Biden Energy Policy impact on economy

[Luvnit2]

https://www.foxnews.com/politics/biden-admin-takes-action-restricting-oil-gas-development-settlement-eco-groups
Biden admin takes action restricting oil, gas development after settlement with eco groups
Biden admin targeting oil and gas sector 'at a time of continued inflation with prices rising at the pump,' industry group says

This is one more example of Biden policy adding to inflation since he took office in 2021. One of his first actions was to stop the Keystone Pipeline and add more regulations to the energy sector.

Do you think this will help lower cost of gas?

[masonbengals fan]

No, I don't. But I'll wait for Stewy to post some expert analysis on the subject.

[SunsetBengal]

(08-22-2023, 05:01 PM)Luvnit2 Wrote: https://www.foxnews.com/politics/biden-admin-takes-action-restricting-oil-gas-development-settlement-eco-groups
Biden admin takes action restricting oil, gas development after settlement with eco groups
Biden admin targeting oil and gas sector 'at a time of continued inflation with prices rising at the pump,' industry group says

This is one more example of Biden policy adding to inflation since he took office in 2021. One of his first actions was to stop the Keystone Pipeline and add more regulations to the energy sector.

Do you think this will help lower cost of gas?

Absolutely not, and that is likely by design, as they are likely wanting consumers to seek out and embrace alternatively fueled vehicles.  (which to my understanding we don't have the power grid to even support in the unlikely event that everyone decided to go EV at once)

[NATI BENGALS]

No it probably won't lower the cost of gas.
But we are producing at a record rate. The Saudi's are cutting back trying to keep the price up.

https://oilprice.com/Energy/Crude-Oil/Seven-Week-Oil-Price-Rally-Ends-But-Fundamentals-Support-Bulls.html


"Saudi Arabia is likely to extend its voluntary 1 million-barrel oil supply cut for the third consecutive month into October amid uncertainty about supplies, five Wall Street analysts have predicted. The initial cuts appear to have worked, with oil prices climbing about 15% in the past month to about $86 a barrel. "

"Last month, the Energy Information Administration (EIA) forecast total U.S. output will hit 12.61M bbl/day in the current year, eclipsing the previous record of 12.32M bbl/day set in 2019's and easily beating last year's 11.89M bbl/day. U.S. crude oil output is up 9% Y/Y, which under normal circumstances would blunt OPEC’s efforts to keep supplies low in a bid to goose prices. There is little doubt the U.S. Shale Patch is largely responsible for keeping oil markets well supplied and oil prices low: Rystad Energy has estimated that whereas OPEC and its allies have announced cuts amounting to ~6% of 2022's production, non-OPEC supply has made up for two-thirds of those cuts, with the U.S. accounting for half of that. Thankfully, U.S. output is unlikely to go high enough to put significant pressure on international prices."

[BigPapaKain]

****'s sake. Just do a search on Stewy's posts to find out why this is nonsense.

Short and long - the president has next to zero control of gas prices; including his policies. See also: global economics.

[*pally*]

(08-23-2023, 10:10 PM)BigPapaKain Wrote: ****'s sake. Just do a search on Stewy's posts to find out why this is nonsense.

Short and long - the president has next to zero control of gas prices; including his policies. See also: global economics.

and while you are at it, read the P&L statements of the oil companies explaining their record profitd