Update March 31, 2022 Remarks by President Biden on Actions to Lower Gas Prices at the Pump for American Families | The White House
Update: March 30, 2022: Those who claim energy production, oil and gas, has been reduced under Biden, so therefore he is responsible for the price hike at the pump, ignore data that shows production levels at least equal Trump era ones, that Biden has issued more drilling permits, that production will increase, per the Administration's figures.
Update: 3/17/2022 Gas prices measured in cost for crude by the barrel have fallen this past week based on several factors: China cut usage in a COViD surge and market speculators who drove up prices are taking out their profits. https://www.yahoo.com/finance/m/c32f4ddb-ac83-3823-971d-fc5be8bdcfa1/oil-prices-tumble-below-100.html Steve Rattner on MNBC this morning calls the market volatile and maybe due to Russian oil still being sold. Europe's pledge to reduce dependence on Russian energy is incremental and within an end of year timeline, so that has not yet been felt. There will be a lag ime before lower prices of oil will be felt at the pump as retailers have to go through their inventory they bought at higher prices. This makes it hard to predict what the price of gas at the pump will come down when. .. So easy to predict: The GOP is trying to exploit the rise in gas prices for their political advantage. They are counting on the ignorant to join in. Here's my answer: Cutting Russian imports to hurt Russia for the Ukraine invasion has bi-partisan support but not the support of the whiners who don't care or are the members of the MAGA glad for vlad crowd.. Second, understand that gas and oil are commodities, and the prices are set by oi cartels located outside the US. By limiting supply, they can rake in more profits.What Determines Oil Prices? (investopedia.com) There are two things that would help consumers...one, release strategic oil reserves to increase supply, which Biden is doing, and the other is declare a federal moratorium on federal gas taxes. That will impact the US budget. In the meantime, Biden is threatening action for price gauging since oil company profits are at a high and awash in profits. The other concerns increase drilling which is not yet at pre covid levels and the other is for oil companies to drill on the nearly 8 thouand permits they hold and are not drilling. Biden did issue a pause in more oil leasing on federal lands, but he did not ban drilling. Even industry admits the impact is on their fears for the long term, but not on the short term. In the longer term, let's go greener and reduce our dependence on oil and gas. The GOP has been fighting tooth and naile against any green measures. Which ones of these are you willing to support.?. And if none, shut up.
https://www.cpr.org/2022/03/15/colorado-oil-gas-prices/?utm_medium=email&utm_source=lookout&utm_campaign=lookout20220315
Exxon posts biggest profit in seven years on high oil prices | Reuters
Energy prices lift BP profits to 8-year high | Reuters
https://www.politico.com/newsletters/politico-nightly/2022/03/08/how-biden-could-lower-gas-prices-00015352
According to the Department of Interior, the oil and gas industry "has stockpiled millions of acres of leases," and is "sitting on approximately 7,700 unused, approved permits to drill
."Biden issues broad moratorium on oil and gas leases on federal lands and waters | S&P Global Commodity Insights (spglobal.com) Note; ( This is the petroleum industry answer. The upshot is that Biden's moratorium could have long term impacts but in the short term there is a surplus of inventory of leases to drill. Biden's moratorium did not include any bans on drilling...just a pause in leasing.
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