National Average Price of Gasoline Hits an All-Time High

#2,801
#2,801
BreatheUT said:
This is disingenuous. Most knew it was a matter of time before the left celebrates some price relief yet we are still much higher that what most can afford.
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It’s amazing how quickly people get conditioned. Gas is down 5% since last month (still 50% higher than the start of the year) and people are like omg gas affordable now and the Biden administration says CPI is now very misleading because gas is so much cheaper.
 
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#2,802
#2,802
DancingOutlaw said:
It’s amazing how quickly people get conditioned. Gas is down 5% since last month (still 50% higher than the start of the year) and people are like omg gas affordable now and the Biden administration says CPI is now very misleading because gas is so much cheaper.
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I filled up today for $86. Very appreciative to Joe. Three weeks ago it was $93.
 
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#2,815
#2,815
I think it's going to come down quicker than people think. We turned on 13 more rigs last week and crossed the 12mil brl/day mark. If we keep ramping up as we enter a recession you could see prices plummet.
 
#2,819
#2,819
rekinhavoc said:
President Joe Biden enters his final day in Saudi Arabia

Joe I am just spitballing here .... How bout we tell the Saudis to eff off and open up the spigots here?

Every country chasing the same oil is going to result in war.
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I won't pretend to understand global energy or futures trading but my guess it has something to do with production costs and the ability to put enough supply out to impact markets.

Costs:
Fracking = $50/bl
Offshore USA = $45/bl
Mainland USA = $35/bl
Saudi Arabia = $5/bl

Also, if America upped it's production by an unthinkable 50%, that would only be about an extra 6% of the world's daily usage. We're already back up to 12mil barrels per day and climbing. We were around 13 mil pre-pandemic. So "getting back to where we were" is merely 1% of the world daily usage and wouldn't be likely to have any global impact on pricing.
 
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#2,820
#2,820
rekinhavoc said:
President Joe Biden enters his final day in Saudi Arabia

Joe I am just spitballing here .... How bout we tell the Saudis to eff off and open up the spigots here?

Every country chasing the same oil is going to result in war.
Click to expand...
Leave it to the Democrats and and they'll cut our oil production even more.

Other Democrats said Manchin's announcement that he cannot back the climate provisions in the Senate bill — at least for now — frees Biden of the obligation to cater to a powerful, coal-state senator eager to protect his energy-producing home state. Manchin's vote is decisive in the evenly divided Senate, where Republicans unanimously oppose climate action.

"Free at last. Let’s roll. Do it all and start it now,'' tweeted Sen. Sheldon Whitehouse, D-R.I. who has long pushed stronger action on climate. “With legislative climate options now closed, it’s now time for executive Beast Mode,'' Whitehouse wrote.

Whitehouse suggested a series of actions Biden could take, including “a robust social cost of carbon rule″ that would force energy producers to account for greenhouse gas emissions as a cost of doing business. The senator also urged Biden to require major polluters to use technology to capture carbon dioxide emissions and impose stronger pollution controls on cars, light trucks and heavy-duty vehicles.

Advocates also urged Biden to reject all onshore and offshore drilling on federal lands and in federal waters — a step he promised during the 2020 campaign but has not enacted — and restrict approval of natural gas pipelines and other fossil fuel projects.

“For too long, we’ve been waiting on a single legislative package to save us and a single legislator to determine our fate,'' said Sen. Jeff Merkley, D-Ore. “Now that it’s clear legislation to address our climate crisis is dead, President Biden needs to put us on an emergency footing to address this disaster.''

Citing Biden's campaign promise to end new drilling on federal lands and waters, Merkley said, "Now is the time to show the American people he’s serious by saying ‘no’ to expanding our addiction to fossil fuels.''
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Biden vows 'strong' climate action despite dual setbacks
 
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#2,822
#2,822
McDad said:
Our spigots are open. America is #1 oil producer in the world.
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Why are we begging an enemy for more? The Saudis are not our friend. Why is our gas high if we're number one? Why send some of our taxpayer funded strategic reserve to other countries? Number 1 does not add up.
 
#2,823
#2,823
rekinhavoc said:
Why are we begging an enemy for more? The Saudis are not our friend. Why is our gas high if we're number one? Why send some of our taxpayer funded strategic reserve to other countries? Number 1 does not add up.
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There are other factors in play. Politics. Speculation. Refining capabilities. Economic alliances.
 
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#2,825
#2,825
K-town Vol Fan said:
1 word. Greed.
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Is it greed for a company to try and maintain a profit margin? The oil companies lost their butts during the pandemic.

I want to know where the money goes when they send oil from the strategic reserve to other countries. Should we be looking for a check ? Our taxes paid for that oil they just sold.
 
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