Posted on 08/12/2021 6:26:07 AM PDT by Hojczyk
Administration may have little leverage to influence prices: analysts
Later, Biden, in a speech, underlined that theme, saying that gasoline prices have remained high as oil prices fell. “I want to make sure that nothing stands in the way of oil-price declines leading to lower prices for consumers,” he said.
High oil prices, particularly when translated into rising gasoline prices, are always a politically sensitive issue. Biden is hardly the first president to take aim at OPEC, or to urge regulators to take a close look at gasoline prices.
Retail gasoline prices averaged $3.14 a gallon in July, the highest since October 2014, the Energy Department’s Energy Information Administration said in a monthly report Tuesday, reflecting “rising crude oil prices and rising wholesale gasoline margins, amid relatively low gasoline inventories.”
But analysts questioned how effectiveBiden’s efforts would prove. By the end of Wednesday’s trading session, oil had rebounded, while gasoline futures posted their highest finish since July 30.
West Texas Intermediate crude for September delivery CL.1, -0.40% CLU21, -0.40% ended the day up 96 cents, or 1.4%, at $69.25 a barrel on the New York Mercantile Exchange. October Brent crude BRN00, -0.24% BRNV21, -0.24%, the global benchmark, rose 81 cents, or 1.2%, to close at $71.44 a barrel on ICE Futures Europe. September gasoline RBU21, -0.64% jumped 1.5% to close at $2.3022 a gallon.
Moreover, Biden’s own target of net-zero emissions by 2050 means that encouraging increased U.S. oil output “appears to be an absolute nonstarter,” said Helima Croft, head of global commodity strategy at RBC Capital Markets, in a note.
(Excerpt) Read more at marketwatch.com ...
It is real simple biden. Resign and turn the job back over to Trump.
“What’s the suprise and demand stuff the ecologonomists keep talking about? C’mon man!”
Saudi Arabia need 65 dollar oil to support the country....
And that pipeline you shut down? What an ahole.
Lol. More incompetence.
If that’s even possible.
Inflated dollar has an lot to do with this increase in gas prices.
So how much is Hunter getting?
Fundamental Transformation
Barry v3.0
“Embrace The Suck”
Kill the Keystone Pipeline. Kill new drilling leases in the U.S. Whine foreigners are driving up oil prices. Lib logic.
Crocodile tears. Dems want gas to be $5/gal or more. Can’t sell electric cars if gas is cheap.
Biden speaks out all four sides of his climate mouth.
In deference to his climate alarmist supporters he has caused the cancellation of a major oil pipeline from Canada to the U.S., but he ended U.S. sanctions against the Nordstream project that sends natural gas from Russia to Germany, and now he wants Opec to support lower oil prices so U.S. consumers can buy more gasoline, but he wants consumers to get out of their fossil fuel cars and drive electric (battery) powered vehicles.
When it comes to so called “climate change” and fossil fuels, Biden, being the great hypocrite he is, is trying to be all things to all folks on all sides of the issue.
The first thing Biden does when he gets in office is screw up our nation’s oil industry.
This hurts us, but it benefits the Biden Crime Family.
Foreign oil producers are rewarding The Democrat Party Crime Syndicate.
More like $3.50/gallon in California, really hurting working people. (as usual "minorities and women hardest hit"). My teachers' aide has to travel to several schools and her husband (as a drug counselor) to several facilities. She said gasoline prices are killing them.
The media, as is always in the case of RATS, are silent.
My neighbor said it costs $75 to fill up his new truck 3/4 of the way - and that's why he and his wife (Conservatives!) are moving to Texas, b/c they can now work from anywhere.
A Cali conservative is not the same as a TX conservative. Sooner or later, they’ll start saying; We need more street lights. We need sidewalks. We need bike paths. We need, we need, we need.
Vegetables are not capable of thought, let alone speech.
“Inflated dollar has an lot to do with this increase in gas prices.”
Good point. For me economics is a slippery subject.
“I want to make sure that nothing stands in the way of oil-price declines leading to lower prices for consumers,” Traitor Joe said.
—
“As long as we phase out fossil fuel mining and drilling in the US, we can become totally dependent on our good friends the Russians and the Saudis - whom I’ve been begging to increase production so we can lower the price of gasoline; consumers should definitely see lower prices.
“That, coupled with eliminating the use of natural gas in new construction, will greatly help both the green power industry with its humongous subsidies and China, who makes most of the polycarbide for panels and rare earths for batteries.
“Of course, with the 31 new taxes and the unlimited tax increases on those making less than $500 thousand a year (included with our $3.5 trillion dollar Infrastructure Bill) will greatly help pay for all of this spending on green initiatives and other utopian-making ideas, with most of the money going to our good friends in the green industries who will make life feel better for the consumers,” Traitor Joe added.
Did California save Ted Cruz?
When Californians started moving to Texas in big numbers, the concern of many Texans — especially conservatives who have dominated Texas politics for decades — was that those crazy, lefty Californians would bring their progressive politics with them. But it appears that Californians are making Texas, well, more like Texas.Chuck DeVore, made us aware of a very interesting exit poll taken in Texas on Election Day. Turns out that ex-pats living in — and voting in — Texas supported Senator Ted Cruz in his high-profile reelection bid by a 15 percent margin, with an older poll of Californians in Texas suggesting that by more than 2 to 1, they’re conservative vs. liberal.
Ted Cruz: 50.5%
Beto O'Rourke: 48.3%
https://www.hjta.org/california-commentary/did-california-save-ted-cruz/
“My neighbor said it costs $75 to fill up his new truck 3/4 of the way - and that’s why he and his wife (Conservatives!) are moving to Texas, b/c they can now work from anywhere. “
If they can work from anywhere, meaning to me they can stay at home a lot, why are they worrying about fuel price.
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