No, but that’s irrelevant. We saw what pro-oil policy does under Trump. Makes all boats rise…
It is absolutely relevant.
I will ask again- is all oil created equally? What about all oil not being equal is relevant to the cost of producing oil?
I’m not doing your homework. If you have some point about oil quality write it up yourself. The rest of US know what gas costs during Trump and we know why!
Fits the quote:
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship."
(Alexander Fraser Tytler )
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Whether or not an actual minimum wage law is in place, the economy essentially has a $15 minwage. (When that’s the starting rate at MCDonalds, it’s the effective minwage.)
And here we are. It’s still not enough, and we want more largess from the public treasury!
Do you?
Do you know, for example, the the two biggest things Trump did on behalf of US oil companies were two acts that actually increased the price of oil?
I’m not asking you to do my homework. I’m on top of that.
I’m asserting that you haven’t done yours, but have let FoxNews and right wing media tell you what to believe.
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You can pretend all you want, we all saw the results. LIke violence in dems cities caused by years of bad policy! We see it…
Oh and did you know that in Jan 2017, the price of oil was around $55 a barrel, and by January 2020 (right before the pandemic), it stood at around $65 a barrel?
Yes, Obama admin did not count on fracking and capitalism adapting. We all know that. What does that have to do with oil Quality?
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We can see the results.
What you fail to see is what you think was happening behind the scenes is not, in fact, what was happening.
Trump’s first action on behalf of US oil companies was to nix the Iran deal- this took 3 million barrels of oil off the world market.
The second was to threaten Saudi Arabia in 2020 that they would either cut oil production, or he would reconsider our 70 year old defense arrangement with them…even had two GOP Congresspeople draft a bill withdrawing US defense support as a club to wield in order to force compliance.
Both these actions raised the price of oil (it spiked in 2018, something a lot of Trump supporters have probably forgotten).
It also set up Biden to immediately be at odds with MBS (something he then exacerbated himself by being equally snippy with MBS as Mr. Trump had been).
This all goes to the point to say the US oil and gas industry needs higher oil prices, not lower prices, in order to be productive.
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Trump was President during the time period when oil rose $10 a barrel, not Obama. So why are you mentioning him?
Yes, Trump wanted domestic oil production to make America wealthier. MAGA policy! Biden begs the Saudi’s because of the admins bad domestic oil policy!
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Domestic oil production requires higher prices, not lower prices, to operate.
So your original statement that drilling more in the US will lower prices is incorrect.
And it doesn’t make AMERICA wealthier. It makes American oil execs wealthier.
Oil companies need to make a profit. The price they sell stuff for is irrelevant, if they are making a good profit.
Supply and demand. Increase supply to more than demand and the price drops. Econ 101
Hence why “drill baby drill” will not lower prices because US oil is expensive to produce.
You’ve almost got it…you just have to take the final step.
Ooh you were soooo close, but still haven’t got it.
This works both ways.
When the supplier (i.e. US-produced oil) requires a certain price below which it cannot profitably produce, it won’t produce. So if the price drops below that, US producers will not produce no matter how much customers demand them to.
it’s why oil production has pretty much been on the undulating plateau it’s been on for almost a decade now. The price that allows economies to thrive is increasingly becoming disconnected from the prices oil companies need to keep producing.
Its why…going way back to my original post…the statement “all oil is not created equal”…is INCREDIBLY relevant to this discussion.
This is the issue with US oil production and why the US is not a swing producer…and why it is still at the mercy of those nations, like Saudi Arabia, which are swing producers.
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Okay, that was a good one