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

And so you propose that Biden somehow force private industry to produce more? How do you propose that he address the industry's financial incentive to withhold production? Hint: new federal leases ain't gonna cut it. That would be an even smaller drop in the bucket than the reserve releases.

 

Not force, allow.

 

Are you trying to say Republicans are responsible to administration energy policy?

 

They can already produce more without any need for the government to allow them to do so. Nothing is stopping them except for their financial interests.

 

Who is not allowed to produce more oil?

 

No. As an example, now that the Germans will never be able to enjoy the convenience and lower prices associated with Nord Stream 2, they face far more costly importations of liquified natural gas from (guess where) the United States, among other sources. But, part of the problem is that they don't have the port facilities or the storage capacity for all the LNG they would require on a recurring basis to offset the shortfall. The Germans will have to completely overhaul their coastal seaports and that will take a LOT of time and a LOT of money.

The only workable alternative that I've heard about is to offload the LNG at ports in Spain and/or Portugal and then pipe the stuff all the way over to Germany. Look for both the French AND the Germans to raise holy hell about that!

 

Not the administration's energy policy . . . the industry's energy policy.

 

Right now companies which extract oil from the ground are not allowed to do so in several oil rich regions. Also regulations and fees have put in place by the Biden administration which prevent these companies from taking advantage of leases which have previously been approved.


Please, think for yourself for a change. Quit simply accepting the left wing line.

 

Bull ****.

 

Then why did you connect it to Republicans taking over one chamber of the congress?

Besides, industry polices are impacted by administration energy policy.

 

I made no such connection. Meanwhile, no, their decisions are based on profits, not on the administration.

 

Snotty insult aside, your claim does not seem real.

There are over 9,000,000 acres of undrilled leases. Other than lack of motivation, there is nothing stopping oil companies from drilling.

https://storymaps.arcgis.com/stories/63745d4475104a33968081ff008e36b9

And why would they? Their profit margins are fine.

 

There was no “snotty insult.”
Because of administration policy, it is not worth the time and effort to increase production. The profit margin not there. That is why the existing leases are no being taken advantage of. Administration policy makes it non profitable.

Stop just mimicking the liberal line and do some true research.

 

. . . the profit margin is there to NOT increase production REGARDLESS of the current administration. No, the administration is not in charge of what is profitable here. Supply and demand are. Stop just mimicking the Trump copy/paste line and try to do at least a few minutes of homework.

Hell, you couldn't even address the very basic facts about unused federal leases. That should have been homework assignment #1.

 

What policy is that? Previous to the current administration, what policy was there that prevented these leases from being drilled?

 

He doesn't limit it today ?

 

It doesn't currently because it is being blocked and leases are at lows.

Strawman. He has the power to tax and regulated and limited it out of existence which Biden wants to do.

Why would they want to under Biden policies that are geared to run them out of business? You are correct they do not have to they can take their money and invest it in other things. How would that do for our economic growth?

I AGREE!!!! And it is because of the policies of the current administration. That is the objective fact that you and your side seem incapable of addressing.

 

Yet there are shitloads of unused leases . . . and federal leases make up less than 10% of oil production. We can cover the rest when you are capable of grasping that fact. You won't. No one is actually dumb enough to think that Biden is responsible for the high gas prices, especially when the oil industry IS ABSOLUTELY ****ING LOVING THE HIGH ****ING GAS PRICES. How is it that you didn't know, until today, that profit motives are a ****ing thing for ****'s sake?

 

Oil is a commodity traded in the speculative market. All market influences impact the sale and price of oil including, war in Ukraine, Covid, and supply related issues based on individual country policies including those of new administrations. OPEC would have opposed the Keystone pipeline simply because it represented an avenue of supply and thus diminishes their ability to control the market from a supply side.

Traders buying selling oil futures absolutely start to buy futures when they perceive the value will increase (which it did).

Now we can sit here and argue about what circumstances caused what percentage of increase, but what can't be discussed is the notion that oil policies of this administration didn't have SOME impact. They did, and they still do.

Gas prices when Trump took office was $2.33 per gallon average. They were $2.38 when he left office. The notion that COVID is responsible is silly. We are just now seeing supply issues and related higher costs from COVID in 2022, when COVID happend in 2020 and the cost of gasoline weren't really impacted in 2021?

Gas prices during the Biden Administration have increased from $2.38 to a high of $5.01 and have settled in at $3.41 (currently). Thats over a dollar more per gallon than when Trump left office.

Maybe Trump's policies didn't lower costs, but they certainly didn't raise them like we are seeing to some degree with Biden.

https://fred.stlouisfed.org/series/GASREGW

Biden said himself that he is release oils from the Strategic Reserves to combat higher gas prices WHILE doubling down on his anti-petroleum initiatives. In what world does that make sense?

Not really relevant to this discussion either.

So, in your mind, there is NOTHING a president can do to impact the futures market for oil?

 

Hint: There will be no "new approach". Democrats got what they wanted.

 

Not sure where you are getting that info from.

We have regularly released from the reserve due to natural disasters, severe interruptions, and to raise money for various spending.

Simply to "bring down prices" is not very common, nor valid.

https://www.energy.gov/ceser/history-spr-releases

 

Yes . . . to curtail rising prices.

When has it ever been used when it didn't bring down prices? Also, you guys have been screaming for Biden to lower oil prices . . . this is one of his only tools available to do so.

 

Wow? Bragging about our strategic reserves being used up ?
That's hyperpartisanship if i've ever seen it
NOBODY benefits from that except a man named Joe Biden

 

They are allowed to produce as much as they want.

 

So, you don't consider the spike in oil price and its contribution to inflation as being serious?

I'll have to say I heard a lot of people being seriously concerned about inflation at that time.