The price of gas

[ilbj7777]

Yinzerpgh you are exactly right. I am not picking sides Democratic or Republican, but no one on here that is complaining about the price of gas under Biden had an issue when gas prices under Trump in 2018 were higher than they currently are now. So if we are blaming Biden for gas prices Trump must have been doing just as bad. Truth is neither is to blame. People always want to point fingers because they don't like who is in office. I am not a Biden fan at all and don't like some of the things he is doing, but somethings are not in the presidents control.

[lustylad]

Originally Posted by ilbj7777

OPEC ideally would like oil to be about $80 a barrel.

Really? And you know this HOW? Did OPEC issue a press release? Do you think all OPEC members think the same? Do you think none of them cheat on their production quotas? Do you even know how many OPEC members there are???

Didn't think so.

[lustylad]

Originally Posted by ilbj7777

No president can control the price of oil.

Originally Posted by ilbj7777

I am not a Biden fan at all and don't like some of the things he is doing, but somethings are not in the presidents control.

Of course the President doesn't CONTROL the price of oil. Nobody is arguing that. However, his policies can clearly INFLUENCE it.

If you pursue policies that curtail the supply, then prices will be higher than they otherwise would have been. And vice versa.

How hard is that to understand?

[ilbj7777]

Okay if this is true and you are blaming Biden why was the price of gas higher in 2018 under Trump. So that means Trumps policies were just as bad if not worse because oil and gas prices were higher under Trump than they are now. Today oil is about 62 dollars a barrel in June of 2018 under Trump it was around 77 dollars a barrel. Now how hard is that to understand.

[ilbj7777]

Lustylad one thing I do know and know very well is economics. The issue on this whole topic is people are blaming a President not on facts it is on dislike of the current president. People are upset because the price of gas is rising but the only reason it was not around the this current price for the past year or so is mainly from the Pandemic. Also did you notice gas prices dropped about 10 cents per gallon in the past few days.

[justsnoopin]

Originally Posted by berryberry

Gas was $2.38 nationally when Senile Biden took office and now is going to hit $3 by April. These prices are a direct result of the senile bastard's policies that restrict production and are a tax on people least able to afford it. Welcome to Democrat World.

isn't socialism AWESOME!

[ilbj7777]

• The increase is largely due to supply and demand, energy experts say, rather than presidential policies.
• The coronavirus pandemic prompted a big fall in oil demand and gasoline prices, due to declines in driving and air travel. As the economy has slowly rebounded, growing demand has boosted prices at the pump.


Are gas prices higher than they’ve been "in years"?
No. Today’s prices are the highest they’ve been in about 18 months.
Gas prices were similar to or higher than their current level for much of the time between October 2017 and January 2020 — that is, more than two years of Trump’s presidency. Prices were higher than today for all of the time between March 2018 and November 2018, and all of the time between April 2019 and August 2019.


These are facts not an opinion.

[lustylad]

Originally Posted by ilbj7777

Okay if this is true and you are blaming Biden why was the price of gas higher in 2018 under Trump.

You still don't get it. Nobody is blaming Biden 100%. Dozens of variables determine the price of oil, including federal govt policies. Of course Trump or Biden can't SET the price of gas all by themselves. But their policies CONTRIBUTE to whether there is a shortage or glut that pushes prices higher or lower.


So that means Trumps policies were just as bad if not worse because oil and gas prices were higher under Trump than they are now.

No, no, no, no! Trump supported fracking, pipelines, and drilling on federal lands. Biden opposes all three. Biden policies will therefore lead to less oil & gas production than would occur under a continuation of Trump policies. And this means - all other factors held constant - prices will be higher under Biden.


Today oil is about 62 dollars a barrel in June of 2018 under Trump it was around 77 dollars a barrel. Now how hard is that to understand.

The pandemic slashed global oil consumption by 9 million barrels per day last year. That's a huge swing that caused oil prices to plummet and even briefly turn negative as we ran out of places to store the stuff. Demand and prices are now recovering but remain below pre-pandemic levels.

