Why do people blame gas prices on Presidents?

it's a miracle,gas prices did not rise from yesterday, sleepy joe getting it done, insert sarcasm font here.

 

Do you know anyone that wants to spend billions of dollars to be a back up?

 

Because each president has their own energy policies.

 

Not limited to gas prices. I currently have an employee that was laid off in 2009. To this day, states that Obama laid him off. It was a publicly traded equipment rental company.

 

I haven’t seen you correct this misleading post in response to Phil. Why is that?

 

Good luck with that.

 

Why do people blame gas prices on Presidents?

Gee....idk....maybe because Biden takes credit for low gas prices. Remember this?



Biden Cheers Lower Pump Prices, Crediting His Supply Efforts

White House seeks to get some credit if gas prices fall

 

Timothy Lee argues that response to energy shocks and inflation fears can tip into recession

There’s a serious risk of a recession in 2022

 

And Noah Smith points out that Shenzhen lockdowns will also create inflationary pressure. But hey, it’s Biden’s responsibility. He was not into pain and too friendly with blacks and gays, making them feel they were equal. Or something, like that - it’s hard to follow Right Wing “reasoning”
China, Russia, and the inflation situation

 

I guess if to take credit for dropping it 0.07, you get blame when it goes up $2.00.....

 

This is why using the strategic reserve to manipulate prices will never NOT be stupid for any President. Even in a “normal” market, it maybe knocks a few % points for a few weeks before the market just looks right past it. It’s a short term lever.

Hardly relevant to the Russian invasion, other than pointing out using some of that strategic reserve now probably would have had more “bang for the buck” rather than using it a few months ago (although I believe that one was response to the colonial pipeline hack, which made it semi- legit).

 

If one wants to blame a president this had much more of an impact on oil prices than anything that Biden has done although it's full impact didn't occur until well over a year later when the economy recovered and demand for petroleum rebounded.
Oil Nations, Prodded by Trump, Reach Deal to Slash Production (Published 2020)

 

If I'm not mistaken that was when demand DIED due to covid and the per barrel price had dropped to about $18/ barrel. Our energy sector was getting killed and there was talk of defaults causing a huge issue coupled with the potential global recession induced by COIVD ( didn't happen so much because the world decided to print cash to avoid it) Which just fueled the inflation we see now.

Frackers and shale producers weren't going to keep pumping at that price so an effort to keep the price up would have helped prevent a big decrease in production(which is where we are now and what you're talking about).

 

The price of oil is now under $100 per barrel. If gas prices don’t start dropping within a few days then blame the oil companies for price gouging.

 

Let’s exclude the price crash of 2015 and 2020 due to external factors which impacted demand. What do you see here?

Feel free to applaud my iPhone editing skills. They are amazing.

Why isn’t any righty asking why Trump didn’t raise the output to peak on the first day in office?



United States Crude Oil Production - February 2022 Data - 1950-2021 Historical

 

The price of oil did drop as the result of Covid but production did not increase once the economy started to recover. Production is the US is now significantly higher and will continue to increase and even the oil exporting countries have started to ramp up production but that increased production did not start to occur until over year following the rebound in demand. In other words, the demand for crude as well as refined products like gasoline increased considerably in 2021. There was time gap of almost a year before production started increasing to reflect the economic recovery. When lower production is combined with increased demand the net result is higher prices. An MBA or PhD isn't required for that conclusion, it's a basic law that's taught in every entry level class in economics.

 

Ouch. A lot of economists believe bad times ahead: