Trump is Responsible for High Oil Prices
Why is gasoline over $5.00/gallon? One reason is that Donald Trump brokered a deal with OPEC oil producers in 2020 to cut production.
Trump plays key role in brokering historic oil deal
The president 'showed his skill at dealmaking
President Trump played a key role in the historic agreement between the world’s largest oil producers that trims global production by nearly 10 percent, according to Energy Secretary Dan Brouillette.
The deal reached by the so-called OPEC+ group, which ends the price war between Saudi Arabia and Russia, reduces global output by 9.7 million barrels per day in May and June, helping to ease a global gut exacerbated by the COVID-19 pandemic.
Production will also be reduced by 8 million bpd from July through December and 6 million bpd from January 2021 through April 2022.
Trump was “personally involved throughout the process” and “showed his skill at dealmaking,” Brouillette told reporters on a Sunday evening conference call.
Trump did not make any specific promises on behalf of U.S. production, according to Brouillette, who noted that Mexico agreed to cut output by 100,000 bpd in May and June and the “reduction of production within the United States will subsume whatever agreement the Mexicans would have been required to agree to under OPEC+.”
Trump said in a Monday morning tweet that "OPEC+ is looking to cut 20 Million Barrels a day, not the 10 Million that is generally being reported."
https://www. foxbusiness.com /markets/trump-saudi-arabia-russia-opec-oil-deal-role
Republicans are blaming Biden for high gas prices butt the reason is the decreased oil production brokered by Trump.
Joe Biden is planning a visit to Saudi Arabia to encourage OPEC to produce more oil. This will reduce the price of oil and, therefore, gasoline prices will go down.
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I don't like walking.
I may start riding a motorcycle again.
I briefly considered a motorcycle, but there's too many morons on the road. in fact there's too many morons in this country, especially those morons that think gas prices are determined by the current POTUS. he could invoke the war powers production act by EO tomorrow, and the trumpsters would complain about that too. fuck them.
Too many morons on cell phones.
[Deleted]
I love walking to work.
I love not having a cell phone.
I like walking but I'm not walking 30 miles back and forth to work everday
I have a Honda Ruckus scooter I take to work on nice days. I can park it inside the building.
Would that be environmentally responsible?
Yes.
Not if you do the math.
My last motorcycle got over 100MPG.
My F-150 gets about 18MPH.
You do the math....
Remember me?
Walking requires more oxygen for the walker, and a greater CO2 output by the walker. Maybe less than a motorcycle, but it still needs to be factored in.
Good point!
How could I forget?
I love my scooter. I don't wander far from home so it is perfect for my needs. I have a friend who will take me somewhere if needed for over sized items, but other than those rare times, I do nicely.
The big oil companies have admitted they are "maximizing" their profits during this inflation.
But we blame Biden.
Screwed up priorities.
Lol. You believe companies only started "maximizing" profits in 2021?
Of course not. But why maximize profits during high inflation? The gas prices are not Bidens fault. The right keeps lying about this.
Google what environmental regulation Biden put in place as soon as he took office; and then get back to us.
Oil companies aren't going to increase production until it is profitable for them. The real question is how high the price of a barrel of oil has to be for them to make enough profit to keep their investors happy.
Why don't you ask OPEC, Mexico, South America, and every other country that has a drop of oil in them?
The only country will increase production and sell to the US is Russia; who we have sanctioned.
Funny how Biden refuses to even talk to US oil companies about increasing production. But Saudi Arabia, Iran, Russia (before they invaded Ukraine), and every third world shithole dictator in South America- he won't stop begging.
Were they Bush Jr's fault? He sure as hell got the blame for them; and was abused for begging the Saudis- and he only did it once.
The left keeps denying that Biden and Democrats want gas prices high. We are all supposed to be buying electric cars according to Biden and the tone deaf Democrats!
So if, as we agree, businesses always maximize profits how can you argue that they caused high inflation by maximizing profits? Businesses seeking to maximize profits has been a constant for hundreds of years.
he gas prices are not Bidens fault.
Biden has spent his career in politics pursuing policies that cause high gas prices. He literally campaigned for President on this.
Suddenly, his policies have no effect.
The right keeps lying about this.
And Democrats, honest as they are, never blamed Republican Presidents for high gas prices. Is that what you are selling?
Of course not but oil and gas companies, along with the legislators who are beholden to them for campaign donations, know they can use inflation and high gas prices to extort the administration into opening up oil fields, subsidizing more of their profits and hoarding oil leases even though none of that will actually lower gas prices in the short term.
