Biden wants to investigate why gasoline prices are higher

[JohnDB]

I think the airline industry might disagree with you since the dems closed the world with their draconian lockdowns and vaccine passports.

You misunderstood me...
Oil prices really hiked in conjunction with the airlines beginning to start adding flights once again.

 

[Concerned American]

You misunderstood me...
Oil prices really hiked in conjunction with the airlines beginning to start adding flights once again.

I haven't kept abreast of wholesale oil prices, I admit. I have kept track of prices at the pump and the biggest spike came in the month following Biden's change of address--In our area it went from $2.25 to $3.09 over a 3 week period in Feb. It has increased another 60 cents since then.

 

[JohnDB]

There's two basic price groups for light sweet crude.

WTI (west Texas intermediate) and Brent. (Brent North Sea).

Brent is usually more expensive and has more contaminants and water than WTI. But that's because of shipping costs. (And what EU and PR pays)

America pays WTI prices or usually much less for oil based on Brent quality.

Refinery time is still at a premium...we have 23 rigs currently offshore pumping and refining oil...(last time I looked) one had moved off to head to another well head.

 

[BlueGin]

A year ago in this area, reg unl gas was about $2.25--today I saw $4.19, $3.89 is common and the cheapest today was $3.39 cash. Dems are morons.

Here in NM it was $ 1.89 when Trump left office. Now it’s $ 3.09.

 

[BlueGin]

I think the airline industry might disagree with you since the dems closed the world with their draconian lockdowns and vaccine passports.

The airlines are also having a fuel shortage that is grounding planes. Especially the smaller airlines.

 

[JohnDB]

I haven't kept abreast of wholesale oil prices, I admit. I have kept track of prices at the pump and the biggest spike came in the month following Biden's change of address--In our area it went from $2.25 to $3.09 over a 3 week period in Feb. It has increased another 60 cents since then.

I'm an investor in the oil/natural gas industry...I keep track of inventories rising or falling and a bunch of factors...I don't trade crude futures but I keep an eye on it all and have tracked it steadily for a while.

Currently I'm holding onto Energy Transfer (Ticker is ET) which holds ConocoPhillips and other stuff... especially pipelines like the one in the Dakotas that had such a fuss from the Native American reservation....
They also hold pipelines in Texas and other locations that seem to be growing in population recently. (I was in housing materials and contractors....but got out) They have many "holding stations" of those big circular tanks....they are one of several reporting inventories when it is released. (Which affects oil future prices)

So...yes, I have no idea why Biden said what he is saying...the reasons are extremely clear. Supply is currently static but demand has been steadily increasing.

 

[Fort Fun Indiana]

Republicans have blamed Biden's shift toward green energy, which includes nixing the Keystone XL pipeline permit and pausing new federal oil and gas leases.

Which is obviously stupid and wrong, to anyone who knows anything about any of this. This is what they say to pander to their base, who they know are generally gullible and uninformed.

 

[Fort Fun Indiana]

So...yes, I have no idea why Biden said what he is saying...the reasons are extremely clear. Supply is currently static but demand has been steadily increasing.

That does not make it clear that there are no other reasons for rising prices.

 

[elektra]

If it wasnt for stupidity, Biden would have no brain activity at all.

 

[JohnDB]

That does not make it clear that there are no other reasons for rising prices.

Ummm...
Surplus Inventories have been falling... supply has remained constant. That makes the futures prices for crude oil increase.

Supply is a result of pumping the oil out of the ground. It only comes out so fast and gets refined at a specific rate.

Demand changes as people and industry use more or less.

It's supply and demand economics...one of the most basic of economic principles...

Not sure why you are having issues understanding.

 

[Dekster]

The White House on Thursday asked the Federal Trade Commission (FTC) to look into high gas prices, across the nation.
Republicans have blamed Biden's shift toward green energy, which includes nixing the Keystone XL pipeline permit and pausing new federal oil and gas leases.

Biden asks FTC to investigate 'any illegal conduct' by 'Big Oil'

The White House both demanded an investigation into illegal price gouging and demanded OPEC up its production.

www.dailymail.co.uk

The Kleptocrats are LIARs.
They want higher gasoline prices.

Finally doing something I agree with. Being on the east coast, I saw gas prices go through the roof in a matter of a week because of the pipeline hack but here 3 plus months later the prices have not come down very much at all.

 

[Fort Fun Indiana]

Surplus Inventories have been falling... supply has remained constant. That makes the futures prices for crude oil increase.

Nobody thinks otherwise. Other things can also make them increase, like illegal gouging.

 

[Missouri_Mike]

Nobody thinks otherwise. Other things can also make them increase, like illegal gouging.

LMAO! Yeah it’s gouging. Has nothing to do with government regulations. The oil companies are doing it. Moron.

 

[Fort Fun Indiana]

LMAO! Yeah it’s gouging. Has nothing to do with government regulations. The oil companies are doing it. Moron.

I am not saying I know if anyone is gouging or not. You are rabid. Go breathe into a paper bag or something.

 

[JohnDB]

Nobody thinks otherwise. Other things can also make them increase, like illegal gouging.

Look...
No one is gouging.
Crude oil was up but it's dropped a lot in price since the OPEC meeting which resulted in increased production.

Currently gasoline (which is what everyone sees) is still up because it is legally mandated to contain ethanol.
Ethanol is usually made from sugar. And Ethanol and sugar are both at really high prices. (Brazil makes both and they have had drought and freezing temperatures...not good stuff for tropical climate crops)

But oil is down and probably going lower unless demand really picks up.

 

[Missouri_Mike]

I am not saying I know if anyone is gouging or not. You are rabid. Go breathe into a paper bag or something.

I never said you were rabid. Just stupid.

 

[Fort Fun Indiana]

Look...
No one is gouging.

Okay. Of course, you could not possibly know the truth of this. But your bet is noted.

 

[Fort Fun Indiana]

I never said you were rabid. Just stupid.

Yeah, we all saw your crybabying.

 

[Missouri_Mike]

Is anyone so shit bag stupid to think maybe this isn’t Bidumb’s fault? I’m just wondering how many left wing retards are still groping this shortening rope.

 

[Fort Fun Indiana]

Is anyone so shit bag stupid to think maybe this isn’t Bidumb’s fault?

Probably anyone in the world not in the trump cult. Of course, being called "stupid" by the cult is now a high compliment, on this planet. Thanks for asking!