Gas prices summer 2022

[Jason1975]

Yes. We can be an oil independent nation with the simple stroke of a pen if the current administration would just do it. We pretty much were just a little over a year ago.

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Yep, and people say whoever is the president doesn't affect gas prices.. BS!!!!!!!!!!!!!!!! When you shut down OUR ability to be energy independent, you rely on countries like russia and others to supply. When they act up, well this is what happens. So yes, IT DOES matter who is in office. There is a direct link. All he would have to do is say we are opening back up and prices would fall. And for those that say you own an expensive boat why does gas matter, because we also heat our homes, LP and Nat Gas is skyrocketing too. So is electric prices because electric is made by coal and nat gas. We have cars, other toys as well. So it doesn't matter what you have, gas prices will affect the economy and people's spending habits.

[2in2out]

Yep, and people say whoever is the president doesn't affect gas prices.. BS!!!!!!!!!!!!!!!!

It’s not quite so simple. Corporate lean is toward gaining investors and making profits for shareholders, and because of the global economy they will shift production to the markets it is cheapest to supply from to maximize profits.

Current shareholders have quite a bit of sway and will influence corps to hold back on drilling until they extort less restrictions and regs, lower lease fees, and government subsidization equating to more share holder profits. This will cause investors to buy at peaks or miss out at the action, which will increase corporate valuations driving stocks and inflation higher.

The presidential office holder is a rook or knight in a large chess match. Those pieces have a limited amount of moves, and are often used sparingly during aggressive play, and will always be sacrificed when necessary. The people of the world are just pawns in the game, and have little sway.

It’s very complex issue, and following the money will indicate which winds will sway the boat for the brief moment.


https://apple.news/AnFxibyviTGqZudLWPjOmEw

https://apple.news/AAaGyy0IiR-C-IPobx4-w3w

https://www.theatlantic.com/science/...ensive/622887/

https://www.google.com/amp/s/www.nyt...price.amp.html

https://www.caixabankresearch.com/en...ise-oil-prices

https://www.forbes.com/advisor/inves...gh-oil-prices/


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[2in2out]

And this helps show that profit is the end game.

https://apple.news/AKRC7cLA7QQWG6l5bPVJHOg


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[2in2out]

And finally, with an important quote:

“Despite industry’s claims to the contrary, President Biden has not hobbled US oil and gas development. In fact, ….this administration actually approved more US drilling permits per month in 2021 than President Trump did during each of the first three years of his presidency. Before the pandemic, oil and gas production from public lands and waters reached an all-time high, and the current administration has done little to change that trajectory over the last 13 months.”

https://apple.news/AWIpRVkVcTXmSigZrvboTwQ


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[2in2out]

Ok, I lied. Last one for now. This is a good explainer about oil reserves and the limited power an administration has over the reserves, and the intentions of the petroleum industry in using the current conditions to increase profits.

https://apple.news/AXYiALgpdTXa2kZ0SpOrKZw


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[Zog]

Excellent points, 2in2out. There is another aspect to consider. Starting in 2015, Saudi Arabia began to artificially goose their production numbers to drop the price per barrel, taking less in the short term in order to cause problems for the US unconventional O&G market. They were concerned about massive development in the US, particularly in the Bakken formation in North Dakota, since development of reserves and processing infrastructure in these markets would allow the US to become the largest swing operator for O&G in the world. The end goal was to hobble the E&P companies, preventing them from making profits on their existing development, leaving them vulnerable and unable to capitalize on future runs in the price of oil. Then when the pandemic suppressed demand for oil, many of these E&P companies found themselves in an untenable situation where they no longer had the revenue to pay their financing costs, causing insolvency. Now that the price of oil is back up, they lack the reserves and the financing to allow them to capitalize and the labor is unable to ramp quickly because of the general labor unavailability. The E&P companies don't wan't to ramp quickly either since they are taking advantage of the high price to bolster their positions and try to recover from some of the pain they have been through for the past 7 years. No easy solutions here.

[haknslash]

This topic has made me want to gather my fuel fill-up data since 2012. I added a POTUS color grade to make it easier to identify POTUS timelines for those curious. I miss $1.49 a gallon days

[larry_arizona]

The current administration increased regulations, killed drilling permits, stopped pipeline construction and forced us to rely on OPEC+ and Russia as our main sources day 1 of its reign via executive order.

I understand it’s a global oil market, but when you drill it locally, you have more control on production output and who buys it.

If the bbl price is high, at least when you cut Russia off the US would profit.

To say the current administration didn’t hamstring the oil industry is being naive.

Keep in mind the current admin is pushing the green narrative at the moment.

Going to guess gas prices in the oil producing countries are MUCH lower. Gas is cheap in Saudia Arabia even if that is a subsidy or luxury afforded to being the oil industry leader like the US was a year ago.

If US subsidized gas to the $2.50 range, inflation goes down. Pushing the green agenda will only drive inflation higher.


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[Mxmark4]

For Summer 2022 I have adopted a green agenda. That is you better bring some green to cover fuel costs so we can ride. Otherwise you can watch from the dock.

[Jason1975]

When demand is high and supply is low of course their is a profit component.. its our economy. But again, to say who the president is doesn't matter when it comes to oil prices is silly. And the apple article you posted above is biased as hell. Biden on his first day shut down pipelines and increased all regulations and voided permits that already existed. The market only reacts to these moves. There is money to be made when you cut off supply. But this falls on his desk. Green energy will NOT solve problems, it will only create new ones like costs to the consumer. There is no reason to not be energy independent instead of relying on violent countries to supply it too us. And if anyone can do it in an environmentally secure manner its the US. NOT russia and china. But i guess its okay if everyone else is polluting the world. The logic doesn't make sense.