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

[HandleTheTruth]

Now what actually restricted oil supply was the record bankrupcies of oil producers under Trump.

Which the less oil companies pumping oil made a shortage of oil supply. And yes it was because of the pandemic that oil prices fell to such low prices under Trump.


And that's one reason why we got Russian oil. American oil companies couldn't produce the amount of oil they produced after the bankrupt companies folded.

 

[Big Bend Texas]

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.

Of course it does because that oil now has to be shipped by rail and much of it still can't reach either the gulf for export or refineries in the MW.

A year after that policy was announced Oil had gone up over 40%.

Even policies that don't necessarily impact the supply immediately can put upward or downward pressure on the market.

 

[Big Bend Texas]

Now what actually restricted oil supply was the record bankrupcies of oil producers under Trump.

Which the less oil companies pumping oil made a shortage of oil supply. And yes it was because of the pandemic that oil prices fell to such low prices under Trump.


And that's one reason why we got Russian oil. American oil companies couldn't produce the amount of oil they produced after the bankrupt companies folded.

There are more rigs working today than before Covid but production still lagging due to the shut down of drilling in the Arctic and off shore.

You can't pump the same wells forever without a fall off in output.

That's why as demand grows you must keep drilling new wells to keep up with that demand.

U.S. Crude Oil Production - Historical Chart

Interactive historical chart showing the monthly level of U.S. crude oil production back to 1983 from the US Energy Information Adminstration (EIA). Values shown are in thousands of barrels produced per day.

www.macrotrends.net

If you put the most productive and profitable areas off limits for new exploration and drilling you're going to have a corresponding loss of production.

Rig Count Overview & Summary Count | Baker Hughes Rig Count

The Investor Relations website contains information about Baker Hughes Rig Count's business for stockholders, potential investors, and financial analysts.

rigcount.bakerhughes.com

 

[surada]

FACTS... Geez why don't you use the internet??? Thanks again for showing your ignorance and especially ineptitude!
Stopped importing in July of 2019!! Under Trump!!!

U.S. Imports from Venezuela of Crude Oil and Petroleum Products (Thousand Barrels)

U.S. Imports from Venezuela of Crude Oil and Petroleum Products (Thousand Barrels)
View attachment 641981

Yes Trump put sanctions on Venezuela so we bought more oil from Russia. I have said so 100 times. Doesn't change the fact that we bought venezuelan oil for 60 years.

 

[Big Bend Texas]

Yes Trump put sanctions on Venezuela so we bought more oil from Russia. I have said so 100 times. Doesn't change the fact that we bought venezuelan oil for 60 years.

Oil imports from Russia actually crashed following those sanctions.

U.S. Imports from Russia of Crude Oil and Petroleum Products (Thousand Barrels)

 

[Big Bend Texas]

Oil imports from Russia actually crashed following those sanctions.

U.S. Imports from Russia of Crude Oil and Petroleum Products (Thousand Barrels)

View attachment 643073

They then doubled under Biden.

 

[AntonToo]

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.

What did Biden actually do policy-wise and how do you know oil price would liniarly increase instead of settling or declining?

 

[AntonToo]

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

Bullshit, Biden did nothing to restrict amount of crude in the market.

For all the rhetoric Administration issued near record numbers of new exploration leases in 2021, but even aside from that it takes many years for any of them to actually get any oil out of the ground.

Keystone XL would not be transporting even a drop of oil for years. It was nowhere near complete and was tied up in courts when it was cancelled.

 

[Smokin' OP]

Bullshit, Biden did nothing to restrict amount of crude in the market.

For all the rhetoric Administration issued near record numbers of new exploration leases in 2021, but even aside from that it takes many years for any of them to actually get any oil out of the ground.

Keystone XL would not be transporting even a drop of oil for years and was tied up in courts when it was cancelled.