. It's the same argument the Democrats made to avoid doing anything in 2007, and now here we are in the long term, paying the price for Democrats inaction.
The cycle continues.
That's all they do about everything.
Amazing wasn't it? I kept asking the question on NV, why would Bush/Cheney cause oil prices to increase in an election year causing the American people pain at the pump and then turn around and ask those same people for them to vote republican? It seemed to me that the ones that would benefit the most were the democrats. What I knew in May of 2008 was it wasn't Bush/Cheney, the Saudis, big oil, or the weather, it was the hedge funds driving up the price and that it would collapse because supply and demand wouldn't support the artificial increase in price.
January 2009, (note the timing after the election) "60 Minutes" did a piece on the price of oil and what happened in 2008 and they confirmed what I said and they traced it back to a brokerage house where the hedge fund on oil was being run out of, they stopped at the door and claimed that they couldn't get to see the records of who was running the fund, it was private dontcha know, so in closing, we will never know. BS the timing was too convenient for Obama and one of his biggest backers Soros, oh yeah, Soros is also an expert at running hedge funds.
Exactly, and if gas prices were at historic lows, the left would be reminding us that Biden had nothing to do with it.
Oh please. You don't think anything s biden's fault even with proof
GW Bush was the president in 2007.
funny how the memories of white supremacists get so blurry prior to 1/20/17...
Started forgetting things 1/21/2017, did ya?
Well of course. He's sitting in the Oval Office right now so when prices are high and the economy is bad he gets the blame. Just like when prices are low and the economy is good he gets the credit.
It's not fair, but it's what is reality.
True.
Wonder if they would prefer it if he meddled with capitalism & told them what they could charge.
How were oil investments over the last 10-15 years?
But we blame Biden
comedy
But Trruuummmmppppp!!!!! The only rallying cry Democrats have.
They blamed GW for high gas prices as well. They really blasted him for begging OPEC to increase production.
The good old days. When Democrats could use gas prices as a weapon against Republicans. Demanding actions they wouldn't even dream of doing now with Biden in charge.
They will tell him to go fuck himself again. Just like the last two times he went begging. They know how much oil and gas the US has untapped. They aren't going to increase their production until we increase ours.
Funny how he refuses to talk with US oil companies about what it will take to get them to pump more oil; but is willing to sell us out to any dictatorship in the world that has a drop of oil to offer.
Funny how you ignore the news
Biden tells oil refiners: Produce more gas, fewer profits
The government reported on Friday that consumer prices had jumped 8.6% from a year ago, the worst increase in more than 40 years.
The letter notes that gas prices were averaging $4.25 a gallon when oil was last near the current price of $120 a barrel in March. That 75-cent difference in average gas prices in a matter of just a few months reflects both a shortage of refinery capacity and profits that “are currently at their highest levels ever recorded ,” the letter states.
Sending a letter demanding more oil production isn't talking to oil companies. Biden has already blasted them repeatedly in speeches, and with the media.
I said "talking to them and finding out what it would take for them to increase production".
Not more BS demands.
Funny how you completely ignored what I said.
According to your article the oil producers sent a letter to Biden with their demands on what it would take to make it feasible for them to increase production, Don't hold your breath for Bdien to act on any of them.
I will believe Biden is serious about increasing US oil production when he sits down in person with US oil producers; like he has with every dictator with an ounce of oil left in the ground.
I guess you think oil executives can't fucking read.
Sending a letter and hoping it gets to the 'oil executives' isn't leading
Actually setting up a meeting, or at least a call, and Biden attending personally is leading. So far, with the issue that is of the most concern to americans, Biden has sent a letter and whined that gas station owners need to reduce prices
Also included in the article but missing from the cut & paste above..
Part of the problem around this time that let to Trump doing what he did was the price war between OPEC and Russia.
So the actions by the Trump administration was to help our domestic industry but hey, kuddo's. You managed to blame this on Trump instead of just Putin. Well done...
Fox business?
Fox business?
This entire article is seeded from Fox Business. If you go back & read the seed at the very top of the page you can see that. but I'll help you out as it does appear you hate to read anything.
From the pasted seed at the top of the page...
That's bullshit.
Do you really think Fox Business would blame Trump for the high oil prices?
That's my premise.
I used elements from a Fox Business article that praised Trump for being a dealmaker:
Trump Plays Key Role In Brokering Historic Oil Deal
The President 'Showed His Skill At Dealmaking '
His dealmaking "skill" caused OPEC to cut production which has resulted in our high gasoline prices.
