Marjorie Taylor Greene Says Biden “Abused His Power” by Lowering Gas Prices

True. Trump went to Saudi Arabia for that purpose:
https://www.reuters.com/article/us-...se-u-s-military-support-sources-idUSKBN22C1V4

US oil was in trouble due to low prices, causing a good number of bankruptcy cases.

Making oil (and therefor gas) more expensive was an important solution for helping out our oil industry.

 

Absolutely.

I think people have various warped views about the oil industry. For various false assumptions, they tend to think that oil companies don't have to carefully manage their businesses, like everyone else in business does.

They absolutely CAN overinvest in drilling and go bankrupt when prices change or when drilling turns out to be more expensive than they thought, or other of the reasons that companies of all kinds don't always succeed.

 

That is an example of ignorance.

 

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still much lower than it was just 6 months ago

 

We should be using our own crude oil. We have plenty.

 

What's your plan?

 

I don't agree at all.

By moving away from oil, we can be less dependent on it.

For example, 2/3 of our oil consumption goes to transportation. That's a great big fat target for reducing our independence. Think of using maybe half of the oil we use today! Oil would become much less of a strategic concern. Maybe we could avoid some of the wars we involve ourselves in.

The rest goes to various industrial uses. For example, it's used to make the plastic that ends up polluting our environment.

 

We need oil. It fuels our economy. Wind and solar power can’t do that.

We have plenty of our own. We don’t need to be dependent on other nations. Other nations who aren’t particularly friendly to us too.

 

And, I asked what is your plan to accomplish that?

OK, let's remember that those who pump that oil in the USA OWN that oil. They can sell to the highest bidder, regardless of where they are.

Let's remember that there is a world commodities market that works very much like our own US commodities markets, essentially setting prices for hogs, soybeans, etc.

So, what is your plan? What do you want changed?

 

Quote; The increase in gas prices……

We had a “Perfect Storm”

1. An Oil Market Crash…..Due to a very weak demand for crude oil products, Oil Producers HAD TO lower their production from a record high/13 million barrels per day to 9.6 million barrels per day.

2. Refiners were keeping up with demand until the Texas Deep Freeze, Feb 10-27, 2021.

February’s Utilization Rates;

a. First week; 83%
b. Second week; 83.1%
c. Third week; 68.6%
d. Last week; 56%……that’s a historical low

March

a. First week; 69%
b. 2nd week; 76.1%
c. 3rd week; 81.6%
d. Last week; 83.9%

AND THEN, their most severe/destructive 2021 Hurricane; “Ida”, late August, 2021

Utilization rates

a. Third week, August; 92.4%
b. 2d week, September; 82.1%
c. And then, a long period with an UR of below 90%

Source; EIA’s Weekly U.S. Percent Utilization of Refiner Operable Capacity

Now, the math; What’s a minus 5% UR equates to?

Total Production Capacity; 17.9 million barrels per day

X 93% = 16.5 million barrels per day
X 88% = 15.8 million barrels per day

Minus 800,000 barrels per day

Also, 15.8 million bpd produces approx. 8.2 million barrels of Gasoline per day, and 4.6 million barrels of Diesel per day, combined, approx. 13 million barrels per day, DOMESTIC DEMAND, 13 million barrels per day…..Bingo!

Wait a minute, minus EXPORTS, NO!

3. The “pent-up” DEMAND/post-full vaccination demand

Fact; When Trump was POTUS, his highest increase of Personal Consumptions, Nominal was + $680 billion, 2018……. 2021 increase of Personal Consumptions; + nearly $2 Trillion, Nominal.

4. Biden’s $2 Trillion Covid Package, approved End March, 2021, poured gasoline on fire.

Last, 2021, Demand exceeding Production Capacity was UNAVOIDABLE. Even Trump couldn’t have increased production to meet demand.

Anticipated Response from a few Republicans; “Stop making excuses”.

 

Too bad we can’t fuel our vehicles with jingoism!

 

If we could fill them with stupidity someone would have a lifetime supply.

 

My plan would be to return to extracting our own oil and restoring our own refining capabilities.

I’d go back to fracking.

I’d expand the use of nuclear power.

Greater use of natural gas.

I’d continue the use of coal

 

Quote; I’d go back to fracking

We are fracking, and not too long ago, we also had supply chain issues;

Reuters, Feb 15, 2022

Headline; As oil prices soar, U.S. Drillers scramble to find sand for fracking

CEO, Tall City Exploration…..

“We can’t get enough sand”

“The sand market is so tight because fewer people have been working in the mines, and there has been a shortage of truck drivers”

“Ultimately, it will slow everyone down if it doesn’t resolve itself”.

 

Whatever helps you cope.

 

What we pay is still set by the global market.

 

How did it benefit Biden? Was he up for re election?

 

yep, was nice at the pump, but Trump wanted us to pay higher prices

cutting the supply during covid was a mistake, as when demand picked up, the supply was not there

 

We ARE extracting our own oil. It's just that those who extract it, own it.

And, they can sell to the highest bidder, in the US or not, like other businesses.

 

No nearly enough.

 

The US could flood the global market with oil bringing the cost down dramatically.

 

So all the infrastructure to do that is in place?

 

Yes. It is. It has been for several decades.

 

So what is stopping them from doin it now?

 

big American oil won't do that as it would bring down costs, that is the point

nor would we want them too, let's import cheap foreign oil, save our oil for our children