesJune 21, 2022 10:52 am at 10:52 am #2098893
It is much more expensive to clean sand oil. Guinea has only high sulfur diesel. They have zero refineries. It is all imported from Europe and the USA.
Any way you want to have it, the sole purpose of the Keystone Pipeline is to send Canadian oil to Europe. The parts that service our oil infrastructure is all built. Almost none of the locals want that last phase. Especially after they saw what happened in Texas and other States.June 21, 2022 3:42 pm at 3:42 pm #2098903
@n0m, News flash there is 3 M barrels a day produced from Alberta tar a day, most comes to the US on tanker carsJune 21, 2022 9:51 pm at 9:51 pm #2099075
This is very enlightening threat: economy is a complicated subject and it is possible to come up with lots of technical explanations that support you – look at oil production, disregarding economy growth, etc. You may be basing your position on reading some biased sources that come up with these funny numbers. Given complexities, look at the big picture: Dems discourage oil industry in multiple ways. Thus, when prices are so high, it is partially their fault. You cam justifiably claim that it was a rational policy to, say, close all coal & gas in Germany and it “only” fell apart because of unpredictable Russians. Merkel still refuses to admit her fault, saying “at least I tried”. The answer is simple: if you put priority on possible near-term dangers, you will do all possible to mitigate possible harm. If you don’t, it is your fault. It is probably easier to see on the above German case that is being ridiculous, but situation in US is similar.June 23, 2022 4:02 pm at 4:02 pm #2099688
Apparently even after all blunders, there are still things that administration can do, but does not:
1) Biden.. dangled the possibility of at least temporarily waiving the Jones Act, . that says only American-flagged ships can carry fuel and other goods between U.S. ports. The industry would likely jump at that, but there’s doubt that the administration could overcome union opposition to doing so
2) Industry ..requesting faster permitting times for pipelines and easier access to public lands for drilling — .. administration is unlikely to acquiesce. In fact, the Interior Department in January is expected to propose new rules that would raise the royalty rates companies pay to produce oil on federal land.July 1, 2022 8:41 am at 8:41 am #2102202
huju: You need updated lessons in energy geopolitics. Yes, American supplies of both oil and gas very much DO impact the spot pricing on the international markets. The U.S. now holds more recoverable oil reserves than Saudi Arabia and Russia. You are still steeped in the oil mindset of 10+ years ago. America, especially since fracking, has taken the markets by storm. And the more America produces (something Democrats are keen on keeping America down on), the lower international prices will be.
Time to drill in Alaska’s ANWR arctic. And build Keystone. As Republicans attempted to accomplish well over a decade ago (ANWR multiple decades ago), but faced Democrat impediments.July 1, 2022 10:53 am at 10:53 am #2102319
Dems tend to think about their social priorities, relegating other goals to “good enough” – oil prices not too high today, Russia is not starting WW3 … Eventually, they mis-calculate, inflation stops being “temporary” and everyone is focused on what was the last mistake that caused the disaster. The strategic error came earlier when focusing on wrong things. Flood the world with cheap oil, surround Russia with NATO troops, make our economy strong and enemies weak, and then there will be enough money for all social equity and green innovations. As it is now, Republican administrations accumulate wealth and strength and Dems are spending them.July 1, 2022 11:06 am at 11:06 am #2102334ToShmaParticipant
Biden conveniently found an excuse “Russia, Russia”, though gas prices began worsening way before Putin’s invasion.July 1, 2022 12:09 pm at 12:09 pm #2102346
Republican tend to fantasize that they have all the solutions until they actually have to govern and show that their hands are empty.
Insulin costs can keep rising for a drug that people need to live.
All drugs can keep overcharging.
Trump’s deficit that went up by trillions of dollars.
More americans dying.
No wall at southern border.
Lose an election and then attempt by all means possible to stay in power.
Republicans love Russia . Trump was Putin’s disciple. Let Russia conquer AND WIPE OUT Ukraine, Finland, Sweden, Hungary, Latvia, Lithuania etc. Republicans would never fight Hitler in 2022.
AntiFa is a derogatory term to the republicans.
I have asked many times on the CR for the republican answer to all the problems that they blame on Biden. Crickets. Or more fantasizing. (Like somehow surrounding Putin with NATO that never attacked him, was the reason for Putin to risk everything on an ill-conceived and worse carried out war.July 1, 2022 2:46 pm at 2:46 pm #2102373
I think you are projecting values from individual nuts to Republicans overall. I am sure we also over-react to the Democratic nuts. And when you ask your questions in a reasonable manner, people do answer. Some are just too emotional – “deny pandemic” while ignoring unprecedented pro-active spending on vaccines is pure ungratefulness. “R- love Russia” despite decades of anti-Soviet/Russian stances by most R-s. Yes, W found soul in Putin’s eyes and T asked him for Clinton’s emails, but both administrations were populated by anti-Russia/China policy makers. “more americans dying” – while US life expectancy started decreasing first time after WW2 under Obama (except 1993). Just try to formulate a claim that does not sound ridiculous and maybe people will talk to you.
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