posted by Dr Winston O'Boogie

Biden is a terrible leader, with that I do not disagree.  However he is in no position tomdo much with oil prices.  Our oil prices are set by the world market - especially since we started exporting.  Covid cut production by at least one third and drove many smaller drillers out.  THe domestic industry is sitting on over a decade's worth of permits that have yet to be drilled.  With prices this high, they have little incentive to do so until demand wanes.  

Biden or any other president does not have a magic lever to change gas prices.  Sorry.  

Then why is he going begging to Saudi Arabia for oil at $120?

When you have a comprehensive policy strategy of decapitating the fossil fuel industry, why would that industry not go into defensive mode?  Why risk capital in this hostile environment?  The rise in prices is squarely on these libs and leftists, and they've as much as admitted it.  They don't care that the middle class is being crushed. 

Can't you dorks bicker elsewhere? I want to know the gas prices! 

posted by gut

It definitely takes at least a few years.  His policy reversals won't start to have an impact for at least another year.

Although it's also true that producers think the current price pressure is transient, and so they aren't bringing wells on line that become unprofitable when oil goes back to $60.

Also, I'm not sure the grid can handle millions of more EV's.  Numbers I've seen floated are $2T to modernize that infrastructure.

Can't they just print the money needed? What's the worst that can happen?

posted by QuakerOats

Then why is he going begging to Saudi Arabia for oil at $120?

When you have a comprehensive policy strategy of decapitating the fossil fuel industry, why would that industry not go into defensive mode?  Why risk capital in this hostile environment?  The rise in prices is squarely on these libs and leftists, and they've as much as admitted it.  They don't care that the middle class is being crushed. 

Liberal environmental nonsense does not help - no doubt.  But the industry has huge forces driving it that are much larger than Biden.  The industry will produce basex upon supply and demand.  THey may alter long term strategy based on how they see long term environmental policy affecting them, but the demand for oil and the international benchmark for it will factor in exponentially more than DC.  

Just like Trump/Biden can't do a whole lot to affect plans to open a factory that have been in place for a decade, the president can do very, very little to move the oil benchmark.  

Guess the two places I saw it at 5.09 this morning said "oh shit, we don't want it above $5" so they dropped it back to 4.99 and the place I got it for 4.74 this morning was also 4.99.

I had to get some premium this morning; it wasn't pretty.  I opted for just half a tank. 

My drive to Minnesota in August is going to suck a big one.

posted by justincredible

My drive to Minnesota in August is going to suck a big one.

If you have patience….driving 60 instead of 70 saves a good bit.

My Accord has a 17 gallon tank and I typically drive 64-66 mph to and from school and I get around 480 miles on a tank (some in town driving mixed in that’s not standard or consistent)….when it went over $4 I left 5 min earlier and drive 59 mph and I went 550 miles on that tank. Basically getting about 2 more gallons of driving out of my tank…..so at the current rate of $5 a gallon I’m saving $10…..or roughly $0.60 a gallon.

posted by QuakerOats

I had to get some premium this morning; it wasn't pretty.  I opted for just half a tank. 

Reminds me of Shaq...

posted by Ironman92

If you have patience….driving 60 instead of 70 saves a good bit.

My Accord has a 17 gallon tank and I typically drive 64-66 mph to and from school and I get around 480 miles on a tank (some in town driving mixed in that’s not standard or consistent)….when it went over $4 I left 5 min earlier and drive 59 mph and I went 550 miles on that tank. Basically getting about 2 more gallons of driving out of my tank…..so at the current rate of $5 a gallon I’m saving $10…..or roughly $0.60 a gallon.

I’m not patient.

posted by QuakerOats

I had to get some premium this morning; it wasn't pretty.  I opted for just half a tank. 

What vehicle do you use premium in?

Absolutely silly to think that policy doesn’t affect gas prices.

posted by Fletch

Absolutely silly to think that policy doesn’t affect gas prices.

As I said, it does.  But much more so in the long term.  Today’s, and nextmonth’s, and 6months from now’s oil prices are primarily driven by:

1. Worldwide demand

2. Current production capacity

3. Additional capacity coming online during that time.

Anything Biden says about green cars or pollution requirements has only a tiny effect on those three things in the short and medium term.  The kings of OPEC (especially Saudi) have way more direct effect on oil prices because they actually dictate daily production.  Saudi Aramco will produce exactly what the king says to produce - today.  Our industry doesn’t work that way, though it is tied to this dynamic of OPEC.  

Our oil industry is sitting on years’ worth of approved permits.  As Gut said, small producers are not coming in line yet because they just got destroyed by Covid and probably don’t have the capital nor enough history to be assured prices will stay high.  Big producers are making money hand over fist right now.  Until demand drops from right now, they have no real incentive to bring new production online.

Policy today has some effect in that it influences long term demand, But that is years out.  Denying drilling permits in public land sounds horrible, but the industry already drills millions of barrels on public lands - those wells are in permitted status.  And like I said, the industry has at least 10 years worth of new production in permits it already holds that have yet to be tapped.

My point is no president deserves particular praise or condemnation for oil prices on his watch.  Now that we are an oil exporter, we are part of the world benchmark just like everyone else.  

posted by Laley23

Reminds me of Shaq...

LOL 

I haven’t purchased gas since January. 

I but I have some serious road tripping coming in July. Looking forward to filling my 16 mpg vehicle with 87 and reporting back. 

posted by justincredible

I’m not patient.

Yet enjoy the Jets and Reds

posted by Ironman92

Yet enjoy the Jets and Reds

From years of reading his posts about those teams, I'm not exactly sure "enjoy" is the right word!

posted by Heretic
From years of reading his posts about those teams, I'm not exactly sure "enjoy" is the right word!

Well…regardless he’s shown incredible patience

$5.09 here.  Thanks Obama!

posted by Ironman92

Well…regardless he’s shown incredible patience

It helps when you completely stop paying attention when they're terrible.

posted by justincredible

It helps when you completely stop paying attention when they're terrible.

So how do you know the names of any of the players?

posted by Ironman92

So how do you know the names of any of the players?

If I knew I was taking a test today I would have studied.

$5.25 in Fort Wayne.  Thanks Brandon!

I just can’t care less about suspending the federal gas tax. 

You should be grateful! It's going to save you less than $20 over 3 months.  Thanks Joe!