Yellen: Oil Prices Are Set in Global Markets, Not Based on Domestic Production

Breitbart ^ | 06/01/2022 | Trent Baker

[ChicagoConservative27]

Treasury Secretary Janet Yellen on Wednesday addressed the record-high oil prices.

CNBC “Squawk Box” co-host Becky Quick asked Yellen if there was any consideration to reverse the decision to cancel the Keystone XL pipeline to ease the cost at the pump for Americans.

President Joe Biden signed an executive order on his first day in office to put an end to the construction of the pipeline.

[ChicagoConservative27]

She put some extra stupid in her coffee this morning.

[ClearCase_guy]

Supply and Demand
We could increase our part of the supply.
That would lower prices. Here and everywhere.

[Steely Tom]

So President Trump controlled global markets. That what she’s saying?

[freespirit2012]

Interesting.. so price is not related to supply.

[Georgia Girl 2]

I guess she thinks someone will believe that.

[cotton1706]

She’s supposedly one of the best and brightest.

And she’s an abject fool.

“Only an intellectual would believe that. No ordinary man would be such a fool.” - George Orwell

[DuncanWaring]

For the most part, she’s right about that.

A lot of slack-jawed mouth-breathers out there.

[bray]

Biden could solve this disaster in 15 mins if he wanted to. We are one of the globe’s biggest producers and has been closed down.

[motor_racer]

So Russian production influences oil prices, but domestic production does not? Or where does “Putin’s price hike” come from?

[Sirius Lee]

Yeah, because somehow domestic production doesn't add to the global supply.

She should be fired immediately for sheer incompetence.

[z3n]

Her point is partially true, HOWEVER, if were were freaking energy independent like we were under Trump (and demand was higher then too), then we would be a net exporter, which means lots of things;

1) We wouldn’t have to repeatedly tap our strategic oil reserves
2) Regional supply will be higher, so even if global prices are high, the distribution load/cost/latency will be lower for us, and that would curb some of the price.
3) Our net GDP goes up because we are an exporter!!! What a freakin concept ay? You know, not importing everything!

[Steely Tom]

Biden could solve this disaster in 15 mins if he wanted to. We are one of the globe’s biggest producers and has been closed down.

Yeah, but the petro ain't goin nowhere. It'll still be there in 2024.

[Oldeconomybuyer]

Dem/Communists are at war with domestic energy producers. It’s part of The Plan.

[abbastanza]

There was no global market when Trump was President because he put OPEC out of business with our domestic production. These dummies don’t remember oil was never over $60 bbl during that time.

[Feckless]

Yes, you stupid, Lying C#nt, but American Production (or lack of) affects Global Markets... and you know it.

[daler]

“She should be fired immediately for sheer incompetence.”

Her sheer incompetence is why she was hired.

[LS]

It’s hard to imagine that these scrudpuddles can be this stupid. It had to take years of practice.

[liberalh8ter]

She's not talking to conservatives, she's talking to democrats who don't understand economics.

[AAABEST]

Someone tell this fkn STUMP that when a country like the USA trashes its production, it’s BAAAAAAD.