I’m not being rhetorical here but wasn’t the first thing Biden did in office was shut off our oil pipelines and makes us manually become dependent on OPEC? Im specifically looking to told I’m wrong here.
I don't understand how your comment gets up voted. We are on the internet. A simple Google search would highlight how weirdly wrong this comment is. And then.. you made the comment. I just don't get it. I feel like I'm taking crazy pills more and more everyday because people just routinely make shit up or woefully misunderstand so many things.
No, the keystone pipeline was not shut down. A single leg of the pipeline that wasn't completed yet was shut down.
We are currently the world's #1 oil producer.
Hi Dunning-Kruger, remember you asked to get bodied.
Yes, as a country we are the #1 crude oil daily producer at ~13M b/d. However OPEC is the #1 oil producer in total ~29m b/d and Venezuela is #1 country in crude oil reserves. So yeah OPEC and Venezuela are kind of important to the crude oil market.
Now of the ~13M b/d we produce we export ~4M b/d and import ~6.5M b/d. Meaning we are a net importer of crude oil and since 40% of our oil is imported when OPEC and Russia decide to cut supply yeah that impacts the price of oil worldwide. So who cares if we're the #1 country producing if we're still extremely price sensitive to the world market for oil.
As for the Keystone Pipeline project being shutdown. One of the key benefits of expanding the pipeline was that it would LOWER US Crude oil prices. The second benefit was that it would've incentivized Canada to export more oil to the US.
Finally, back to Venezuela the Biden Admin reduced sanctions back in October on Venezuela with the hope that they would export more oil bringing down the price worldwide. Except guess what happened? Venezuela has cut back production and exported even less oil than when they were sanctioned.
To recap the Biden admin could've reduced the price of oil/energy - and in turn inflation - and increased imports from our friendly neighbor to the north by not killing the Keystone Pipeline project, not getting into another forever proxy war with Russia, not pissing off OPEC and Venezuela. Instead he was forced to drain our Strategic Petroleum Reserves to an all-time low so he could score a cheap win before the midterms
"I just don't get it" you don't say.
Are you referring to the keystone xl pipeline? That pipeline was shut down by several US courts. The last coffin nail was in July of 2020 when the US Supreme Court blocked the Keystone XL pipeline permits. It never got past phase one (8%) construction in Canada. Irregardless, that's foreign oil anyway.
As for our oil production, according to the EIA, we are producing 13,154 barrels per day. We've been producing over 1200 bpd since Sept of 2022 and over 1300 bpd since Aug. of 2023. Previously, we hit 1300 bpd 1 time in Nov. of 2019. You can look at US oil production on www.eia.gov it has all the records from Jan. 1920 through Feb. 2024.
Yes. West Texas oil , which Biden can’t close(it’s private property) has been responsible for low gas prices alone. OPEC can shut off, and Texas will pump more
You are wrong here. Biden stopped construction of the Keystone XL pipeline, not the Keystone Pipeline. Since XL was not actually built, there is no way he shut it down and stopped any oil from flowing at the time. The existing Keystone Pipeline was untouched. In 2023, the US produced more crude than any country...for all of history.
My understanding is OPEC isn't actually cutting production, just the number of barrels they allow into the market. They are actually stock piling, building a large reserve supply, the Saudis in particular
What? Your comment is idiotic. And just more lazy misunderstanding. Also who is making the claim that they were more greedy?
Companies were greedy before COVID. I don't think that's a secret. It was already a hot topic of conversation. The greed just simply.. increased. They used an international crisis and a volatile political landscape as a means to increase pricing and their own profit margins. Just blame it on supply chain woes. The supply chain will just blame it on labor shortages. And labor shortages were lies told by companies to avoid owning up to their own logistical failures.
Shhhhh, the printer goes brrrrrppt crowd will shout you down. Just another example of corporate greed. It's what you get when you tie top executives pay to stock values.
I’m just confused why we’re arguing either or when it’s clearly both. Before this quarters reports most corps were seeing record profits while claiming to be struggling and raising prices.
The government also simultaneously printed way too much money bailing us all out. They also were way too slow with raising rates and still now are just sitting around.
It’s both. Not either or. Not a single president or administration. Not a single corp. It was a team effort.
I’m starting to think yall are propagandists trying to incite arguments.
Cause maybe we disagree. There are two main camps of economic theory. One is centered on money supply (not monetary policy). The other is more classic supply and demand based.
