YoursTruly
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- Dec 21, 2019
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- #161
1. It DIDN'T reach $2 gal when Trump was president (except maybe in California crazyland.
2. No, it was not Trump's policies that caused oil production (& thereby other economics) to drop. If you look at the data you'll a big drop in oil production in Biden's first month-resulting from Biden's immediate EO attack on the oil companies. This has continued with more cancellations of drilling in Alaska & the Gulf coast.
3. So yes a president has plenty to do with market forces when he butts in like Biden does.
4. Yes a president can make things worse - exactly what Biden has been doing.
You're way off base on oil production drops and Trumps involvement. And easily found on the internet. I've posted many times already. Including links to Fox Business article on his deal with Saudi to lower oil production in April of 2020. Other sources confirmed Trumps deal with Mexico and US oil producers to also lower oil production.
Biden did nothing to stop existing oil production. The drilling permits that were issued, were never revoked. In fact, during Biden's first year, BLM issued more drilling permits that in Trumps first year.
The oil leases Biden cancelled were leases that were years away from production. No drilling permit applications submitted. There wasn't even any geological studies (from the oil companies) done on those locations.
Market forces is just code for "excuse" to charge more for the same thing. At least in this instance. Oil seems to be the only market that fluctuates on a regular cycle. As in every two term president is faced with an oil boom and bust cycle. Prices on every other commodity stays relatively the same. And throw in the fact that oil companies get billions in government subsides,
Biden didn't make things worse for oil companies. They've received record profits this year. "Making things worse" would equate to lower profits.