@buckeyegator So are you saying the POTUS is or is not responsible for the fall in gas prices. This will help us know who to blame if prices rise again
He's still gotta decide if the borders are wide open or record numbers of people are getting caught trying to cross.
Glad to see this. Seems like someone here recommended this happen back when and Biden admin did the right thing by releasing reserves to fill the void and now entering into fixed price contracts to replenish the reserve by giving companies certainty of sales at fixed rates so that they invest to produce the oil. Biden just took a page out of Trump's vaccine playbook to solve gas price problems (msn.com) The White House said it's already sold 125 million barrels from the reserve, and now more will be put on the market. The Department of Treasury estimates that the releases have brought prices down by about 17 to 42 cents a gallon. The Biden administration is also planning on replenishing the SPR — and wants to do that by encouraging more production through contracts with a fixed price. "The fixed-price contracts can give producers the assurance to make investments today, knowing that the price they receive when they sell to the SPR will be locked in place, providing them with some protection against downward movements in the market," the White House said in a fact sheet about the proposal. ....................
First, that quote is not in the story linked in the OP, where he said nothing about taking credit for it. Second, while "we're not done working ..." indicates some involvement by the administration, it's a long way from "I lowered the price of gas."
if JPMorgan is to be believed, the volume of Russian crude output didn't fall much, at least not yet. So if we have been pumping millions of barrels into the system and KSA and Iraq are increasing output, it would seem that a lot of storage has been filled and demand should decrease which would drive prices in the opposite direction. so, if opening the SPR to supply panic induced demand helped to keep the price of oil from spiking, does Biden get credit? JPMorgan says Russia has had little problem rerouting its oil exports, meaning the expected plunge in production never happened (msn.com) Russia has been able to reroute its oil exports away from Europe without serious disruptions, JPMorgan has said, adding that the expected drop in output "never happened." Better-than-expected Russian production, along with the release of oil from global strategic reserves, helps explain the recent drop in crude prices, the bank's head of commodities research Natasha Kaneva said in a note to clients. Russia's oil exports to Europe — its biggest market — have fallen relatively sharply in 2022, as companies have "self-sanctioned" in the wake of Vladimir Putin's invasion of Ukraine in late February. However, Russia has been able to shift its exports towards Asia, with India and China in particular stepping up their purchases. More recently, a jump in domestic demand has caused Russian oil production to rise back to prewar levels.
Here's how it works: If it's a Dem president and gas prices go up, it's the president's fault. If it's a Dem president and gas prices go down, it has nothing to do with the president. If it's a Repub president and gas prices go up, it has nothing to do with the president. If it's a Repub president and gas prices go down, it's because the president caused the prices to go down.
I guess personally touting falling gas at the pump prices isn't taking credit for the accomplishment. Nobody forced Ole Joe to tweet. If this were Means Tweets, you'd be screaming and with justification.
I don’t think most older politicians are running their own Twitter account. The exception may be Trump unless he found someone with his same level of crazy to tweet for him. However, whoever was tweeting it was trying to give credit to the administration for falling gas prices.
Our administration has gone out of their way to eliminate fossil fuels. To date, Biden is the only president in modern history not to have held a single oil and gas lease sale on federal lands despite clear direction from Congress to do so quarterly. Offshore, the Biden administration has not completed a single lease sale. Investors are hesitant to put money in the industry. Janet Yellen is asking banks to defund fossil fuel projects. What happens in 5 years if we have abandoned exploration, have not built infrastructure and scared away anyone willing to back the industry? The administration has admitted that high prices are part of the process. If we are not exploring and not building infrastructure what will prices look like in the future. How many years of oil do we have left in the Permian Basin?
