Posted on 05/20/2022 11:21:58 AM PDT by EBH
WASHINGTON, May 19 (Reuters) - The U.S. House passed a bill on Thursday that allows the U.S. president to issue an energy emergency declaration, making it unlawful for companies to excessively increase gasoline and home fuel prices.
The bill must pass the Senate, which is unlikely, and be signed by President Joe Biden to become law.
The legislation, sponsored by Democratic Representatives Katie Porter and Kim Schrier, passed the House 217 to 207, with no Republicans supporting it. In the Senate, evenly divided at 50 members in each party, 10 Republicans would need to support it for the bill to pass.
(Excerpt) Read more at reuters.com ...
Brandon is the one gouging us.
Did Pelosi staff write the headline for Reuters?
“Did Pelosi staff write the headline for Reuters?”
Another example where the private sector can do a better job than the govwenment.
We’re saved!
We’re saved!
We’re saved!
😫
Great. Now we won’t have to pay high prices for fuel. There won’t be any to buy.
Icing on the cake of the complete take over of US energy.
They have to have a means to control us if they're successful in moving lots of people to electric vehicles.
Ping
Without Criminal Prosecution of the Tarnished State of Crazyfornia, this is Meaningless.
The price of oil comes from NYMEX, not Exxon, and not Rosneft. Not really even from Saudi Aramco.
When the price was $0/barrel in early 2020, there was talk in the oil fields of shutting down. And counter talk about nationalizing the companies.
There has also been talk of nationalizing the companies when the price goes very high.
Neither scenario has triggered nationalization of Exxon or Chevron or Occidental Petroleum or Conoco or others . . . yet.
But make no mistake here — the vast majority of oil produced in the world comes from nationalized companies.
Rosneft (Russia), Equinor (Norway), Saudio Aramco, Pemex (Mexico), PetroBras (Brazil), PetroChina — all NOCs (National Oil Companies) and these dominate the industry, not the handful of remaining private companies like Exxon, Chevron, BP, Total, Royal Dutch Shell. Those are devolving into minor players.
The dirty little secret? It doesn’t matter if you are private or public. Oil is getting scarce. You can’t command oil to emerge from the ground at gunpoint if there is none there.
“Oil is getting scarce.”
Please elaborate. I read periodically of the discovery of new oil fields.
Local pump went up 40 cents in one day...
I am far more worried about tax-gouging.
The top five oil-producing countries have known reserves of about one trillion barrels.
The world uses about 36 billion barrels a year. So we have…at current usage levels…about 28 years of reserves. Those five countries are Venezuela, Saudi Arabia, Canada, Iran, and Iraq. It does not even include the US, Mexico, Britain, Norway, Kuwait, and so forth.
It looks like we will be good for a while longer.
Only way to fight oil and gas price gouging is by drill,baby drill
This is the way it works:
(1) The Democrats enact some stupid policy that creates a shortage in some
commodity.
(2) Supply and demand causes a sharp increase in price of the commodity.
(3) Producers sell their supply at the higher market price.
(4) Democrats accuse the producers of “price gouging” by simply selling at the
market price.
Liawatha, a.k.a Gray Beaver, is a prime example of this.
Oil will only be scarce if Governments won’t allow drilling
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