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What Democrats don't get about gas prices
Yahoo Finance ^ | Mar 15, 2022 | Rick Newman

Posted on 03/15/2022 1:35:37 PM PDT by where's_the_Outrage?

herapists advise against making major decisions when you’re highly emotional. Democrats should heed that advice and stop proposing rash ways to lower gasoline prices.

With pump prices now averaging $4.33 per gallon, President Biden and his fellow Democrats in Congress clearly worry that motorist pain could doom them in the November midterm elections. Biden’s Energy Secretary, Jennifer Granholm, practically begged U.S. energy firms to produce more oil at an industry conference on March 9. Biden officials are pleading with Middle East drillers and even pariah nation Venezuela to boost supply. Some Democrats in Congress want to impose a new “windfall tax” on oil companies that could finance taxpayer rebates meant to compensate for costly fill-ups. And there seems to be some chance Congress could suspend the 18.4-cent-per-gallon gasoline tax.

The common failure of all these ideas is a misunderstanding of the dynamics in the oil and gas industry, which in the United States is dominated by private-sector firms answerable to shareholders and investors—not to government ministers. “The left thinks oil companies set oil prices,” says Dan Dicker, founder of The Energy Word and author of “Turning Oil Green.” “That’s just false. Oil companies don’t set prices. If they did, they wouldn’t have let oil prices go negative in 2020.”

Democrats proposing the Big Oil windfall tax, including Sen. Sheldon Whitehouse of Rhode Island and Rep. Ro Khanna of California, cite Exxon Mobil’s profits to make their case. In 2021, they point out, Exxon’s profit jumped 60% over pre-pandemic levels. Gas prices during that time rose from $2.69 to $3.41. That means, by extension, that Exxon profits when oil and gas prices rise.

(Excerpt) Read more at msn.com ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; News/Current Events
KEYWORDS: gasprices; oil; oilprices; painatthepump
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To: where's_the_Outrage?

Our fundamental problem is we have way too much government everywhere you look. Government is like insurance. You shouldn’t have any more than you just gotta have.


21 posted on 03/15/2022 3:00:10 PM PDT by RatRipper (The Biden Adm is leading an attack against US citizens . . . pure evil.)
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To: kiryandil

LOL!


22 posted on 03/15/2022 3:07:07 PM PDT by RushIsMyTeddyBear (Miss you Rush!)
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To: Snowybear

Exactly. They love coercion.


23 posted on 03/15/2022 3:09:47 PM PDT by RushIsMyTeddyBear (Miss you Rush!)
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To: where's_the_Outrage?

” If they did, they wouldn’t have let oil prices go negative in 2020.”

Oil futures. Specifically the WTI May futures. Brent Crude spot price closed at $9.21.


24 posted on 03/15/2022 3:43:50 PM PDT by TexasGator (UF)
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To: kiryandil

25 posted on 03/15/2022 5:10:51 PM PDT by 4Liberty (Remember when government paved the Roads and trained the Army – instead of lying and oppressing?)
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To: 4Liberty
face with tears of joy face with tears of joy face with tears of joy face with tears of joy

True dat!

26 posted on 03/15/2022 5:57:44 PM PDT by kiryandil (China Joe and Paycheck Hunter - the Chink in America's defenses)
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To: where's_the_Outrage?

I bet before Brandon is done, gas will be $10 a gallon.

I just ordered 100 “I Did That!” stickers we all need to stick on every gas pump.

Time to dig in people!!! Drive it home, and don’t give the left an inch!!!!!


27 posted on 03/16/2022 5:10:05 PM PDT by Wildbill22 ( They have us surrounded again, the poor bastards- Gen Creighton William Abrams)
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