Posted on Nov 6, 2021
'The Five' react to Biden's energy secretary laughing off solutions to rising gas prices
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Our current Energy Secretary. I 100% agree with the bipartisan editorial that follows and most Economists at least the ones that taught me at the University of Wisconsin would totally disagree with her Characterization of OPEC as a Cartel that controls Oil Prices. They have attempted to control prices with limited success but over their history have really never been able too. The recent resurgent visibility of OPEC and Russia over markets (they do not control the price) has to do more with Biden cutting back United States production of Oil and making us dependent once again on Oil imports.
Economics
Economy
Oil and Energy
Edited 3 y ago
Posted 3 y ago
Responses: 3
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LOL!! WE EXPRT 40% OF OUR DOMESTIC OIL! You honestly think the domestic Oil Barons like the Kochs want to see us americans finally get a fair shake?? I have a bridge if you do. Hope you like those high pump prices that this causes.
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LTC David Brown
Do you have a source for your assertion that we export 40% of the oil we produce? Your comment is a simplistic answer to a complex situation. Yes we export oil because of the cost of shipping to refineries. One of our export markets is Canada, we also import oil from Canada,why? Because cost of shipping . Canada has refineries closer to US production and our natural gas is cheaper then world market prices so Canada exports to better price markets and buys cheaper us natural gas. Us exports petroleum to Canada’s Easter seabird where most of Canada’s refining capacity is located. In 2020 the US exported more than it imported. What year is your data from?
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SPC Erich Guenther
I'll make sure I complain to the Associated Press their info is wrong: https://apnews.com/article/why-is-biden-halting-federal-oil-and-gas-sales-b8f03552c2c2fa7ec0dfc5debeb3f882
EXPLAINER: Why is Biden halting federal oil and gas sales?
BILLINGS, Mont. (AP) — President Joe Biden shut down oil and gas lease sales from the nation’s vast public lands and waters in his first days in office, citing worries about climate change...
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SPC Erich Guenther
And then Biden realizing he totally effed up the Oil Market AFTER THE SPIKE IN PRICES..... https://www.wsj.com/articles/joe-biden-suddenly-loves-frackers-oil-industry [login to see] 0
Opinion | Biden Suddenly Loves Frackers
After waging war on the industry, Biden wants its help to reduce gas prices.
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This women s basically a clown. There are two reasons OPEC turned down Biden’s request to produce more oil. OPEC nations suffered economic losses during Covid shut downs and OPEC wants to gain more money. Obama and Biden stabbed Saudi Arabia in the back by backing Iran. Once Biden got shut down by OPEC he went to US oil producers to increase supply. US oil producers were miffed that Biden didn’t ask them first but they have responded. Us oil producers have responded reluctantly because of Biden’s hostility to the oil industry. Biden apple Ted to shut down oil leases, but a moratorium on oil production on federal lands, shut the Keystone XL pipeline etc. it is worth noting that in 2020 the US exported more oil than it imported. First day in office Biden screwed that up.
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SPC Erich Guenther
She was equally horrible as the Governor of Michigan. I am not in agreement with appointing political hacks or Cronyism. I think it should always be the best person for the job. There are far better people in the Democratic Party that could have taken on this job. This is a political hack appointment as POTUS does not view it as an important position.
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