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Gas prices are out of control!
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Anonymous
+1. There is a story floating around that convenience stores in WA state are reprogramming their gas station tanks to be able to charge four-digit prices, in expectation that it will hit $10.00 a gallon. |
Anonymous
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the administration’s resumption of oil and gas leases on federal lands is only the product of a court ruling that terminated Biden’s indefinite suspension. In response, the White House is allowing only 20 percent of what was initially nominated to be developed for drilling operations, complemented by a 50 percent increase in royalties on what’s extracted.
I distinctly remember all the liberals screaming they would be happy to see $10, even $15 a gallon if it would stop causing globull warming and have less people driving. Today they are walking that back a little bit. Especially the ones that work. It's like they lived in a fairy story. What did they expect ? Always think before you wish. It may hurt you too. |
Anonymous
| how are gas profits these days? |
Anonymous
You want riots - that's how you get riots. The administration needs to release those leases and implement a national gas tax holiday. Gas isn't just effecting consumer fuel prices, its commercial shipping and deliveries. |
Anonymous
| Sorry if this is not an intelligent question, but what happened to the sugar cane ethanol plan? |
Anonymous
What will “more leases!” do when drillers are literally squatting on thousands of leases that they are not using? Please answer this question. The release of more leases to the same damn drillers will not lower oil prices. |
Anonymous
Maryland did have a gas tax holiday. |
Anonymous
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Biden's actions limiting oil production matter because Wall Street bought all in on the "ESG" movement that encouraged publicly held corporations to divest from fossil fuel production. The Biden Administration's current message is "Produce more now! But we're still going to put you out of business in 5 years." Would you invest your money under those conditions? Particularly when your business has been losing money over the past three years?
That said, the biggest issue for gas prices is a lack of refinery capacity. "Crack spreads" (the difference between the cost of crude and finished product) are where the margin is right now. Refinery capacity on the East Coast has been more than cut in half in the last 10 years. Why? See, ESG, above, along with clean air regulations. So, when demand dropped during the pandemic, there was no one wanting to risk their $$ to keep them on line, and anyone in the government who tried to help was accused of wanting to "bail out" the evil oil industry (and that included Schumer shutting down Republican attempts to buy oil for the SPR when oil prices were at virtually zero). On top of that, the East Coast has refused to allow the construction of new pipelines. So, fuel comes into the Northeast by ship (a lot from overseas because of the Jones Act), and they are competing with Europe (which is desperate for supply right now). The Mid-Atlantic depends on the Colonial & Plantations Pipelines (remember when everyone was spun up because hackers shut Colonial down?) https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MGIRIP12&f=M EIA tried to sound an alarm in 2012, when refineries in Philadelphia were closing. https://www.eia.gov/analysis/petroleum/nerefining/update/pdf/neprodmkts.pdf Some members of Congress even had a field hearing: https://financialpost.com/news/u-s-lawmakers-worry-about-east-coast-refining-capacity https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=8_NA_8D0_R10_4&f=A |
Anonymous
If the private sector can’t handle it because of investment risk, sounds like a market failure and a prime candidate for nationalization. I’m here for this 👌🏼 |
Anonymous
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*laughs from my EV*
But seriously, the food prices are what's killing me as a mom with 3 teens (2 of them very active-in-sports boys). I ran at lunchtime to get some things for dinner tonight and the rest of the week and it was $70. I picked up no junk food or extras not on my list, either. Family pack of chicken breasts - $18 Deli ham - $13 Sweet potatoes - $5 Parsnips - $3 Caesar salad - $5 Broccoli - $3 Triscuits - $6 Shredded cheese - $4 Blueberries - $5 Strawberries - $3 |
Anonymous
High transportation costs + no immigrants for a few years during Trump administration is inflationary. You’re still dependent on oil, just indirectly. |
Anonymous
I wanted to highlight this from the 2012 field hearing. Wales was the official from the Obama Department of Homeland Security who said none of this was a problem. There was a lot of magical thinking going on by those who wanted to see a move away from fossil fuels. https://financialpost.com/news/u-s-lawmakers-worry-about-east-coast-refining-capacity Colonial, which can carry 500,000 bpd of product from the nation’s refining hub along the U.S. Gulf Coast to the New York Harbor, has been full up for several years. Its planned expansions will come on line but there is likely to be a gap between refinery closures and when expansions come on line. This gap could cause price spikes and product shortages. HITRACS also is working with the Plantation Pipeline, a 600,000 bpd pipeline starting in Louisiana that supplies southeastern U.S. markets up to Washington D.C., Wales said. The legislators expressed concern that the country is swapping one kind of petroleum dependence for another with increased imports of refined products like gasoline could playing the political role that high imports of crude had played in the past. They also expressed concern that the U.S. could be on the receiving end of sanctions like those imposed on Iran, where purchase of its oil and exports of gasoline to refining-poor countries is banned as it continues to develop nuclear capability. Wales said his study did not account for factors like the possibility of outside supply disruptions. |
Anonymous
Without knowing the quantities its hard to know if those prices are even bad. |
Anonymous
LOL. Read more carefully. The "investment risk" was created by the government and their environmentalist buddies pushing carbon regulations and ESG. You think the people who demanded that Wall Street divest from fossil fuels would have done a better job of increasing investment and refining capacity? These people wanted petroleum prices to be higher. They have suddenly changed their tune, now that it actually happened, but the internet is forever. Just look at what the government has done with the SPR. It has (and is) being sold off so the money can be spent on other priorities. In any case, if you want to see the "benefits" of nationalization, compare the Mexican oil industry vs. the US. This is an aerial nighttime photo of the Eagle Ford formation at the Texas/Mexico border. The oil bearing formation goes well into Mexico, but the drilling activity does not. That's not a coincidence or for lack of desire to produce petroleum on Mexico's part. Mexico has attempted to de-nationalize their oil production and interest private companies with the technology to drill, but no one wants to do business there because of the political risk that their operations will be nationalized. https://www.bnamericas.com/en/analysis/private-investment-in-mexicos-ep-sector-wanes-amid-2021-challenges http://res.dallasnews.com/interactives/border_energy/ 
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Anonymous
| Most cars I see on the road only have one occupant so people can afford not to carpool. |