Gas prices are out of control!

[Anonymous]

Gas prices are high because the suppliers can get away with it. That’s all.

[Anonymous]

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Anonymous wrote:I thought they were supposed to be lowering gas prices??

I can hardly believe how much more money it costs me just to fill up the tank now.

When are they going to do something about this ? (something that actually works this time, please).

lol. They are going much much higher There is nothing to be done in the short term. More oil would help. But dems do not want that.

The US alone can't budge gas prices, which is largely based on the global oil price. US oil producers alone can't produce enough additional oil to impact global prices.

Even if Biden were to release a significant amount of the US oil reserves (I don't think this situation merits it), it would be meaningless without timing it with other countries. Given Europe's situation, that's not going to happen.

This.

Wrong. In Feb. 2020, the US was producing 13.1 million barrels a day. The US is now producing about 11.6 million barrels a day. Russian oil exports have dropped by about 900,000 barrels a day. We have the potential to make up that shortfall. Keystone XL Pipeline alone would have carried 830,000 barrels of oil per day.

Keystone XL won't open until 2030, if it was approved. How does that affect gas prices today?

I think you hit the crux of the problem: COVID-driven shutdown of wellheads has not yet recovered. When oil went to -$30 per barrel under Trump, so many drillers went bankrupt or severely contracted. It took only one week to stop pumping, but will take years to reopen all of them. Additional federal leases or Keystone XL won't solve this problem. And, of course, Saudis/OPEC and Russia's invasion of Ukraine just made the situation worse.

If I were Biden, I'd hammer out oil deals with Iran/Venezuela ASAP and offer big incentives for any drillers who reopen existing wellheads within 30 days.

If Keystone XL has been approved on the same timeline as the original Keystone pipeline, it would have been in service long ago. Instead, Obama delayed it and then tried to kill it, and then Biden killed it again on his first day in office after Trump resurrected it. He touted it as a great accomplishment. Obama and Biden own this.

Keystone’s impact on world and US gas prices would have been effectively nothing.

Gas prices are high because:

The economy has recovered post-COVID
Oil/Gas suppliers have not ramped up production because they are paranoid about the boom/bust cycle
The Ukraine invasion has isolated Russia and taken their oil mostly off of the world markets

This is all in the longer context of oil being harder to extract. We’ve pumped the “easy” oil and now have to do more (shale, sands, deep sea) to get at oil, so it is harder to turn the spigot on.

Biden and the government basically no role in this, unless you want to see them buying Russian oil. Anyone who blames Biden is simply a low-information partisan hack. Unfortunately, those people vote.

I see the administration is working hard this morning to push their lies and treachery. No one believes you.

[jsteele]

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