YoursTruly
Platinum Member
- Dec 21, 2019
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- #241
Here we go again.... Your information is 100% untrue.... if what you say was true gas prices would have fallen not risen... so right there it proves you wrong... there are different grades of oil... not all grades can be refined in our country due to environmental concerns so that cheaper thicker oil is sold to other nations that can still refine it... Biden closed of the sites where the best US oil is located costing the oil companies their massive investments... just with a stroke of a pen....
And of course gas price went nuts....
Because oil isn't based solely on supply and demand anymore. Now it's a global market price. They're going to get as much as the market will bear. Gas/oil is a for profit business. With investors that don't give a shit if we have to cut back on groceries just to keep gas in our tanks. They provide just enough to keep everything going.
If they produced more, the prices would fall and they'd make less money.
This is exactly why the prices were low during Trump. It wasn't because he "allowed" the oil companies to drill and produce. It wasn't because he set the price. It was because Saudi Arabia and Russia were flooding the market with cheap oil, with their oil price war. Under cutting the market price.
Trump takes credit for it because not enough of his supporters even realize that Russia and the Saudi were in an oil price war.
Hell, most of them don't know that in April of 2020, Trump struck a deal with US, Mexican and Saudi oil producers to REDUCE production. (which increases price). By June of that year, US oil companies were issuing record numbers of lay offs. By the time Biden walked into the White House, all that extra oil the oil companies had stored, was about gone. Big producers has stopped producing and the bust cycle was well under way. Add that to the inflation Trump helped to create with his $8 trillion spending spree and COVID, and you end up with $4 per gallon gas.