Airforceone wrote:
As a new Trump supporter I am being asked why the Trump republicans in Congress refuse to sponsor any legislation to combat inflation and high gas prices. The only talking point I can come up with was it’s Biden faults. But Trump republicans block any kind of legislation to stop the fossil fuel
Companies and the corporate elite from price gouging.
So Trump supporters should we be pushing our legislators to come up with a solution to gas prices and corporate greed.
I need your help guys maybe Proud Republican can find a conspiracy theory that will help. She is the best on OPP for finding conspiracy theories.
Also how do I explain the Trump supporters and why they support Putin and his invasion of the Ukraine.
Thanks guys I look forward to your help.
As a new Trump supporter I am being asked why the ... (
show quote)
Gasoline is a derivative of crude oil.
Crude oil is a high-demand global commodity,
the factors affecting the price of gasoline are,
The cost of crude oil
Refining costs and profits
Distribution and marketing costs and profits
Taxes
Like most commodities, the fundamental driver of oil's price is supply and demand in the market.
Oil markets are composed of speculators who are betting on price moves, and hedgers who are limiting risk in the production or consumption of oil.
Oil demand is driven by everything from gasoline for cars and airline travel to electrical generation.
Oil production in North America was at an all-time zenith in 2019, with fields in North Dakota and Alberta as fruitful as ever.
In January, 2021, the price of a barrel of crude was hovering around $52, today it is climbing above $116.
Supply and demand was turned on its head during the protracted Covid lock downs.
Travel was seriously curtailed, people were forced to cut way back on driving.
Gasoline usage dropped precipitously and tax revenues fell proportionately.
The single biggest influencer of oil prices is OPEC.
OPEC members are Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Republic of the Congo, Saudi Arabia, United Arab Emirates, and Venezuela.
You will note the United States, Canada, Russia and China are not members of OPEC.
Keep in mind Russia's invasion of Ukraine is shifting the paradigm in oil production and supply.
Please explain your reasoning in how the US congress could possibly legislate the price of oil,
and how any law could reduce inflation.