Why Biden's ignorance of economics i.e. lack of common sense caused inflation now of over 8%!

[basquebromance]

Your grocery store's shelves are empty. But Hunter Biden's bank account is full.

 

[AntonToo]

So does that mean you DON'T agree with Joe's most recent action regarding oil exploration leases?

Strange but NOW even Biden agrees that federal leases are necessary to lower gas prices!!!!

Biden administration to resume leasing for oil and gas drilling on federal lands​

The move comes as President Joe Biden seeks new ways to help lower gas prices.

Biden administration to resume leasing for oil and gas drilling on federal lands

The move comes as President Joe Biden seeks new ways to help lower gas prices.

www.nbcnews.com

Moron, how long does it take for a new lease to deliver even a single drop of oil to market?

We've been over this many times now and you are still posting your half-baked lies that Biden's lease policy had something to do with 2021-2022 oil supply.

 

[healthmyths]

Moron, how long does it take for a new lease to deliver even a single drop of oil to market?

We've been over this many times now and you are still posting your half-baked lies that Biden's lease policy had something to do with 2021-2022 oil supply.

The truly exposed ignorance of people like you is criticizing the FACTS that I present and you do NOT show anything
to contradict The FACTS! Here are MORE facts... one for example:
‘Hey, if this guy is going to free up this pipeline, he might start freeing up some leases and stuff,’” then that could help push prices down,
said Phil Flynn

The development of an oil and gas field costs millions of dollars and may require long time (5-10 years) to be fully realized.
In general, development activities and processes involves:

• environmental impact, geophysics, geology, reservoir and production engineering, infrastructure, well design and construction, completion design, surface facilities, economics and risk assessment

In particular, the activities and people involved in the development stage

• define a precise Field Development Plan (FDP) – geologists, geophysicists and reservoir engineers
• decide the best production/injection well placement and design – drilling engineers, reservoir engineers, geologists
• select the optimal production facilities required to properly process hydrocarbons before their treatment – production engineers, reservoir engineers, facilities engineers
• choose the transport options and route to export oil and gas – logistics engineers

Field Development Phase -

www.oil-gasportal.com

Now here is what "experts" in the oil exploration field say about Biden's ban on oil exploration.
Big Oil blames the problem on Biden's tighter regulations and push for renewable energy, which it says threaten to constrain output. The White House says the U.S. drilling industry is quick to ask for concessions but slow to open the spigot when consumers need it.

“There’s an invisible hand in the oil market – If there’s a perception that, ‘Hey, if this guy is going to free up this pipeline, he might start freeing up some leases and stuff,’” then that could help push prices down, said Phil Flynn, senior market analyst at Price Futures Group.

Why Biden energy policies have contributed to surging oil prices

If President Joe Biden came out forcefully on the side of increasing US oil production, the price of a barrel could fall quickly, experts told The Post — even if it takes a while to bring that new …

nypost.com

 

[AntonToo]

The development of an oil and gas field costs millions of dollars and may require long time (5-10 years) to be fully realized.

5-10 years. Which means there is no fucking way Biden's lease policy had an actual oil supply effects in 2021/22.

Nobody is trading mid-near term energy futures on 5-10 year exploration outlook. It's driven by supply and demand technicals.

BUT EVEN IF THEY DID: If we actually look at Federal leases signed under Biden and see that:

Administration approved more than 3,500 oil and gas drilling permits in its first year, nearly 900 more than the Trump administration did in its first year

https://www.washingtonpost.com/climate-environment/2022/01/27/oil-gas-leasing-biden-climate/

You are posting bullshit, on top of bullshit, on top of bullshit. Thats just what you shamelessly do on these boards, day and out.

 

[busybee01]

In the first 7 days of his administration Biden did something that had such a gigantic ripple effect that has directly cause inflation to be today at
8.54%!!!! US Inflation Rate

Biden never understood these key points about gas prices!

How Gas Prices Affect the Economy

Although economists may argue about whether gas prices have an effect on the economy, there is a connection between consumer confidence, spending habits and gas prices.

www.investopedia.com

KEY TAKEAWAYS​

• When gas prices rise, it can be a drag on the economy—impacting everything from consumer spending to the price of airline tickets to hiring practices.
• Gas is an important input for transportation, which directly impacts households as they drive, but also businesses that rely on logistics and transportation chains around the globe.
• If discretionary spending is hampered by higher gasoline costs, it can have knock-on effects throughout the broader economy.

