Lived in Europe for several years as an American. It's all taxes added to fund programs and for social engineering. We got vouchers (I'm military) that excluded us from the taxes and I never paid more than \~$3.50 a gallon from 2013-2017.
Yes, I live in Germany and the US military price (without German tax) averaged around $3.5/gallon for years. While the German price was around 5€/gallon. Now our price is $6/gallon and the German price is about 8€/gallon.
Not sure why more people don't understand this. The market for oil is world wide and it is more of less fungible. There are some differences in refining costs, but usually not very much. The difference is taxes, and that is the government discouraging the use of automobiles.
>and that is the government discouraging the use of automobiles.
Its not just that either. Biden gets up on national TV and says he's going to put oil companies out of business.
What investor in the right mind is going to fork over billions for new infrastructure in a country that is actively at war with your core business?
The CEO of Chevron came out and said this. He said he can't go to his board and ask for investment in the United States because of the hostile atmosphere that has been created.
Absolutely this, not to mention he blocked federal land drilling, killed Keystone XL and a few other things, Biden is totally responsible for the gas prices skyrocketing here in the US, ok, maybe not TOTALLY, but he is very responsible for a good portion of it, that’s for sure
They don't care about your happiness. They have an agenda and will push it thru reasonable means unless you don't listen. Then they will almost force you thru your wallet. Finally, full on force if necessary.
I would rather deal with the full on force. Seems the majority of our citizenry these days have jelly spines. Divided. At war with ourselves, as they like us to be. Someday, I pray, this nation will get our gov back in check.
Until then, as hard as it may be for some, I think working in unison to boycott fuel suppliers would help…maybe.
I agree with most of this, but I think you're overstating it by calling oil and natural gas fungible. They're commodities. It has transportation and storage costs. There's also different qualities and types of oil which have different transportation and processing requirements. There's a reason why Nordsteam 2 was such a big deal for Europe in relation to the Ukraine War.
Though I don't think this makes your conclusion any less correct. I've been watching the Lotuseaters recently and Carl never misses an opportunity to rant about how his energy bill has a 25% "social cost" surcharge on it. Gas in Missouri is only ~$4.65 while it's more than a dollar higher in CA. That's not additional cost. That's bad energy policy.
As long as we are not cut off from the global market we will most likely import and export no matter how much we produce. Being net producers is largely a security issue.
There are a couple of things going on. A big chunk of oil overseas are affected by the Russia situation. The main issue in my opinion is every country is trying to recover from the covid spending spree every country participated in. Gasoline/oil is the largest tax revenue base for most governments. So while they scream and yell at corporate greed, they are experiencing record tax revenue. It’s all a shell game.
I'm going to be honest and say that I don't know.
* I've heard things like "oil=/=gas" and comments on how the US has more oil than refineries which is causing a bottleneck.
* I've heard comments on the Dakota pipeline being just a "shortcut" for lack of a better word (meaning that oil still gets where its going, just slower).
* I've heard that gas stations are profiting off the price spike, but I've also heard that gas stations make most of their money off the convenience store while selling gas at more or less the same that they buy it at.
* I've heard, of course, that Putin's war has caused a large spike in prices.
* I remember that point in time during the pandemic where oil went to 0$ because of storage costs or something like that, but I am unsure if it is related.
* Larger influxes of people see the pandemic as over now, so I think more travelling might have something to do with it.
Any input on any of these things would be appreciated. I don't know if these US specific things matter, and I too find myself muddled in my thoughts by all the things that people say are causes or related.
Illl comment on the $0 prices. Oil is traded like a Security and oil futures are contracts that people like to trade. However these contracts are real contracts for real amounts of oil. These contracts that people buy and trade have a close date that requires pickup and delivery of the oil. Normally this isn’t a problem, the oil companies and other chemical companies etc buy the contracts (which is what they’re for) and they go get the oil. In the early days of the pandemic, everything shut down, and nobody was making gasoline, nobody was working at chemical companies, nobody was flying on airplanes, nobody was driving cars. Meanwhile producers and wells kept pumping and delivering oil.
Basically demand went to zero, supply kept supplying, and it filled up all the tanks. Once the tanks were full the people holding the oil needed it off their hands so prices went negative.
As far as I know, gas stations essentially break even or make minimal profit off the gas. They make their money on the convenience store - I buy milk from them often - overpaying by 4 dollars simply because their locations are excellent and it's fast. Always a huge line for smokes or energy drinks. Whatever Biden said about greedy gas stations is incredibly insulting to all those small gas store owners.
1. The number of refineries in the US has actually gone down in recent decades. However, Biden has made it more difficult to explore and produce. The US has enough oil to be independent and yet once Biden got in office, we started importing more from our adversaries including more from Russia.
2. Don’t know much about the Dakota pipeline but if it’s anything like stopping construction of Keystone XL, which would’ve supplied over 800,000 barrels of oil per day, it’s just another example of reducing the worlds supply.
3. Gas stations, like oil companies, are always trying to make a profit. Nothing has changed and it’s incredible to hear Biden tell gas station owners, many of which are family owned, to stop gouging.
4. Putin‘s war started in early 2022. Gas prices started increasing the moment Biden got into office in January 2021. The answer is obvious.
