Reply to $7/gallon gas is coming

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][twitter]https://twitter.com/tristansnell/status/1536041441855774723?s=21&t=T7gftcd2zXPgoGPrwXuqbg[/twitter][/quote]

What a misleading graphic.

Trump entered office after Obama.....and we know Obama was not a fan of big oil. 
He increased the production of oil, which does not occur instantaneously.

According to the US Energy Information Administration, this is the production: (annual thousand barrels/day)

2016:  8844
2017:  9357
2018:  10,941
2019:   12,289
2020:   11,283
2021:   11,188

https://www.eia.gov/dnav/pet/pet_crd_crpdn_adc_mbblpd_a.htm

So, what I see is increasing production under Trump with a small dip the year of the pandemic. 
And, I notice that Biden's first year in office didn't even equal the amount produced the worst year of the pandemic.  [/quote]

It takes refineries a while to ramp up production. They slowed down for the pandemic. They are now keeping it slow bc they are afraid no one is going to be driving as much post pandemic because less people commute. They also believe that there will be more restrictions. It doesn't matter whether that is true, it is what they believe to be true and since production ramp up and ramp down takes time they calculate risks many months to years out.  If Trump had remained in office, I would guess they wouldn't fear additional regulation so would have been willing to remain consistent with level of production with a slight rise for 2022 and 2023. Gas prices would still be higher than 2019 but we would be looking at an increase still measured in cents vs. measured in dollars.

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