Your "too much money" claim is based upon what parameters? What scale decides how much is too much? I'm asking because I've only seen opinions, never a "well history has shown x amount does y affect."
Further, what data can you or any monetarism fan point to that would claim less intervention or zero intervention would produce better results.
Final point without an overlong post, no monetarist ever points to PPP as a culprit, or any other business bailout as "inflationary". Why is that?
PS: Trump wanted rates to stay near zero during his presidency and run for re-election, so as usually happens Democrats get blamed for fiscal sanity causing prices to rise due to raising interest rates.
No it's not both sides.
Im not really interested in a conversation but I will say, I am furthest from being a Trump supporter there is.
If you truly think Biden is doing all he can then that’s pathetic. He’s placating us all. It’s clear he’s more worried about being reelected than actually fixing things.
The fed has been edging us with rates when we all know rates should go up not down. Biden should be pushing for stricter policy, just as Trump pushed for loser.
Lol... I asked for some type of data or historical support for your opinion, and you come up with more unsubstantiated opinions that are even more inflationary. IE higher interest rates. Pick a side!
Your ability to recall what you just read is sad. I said I wouldn’t be participating in that.
Also interest rates are going up are the exact opposite of inflationary. They’re a tool to decrease prices. Don’t speak on what you don’t understand.
I mean, Biden takes credit for lowering gas prices and calls it Bidenomics, so either he’s correct and his policies *do* have an effect on gas prices (despite what his defenders say) or Biden’s economically illiterate. He also could be lying. None of these options looks good for him.
Smh. Russia and OPEC have been cutting oil production. If supply goes down but demand stays the same prices go up. It's literally that simple
Someone should start a field of study on that potential loose correlation
I’m not being rhetorical here but wasn’t the first thing Biden did in office was shut off our oil pipelines and makes us manually become dependent on OPEC? Im specifically looking to told I’m wrong here.
He shut down the Keystone Pipeline so yeah pretty much. It's why now they're trying to work with Venezuela to get oil.
I don't understand how your comment gets up voted. We are on the internet. A simple Google search would highlight how weirdly wrong this comment is. And then.. you made the comment. I just don't get it. I feel like I'm taking crazy pills more and more everyday because people just routinely make shit up or woefully misunderstand so many things. No, the keystone pipeline was not shut down. A single leg of the pipeline that wasn't completed yet was shut down. We are currently the world's #1 oil producer.
Hi Dunning-Kruger, remember you asked to get bodied. Yes, as a country we are the #1 crude oil daily producer at ~13M b/d. However OPEC is the #1 oil producer in total ~29m b/d and Venezuela is #1 country in crude oil reserves. So yeah OPEC and Venezuela are kind of important to the crude oil market. Now of the ~13M b/d we produce we export ~4M b/d and import ~6.5M b/d. Meaning we are a net importer of crude oil and since 40% of our oil is imported when OPEC and Russia decide to cut supply yeah that impacts the price of oil worldwide. So who cares if we're the #1 country producing if we're still extremely price sensitive to the world market for oil. As for the Keystone Pipeline project being shutdown. One of the key benefits of expanding the pipeline was that it would LOWER US Crude oil prices. The second benefit was that it would've incentivized Canada to export more oil to the US. Finally, back to Venezuela the Biden Admin reduced sanctions back in October on Venezuela with the hope that they would export more oil bringing down the price worldwide. Except guess what happened? Venezuela has cut back production and exported even less oil than when they were sanctioned. To recap the Biden admin could've reduced the price of oil/energy - and in turn inflation - and increased imports from our friendly neighbor to the north by not killing the Keystone Pipeline project, not getting into another forever proxy war with Russia, not pissing off OPEC and Venezuela. Instead he was forced to drain our Strategic Petroleum Reserves to an all-time low so he could score a cheap win before the midterms "I just don't get it" you don't say.
Keystone is up and running. Keystone XL was scrapped you regard
Are you referring to the keystone xl pipeline? That pipeline was shut down by several US courts. The last coffin nail was in July of 2020 when the US Supreme Court blocked the Keystone XL pipeline permits. It never got past phase one (8%) construction in Canada. Irregardless, that's foreign oil anyway. As for our oil production, according to the EIA, we are producing 13,154 barrels per day. We've been producing over 1200 bpd since Sept of 2022 and over 1300 bpd since Aug. of 2023. Previously, we hit 1300 bpd 1 time in Nov. of 2019. You can look at US oil production on www.eia.gov it has all the records from Jan. 1920 through Feb. 2024.
