View attachment 621030
You are a simpleton, yes? They have not acted on the new leases that they have been granted.
Sure, they are still drilling, but are not doing any new or increased drilling. Get it yet? That is the issue.
Simpletons don't consider future issues... you live only for today.
Well oil companies' planners that have to think 3,5 10 years and specifically regarding "profits"
recognized when Biden said "
Bash: "Thank you, Mr. Vice President. Just to clarify, would there be any place for fossil fuels, including coal and fracking, in a Biden administration?"
Biden: "No, we would -- we would work it out. We would make sure it's eliminated and no more subsidies for either one of those, either -- any fossil fuel."
Former Vice President Joe Biden claimed that he "never said I oppose fracking" when pressed by President Donald Trump on the issue during Thursday night's presidential debate.
www.cnn.com
That was said October 2020 as a candidate.
Then
Biden banned in just 7 days from taking office, the exploration on land that produces 24% of our nation's oil/gas !
So these planners considered that in their prices to the gas stations who in turn raised their prices!
It is that simple but evidently too complicated for you!
Simpleton!!!! The prices of gas today are NOT for oil pumped 3 years ago but what it will cost 3 years from now!
Do you understand???? Naw... too complicated for you!
Unlike most products, oil prices are not determined entirely by supply, demand, and market sentiment toward the physical product.
Rather,
supply, demand, and sentiment toward oil futures contracts, which are traded heavily by speculators, play a dominant role in price determination.
Understand the economic factors and other market forces that impact oil prices.
www.investopedia.com
Do you now understand? Gas prices today are NOT based on supply a year ago... but supply a year from now!
And Biden banning exploration on 24% of oil production land REDUCES the supply!
NOT me saying ... the experts!