Gas is used by almost ALL Americans in different ways but the bottom line is gas prices affect most of us.
For example you may NOT buy gas as you don't have a car. But your mail, your food, your transportation to buy food... all use gas!
In 2021 Americans used in cars, trucks, buses, etc. about 134.83 billion gallons per year! Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)
Gas cost per gallon in Jan 25, 2021 was USA average: $2.392 per gallon.
Gas cost per gallon in May 5, 2022 was USA average: $4.182 per gallon.
Total increase in gas cost $1.79 X 134.83 billion gallons means $241.345 BILLION in gas costs.

Weekly U.S. Regular All Formulations Retail Gasoline Prices (Dollars per Gallon)

All because Biden banned to the oil exploration companies exploration on Federal land that provides 24% of our oil/gas!
Now oil companies can continue exploration on land that provides 24% of the nation's oil and gas.

https://crsreports.congress.gov/product/pdf/R/R42432

FACTS... oil exploration costs going up meant gas prices at the pump go up and BIDEN never ever considered that, obviously!
Totally ignorant as to the effect banning exploration on land that provides 24% (more than 36% at one time) of oil production!

You don't understand these facts about gas prices.

FACT 1: A Dallas Fed survey of OIL EXECUTIVES shows that 59% say shareholders are the reason they are not increasing their drilling activities. Only 7% say that the government is responsible.

FACT 2: There were around 800 oil rigs in operation pre-pandemic. That fell to around 300 on Trump's watch during the pandemic. This year, only 650 or so rigs are in operation. The question is why have the 150 other rigs no0t been re-opened? Clearly oil companies want to keep prices high by keeping supplies low.

FACT 3: Oil companies already have thousands of leases that they are not using. The idea that they are going to use new leases is absurd. New leases will have to compete with old leases that they already hold.

FACT 4: Biden sold more leases in his first year than Trump did. In addition, he is following the same compromise that Obama did.

FACT 5: General inflation is increasing due to the fact that companies are raising prices because they can not because they have to. Profits are reaching levels that have not been seen in decades. This clearly is evidence that big companies are profiting by using inflation as a excuse to raise prices. Too many industries are oligopolies in which there is little or no competition. Real inflation is at around 4% or less.

 

[Nostra]

You don't understand these facts about gas prices.

FACT 1: A Dallas Fed survey of OIL EXECUTIVES shows that 59% say shareholders are the reason they are not increasing their drilling activities. Only 7% say that the government is responsible.

FACT 2: There were around 800 oil rigs in operation pre-pandemic. That fell to around 300 on Trump's watch during the pandemic. This year, only 650 or so rigs are in operation. The question is why have the 150 other rigs no0t been re-opened? Clearly oil companies want to keep prices high by keeping supplies low.

FACT 3: Oil companies already have thousands of leases that they are not using. The idea that they are going to use new leases is absurd. New leases will have to compete with old leases that they already hold.

FACT 4: Biden sold more leases in his first year than Trump did. In addition, he is following the same compromise that Obama did.

FACT 5: General inflation is increasing due to the fact that companies are raising prices because they can not because they have to. Profits are reaching levels that have not been seen in decades. This clearly is evidence that big companies are profiting by using inflation as a excuse to raise prices. Too many industries are oligopolies in which there is little or no competition. Real inflation is at around 4% or less.

Re "Fact" 2: If Trump is responsible for the drop in operating rigs during Covid, why isn't your Vegetable Messiah responsible for the 150 that have not reopened yet?

Re "Fact" 3: Leases mean nothing without permits, which your Vegetable Messiah's regime is holding up for up to a year.

 

[healthmyths]

You don't understand these facts about gas prices.

FACT 1: A Dallas Fed survey of OIL EXECUTIVES shows that 59% say shareholders are the reason they are not increasing their drilling activities. Only 7% say that the government is responsible.

