Oil companies don't set prices. Hedge funds do. Any old excuse will do.
Prove it! Where is your proof that Hedge funds do?
I am proving that Biden's guarantee to rid fossil fuels by this one example... Chevron's CEO!
The CEO of Chevron, Mike Wirth's said..."
"You’re looking at committing capital 10 years out, that will need decades to offer a return for shareholders, in a policy environment where governments around the world are saying, ‘We don’t want these products.’”
So, after a record-breaking year of energy production in the U.S. in 2019, what did the Energy Information Administration expect in the outlook for 2021 and 2022—that is, the first two years of Biden’s presidency?
In reality, gasoline prices increased
48% from Inauguration Day 2021 to the week before Russia invaded Ukraine, and diesel prices increased
49%. The national gasoline price in 2021 averaged
$3 a gallon.
To date, Biden is the only president in modern history not to have held a single oil and gas lease sale on federal lands despite clear direction from Congress to do so quarterly.
While the Department of Interior is being forced by
court order to hold a
lease sale this quarter,
it increased fees by 50% and decreased the amount of available acreage for drilling by 80%—even as it cuts fees and red tape for renewable “green” energy production.
Timelines to approve
permits to drill on already leased land ballooned from the Trump administration’s best average of
108 days in 2019 to 182 days under the Biden administration, and scores of permits are now being held up by litigation initiated by extreme environmental groups allied with the White House.
Offshore, the Biden administration has not completed a single
lease sale. In contrast, Trump held eight in his single term and former President Barack Obama held 29 lease sales in his two terms.
There’s a popular genre of fiction books and TV programs that explore what the world might have been like if history had taken a different twist. What if Julius Caesar never crossed the Rubicon? What if Napoleon won at Waterloo? What if the Allies lost the Great War? And what might gasoline...
www.heritage.org
Now some of you say.."Oh but all of the above is for federal land"!
Yes and you are so ignorant in that FACT:
For fiscal year (FY) 2022, sales of oil, gas, and natural gas liquids produced from the Federal mineral estate accounted for approximately
11 percent of all oil and 9 percent of all natural gas produced in the United States.
www.blm.gov
Roughly a quarter (25%) of all crude oil and more than a tenth of all natural gas was produced on territory owned by the federal government in 2021
Roughly 25% of crude oil and more than 10% of natural gas produced in the US came from federal territory.
usafacts.org
Down from 25% under Trump to Biden...11%!!! Nearly 56% drop in oil production on Federal lands!
www.dallasgasprices.com
