09-08-2023, 07:47 PM
(09-08-2023, 07:07 PM)LSUfaninTN Wrote: If you’re attributing low gas prices to Covid, here’s a month by month breakdown of gas prices in 2019.[*]
[*]January: $1.39
[*]February: $1.53
[*]March: $1.79
[*]April: $1.97
[*]May: $1.88
[*]June: $1.72
[*]July: $1.82
[*]August: $1.63
[*]September: $1.67
[*]October: $1.66
[*]November: $1.66
[*]December: $1.67
Nothing to do with Covid. Biden raised oil prices by shutting down a major pipeline the first day he was in office. Oil is a major backbone of this economy. We’re shooting ourselves in the foot while Russia and China have no plans on “going green” because they know it’s unrealistic. They’re not idiots like we are.
Also, has anyone broken the news to you yet that the US dollar will most likely not be the standard international currency for much longer? But sure, Biden is killing it.
This has been beaten to death, but no, that isn't the reason. The Keystone Pipeline was not operational and was not supplying oil to the market. The United States right now is on track to drill more oil in a calendar year than we ever have in our history. It is recognized that oil is the backbone of the economy, hence high production. Oil prices started raising due to a production cut in the middle of COVID. Once lockdowns were released, demand recovered more than anticipated and the supply wasn't there to manage the prices. Oil reached a low price in April of 2020 and steadily climbed from that point on before spiking hard in February and March of 2022 - the Russian invasion of Ukraine.
Hydrocarbon markets are volatile and there are many, many factors that influence them. They are a global market. Biden cancelling the Keystone, and many other Biden policies, are not affecting current hydrocarbon prices in any significant way. Now, 5-10 years down the road, they might be, but they aren't right now. The U.S.A. is producing at an all-time high.