FACT 2: There were around 800 oil rigs in operation pre-pandemic. That fell to around 300 on Trump's watch during the pandemic. This year, only 650 or so rigs are in operation. The question is why have the 150 other rigs no0t been re-opened? Clearly oil companies want to keep prices high by keeping supplies low.

FACT 3: Oil companies already have thousands of leases that they are not using. The idea that they are going to use new leases is absurd. New leases will have to compete with old leases that they already hold.

FACT 4: Biden sold more leases in his first year than Trump did. In addition, he is following the same compromise that Obama did.

FACT 5: General inflation is increasing due to the fact that companies are raising prices because they can not because they have to. Profits are reaching levels that have not been seen in decades. This clearly is evidence that big companies are profiting by using inflation as a excuse to raise prices. Too many industries are oligopolies in which there is little or no competition. Real inflation is at around 4% or less.

You made all that up didn't you? Why else you don't do some substantiation, i.e. links, etc.
Until then who are YOU?

 

[healthmyths]

You don't understand these facts about gas prices.

FACT 1: A Dallas Fed survey of OIL EXECUTIVES shows that 59% say shareholders are the reason they are not increasing their drilling activities. Only 7% say that the government is responsible.

FACT 2: There were around 800 oil rigs in operation pre-pandemic. That fell to around 300 on Trump's watch during the pandemic. This year, only 650 or so rigs are in operation. The question is why have the 150 other rigs no0t been re-opened? Clearly oil companies want to keep prices high by keeping supplies low.

FACT 3: Oil companies already have thousands of leases that they are not using. The idea that they are going to use new leases is absurd. New leases will have to compete with old leases that they already hold.

FACT 4: Biden sold more leases in his first year than Trump did. In addition, he is following the same compromise that Obama did.

FACT 5: General inflation is increasing due to the fact that companies are raising prices because they can not because they have to. Profits are reaching levels that have not been seen in decades. This clearly is evidence that big companies are profiting by using inflation as a excuse to raise prices. Too many industries are oligopolies in which there is little or no competition. Real inflation is at around 4% or less.

Regarding leases!
This is a table from blm.org...
And note where Biden's previous involvment in 8 years signed 7 fewer leases than the previous year!
Trump started making up on that till COVID occurred.

 

[healthmyths]

You don't understand these facts about gas prices.

FACT 1: A Dallas Fed survey of OIL EXECUTIVES shows that 59% say shareholders are the reason they are not increasing their drilling activities. Only 7% say that the government is responsible.

FACT 2: There were around 800 oil rigs in operation pre-pandemic. That fell to around 300 on Trump's watch during the pandemic. This year, only 650 or so rigs are in operation. The question is why have the 150 other rigs no0t been re-opened? Clearly oil companies want to keep prices high by keeping supplies low.

FACT 3: Oil companies already have thousands of leases that they are not using. The idea that they are going to use new leases is absurd. New leases will have to compete with old leases that they already hold.

FACT 4: Biden sold more leases in his first year than Trump did. In addition, he is following the same compromise that Obama did.

FACT 5: General inflation is increasing due to the fact that companies are raising prices because they can not because they have to. Profits are reaching levels that have not been seen in decades. This clearly is evidence that big companies are profiting by using inflation as a excuse to raise prices. Too many industries are oligopolies in which there is little or no competition. Real inflation is at around 4% or less.

From the source of YOUR biased comments>>>

Most oil executives say Wall Street — not the government — is preventing US energy producers from boosting output more

In a survey, 59% of oil executives said investors' demands for capital discipline are restraining growth while just 6% blamed government regulations.

markets.businessinsider.com

Another comment said the "two headed monster" of capital discipline as well as government regulations being influenced by climate-focused progressives influencing President Biden.

 

[Smokin' OP]

Then why are you touting Biden's leases, Dipshit?

It's your Q NUT ass doing that...............Retard.

 

[Big Bend Texas]

In the first 7 days of his administration Biden did something that had such a gigantic ripple effect that has directly cause inflation to be today at
8.54%!!!! US Inflation Rate

Biden never understood these key points about gas prices!

