Gaius
July 31, 2023, 7:44pm
2
Except for the Joe Biden’s first year, and Joe Biden’s second year
we have not seen prices this high (his 3rd year) since 2015 (Obama’s 3rd year)
I don’t think we can reasonably blame corporate greed.
Do they get greedy when Obama and Biden are president but not when Trump is president?
Nope. Not corporate greed. Something else is at play here.
1 Like
Gaius
July 31, 2023, 8:49pm
4
Wait!! Maybe oil prices are up because we have started refilling the Strategic Petroleum Reserve, (or at least stopped draining it.)
Hmm.
Nope that’s not it either.
Jan 2021 (Joe Biden takes office)
SPR = 638m barrels
Jan 2022
SPR = 589m barrels (7.6% drop)
Jan 2023
SPR = 372m barrels (36% drop during an election year)
June 2023
SPR = 349m barrels (still dropping)
July 2023
SPR = 346m barrels (still dropping)
SOURCE: https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCSSTUS1&f=W
1 Like
Camp
July 31, 2023, 9:29pm
5
We have seen the spike here in retail price jumping from 3.49 to 3.89 per gallon of reg gas.
1 Like
It’s been $3.95 here for weeks.
1 Like
Every time a dem is in office, gas prices get higher than me.
4 Likes
Gaius
August 1, 2023, 12:31am
9
Hmm
Oct Last Year, WSJ
.
Dec Last Year, CNN
.
May of this year, The Hill
.
.
.
.
.
And then, 2 weeks ago, via CNN
Very Interesting.
Sources:
2 Likes
Camp
August 1, 2023, 12:36am
10
Nice. Elect Biden or your oil bank stays empty.
1 Like
Guvnah
August 1, 2023, 1:42am
11
Of course, elect Trump, and they’ll get filled again.
3 Likes
Gaius
September 14, 2023, 10:17pm
13
OIl has just hit $90/barrel again.
Below is an inflation-adjusted chart
1 Like
I have noticed that in this thread as well as the other thread there has been no mention of The OPEC production reduction: a million barrels a day. Surely that has something to do?
Gaius
September 14, 2023, 10:44pm
16
You mean like when I mentioned it here?
The Saudi’s voluntarily cut their production by 8% and have extended the cut until at least December.
They seldom state explicitly why they do such things but they
have a beef with Biden for draining the SPR and then reneging on his promise to refill it
have a beef with the US Fed for lack of clarity and wild swings in interest rate policy.
Most TV analysts seem to be speculating that is the root cause of their decision, but who knows for sure?
I was not trying to be dishonest.
Oil hit $90/barrel
I searched up my oil-related threads and added the news to whichever one was at the top of the results page.
2 Likes
Oh, I was not trying to say that you were being dishonest. But that wasn’t the other thread I was referring to.
1 Like
Axxowiz
September 14, 2023, 11:59pm
20
Make no mistake while they don’t want high gas prices to hurt their chances in the election, they have np with the prices going higher it’s all part of the green initiative.
Maybe Biden will try to get the strategic reserves up again and release them during the presidential races like he did during the midterms. I mean that’s what reserves are for right.