Reply to $7/gallon gas is coming

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]https://www.reuters.com/business/energy/exxons-record-smashing-q3-profit-nearly-matches-apples-2022-10-28/

Exxon 20B PROFIT (not revenue)

There is your "7/gal" straight to the shareholders in the form of dividends and stock prices.[/quote]

Similar for everything that's overpriced. This has been explained over and over. Companies are reaping HUGE profits. People are paying up. So there is no reason for them to lower prices again. You want to blame someone, blame corporations and their greed. Much easier, I guess, to continue to lie and say it is Biden's fault. What else would I expect from the GOP. [/quote]

If there is more oil available for drilling, then the oil companies will sell more at a lower price.  Instead, with the restrictions, they raise the price so the amount sold will match with demand, rather than being out of inventory.[/quote]

It will take more than a decade for the leases the GOP wants, to be come productive. It has ZERO impact on the price of oil today. But that is how the GOP gaslights. In fact...

[twitter]https://twitter.com/joncoopertweets/status/1586843732179144707[/twitter][/quote]

Mar 2020 13 million, less production because demand crashed for some reason after that...

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus2&f=m[/quote]

Biden reopened the economy, isn’t that what you wanted? Why weren’t oil companies prepared for the thing they asked for? [/quote]

Because Biden restricted drilling.  New leases through this point of a presidency are at approximately 1% of what they were under recent presidents.  You'd have to go back 50 years to find comparable numbers.[/quote]

Biden did no such thing.

The issue is that Trump trashed the refineries.

What Biden has restricted is future leases that wouldn't take effect for decades.[/quote]

I stand corrected, Trump and Obama before him had the lowest numbers in 50 years.
Biden is at 3% of Trump's number

Kennedy 3.38 million
Johnson 1.79 million
Nixon     1.87 million
Ford      10.23 million, basically his entire term with Dick Cheney as Chief of Staff
Carter    11.77 million
Reagan  47.58 million
Bush      17.23 million
Clinton    9.69 million
Bush      12.74 million
Obama   7.25 million
Trump    4.4   million
Biden     0.13 million

https://www.instituteforenergyresearch.org/fossil-fuels/gas-and-oil/bidens-abysmal-oil-and-gas-lease-record/[/quote]

Who needs new leases when those other leases are still in place and many have not been developed? All the most promising sites have been leased. Why haven’t they been developed? [/quote]

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