Reallly???? So you ignore everything else that is in that article from two years ago as to why Trump got OPEC to cut their production? And what else was going on in the global oil industry during that same time? Seems like you want to ignore everything that was going on and why this deal was made at the time.
Simple question, why was the deal made in the first place? Do you have any clue for that?
But as I said, kudo's... you managed to find a way to blame Trump for the high gas prices we are experiencing today. You're so fucking wrong that it hurts to read your words, but hey, good job in finding a way to blame the past guy... Joe would be so proud.
Thank you for that heartwarming compliment!
It costs $50 to power a 1,000 HP Tesla 1,000 miles!
Or, clinge to your dirty expensive inefficient gasoline.
Well... to be fair... not everybody can afford $130k for a car. Or even $80k for the 670hp model.
Have you priced a new F-150 with a V8 lately?
There are plenty of other electric cars out there for about 40K.
I haven't. Given the sales figures and the stock performance, nobody else is either. Wow. It's been bad, and it looks like it will only get worse.
I think the Lightning is a potential game-changer, though. I've told my wife I'll probably trade in my Audi for one when they all start coming off leases in 2025. Apparently everybody else is waiting on that, too.
I'm a huge proponent of electric cars, BTW. My wife drives a plug in hybrid BMW X5 currently, and I'm not sure I see us buying another gasoline-powered car.
That said, the fuel economy math on the Model S just doesn't make sense. But let's be honest, that's not why anybody buys that car. If you're in the $130k car bracket, you really don't care what it costs to fuel it.
150,000 miles at 15 MPG at $5 Gal = $50,000
Saving 80% comparatively is a pretty big deal.
With or without the gun rack in the back window?
Yeah...if you can get one.
But let's also be honest about those. They are significantly more expensive than gasoline-powered alternatives.
The VW ID4 electric is $41k. The comparably sized gas-powered Taos is $23,500 and it gets 28mpg city. So assuming gas is at $7/gallon (and it won't stay there), you're spending an extra $18k to save about $250/mo at the pump. So even if you can charge the ID4 for free (which you can't), it takes 6 years to break even.
Electric cars are definitely the future of transport. But we're probably at least 5 years away from the point where they represent actual $$ savings for the average family.
Yeah...but even with above-average use, 150k miles is ten years worth of driving.
Also, I'm not sure the validity of comparing a luxury sedan to a pickup truck and ignoring the utility that would cause a person to need a truck in the first place. You're not going to tow the ski boat behind a Tesla.
I think that's why I'm so optimistic about the Lightning. The pricing is getting close enough that it's actually starting to make sense financially.
Exactly, a $40,000 electric pickup theoretically pays for itself in fuel savings alone over the first 10 years of expected use...
I bought a used F-150 XL SuperCab in March for $14,500.
I decided to get the V6 because of the fuel milage (it was cheaper too).
I didn't price new F-150s because I was looking for a work truck.
Is there much of an issue with battery footprint?
I can drive 1,000 miles in 16 hours. Can't do that in a Tesla.
Driving is still cheaper than flying and has a smaller carbon footprint to boot. If the government had focused attention on better fuel efficiency then Tesla wouldn't be competitive. And improved fuel efficiency would have addressed climate change a whole lot quicker.
Okay, Trump is to blame. Or Putin. Or profiteers & price gougers. What is Biden going to do about it?
Joe Biden is the President; no one else. Maybe Biden can convince people the high prices are only temporary and the problem will fix itself.
Did you bother to read the article? Here is the last paragraph in the article:
Joe Biden is planning a visit to Saudi Arabia to encourage OPEC to produce more oil. This will reduce the price of oil and, therefore, gasoline prices will go down.
Biden has already talked to Saudi Arabia. The Saudis rejected Biden's request in February but have now agreed to increase production. That's old news.
Oil requires refining. And refining capacity is a real bottleneck. US refineries are being shuttered so there's nothing more oil can do to increase supply of gasoline and diesel.
Biden is trying to transition to alternative energy before the country is ready. EV production may be increasing but there isn't sufficient production capacity to replace gasoline vehicles that quickly. Oil companies aren't going to be making long term investments in oil production and refinery capacity when the government is trying to eliminate oil in the short term.
There hasn't been any planning for a transition. There hasn't been any recognition that investments in oil production and refining will need support during a transition. The government can eliminate oil today but that will cause extreme pain in the economy. The high gasoline prices really are being driven, to a significant extent, by government incompetence in planning for a transition. If there isn't any incentive to invest in refining capacity then all the oil in world will do nothing.