The last thing we need right now is federal energy policies that block and discourage the resumption of domestic oil & gas production needed to help satisfy the recovery in global demand.

[lustylad]

Originally Posted by ilbj7777

Lustylad one thing I do know and know very well is economics.

Really? Your comments don't reflect it. Do you understand multivariate regression analysis? If you were an economist you would say correlation is not causation and I would agree.

[ilbj7777]

No the problem is you don't want to read the facts and just want to put blame on a person you don't like. Trust me I would bet my life I know way more about economics than you ever will. I have shown you facts about the prices of gas and oil. If you are so right about the prices going up being the result of Biden's presidency policies give me facts not your opinion. FYI oil was trading at over 68 dollars a week ago today it was being traded at under 62 dollars a barrel. The future prediction is oil to drop to the 50's range for the summer months.I am not a fan of banning fracking and like I stated i am not even a fan of Biden's. This whole topic started by blaming Biden for oil prices I am just stating facts which you also agree, there are a bunch of variables that contribute to oil prices. The last thing do you know why oil prices remained high under Trump even with fracking producing a lot of oil. OPEC and it's partners cut production.

[lustylad]

Originally Posted by ilbj7777

No the problem is you don't want to read the facts and just want to put blame on a person you don't like.... If you are so right about the prices going up being the result of Biden's presidency policies give me facts not your opinion.... This whole topic started by blaming Biden for oil prices...

Wow, you STILL don't get it!

I'll give you one more chance. But remember, 3 strikes and you're out!

As I already stated, nobody is putting all the blame for the recent rise in oil prices on Biden. That's a straw man. Nobody thinks the recent rise is exclusively "the result of Biden's presidency policies". Again, that's a straw man argument.

I've conceded that the strongest factor behind the recent rise in oil prices IMHO is the recovery of global demand as we emerge from the pandemic.

Having said that, at any given time there are dozens of competing supply/demand factors that influence the direction of oil prices. Some of them are stronger than others. But all of them come into play in the price determination process. One of those factors is federal energy policy in the US.

Now let me dumb it down with a simple hypothetical question. President A promotes fracking, pipeline transport of oil & gas, and drilling for energy on federal lands. President B opposes and bans all three. Which President's policies do you think would contribute to higher oil prices? Which policies would contribute to lower oil prices?

Remember we are strictly comparing A and B. Other factors are always at play in the global oil market and may overwhelm and obscure the impact of federal policies, at least temporarily. Or they may accentuate it. Think about this before you respond.

[lustylad]

Originally Posted by ilbj7777

Trust me I would bet my life I know way more about economics than you ever will.

Trust me, you don't want to go there. You make me laugh. If you studied economics at all you would know that economists seldom agree on anything. So saying you know "more about economics" doesn't give you a magic pass to being right, if anything it just means you're part of a confused and confusing academic discipline. Most thoughtful professional economists tend to be self-effacing about this.

But I'll give you the benefit of a doubt. Trot over to the Political Forum and you'll find a few posters who are obviously comfy and very much in their depth when it comes to economic questions. I've provided a sample below. Join the convo. If your understanding of economics is up to snuff, it will be immediately apparent to everyone there.

https://www.eccie.net/showpost.php?p...&postcount=186

[bambino]

I paid 2.59 in central Ohio today. Everyday I wonder why I live in Pa. I think I’m heading to Fla in 3yrs.

[lustylad]

Taxes at the pump are entirely set by politicians. Right now PA is #2 in gas taxes, right behind #1 California.

https://taxfoundation.org/state-gas-tax-rates-2020/

[bambino]

Originally Posted by lustylad

Taxes at the pump are entirely set by politicians. Right now PA is #2 in gas taxes, right behind #1 California.

https://taxfoundation.org/state-gas-tax-rates-2020/

I know, now they’re going to put tolls on bridges. Plus, the State store monopoly is terrible!