Biden Won't Allow Production - OPEC Starts Cutting

Your post would be funny if it weren't so pitiful.

 

The headline is Prices are falling ... But in his world, the sky is falling.

 

Sad news for ET. Posted just today on CNBC ...Gas prices expected to continue to fall to below $3.

https://www.cnbc.com/2022/09/05/gas...or-day-and-some-states-could-see-below-3.html

 

It’s a pathetic person who implicitly wishes pain on others so that his politics can be vindicated. He consistently revels in bad news so he can point his fingers at democrats.

 

not to mention that the “cut” is back to where they were going to be this month, and it’s something like .1 percent of world daily use.

But even if we took it as bad as the OP, it’s all the more reason to get away from oil. Bad countries have far too much influence over a critical resource. Even if we doubled our production we would still be less than a third of the world supply. And given that it’s a world market, it doesn’t matter much anyway. OPEC would just cut their production to offset it. For them, that means their resource lasts longer anyway.

and they are cutting because prices continue to slide. Which should be good news.

but here we are.

 

The standard economic theory of supply and demand is that a drop in price will result in lower production. Therefore an increase in price will result in higher production. If one zeros in only on production, it would ironically appear that an increase in price is a good thing. Is that what you want to argue?

 

Reminds me of what happened a little over two years ago and by the way producers normally cut production when prices fall.
Oil Nations, Prodded by Trump, Reach Deal to Slash Production (Published 2020)

 

When prices tanked in 2020 US oil production tanked. It started rebounding in late 2020 and has been increasing since then including during Biden's entire year and a half in office.
U.S. oil output rises 1.7% June to highest since April 2020 -EIA

 

oil is a global market, we can’t be energy independent on it. Even if we doubled our production tomorrow, that oil goes all over the world. And other countries would likely cut production to offset it, and we would gain little. Unless you are advocating an anti free market approach, where the government tells businesses who they can and can’t sell to. Of course as soon as they did, production would plummet because the profit margin would also plummet with the restricted market. And/or prices would rise because of a less efficient system, and we gain nothing.
The only way we can be energy independent is with renewables. How or why so many can’t understand that is beyond me. They keep advocating for a system that is dominated by our enemies, and will be as long as it’s a commodity. It also props up terrible regimes, pollutes the planet, contributes to global warming etc.
But yeah, let’s bang our heads against the wall even harder, while China corners the patent market on the future of energy.

seems sound.

 

No, we weren't. US imports for oil by country in 2020:

Alternative Fuels Data Center: Maps and Data - U.S. Crude Oil Imports by Country of Origin

 

again, we can produce all we want. It’s going to the highest bidder anywhere in the world. We can’t make ourselves independent of anything unless we tell corporations they have to sell to a specific market.
But even if we could, 71 percent of all oil supplies reside within OPEC, so we could be energy Independent for a few years, and then be right back in this same myopic and unbelievably dumb boat.p only 10 years further behind China and other countries investing in renewable technology.

but take this rationally, outside of the current situation.

would you rather tie yourself to an energy supply that is finite, dwindling every day, largely controlled by countries we don’t like, and pollutes and warms the planet.
Or
Get out ahead of the green energy wave that literally has to come anyway eventually since oil is finite, own the patents as a country so the world has to come to us, completely reduce our dependence on OPEC and other bad actors who largely control the current market (and would even if we doubled our output), and not pump millions of tons a day or garbage into the atmosphere?

Its not even a legitimate comparison on where our priorities should be, even if you take out global warming entirely.

 

Cuts in production=increase in prices=more republicans getting votes.

 

Democrats won't stop until our energy costs are through the roof and we're broke.
Meanwhile, out here in La La Land, Gov Nuisance is prepping us for more grid blackouts.
Good luck in outlawing gas powered cars with the same infrastructure in the next decade.

 

If gas prices continue to fall at what point can we expect you to create a thread praising Biden?

 

God bless Newsome, America's Governor

 

Did any of you hysterical children even read the linked article.