Re: OT. Investigate the Oil Companies

Nov 18, 2021 Last reply: 4 years ago 7 Replies

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Scott Lurndal 4 years ago

> Biden is blaming the oil companies for the recent gasoline price increases.

>> The people running them aren't saints, of course, but this is just standard political blather.
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>And he's doing it after shutting down XL

Since it had never carried crude, shutting down has zero effect on current crude supplies. OPEC reducing production has a far greater effect.

Name the policies promulgated by the President that can possibly have affected current petroleum prices. Executive order or signed a bill presented by congress are the tools available to him. The fact that he is in office during a period of pandemic induced inflation is simply coincidence.

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gfretwell 4 years ago

Oil is a global product. Push down here, it goes up over there. There are lots of factors but Biden suppressing supply here will be felt around the globe. Obviously there are still a lot of factors at work tho.

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gfretwell 4 years ago

Oil price is always based on the future, not right now. That is why your gas station raises the price on gasoline based on what he will pay next time in spite of the fact that what he has in his tanks was bought at the lower price. Shutting down pipelines, cutting off oil leases affects speculation and future prices. They price oil based on what it is going to cost, not what they paid in the past to fill their tanks.

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invalid unparseable 4 years ago

Absolutely right. I also speculate that part of the inflation in the UK is due to Biden's action here.

I just heard a US senator say that liberals are guilty of denying reality.

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Scott Lurndal 4 years ago

Nonsense. Supply and demand drive prices.

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gfretwell 4 years ago

Perhaps you need to study up a little on oil futures. Gas and oil prices we pay are based on the future price of oil, not what it cost for the oil in the ground at your local WaWa or at the bulk plant..

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trader_4 4 years ago

It's not all Biden's fault, but he gave a clear signal to the oil markets around the world that higher prices are A-OK and he doesn't care. Market psychology plays a role. That's why one day a stock or commodity can look great at 1000, next day people suddenly change and think it's only worth 800.

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trader_4 4 years ago

You libs are really clueless when it comes to business. I've been in businesses for thirty years and one factor when it comes to raising prices or not is what you think is coming next week, next month, next year. Biden signaled that he wants to reduce supply and is OK with higher prices. Even some of you libs admit the truth, that you want higher oil prices to force people from using oil.

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