1ºWhy are gas prices so high?”
Because the same people who spent years promising us that they would do everything in their power to shut down the oil and gas industry are now running the Federal government.
When Joe Biden was running in the Democratic primaries, he earned applause when he said he would shut down new drilling in America.
And now that gas prices are through the roof, Democrats want to blame “greedy corporations” like ExxonMobil or Chevron.
Here's a question. If ExxonMobil is the one responsible for why gas prices are so high, why couldn't they get away with $5/gallon gas two years ago? What, was the company somehow less greedy back in 2020 when they were losing $20 billion?
Democrats know the truth behind why gas prices are so high, but as usual, they're arsonists pretending to play the fire brigade by offering to solve a problem they themselves created, while at the same time putting forward superficially plausible boogeymen to lay the blame o
2ºTake this for what it is worth. A whole lot of truth about gas prices, and to those that say: "the president doesn't set the price of gas"... pay close attention and maybe read it twice:
From a production worker in a refinery on the Gulf of Mexico:
"You've been lied to by the President and his phony cronies, but I want to set the record straight. I'm going to tell you the truth, so pay attention"....
1. There is enough recoverable crude oil within the continental US to supply current and projected future demand for 400+ years, and that's just the oil we know about. It doesn't account for future discoveries. That's a fact...
2. We do not need to import a SINGLE DROP of foreign crude oil. The domestic oil industry can easily meet, and even surpass domestic demand. We've done it before, and we can do it again. That's a fact...
3. The domestic oil industry currently cannot satisfy domestic demand due to oil drilling restrictions imposed by the federal government. That's a fact...
4. The price of EVERYTHING revolves around oil, and the law of supply vs demand dictates the price of oil. When oil is plentiful, commodities are cheap. When oil is scarce, commodities are more expensive. Right now, domestic oil is scarce, and the price of everything is high because of these restrictions imposed by the federal government. That's a fact…
5. We import foreign oil from countries that drill and produce it much cheaper than we're able to because they do not implement all of the environmental safeguards that we do. Their methods are FAR more destructive to the environment than ours are. That's a fact...
6. Every year, the federal government leases tracts of land to oil companies so they can explore on it for oil. If enough oil is found during exploration, the company can then apply for a drilling permit which allows them to drill a well. If no oil is found during exploration, or if the amount found is not enough to be profitable the lease expires without ever being drilled on. Leases that are active, but not being drilled on does NOT mean that oil companies are being lazy, or are trying to keep the oil for themselves, etc. etc. It means they've either explored the lease for oil and found nothing, or found oil but it's not enough to justify drilling for. That's a fact...
7. it’s not Russia's fault, or China's fault, or Ukraine, or India, or Venezuela, or Iran, or Bangladesh, or any other countries' fault as to why everything is so expensive right now. It's Joe Biden's fault, because he is suppressing the domestic oil industry for political gain.
EVERYTHING depends on crude oil... but you might not know that if you believe the lies that are being told about oil and the oil industry.
Copied and pasted
3ºListen all you DANGEROUS misinformed people - why are you trying to pin this on Biden and not looking at the real cause?!? Why are you WILLFULLY being ignorant?!? Let’s walk through your lunacy. What you all are saying is that BIden should have known what was going to happen with the supply and demand for gas! He should have taken steps to increase production and decrease prices. What your are WILLFULLY ignoring are the oil companies and who owns and runs them. So you are OKAY that for a year and a half when these companies couldn’t give gas away because of Covid they made NO plans for when restrictions lifted?!? You are saying it’s OKAY that these same companies made NO plans to compensate and ramp up production as restrictions eased?!? OKAY, so IF you think it’s Biden’s responsibility to run these companies fine, then they should all be owned by our government because CLEARLY those who are running and owning them are completely incompetent. Unless and until we own these ineptly run companies you laying their problems at Biden’s feet makes you dangerous! Someone said people like me don’t understand supply and demand (while being demeaning of course because you guys know little else). But what you all are advocating is that the government should be monitoring supply and demand in the oil industry, NOT the companies themselves?!? Do you even listen to yourselves????? These companies that couldn’t forecast a run on gas after a 2 year absence are experiencing RECORD profits. RECORD profits after 2 years of LOSSES. That alone is your answer - they are price gauging us because they want to make up for profits lost and you all are their foot soldiers! Congratulations, maybe they will share a yacht with you someday…jeez this isn’t rocket science!
