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Joementia did that. It’s going to $10/gallon. And, guess what, the White House wants it that way. It’s the price you pay for green energy and the war on fossil fuel. Biden could end this nonsense with the stroke of a pen anytime he wants. He’s been clear he has no interest in consumer of gasoline, natural gas, or coal. It’s all about the Green New Deal and the Far Left.
Elections have consequences. Enjoy.
Fossil fuel should have been a thing of the past a long time ago. Should get it up to $20/gallon if we can. Buy a hybrid and invest in renewables like we should have been doing this whole time.
Electric cars are, in most of the country, coal-powered vehicles, Bryan. They create the illusion of green energy but merely push the fossil fuel consumption elsewhere down the supply chain. But if it makes you feel morally superior, far be it from me to stop you.
+1 Ryan
And exactly correct Lauren B.
Electricity for those electric cars is from coal. I guess the left think our homes receive magic green energy from AES/IPL, et. al.
Correct! The fossil fuel industry is under attack from several
directions that disincentivise entry into the fossil fuel industry.
Called barriers to entry.
Bryan T. — That is an insane strategy.
The fossil fuel industry helped us become the most productive
and modern society that the world has ever known.
Second, solar and wind will not cut it. We need fossil fuels.
If you want to live a cave man existence, then great have at it.
Most of us don’t.
Apparently some people missed the news that Cummins is developing new big-rig truck fusion-powered engines. Bottom line: zero carbon emissions. And these are just several years from hitting the market. The days of fossil fuels are numbered.
Hate to break it to you but Ole Joe didn’t do anything. Not one President has any “control” of fuel pricing. It’s controlled by supply/demand and a handful of greedy middle eastern billionaires.
Why do think there is no supply? Check out Biden’s first day of executive orders. The US was energy independent the day Biden walked in the White House. We were the largest producer of oil in the world. We didn’t care about the Middle East for our well-being, and we certainly didn’t have to pander to them, Venezuela, or even Iran.
It’s a dangerous game the White House is playing with our energy. And the American people are going to be left holding the bag.
Re-read Lauren B’s and Ryan H’s posts, Jaron. You are being played by whatever publications you read, blogs you follow, or news programs you watch who put forth the nonsense you espouse.
A simple pen by Biden removed our energy independence.
Career politicians doing career power move things all at the expense of the constituents wallets.
Normally I would agree that it is a supply & demand issue.
However, you have the Dems interfering in the market by regulating winners
and losers and creating barriers to entry that effects the supply.
This a business journal isn’t it???
Spot on Jaron. Be very wary of people who have simple explanations for complex market conditions. Apparently they only dive into shallow waters.
From NPR: Oil prices have risen sharply over the last few months. Normally, that’s a recipe for a drilling frenzy from U.S. oil producers. But something strange is happening, or rather, not happening. U.S. producers are actually being restrained at the moment,” says Helima Croft, global head of commodities strategy at RBC Capital Markets. “They are trying to be disciplined.” Oil companies are under a lot of pressure to keep their production down. And the call is coming from inside the house: it’s oil investors who are pushing for companies to pump less oil.”
True, gas prices are historically high in the U.S., but they are much higher in most other countries because the U.S. heavily subsidizes oil production (and those who invest in it). True, Biden would like to see us transition to a cleaner energy future (our children will thank us). But if you really want Biden to do something about gas prices so you can drive your 20-mpg trucks and SUVs there would be no more effective action than to nationalize the industry to remove the profit motive from the equation (something a Republican,. Teddy Roosevelt, threatened to do to the coal industry to end a strike). If we had taken climate change and environmental degradation seriously 30 years ago the price of oil wouldn’t matter in 2022. As for production, the U.S. is still by far the largest oil producer in the world and has far more pipelines and miles of pipelines than any other country. Biden hasn’t changed that. So maybe it’s all a little more complicated than most people are willing to consider.
We do NOT subsidize the oil industry. That’s a Leftwing myth.
You should be asking yourself why isn’t competition entering the
markets with all the money that can be made producing oil.
The Dems and their leftwing voters have been attacking the fossil fuel
industry on several fronts. So why invest in an industry that the leftist
Dem government is trying to destroy.
Keith…. Do you not understand that there is no way for competition to enter the oil market?
It’s a closed loop system. You can just demand someone sell you oil fields and then subvert the 5-10 year process of staring to find/drill/refine/ship oil….
It’s all driven by corporate earnings – not by some invisible government hand telling them not to drill more
Also – the IMF is not a liberal mouthpiece…
https://www.imf.org/en/Publications/WP/Issues/2021/09/23/Still-Not-Getting-Energy-Prices-Right-A-Global-and-Country-Update-of-Fossil-Fuel-Subsidies-466004
Glen F. – Well said! And nice job of triggering the simpletons too…
I think Biden is good for the working class ,but he did go to far with this total electric thing.We should be moving into hybrids for years to come first.As far as the price of oil goes, remember when the price of oil was in the negative?Frack baby Frack didn’t make the shareholders happy with all that cheap oil.So What oil companies that were left capped those wells and are letting the prices rise without those costly investments and in turn giving back to the share holders,I know I invest in those companies!