Biden demands faster drop in gas prices as oil tumbles

[Mycroft]

Biden can't force US oil companies to start drilling.

He doesn't have to. He just has to get out of the way.

 

[lwf]

He doesn't have to. He just has to get out of the way.

He's not in the way. He is approving drilling permits. He can't force the oil companies to actually use them.

 

[Mycroft]

He's not in the way. He is approving drilling permits. He can't force the oil companies to actually use them.

It doesn't do any good to approve drilling permits when he turns around and prevents those permits from being acted on.

Don't believe the lies and gaslighting.

 

[Craig234]

What we have here is that the facts are Biden can't change gas prices, he can tweet, but that politically the issue can be used to attack him as if they're his fault. Think Republicans will take advantage to make false attacks?

 

[lwf]

It doesn't do any good to approve drilling permits when he turns around and prevents those permits from being acted on.

Don't believe the lies and gaslighting.

How is he preventing permits from being acted on? Isn't that what a permit is? Permission to act?

 

[Cardinal]

Biden demands faster drop in gas prices as oil tumbles

President Joe Biden is using his bully pulpit to call out the tendency for gasoline prices to go up like a rocket when oil spikes, but only drop like a feather when crude crashes.

www.cnn.com

--

Does Biden have a point?

It appears oil has been tumbling the last week, down 23%.

Um...yeah? The disparate responses to the change in price of oil validates the claims of price gouging.

 

[Craig234]

Yes, he does. Gas went up instantly when oil went up. It should come down at the same rate. Gas has fallen by $0.03 here this week, one penny at a time. When oil spiked it went up $1.50 in under a week.

It should be noted it wasn't a 'supply' caused price spike, it was a speculation caused price spike.

 

[Mycroft]

How is he preventing permits from being acted on? Isn't that what a permit is? Permission to act?

There's more to producing oil than just getting a permit. There are also a slew of government regulations that impact efforts to act upon those permits.

 

[Chainsawmassacre]

Then why did the rice in gas prices in response to a rise in oil prices happen so fast if it's all about propagation time as you describe?

Gas station owners are to blame for that.

 

[Chainsawmassacre]

No kidding. But when the oil prices rise, the gas price at the pumps rises instantaneously. Why is the reverse not true? In a global market, that difference of 3-4 days is worth billions collectively.

Why was it when a few years ago, oil dropped to a negative dollar amount, didn't the pump prices drop accordingly? That's the point when profits started to soar beyond anyone's comprehension.

I see only one way to get out from under the thumb of the oil cartels, and that's to stop using so much. It's a pretty common-sense theory.

Gas station owners get greedy when price goes up and slow to act when prices go down

 

[Bullseye]

So, he wants lower prices and more drilling? Economics wasn't one of his strong topics in school.

 

[poweRob]

Biden and his pukes are STILL trying to deflect blame. First, it was COVID. Then it's the Russians. Now, it's those greedy oil companies.

They won't ever own up to THEIR part in rising oil prices and the resulting inflation.

Crude is around $30 off it's high price now. See any of that drop at your pumps yet?

 

[poweRob]

There's more to producing oil than just getting a permit. There are also a slew of government regulations that impact efforts to act upon those permits.

You don't know a ****ing thing about what you are talking about. You get the lease. You get various permits. You file the sundries. You get the bonding. You drill.

Don't believe the lies and gaslighting.

Don't worry. Rational people here don't believe any of your lies and gaslighting.

 

[diz]

Biden demands faster drop in gas prices as oil tumbles

President Joe Biden is using his bully pulpit to call out the tendency for gasoline prices to go up like a rocket when oil spikes, but only drop like a feather when crude crashes.

www.cnn.com

--

Does Biden have a point?

It appears oil has been tumbling the last week, down 23%.

It’s like King Canute ordering the tide to stop coming in.

 

[diz]

So it seems they are doing exactly what Biden claims:

They are taking a higher profit on the prices they raise against the cheap gas in the tanks, then keeping that profit when they sell the new gas in the tanks & keep the same price as prices recede back down..

Basically, they seem to be profiteering.

You’re accusing businesses of trying to make profit?

Say it isn’t so!

I wonder if they were trying to make a profit back when gas was $2? Must not have been I guess.

It’s fascinating to me people here were seriously attempting to argue Democrats don’t discourage oil and gas production in the midst of other threads where they argue for absurd punitive measures against oil producers.

 

[MaryP]

With quarterly profits ranging in the area of $8 billion (and that's just Exxon), I hardly think the oil industry has to risk holding the bag.

Then please explain to me and all the other dummies out there why in my area are their two Exxon stations no more than 2 miles apart with a $.70 / gal. difference for reg. gas? This is all the time, not just during hard times or war time. Seems to me one of these two owners is price gouging. When a customer is being raped at the pump, all they know is they're being raped.

Why would ANYONE go to the station charging 70 cents more ? That doesn't even seem possible.

 

[HangLow]

Crude is around $30 off it's high price now. See any of that drop at your pumps yet?

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[HangLow]

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[rickc]

Oil purchased at a certain price point doesn’t instantaneously get to the pumps as gas. Takes a while to get through delivery to refineries, get refined, get delivered to gas stations and finally get pumped by consumers.

Oil purchased at a certain price point doesn’t instantaneously get to the pumps as gas

now i certainly believe that but why is it that as soon as the price of oil goes up the price at the pump rises?

Then when the price of oil falls it is weeks later that the price at the pump falls?

 

[Helix]

There should be a better public sector energy competitor, IMO. That would be a good way to fund our transition from fossil fuels.

 

[diz]

Oil purchased at a certain price point doesn’t instantaneously get to the pumps as gas

now i certainly believe that but why is it that as soon as the price of oil goes up the price at the pump rises?

Then when the price of oil falls it is weeks later that the price at the pump falls?

I recall studies years back showing this is not true. There are 3 big components in street level gas prices (4 if you include taxes) crude oil price, refining margin, and retail margin. Retail margin used to be pretty steady, but I don’t know if that’s as true with all the supply chain issues these days. Refining margin and oil price are somewhat uncorrelated iirc. So you may have a case where oil is going down and refining margin is increasing. In most cases the person refining the barrel is not the same person producing it. All phases of the market are highly competitive and all parties always are trying to make as much money as they can. Competition makes prices go down, not lack of desire for profit.

 

[Outlook]

Biden demands faster drop in gas prices as oil tumbles

President Joe Biden is using his bully pulpit to call out the tendency for gasoline prices to go up like a rocket when oil spikes, but only drop like a feather when crude crashes.

www.cnn.com

--

Does Biden have a point?

It appears oil has been tumbling the last week, down 23%.

Oil prices dropped, so why haven’t gas prices?

Just a week ago, the price of a barrel of oil was substantially higher, but gas prices were actually lower. What gives?

ktla.com

 

[bullseyelqcs]

Doesn't matter about "all over the world". The US can be independent of world oil prices. We can control the market.

Did you really just advocate for nationalizing the oil industry, because that is the only way your proposition works in any way.

If Exxon can get a barrel of oil out of the ground for 33 bucks, and we offer them 44 bucks for that barrel, you would be an idiot to think they would sell it to us at that price when they can sell it on the world market at 96.

Couple that with the fact that for every barrel they pull out here, OPEC simply doesn't pull one out on thier side, this keeping the supply static and the price the same.

Only way we combat this is to use less, plain and simple.

 

[Mycroft]

Did you really just advocate for nationalizing the oil industry

No.

 

[bullseyelqcs]

No.

So then how do you propose companies drilling here actually will affect the price in any meaningful way?