Why isn't he visiting American oil producers to increase production???????????
Why do anything that increases our carbon emissions?
Oil production IS increasing:
Oil production to keep surging under Biden
U.S. crude oil production is projected to set a full-year record in 2023, the federal Energy Information Administration said in a new report .
Why it matters: The forecast in EIA's wider monthly outlook yesterday signals the recovery from the pandemic-fueled production collapse in 2020.
By the numbers: EIA sees annual U.S. production averaging 12.4 million barrels per day (mbd) in 2023, slightly ahead of 2019's 12.3 mbd average, though they don't see the peak of nearly 13 mbd reached in late 2019.
Yes, but: EIA monthly forecasts are a snapshot in time and bounce around based on variables like, say, the pace of pandemic recovery.
Joe is blasting them in the media and writing them stern letters of disapproval. Democrats are threatening them in Congress with profiteering laws. None of which will do one damn thing to increase production in this country.
Funny, that spike between 2019 and 2020 looks larger. By 2023 the US will still be producing less oil than pre pandemic levels.
Also your chart leaves out a little things like the US population increasing and demands on oil increasing with it. The US needs to be higher than pre pandemic levels just to have a slim hope of keeping up.
But spin deny and deflect all you want. Biden is responsible for high gas prices. Just like Bush Jr and Trump were. Nobody cut them an ounce of slack. You can throw in rampant inflation for Biden as well.
I guess we are supposed to forget that this was done because the US was producing it's own oil. Then on 20 January 2021, Biden comes into office with a stack of EO's and cuts that production.
531 days into the Biden Administration
Nothing Built
Nothing Back
Nothing Better.
That's bullshit.
Then how else do you explain suspending leasing permits that helped keep prices low? Fact of the matter is, on day 1 Joey come in with a stack of EO's eliminating much of what was working for the country. With that stack of paper, he eliminated any chances of blaming any of the previous administrations. It's not been a good ride for the country since 20 January 2021. You know it, we all know it.
Yes, that was true on day one of his administration butt it's no longer true . Environmental lobbyists are attacking Biden over his PRESENT stance on oil leases:
New Data: Biden’s First Year Drilling Permitting Stomps Trump’s By 34%
Thousands of Permits OK’d Despite President’s Authority to End Drilling by 2035
WASHINGTON— New federal data shows the Biden administration approved 3,557 permits for oil and gas drilling on public lands in its first year, far outpacing the Trump administration’s first-year total of 2,658.
Nearly 2,000 of the drilling permits were approved on public lands administered by the Bureau of Land Management’s New Mexico office, followed by 843 in Wyoming, 285 in Montana and North Dakota, and 191 in Utah. In California, the Biden administration approved 187 permits — more than twice the 71 drilling permits Trump approved in that state in his first year.
https:// biologicaldiversity.org /w/news/press-releases/new-data-biden-slays-trumps-first-year-drilling-permitting-by-34-2022-01-21/
Why is gasoline over $5.00/gallon?
How about the obvious:
Canceling the Keystone pipeline.
Suspension of new federal oil and gas leases.
Higher drilling fees on federal land.
A radical push for the Federal Reserve to implement climate change policies.
Sending a clear signal to US producers that the industry is going to be phased out for some green energy fantasy.
Joe Biden is planning a visit to Saudi Arabia to encourage OPEC to produce more oil.
Is this the trip Biden said he hadn't decided on?
"President Joe Biden told reporters that he hadn't decided whether to visit Saudi Arabia to beg for more oil before seconds later saying he was indeed planning a trip there."
He is begging for oil from the same country he called a “pariah?”
Final question:
What makes begging & standing in line for Saudi oil preferable to drilling and producing American oil ???
The suspension was temporary. This is from comment #8.1.2
Environmental lobbyists are attacking Biden over his PRESENT stance on oil leases:
New Data: Biden’s First Year Drilling Permitting Stomps Trump’s By 34%
Thousands of Permits OK’d Despite President’s Authority to End Drilling by 2035
WASHINGTON— New federal data shows the Biden administration approved 3,557 permits for oil and gas drilling on public lands in its first year, far outpacing the Trump administration’s first-year total of 2,658.
