Posted on 02/09/2021 7:30:03 AM PST by SeekAndFind
On the front page of Monday's paper edition of the Wall Street Journal is an article titled: "Oil Rises as Supply Tightens and Demand picks up."
I read the article (retitled in the online edition), and somehow, I didn't find any mention of Biden's executive orders blocking pipelines and oil leases as a substantial reason why prices have taken off. His and the Democrats' policies of doing everything they can to block supply is what is contributing greatly to the increase. They are very helpful to Russia, Iran, and other producers who truly appreciate the rising prices and are very happy to have reduced competition.
In 2008, a substantial contribution to the deep recession was when oil prices skyrocketed due to mass speculation. The price spike greatly reduced discretionary spending and greatly harmed the poor, the middle class, and small companies, though they harmed everyone. They got to $130 per barrel and around $4 per gallon. An "expert" at Goldman Sachs predicted they would hit $200 per barrel.
President Bush was an oil man, and he recognized the problem, so he greatly increased drilling, and when the speculators saw that the additional supply would come, the prices collapsed to under $40 per barrel and under $2 per gallon by the time Obama took office.
The drop in oil prices along with the TARP loans and the Federal Reserve dropping rates and flooding the market with liquidity is what caused the end of the recession 130 days after Obama took office. It is a shame that we continue to hear that Biden and Obama policies, including the stimulus plan, caused the economy to come out of recession when the policies that caused the end of the recession were in place before they took office.
(Excerpt) Read more at americanthinker.com ...
And when gas is 4-5 dollars a gallon the RATS will blame it on those evil oil companies. They always do.
The word is BLAME.
Warren Buffett, the chairman and CEO of Berkshire Hathaway Inc., this weekend lamented the $10 billion investment he pumped into Occidental Petroleum Corp. last April and said he plans to invest more money into wind and solar power.
“If you're an [Occidental] shareholder or any shareholder in any oil-producing company, you join me in having made a mistake,” he said, referring to negative oil prices late last month that happened as a result of the oversupplied U.S. oil market and collapsing demand (Energywire, April 21).
“It was attractive at oil prices that then prevailed,” Buffett said of Berkshire's Occidental bet. “It doesn't work, obviously, at $20 a barrel. It certainly doesn't work [at] minus $37 a barrel.”
The famous investor predicted that “oil production is going to go down a lot in the next few years because it does not pay to drill.”
Buffett’s comments were made in Omaha, Neb., at the conglomerate's annual shareholder meeting. The closely watched event — a largely online affair this year due to the coronavirus pandemic — stretched nearly 4 ½ hours. Climate change never came up.
I paid $1.66 for regular unleaded on election day, $2.22 yesterday.
Fox and wsj are sister corporations. They are both guilty of underhanded betrayal of Trump and support of biden.
After almost 50 years with the WSJ, I cut the ties for good yesterday.
Because CO2 emissions are dropping like a rock. No. Wait. That would be the very reason to shout
See tagline, or rather, not see tagline...
Fuel prices going up?
Democrats know that they wont be blamed, especially when the majority of the media helps the democrats by ignoring to inform Americans about the causes.
Besides, oil prices and gasoline prices going up, is always blamed on the evil, rich oil companies. Been that way ever since democrats discovered how to deflect blame from their damaging policies.
Prices will rise, because almost everything is delivered by truck at some stage. Expensive fuel = higher prices.
Something else the WSJ won’t report on is the Boeing & Dell deal which Boeing will outsource 10% of its IT function to Dell. This has to be a multi-billion dollar deal and all there is is a canned story from the Seattle Times.
NotSees...haha...That is very good!
Related article here:
https://oilprice.com/Energy/Energy-General/Oil-Sees-Strongest-January-In-30-Years.html
This article also makes the point that the usually published inflation indexes do not remotely reflect the true cost of living for most US citizens / residents. (That’s a point I once argued fiercely with another, usually astute FReeper, a few years ago.)
It’s up about 60 cents a gallon here in southern Indiana since election day.
I paid $3 per gallon yesterday, southern Puget Sound.
At the bottom of my street it was $1.93 for months and months.
The day after the election it went to $1.98 now it is around $2.30
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