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Well thank goodness the US decide to cut domestic oil production starting in January 2020 so we would become dependent on OPEC again.
Alan, you need to pay attention. Aa of January 2021 more than 20.9 million acres of public lands were leased by oil and gas companies in the West. Of those acres, 9.9 million, or approximately half, sit idle. That’s because our domestic companies wanted to reduce the supply of oil and gas so that prices would increase, benefiting their shareholders.
Price of gas will go up. Another increase due January 1, 2023, when federal excise taxes from the Inflation Reduction Act of 2022 add 17-18 cents/gallon. The Presidential draw-down of the strategic reserve does not have an indefinite amount to work with. Big question is whether it will last until the November elections.
Let’s go Brandon!
Could there be a more inept administration than that with which we have been cursed?
Yes.
If only Brandon could thoroughly botch a pandemic response, so badly that he tanks the economy and causes a precipitous drop in oil and gas prices. Trump was so good at that. Sure, many thousands of Americans died unnecessarily, but at least we had lower gas prices.
Because, surely, if we let Putin have Ukraine, he’ll stop there, right?
He won’t move on to fight any other countries and deprive them of their democracies.
If the cost to rid the world of Putin is higher gas prices, I’m all for ‘em. He’s the culprit.
Bob, you need to pay attention. Aa of January 2021 more than 20.9 million acres of public lands were leased by oil and gas companies in the West. Of those acres, 9.9 million, or approximately half, sit idle. That’s because our domestic companies wanted to reduce the supply of oil and gas so that prices would increase, benefiting their shareholders.
No, Brent; you need to pay attention and quit believing the nonsense the anti-Trump media feeds you and those in your anti-Trump, pro-socialist / Biden / Harris / et al posture want to believe…of which you have made a feast.
We were essentially energy independent by the time Trump left office and that idiot Biden and his acolytes in the mainstream media have thoroughly screwed it up because he is so inept and downright incompetent….and now he is dangerously bleeding down our oil reserves in a desperate attempt to score votes in the mid-terms.
Some people don’t deserve to live in as great a country as we have.
lol okay, Bob. You are angry about socialized economies but also expect the government to force production increases? Pick a battle. We haven’t been truly “energy independent” since 1940.
If the government said they were going to attack/eliminate the need for your product would you continue to invest billions in your product? What is the probability of oil on the unused leases. Talking points don’t solve issues
So, even though Joementia’s press secretary said no more oil would be released from our strategic reserves yesterday, today they announce another 10 million barrels will be released to get them through the mid-terms. They continue to deplete our strategic reserves, yet at the same time beg Venezuela and OPEC for more.
Yesterdays announcement of no more barrels released with today’s reversal after OPEC announced their cut shows how obtuse and out of touch this White House is. As soon as this election is over, gas is going up to $6 or $7/gal. These guys really seem to be more naive (see idiocy) than I even initially thought.
BrentB – you, sir, are a product of CNN. Anyone in oil and gas knows it is about the permitting and regulation from this White House that is preventing fracking and drilling. It has nothing to do with corporate oil and gas profiteering.
== It has nothing to do with corporate oil and gas profiteering. ==
.
*Nothing*? Not even when the gas companies were called out because they were making record profits and they said, “We’re passing the profits along to our shareholders.” ???