How Gas Prices Affect the Economy

Although economists may argue about whether gas prices have an effect on the economy, there is a connection between consumer confidence, spending habits and gas prices.

www.investopedia.com

KEY TAKEAWAYS​

• When gas prices rise, it can be a drag on the economy—impacting everything from consumer spending to the price of airline tickets to hiring practices.
• Gas is an important input for transportation, which directly impacts households as they drive, but also businesses that rely on logistics and transportation chains around the globe.
• If discretionary spending is hampered by higher gasoline costs, it can have knock-on effects throughout the broader economy.

Gas is used by almost ALL Americans in different ways but the bottom line is gas prices affect most of us.
For example you may NOT buy gas as you don't have a car. But your mail, your food, your transportation to buy food... all use gas!
In 2021 Americans used in cars, trucks, buses, etc. about 134.83 billion gallons per year! Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)
Gas cost per gallon in Jan 25, 2021 was USA average: $2.392 per gallon.
Gas cost per gallon in May 5, 2022 was USA average: $4.182 per gallon.
Total increase in gas cost $1.79 X 134.83 billion gallons means $241.345 BILLION in gas costs.

Weekly U.S. Regular All Formulations Retail Gasoline Prices (Dollars per Gallon)

All because Biden banned to the oil exploration companies exploration on Federal land that provides 24% of our oil/gas!
Now oil companies can continue exploration on land that provides 24% of the nation's oil and gas.

https://crsreports.congress.gov/product/pdf/R/R42432

FACTS... oil exploration costs going up meant gas prices at the pump go up and BIDEN never ever considered that, obviously!
Totally ignorant as to the effect banning exploration on land that provides 24% (more than 36% at one time) of oil production!

Biden was directly responsible for about a dollars worth of increase in the price of gas and about a 1.50 in the price of diesel which occurred before the invasion.

It's hard to calculate what those increases after the invasion would be absent Putin's invasion but you can get a pretty good approximation by simply looking at a graph and extending the line showing the slope of increase to today.

 

[Big Bend Texas]

Regarding leases!
This is a table from blm.org...
And note where Biden's previous involvment in 8 years signed 7 fewer leases than the previous year!
Trump started making up on that till COVID occurred.

View attachment 642799

The number of leases is irrelevant, leases are often granted years before any actual drilling begins. They have been slow walking the permitting process since taking office. Permits are what's required to drill on new leases.

Where those leases are also makes a huge difference, those leases are on the interior of the continental US where returns are low because production is low not in the offshore or Arctiic where a single well can produce thousands or tens of thousands of barrels per day.

The Deepwater Horizon well that blew out was leaking roughly 50,000 barrels per day naturally as an artesian well with no pumping or fracking.

Drilling in the interior you're doing great to have a 100bls per day.

Many of those permits are not for the oil we generally think of at all they are for natural gas and Shale/tar sands production.

Shale cracking and tar sands production incredibly expensive and is produces only Kerogen not natural crude oil. There is a much more limited number of products that can be refined from it.

Similar to shale, only a very limited number of products come from refined "oil" taken from tar sands, mostly asphalt.

 

[HandleTheTruth]

In the first 7 days of his administration Biden did something that had such a gigantic ripple effect that has directly cause inflation to be today at
8.54%!!!! US Inflation Rate

Biden never understood these key points about gas prices!

How Gas Prices Affect the Economy

Although economists may argue about whether gas prices have an effect on the economy, there is a connection between consumer confidence, spending habits and gas prices.

www.investopedia.com

KEY TAKEAWAYS​

• When gas prices rise, it can be a drag on the economy—impacting everything from consumer spending to the price of airline tickets to hiring practices.
• Gas is an important input for transportation, which directly impacts households as they drive, but also businesses that rely on logistics and transportation chains around the globe.
• If discretionary spending is hampered by higher gasoline costs, it can have knock-on effects throughout the broader economy.

Gas is used by almost ALL Americans in different ways but the bottom line is gas prices affect most of us.
For example you may NOT buy gas as you don't have a car. But your mail, your food, your transportation to buy food... all use gas!
In 2021 Americans used in cars, trucks, buses, etc. about 134.83 billion gallons per year! Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)
Gas cost per gallon in Jan 25, 2021 was USA average: $2.392 per gallon.
Gas cost per gallon in May 5, 2022 was USA average: $4.182 per gallon.
Total increase in gas cost $1.79 X 134.83 billion gallons means $241.345 BILLION in gas costs.