4ºBobby Diamond during covid, many parts of the country were on lockdown. Many people were either working from home or were unemployed. Remember Trump's extended and enhanced unemployment benefits? Many people were making more sitting at home instead of actively pursuing employment. This drove demand way down, thus causing too much supply. This caused the price of oil to plummet. Many smaller oil companies went out of business. That's partly why big oil refuses to increase their production. Instead they want to increase dividends and stock buybacks, which drives up the stock price and awards the executives, as they sit on millions of stock option grants. Also, big oil has little sympathy for our country as they feel as though they are being phased out for clean energy alternatives, so they arent interested in capital investment, such as drilling new wells. Execs are liars. They are holding out for republican control of Congress, then the Presidency, to receive longterm guarantees as the main energy fuel source. Trump and his cronies don't support clean energy or care about the environment.
5ºJay Johnson oil prices are set by futures, our futures are looking bad hence the high oil per barrel prices. Oil companies are killing it right now since it’s a % they get per gallon and not a set amount… so when gas goes up the 14% that is set for refining and profits is a bigger number…. And Our future production is F’d…
Unlike most products, oil prices are not determined entirely by supply, demand, and market sentiment toward the physical product. Rather, supply, demand, and sentiment toward oil futures contracts, which are traded heavily by speculators, play a dominant role in price determination.
6ºMSM needs to do a better job of letting the people know that in this country, it's not that easy to interfere in businesses, especially when the GQP works so hard to dismantle regulations on said companies.
They're allowing the apparently "also-ignorant" left to continue to misconstrue what the POTUS can control and what they cannot. The left will lose if these eejuts don't get an education and STOP blaming Biden for so many things that are out of his control. Blame the GQP who has not only made it their agenda to obstruct everything the Dems propose, but who also got us into this deep, deep doo-doo to begin with, as well as Manchin, who's RINO ways have tied Biden's hands on Executive Orders.
I didn't think it was possible but I'm more ashamed of my party today than I was when they refused to vote for HRC because of her pantsuits, her intelligence, and strength, and got led by the nose to buying the nothing-burger BS of Comey, Nunes, TFFG, Sanders, etc...
7ºYou can't sell EV's if gas is cheap. If you don't think that's part of the plan you are not paying attention.
The fake news will not tell you of all the restrictions this liar Joe Biden put on US Energy the DAY he took office. There is not 1 valid reason we have to buy oil from Iran, Venezuela, Saudi Arabia to replace Russian fuel. NOT 1! Our government and big tech seem to be partners with foreign terrorists. THINK ABOUT IT. President Trump made us energy independent. Why can't Biden do the same thing now when we need it more than ever???
8ºDarrin Tanisaka
Where did you learn about the oilfield...Fox, or Newsmax
The active drilling rig count continues to increase, week, after week...that means they are drilling new leases...you couldn't buy a clue
No, Biden did not shut down our oil and gas industry!
Active US Drilling Rig Count
2017--929
2018--1083
2019--802
2020--350
2021--586
2022- as of June 10--733
[up 6, from last week]
The US currently has 644 more active drilling rigs than Canada and only 72 rigs less than the rest of the entire energy exploration world.
The oil conglomerates
are the driving force in US oil and gas exploration [drilling] and production...
BASED SOLELY ON PROFITS!
9ºTami M Taylor Sorry, babe, but now, we don't control everything. We had a 50/50 split in the Senate, with VP Harris as the tie-breaker. But then Sinema decided she liked the dark money, cheating and deceiving of the "right", so she stopped voting with the left, at the cost of her job. And Manchin decided to stop pretending he's a Dem and to let his DINO flag fly.
THAT'S why Biden isn't able to just pass anything he wants to. He'd get rid of the filibuster for those necessary bills if he knew he had the votes but "Manchinema" has been absolutely adamant that they will not support it.
MSM has done a pretty poor job of educating the normal folks because this is a no-brainer....yet far too many people are still calling out Biden as though they actually had a clue.
10ºEric Stashak Lordy, Biden never said he was shutting down the oil business. Going green is inevitable because fossil fuels are (a) limited, and (b) extremely bad for the environment, thus killing this planet and all of us on it.
Making plans to reduce oil production is not at all the same as flipping a switch. And there's nothing that says these oil companies can't see the writing on the wall and start transitioning to cleaner energy themselves. They just don't want to because theirs even more profit in finite good...and they obviously do not give a if it kills the majority of us...they'll just hop in their rocket and go ruin another planet.