Trumptards think restricting 10% of the US oil drilling on federal lands, is the tipping point for catastrophe, for the entire world.
Ignoring the other 90% they don't, let alone all the oil produced internationally, they don't control.

 

[AntonToo]

Trumptards think restricting 10% of the US oil drilling on federal lands, is the tipping point for catastrophe, for the entire world.
Ignoring the other 90% they don't, let alone all the oil produced internationally, they don't control.

There has been no evidence of oil drilling restricted this far. Policy had to do with new leases that do not convert into oil drilling for a while.

I've never seen any rightwinger be able to reasonably establish any sort of causality between 2021/2022 crude supply and Biden administration policy.

 

[Flash]

 

[AntonToo]

View attachment 643105

Crushed 401k with DOW at 32,000?

Seriously moron?

 

[DBA]

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!

He is this ignorant, but his puppet masters are not. They know exactly what they are doing. Attempting to destroy the US economy. More dependency = more power and a bigger push for Socialism. Also, this is their way of wealth redistribution. Take it from those that have saved and give others more freebees.

 

[Flash]

Crushed 401k with DOW at 32,000?

Seriously moron?

The Dow crashes thousands and you stupid Moon Bats are in denial? Seriously moron?

 

[Smokin' OP]

There has been no evidence of oil drilling restricted this far. Policy had to do with new leases that do not convert into oil drilling for a while.

According to them, permits=drilling.
Even, if Biden shut down the entire 10% of oil drilling, that the government controls, it wouldn't amount to 1% of the oil produced internationally.
But that 1% is the entire catastrophe.

I've never seen any rightwinger be able to reasonably establish any sort of causality between 2021/2022 crude supply and Biden administration policy.

Good luck with that.

 

[iamwhatiseem]

The price of my home and car have gone up tremendously.

How is that a bad thing?

At this rate I’ll be a millionaire within 2 yrs

Yeah... no.
Unless you plan on living there till you die... in that case you will never see the money.
And this is why economics is best left to the adults in the room

 

[healthmyths]

Yes Trump put sanctions on Venezuela so we bought more oil from Russia. I have said so 100 times. Doesn't change the fact that we bought venezuelan oil for 60 years.

You didn't say " I have said so 100 times." on this board, so where did you say " I have said so 100 times."?

 

[AntonToo]

The Dow crashes thousands and you stupid Moon Bats are in denial? Seriously moron?

Yes dummy, it's stock market, sometimes it's up some sometimes it's down.

For a year and half of Biden it was up (30,000 in Jan21). Did you praise 401k gains? gFuck no. But as soon as it pulls back a bit it's hysterics about how supposedly 401K are crushed, destroyed, demolished.

It's always the same heads-i-win, tails-you-lose games with you nutters.

 

[surada]

You didn't say " I have said so 100 times." on this board, so where did you say " I have said so 100 times."?

On this board. We have always imported oil from Venezuela until Trump sanctioned Venezuela.

 

[Flash]

Yes dummy, it's stock market, sometimes it's up some sometimes it's down.

For a year and half of Biden it was up (30,000 in Jan21). Did you give any credit to the man in the WH? Fuck no. But as soon as it pulls back a bit it's hysterics about Biden.

It's always the same heads-i-win, tails-you-lose games with you nutters.

You stupid uneducated low information Moon Bats never take responsibility for the damage you do to this country, do you?

You always either deny the damage or try to blame it on somebody else.

This piece of shit Joe Potatohead has been a disaster for this country and you idiots that voted for him are first rate morons.

He has created tremendous inflation, high energy prices, reduced family income, higher taxation, weakened military, a piss poor post pandemic recovery, chain supply problems, millions of Illegals, loss of jobs to overseas, a plunge in the stock market and a weak stupid foreign policy that is the laughing stock of the world.

However, China is doing well, aren't they? You know who China is, don't you? They are the ones that made the Biden family filthy rich and unleashed a bio weapon against the US to get rid of Trump.