Posted on 03/05/2021 1:13:28 PM PST by rktman
Gas prices are on the rise nationwide, and former Shell Oil president John Hofmeister is concerned that they may go even higher with the Biden administration now in office.
Crude oil prices are currently rallying, driving the national average for gas prices to $2.75 as of Thursday morning, based on AAA reports — and that number is expected to increase. Hofmeister spoke with Maria Bartiromo on Fox Business’ “Mornings with Maria” segment Thursday to address the root cause of why Americans are currently paying more at the pump.
“The reason gasoline is coming back up is we’ve been in a shutdown period for many of the refineries, and so that puts a squeeze on what’s available in terms of final product,” Hofmeister said.
“But there’s something else that’s going on that’s more subtle. What that is is that the industry, the producers, are practicing serious capital discipline and they’re not roaring back to produce more oil. And also, they’re getting squeezed by the administration,” the former Shell president said.
“So the ban on leasing — the prohibition on new leases from the Biden administration — that’s going to create a psychology in the industry of, ‘There’s going to be less available,’ and the psychology drives the pricing as well.”
“As long as we see this hostile administration, we’re going to have a problem with prices,” he added.
(Excerpt) Read more at westernjournal.com ...
I first read this as “former shell of a president” and thought it was an acknowledgement Bidet is not in charge.
This is the democrat’s purpose. They knew what affect it would have and did it on purpose. Go ahead, vote democrat again next time!
How long before the Rats subpoena the eeeevil oil company execs and have them testify for being greedy mofos?
SE Michigan, 11/25/20- $1.699 —3/5/21-$2.499
And that’s low prices.
*
I like Hoffman, but he has been soooo wrong in the past.
He lost a $100 bet with Stuart Varney last year when he predicted oil was headed for $100/barrel.
He has “predicted” sharply rising oil prices for years...he has a much better chance of being correct this time.
President cadaver
I keep yapping the same thing...these idiots are insuring they will lose the House, Senate, and Presidency in upcoming elections.
I suppose that is why they are trying to cram through all this stupidity in the next two years??
It just reinforces my opinion that liberalism is a mental disorder.
Could be headed there now.💰😯
We were at $3.18 yesterday in the Reno NV area.
Yes, I think Hoffman finally is going to be waay correct.
Will Stuart pay up? 😄💰
As I recall, Hoffman wagered that the price would be at $100/barrel by the end of the year the bet was made...I think it finished up at around $50/barrel and Stuart kidded Hoffman into paying up.
So the “bet by” date came and went. 😄
‘Is going to” ???
Up over 75 cents a gallon in my neck of the words. All over $3 a gallon when it was only 2.35 when the chomo stole the election.
100% mail in. Dont worry about a thing. There is never a contested election and results are announced before sundown.
they can do anything they want now ....$20 a gallon ....no problem it wil save the planet by reducing the carbon footprint......go ahead vote ....I dare ya ....LOLOLOL
The election was stolen and now we are all going to suffer because nobody has the damn balls to put a stop to these seditionists.
How exactly is this “explosive”? Your blog sucks btw
The RATS are not going to lose a damn thing. They are just going to cheat in 2022 and 2024.
Nobody will stop these crooks.
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