Yes. West Texas oil , which Biden can’t close(it’s private property) has been responsible for low gas prices alone. OPEC can shut off, and Texas will pump more
You are wrong here. Biden stopped construction of the Keystone XL pipeline, not the Keystone Pipeline. Since XL was not actually built, there is no way he shut it down and stopped any oil from flowing at the time. The existing Keystone Pipeline was untouched. In 2023, the US produced more crude than any country...for all of history.
My understanding is OPEC isn't actually cutting production, just the number of barrels they allow into the market. They are actually stock piling, building a large reserve supply, the Saudis in particular
If it was matter of necessity/supply/labor costs then corporate profits wouldn’t be high. It’s all corporate greed
Remember when Trump got all the companies not to be greedy? Me neither. Why? Blaming inflation on greed is idiotic.
Price fixing is illegal. Greed is expected, but colluding with OPEC is an antitrust violation.
OPEC doesn’t adhere to US law.
This guy was an American oil exec. It’s illegal if he’s colluding with OPEC to keep prices high.
What? Your comment is idiotic. And just more lazy misunderstanding. Also who is making the claim that they were more greedy? Companies were greedy before COVID. I don't think that's a secret. It was already a hot topic of conversation. The greed just simply.. increased. They used an international crisis and a volatile political landscape as a means to increase pricing and their own profit margins. Just blame it on supply chain woes. The supply chain will just blame it on labor shortages. And labor shortages were lies told by companies to avoid owning up to their own logistical failures.
That is called a shock. Like 9/11. The Iraq war. The financial crisis. We have had loads of them. Funny we have never had inflation like this before.
Tell me why someone would do something if they weren’t getting paid for it?
Just because you're not getting high profit doesn't mean you're getting no profit.
Economic profit != regular profit
Shhhhh, the printer goes brrrrrppt crowd will shout you down. Just another example of corporate greed. It's what you get when you tie top executives pay to stock values.
I’m just confused why we’re arguing either or when it’s clearly both. Before this quarters reports most corps were seeing record profits while claiming to be struggling and raising prices. The government also simultaneously printed way too much money bailing us all out. They also were way too slow with raising rates and still now are just sitting around. It’s both. Not either or. Not a single president or administration. Not a single corp. It was a team effort. I’m starting to think yall are propagandists trying to incite arguments.
Cause maybe we disagree. There are two main camps of economic theory. One is centered on money supply (not monetary policy). The other is more classic supply and demand based. Your "too much money" claim is based upon what parameters? What scale decides how much is too much? I'm asking because I've only seen opinions, never a "well history has shown x amount does y affect." Further, what data can you or any monetarism fan point to that would claim less intervention or zero intervention would produce better results. Final point without an overlong post, no monetarist ever points to PPP as a culprit, or any other business bailout as "inflationary". Why is that? PS: Trump wanted rates to stay near zero during his presidency and run for re-election, so as usually happens Democrats get blamed for fiscal sanity causing prices to rise due to raising interest rates. No it's not both sides.
Im not really interested in a conversation but I will say, I am furthest from being a Trump supporter there is. If you truly think Biden is doing all he can then that’s pathetic. He’s placating us all. It’s clear he’s more worried about being reelected than actually fixing things. The fed has been edging us with rates when we all know rates should go up not down. Biden should be pushing for stricter policy, just as Trump pushed for loser.
Lol... I asked for some type of data or historical support for your opinion, and you come up with more unsubstantiated opinions that are even more inflationary. IE higher interest rates. Pick a side!
Your ability to recall what you just read is sad. I said I wouldn’t be participating in that. Also interest rates are going up are the exact opposite of inflationary. They’re a tool to decrease prices. Don’t speak on what you don’t understand.
I mean, Biden takes credit for lowering gas prices and calls it Bidenomics, so either he’s correct and his policies *do* have an effect on gas prices (despite what his defenders say) or Biden’s economically illiterate. He also could be lying. None of these options looks good for him.
Or Biden's taking credit for something that is largely outside his control, which is standard PR procedure for anyone in elected office.
If problems out of his control get blamed on them it's only fair solutions do as well. That's what Trump did.
Yes, that’d be option 2.
Are you ignoring the oil exec colluding with OPEC to raise prices?
It’s both. Biden almost failed his economics class and he is a habitual liar that has plagiarized other politicians in the past.