Liberty Tree wrote:
What will it take to get you to realize that high gas prices are the goal of the Biden administration?
That is true to a degree however there are lots of factors that have increased the price of gas at the pump that are never mentioned or twisted.
First there were several energy credits for oil companies that were created to expire over 5 years ago that oil companies were mostly passing on to consumers. Second Biden did cancel the KeystoneXL pipe line. However what isn't mentioned is the oil is extremely toxic (most on earth) Tar Sands oil that was all slated to be piped through the US to a refinery in Texas and then shipped to China. So the US gets the pipeline leaks and the refinery pollution and Canada gets the bulk of the profits (along with the refinery) and China gets the very polluting oil when it is burned. It wasn't good for the US.
Another aspect stated that Biden cancelled Oil and gas lease auctions. What isn't reported is that Oil and Gas Companies colluded to not bid to try to keep supplies tight and profits up. So they were canceled primarily due to non bidding not Biden. There are currently well over 6000 oil and gas leases currently that Oil and Gas Co's aren't developing for the same reason. Keep supply tight and profits up.
What isn't reported further is when Gasoline prices dropped around $160-180 a gallon at the pump (when the Covid stuff hit in 2021 and demand dropped) it became unprofitable for many Co's. Many Co's temporarily capped many wells and stopped exploring until conditions improved and they could return a profit. Biden didn't do it, Trump didn't do it. It was the market. Tell me how Biden made all those oil and gas companies cap thousands of wells (mostly in Texas) while he was just a screw up Senator in tiny Delaware?
Another unreported factor of the "Biden did it due to Green agenda" narrative is that Biden pushed favorable policy for renewables particularly electric cars. The claim is that it made gas prices increase for everyone. In actuality (and dealing in reality) when someone buys an electric car instead of a Gas car it actually Reduces demand for Gas and therefore puts downward pressure on Gasoline prices not upward as charlatans would have you believe.
Another unreported factor of the escalating inflation is the massive Military Industrial Complex spending of Trump and Biden. (Here Biden Did do it) Where the US now SPENDS over 800B/yr (when adding Overseas Contingency etc) which is as much as the rest of the world combined defense spending. The US spends 6 times as much as #2 spender (China). This is very highly inflationary.
We had some foolish policy mostly under Trump Era where the US gave Oil and Gas companies cheap leases where they ended up taking our oil reserves out of the country and then selling it on the open market. That policy doesn't make us more energy secure it makes us more energy dependent since we no longer have those reserves and are at the mercy of who ever does have reserves. It is alot like in Africa where corrupt politicians or warlords bring in mineral expoiters claiming it will benefit the people and build schools etc. The country gets looted and the profits mostly go to the exploiters and the corrupt politicians with very little benefit to the country or the people and no schools ever get built.
We do need oil companies to be profitable (Unless Nationalization) so they can weather down turns (like 2021 where Exxon Mobil lost $5.6B). That way there will still be gas coming out of our gas pumps.
We would benefit by a law stating US Oil and Gas is for the US without export (with few exceptions). With our significant supply and demand lower (coming only from the US) gasoline prices would drop to where they belong and the US would have real significant energy independence.
There were many factors that drove the price of gas up. When the economy improved after the Covid lock downs were lifted energy demand increased pretty quickly while formerly unprofitable wells were still capped and it takes some time to get them flowing again. Tax credits for oil and gas companies expired and those costs were passed onto consumers. The massive and partly wasteful escallating Defense spending as well as other deficit spending causes inflation and higher interest rates. Oil and gas companies colluded to keep supply down and profits up (and they kicked back money to the politicians). Biden did a little too. The lack of many quick alternatives or substitutes for oil didn't help either.
It is up to us to post the unreported and expose their lies and/or half truths. The 6 largest conglomerates that control almost 96% of the US media have no incentive to tell the truth. They (like everyone else) are pursuing profits.