Weekly U.S. Regular All Formulations Retail Gasoline Prices (Dollars per Gallon)

All because Biden banned to the oil exploration companies exploration on Federal land that provides 24% of our oil/gas!
Now oil companies can continue exploration on land that provides 24% of the nation's oil and gas.

https://crsreports.congress.gov/product/pdf/R/R42432

FACTS... oil exploration costs going up meant gas prices at the pump go up and BIDEN never ever considered that, obviously!
Totally ignorant as to the effect banning exploration on land that provides 24% (more than 36% at one time) of oil production!

Your ignorance of the economy aside. It's global inaction every country is having inflation record inaction and record high gas prices. It's not only in America.

Till you realize that covid fucked us. You will never learn anything.

 

[Big Bend Texas]

Your ignorance of the economy aside. It's global inaction every country is having inflation record inaction and record high gas prices. It's not only in America.

Till you realize that covid fucked us. You will never learn anything.

Define inaction and "record inaction". Covid hasn't been limiting oil/fuel production for over a year so no, you certainly can't blame the high prices on Covid.

 

[HandleTheTruth]

Define inaction and "record inaction". Covid hasn't been limiting oil/fuel production for over a year so no, you certainly can't blame the high prices on Covid.

Inflation. I don't know why my computer wants to autocorrect Inflation like that.

 

[HandleTheTruth]

Inflation is hitting every country around the world. And record high gas prices around the world. Saying it's bidens fault is ignorant and uneducated at best.

 

[Big Bend Texas]

Inflation. I don't know why my computer wants to autocorrect Inflation like that.

That's auto complete and that's why I have it turned off.

 

[HandleTheTruth]

That's auto complete and that's why I have it turned off.

I'll have to figure that out. It's driving me nuts.

 

[Big Bend Texas]

Inflation is hitting every country around the world. And record high gas prices around the world. Saying it's bidens fault is ignorant and uneducated at best.

Everything that affects the total amount of crude on the free market affects the price of crude. You limit the supply of crude and you drive up gas prices.

Biden took over fifty steps in his first year to limit production of crude in the US.

Biden’s Many Anti-Energy Policies Are Hurting Producers, Consumers Alike

When Energy Secretary Jennifer Granholm addressed the National Petroleum Council on Tuesday, she announced that the administration would not impose a ban on crude oil exports in an effort to tamp down gasoline and diesel prices.

www.heritage.org

Canceling the Keystone XL extension definitely put a pinch on both gas prices in the US and on the flow to the gulf for export.

Barring new exploration and drilling off the coasts and in the Arctic not only has an immediate effect it has a chilling long term effect as well on how much crude will make it to market.

Slow waling permits and leases in the interior absolutely does as well.

Biden promised to end the fossil fuel industry and took no time in beginning work on achieving that goal.

https://banks.house.gov/uploadedfiles/a_promise_kept.pdf?msclkid=c389b0e5d0f711eca08434df9924b594

As I posted and provided links, the price of gas and diesel in Russia Right now is under 3.00, they are actually enjoying price deflation because of a glut on their internal market.

Russia diesel prices, 01-Apr-2024 | GlobalPetrolPrices.com

We show diesel price data for Russia from 2014-04-21 to 2024-04-01. The average diesel price during that period is RUB 44.72 per liter with a minimum of RUB 32.66 on 2014-06-16 and a maximum of RUB 64.99 on 2023-10-02.

www.globalpetrolprices.com

Russia gasoline prices, 01-Apr-2024 | GlobalPetrolPrices.com

We show Octane-95 gasoline price data for Russia from 2014-04-21 to 2024-04-01. The average gasoline price during that period is RUB 44.31 per liter with a minimum of RUB 33.36 on 2014-05-12 and a maximum of RUB 56.47 on 2023-10-02.

www.globalpetrolprices.com

 

[HandleTheTruth]

Cancelling keystone didn't effect the supply of oil. It wasn't going to be done for five years. So the keystone pipeline wouldnt effect supply at all.


Just to debunk one of the talking points.