So you would vote for the most inept no balls POTUS ever because of mean ole Trump. Boo Hoo cry me a river. I going to do myself a favor and refrain from coming on this board. We tried to tell you what would happen if Sleepy Joe won but I was assured “Moderate Joe “ would govern from the middle but that was a crock of bullshit. See y’all in November when the Dems get their asses handed to them. If they don’t this country is in far more trouble than it is now. Just gets old hearing the same tiring excuses. Have fun telling each other how great things are.
Tim Lee says inflation remains around 7%, which he calls “high”, showing his age, due to the predictable and known disruptions, including oil, plus rents, wheat and corn, and supply chain disruptions, mainly China Covid basis Four reasons high inflation won't go away in 2022
Taxes. Norway has artificially increased their gas prices over the past decade to force people to either use public transit or go EV. Norway is a rich country due to the fact they are the chief exporter of brent crude oil and natural gas in the EU. They produce about 2m barrels/day with 2 refineries that make about 360k barrels/day gas that is mostly exported. For the most part, Norway has very few gasoline-powered vehicles with most of their new car sales over the past year or 2 in EV. The only people buying ICE vehicles are the wealthy who can afford the steep gas prices. In fact, this is creating a new headache for Norway because the massive taxes they collect on gas vehicles are dwindling enough to where they are thinking of adding a new tax to EV in the form of a climate change fee. To put this in perspective, when it comes to EV, there is Norway and then everyone else. Now you might think $2.32 billion is a drop in the bucket, but consider that Norway's GDP is just $362 billion. If you were to compare that to our GDP of nearly $21 trillion, it's like the government lost $134 billion in taxes. Norway needs every single krone for their social programs and a loss like this impacts that net. So they have to look elsewhere and they see a nice big fish in EV.
Norway's pre-tax cost of gas per gallon is still higher than the US's post-tax cost of gas per gallon. So taxes don't explain the difference. Norway's taxes are about $2.50 per gallon. Their current prices are $8.83 per gallon. If local production was this strong of a determinant, why is gas so expensive there?
"Frankly, the leases they keep talking about that oil companies have, they've put every roadblock from every federal agency in the way so that they can't produce on those leases," Scalise said. "Look, you've got every federal agency from the Department of Interior to energy, now the SEC, every agency is putting out rules to make it harder to drill." "Let's open up American energy," Scalise concluded. "Get all these federal agency roadblocks out of the way, so we can produce oil in America and lower the cost at the pump." While the rising costs of gasoline have slowed of late, Republicans argue it is a temporary slowdown as Biden has tapped in to the strategic oil reserves that were topped off by Trump at rock-bottom prices during his administration.
Point of order, Trump didn't top off the strategic oil reserves at rock-bottom prices. He said he was going to, and it would have been great, but he do the work to make it actually happen.
Lets check in with the purported source for this chart, shall we: EIA expects U.S. fossil fuel production to reach new highs in 2023. The idea that the government is holding back fossil fuel production is absurd. We are doing "drill baby drill," to the earth's detriment. If you want to focus just on crude oil, well they say their forecast is bullish on that too: Higher prices = more incentive to drill. When prices were lower, there was less incentive to expand production. This is the best thing to happen to fossil fuel companies since the Gulf War!
The chart I posted shows how the price of a gallon of gas has risen since Biden took office and increases coincide with his decisions/decrees - coincidence that prices rose after each decree?
I think you'd have to be pretty gullible or operating in extreme bad faith to think a non-binding "global pledge on methane," releasing proposals that arent enacted or passing a bill in the House that failed in the Senate affects global gas prices and isnt coincidental. Do you even know what those executive orders ordered lol? This is an infographic made for dummies by dummies.
You think the global oil market reacts to presidential executive orders? The Saudis are just like "well Sleepy Joe just released an executive order that the US vehicle production should (not must) become more efficient in 8 years ... gotta notch up those prices 5 cents." If you think that I would suggest yes, you might be a dummy or have some highly cynical and shameless motivations.
There is speculative buying involved also. If the US is going all green climate change on oil, instead of encouraging drilling cancelling pipelines and such, it will absolutely drive up the price.