Nearly 2,000 of the drilling permits were approved on public lands administered by the Bureau of Land Management’s New Mexico office, followed by 843 in Wyoming, 285 in Montana and North Dakota, and 191 in Utah. In California, the Biden administration approved 187 permits — more than twice the 71 drilling permits Trump approved in that state in his first year.
https:// biologicaldiversity.org /w/news/press-releases/new-data-biden-slays-trumps-first-year-drilling-permitting-by-34-2022-01-21/
Gee, maybe the suspension of leases isn't the fucking problem
Gee, would you invest billions in a new well with Biden as president?
I'm investing billions in solar and renewable energy.
Pssssst..
I don't think Monopoly money counts.
Nuclear power is clean power.
And nuclear power is reliable. Solar, which last time i heard is a renewable energy, only works for 12 hours during a 24 hour cycle and output is diminished when it’s cloudy. Wind only works when it’s windy enough to turn the blades.
Hey Jizz, I have a favor to ask of you. When you have the time, pop on by MeWe, and check out your group NV Buttheads.
Fusion hopefully, but thorium nukes could have been a means of generating power long ago. I have read thorium reactors would have been a lot safer, and produce a lot less radioactive waste. But uranium nukes were first used as breeder reactors to produce plutonium to make bombs. With all the heat as a byproduct someone came up with the idea to use it also making electricity. Thus the idea it would produce electricity too cheap to meter.
K
I haven't been on MeWe fo quite a while because it's not conducive to long articles.
The problem with nuclear reactors is the radioactive waste.
When the old AEC examined the problem in the 1950s, they concluded that science would figure out a solution in ten years. Oops...
No oops in France, Obama didn’t believe in the science and canceled our deep storage opportunity in 2011.
“What makes begging [&] standing in line for Saudi oil preferable to drilling and producing American oil ???”
nothing, in fact it is counterproductive to the climate to ship oil half way around the world when we could produce it here because oil tankers have an extremely large carbon foot print.
Makes as much sense as demanding Americans get vaccinated while allowing untold numbers of unvaccinated illegals into the country , during a pandemic, and not requiring those illegals to get vaccinated.
It as much sense as forcing the “great transition” on us when the place they want us to transition to isn’t ready.
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Gas prices dropped during COVID because everything was being closed down. No one had anyplace to go. Trumps ideas of ingesting household cleaners, and Ivermectin, along with encouraging the anti vaxxers, didn't help matters either. Remember back then? The empty store shelves, no toilet paper, etc. When COVID-19 hit and demand for fuel fell dramatically, a lot of refining companies shut plants down. Some refineries just shut down because of lack of demand, and they’re not coming back on. And COVID is still around. But somehow it's all Biden's fault.
Then there is the Keystone you mentioned which wouldn't have been finished by today even if construction continued. Who knows when the future it would have been completed. Besides what good is all that tar sands oil if the remaining refineries are in a crack spend mode? The crack spread is the difference between the petroleum product price, such as diesel or gasoline, and crude oil prices. It’s basically a refiner’s profit margin. Right now, the crack spread is at record-breaking territory. Petrol companies are making record profits, by refining less and keeping prices high.
If you are going to tells lies; then tell whoppers.
Notice the date Jan 25th 2021. The pre pandemic price of gas before lockdowns was $2.40. Prices started rising the second Biden took office. Wonder why that is? Couldn't be those mountain of EO's he signed on environmental regulations; and undoing whatever Trump had done? Canceling the Keystone pipeline didn't help either; those that understand oil futures know that. Won't be seeing those prices again- unless the upcoming recession wrecks the world economy completely. Thanks Joe.
Ah, yes. Trump and Covid. Remind us all again who got drug manufacturers to rush vaccines to market? Then take a look at Biden's and Kamala Harris' statements regarding the "Trump vaccines" before the elections. Installs real confidence in any vaccines that come out under Trump's watch. Funny how Biden and Harris changed their tunes as soon as they won the election. Damage done to the public's image of the vaccines; but hey, mission accomplished for Biden and Harris- they won.
Didn't Biden promise to end Covid? Also, didn't he say anyone responsible for that many deaths shouldn't be in charge? Yes, yes he did. So why is he still in charge?
About Keystone not being ready. According to Who? It is a great leftist talking point- that only Democrats site (in other worlds a massive leftist circle jerk of misinformation). Also, the tar sands are still moving by train- in outdated, poorly kept up, oil tankers on the rail. Which are subject to frequent derailments. Which two Democrat financial backers own massive chunks of the railways transporting tar sand oil? George Soros and Warren Buffet would like to thank Biden for the massive returns on their investments in the railroads; and Democrat Party.
Aren't you glad that Trump never lied.
Okay, maybe he told thirty thousand lies, butt the Mexicans paid for them.