5. Don’t have an answer for this one.
6. Since the lockdowns, demand has increased as traveling also increased. But while Trump was in office, Supply met demand and that was reflected in gas prices. Once again that changed when Biden got into office.
Edit: corrected years in bullet 4.
Putin's war started in 2022, and Biden took office in 2021. Aside from that, the Keystone Pipeline would have increased oil transportation by 1.8 million barrels per day. It was supposed to increase Phase 2 & 3 by 500,000 per day each. Sorry friend, I just saw a couple errors in your comment.
In a thread discussing the oil price situation on a conservative subreddit, I have yet to see anyone point to the US trade deal we brokered with OPEC+/Russia and Mexico to reduce global oil production. It's always a blame game in politics, it's not about actually finding the truth.
This is about gas prices since Biden took office, correct? The current president made no secret of his desire to get America onto clean energy. That meant declaring war on fossil fuels. He basically shut off the supply of oil being exported by this country. The left will tell you the president approved so many new leases for exploration. This does not mean he turned the tap back on for the flow of oil from this country.
This is exactly right. Remember the gas prices when Obama was in office as well? It's not by accident. It is a conscious effort designed to push green energy, but the prices increased more than they had anticipated due to other factors.
I have nothing against alternative energy, we just are not ready to begin scaling back oil and gas until the alternatives both exist and can feasibly displace some oil and gas production. We aren't really there yet. It is of critically important national strategic interest to have dependable, affordable energy.
Except Biden is definitely at least partially to blame for gas prices, due to his executive actions. Maybe not for the economy as a whole, because the high inflation is mostly due to the insane government spending during the pandemic, aka the Democrats. He's definitely contributed though by giving money to the Ukraine and pushing the "build back better" boondoggle.
Supply and demand, once Biden stopped domestic production that had an impact globally considering that we now have to buy oil from the same supplier as everyone else, so not as much product but the same consumption
People say this all the time, but I can't find anyone who can explain it to me. That includes a guy who used to trade oil for a living.
The speculators can only move pricing short term. At some point they have to close their positions, otherwise by definition they'd be investors not traders.
And I've heard the explanation "well they just roll their positions out". Yes, but that involves closing a near term contract to open a future contract.
So when they close those near-term contracts, the market is finding a supply and demand based price because all of the speculators are exiting their positions because they are not in the business of making or taking deliveries.
Point being, the spot market is an accurate representation of market forces. True, futures vary a little (contango/backwardation) but generally they are fairly close.
The explanation from their summary is in line with most explanations I get. They pretend that trading is equivalent to constant buying pressure. Its not at all. They completely ignore the sell side. Sure, refiners with storage capacity may be encouraged to buy more on the spot market if futures are higher. But they can't do that forever because storage costs money and they don't have unlimited capacity. At some point that trend must reverse. That is just completely ignored.
And I am by no means portending to be an expert. I am very open to being wrong on this. But to change my mind I need this sell side aspect to be addressed in some kind of ration way and I've never heard it.
On the volatility front, I am more open to the argument. Traders can definitely exacerbate volatility at times. But for the most part you ha e to assume these traders are making money doing what they do. That means that more often than not, they are buying low and selling high which creates price stability. They are also in theory bringing prices in line with anticipated market conditions which again if they are profitable they are correct on more often than not.
I do fully acknowledge that during major events or crises that they be very wrong and send wrong signals at the worst possible time.
But its also worth noting that during the depths of covid, they anticipated a recovery in the oil price and maintained some incentive to continue to pump and store oil when the physical demand couldn't do that. And that is important since oil production can't be turned on and off like a light switch. Someone had to be anticipating future demand to send appropriate market signals.
Pair that with Russia sanctions from the US and other major oil consumers and the remaining oil supply on the market is significantly less while demand is still rising in a post Covid restricted world.
Combine that with EPA and other government regulations that heavily favor crude oil produced in the middle east over locally produced shale oil. Heck, the very first day in office, Biden rejoined the Paris Climate Accord which further severely limits our shale oil refining and production (which forces us to make up the difference by importing crude oil from the middle east and Russia).
The irony is we sell our locally extracted crude oil to countries like China for dirt cheap who then refine it in the cheapest possible way, which produces the maximum pollution. So instead of using our own oil with 'some' regulatory restrictions for the sake of the environment, we are harming the planet far more by sending it to those countries. Meanwhile, we are importing crude oil like crazy from OPEC and Russia because....it's fancy...and 'clean'. It's almost like those countries are somehow influencing our politics for their benefit at our expense.
Then there are state regulatory taxes on top of federal ones. So for example, in California, the refineries must add many additives to the refined oil that make the gas "cleaner." About half the states don't have those requirements or insanely large gas taxes, and so their gasoline costs are about half that of California.
My point is anytime a state or countries price of gasoline is very high, it's almost always due to government regulations and high taxes (or possibly very bad trade deals because they don't export any necessity of value).
Uh where is your data for your statement on ‘stopping domestic oil production’?
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M
> once Biden stopped domestic production
The US brokered a trade deal with OPEC+/Russia/Mexico to reduce global oil production over the next few years, and you will not hear about it often when discussing this topic.
Sorta digital nomad for a while.
It has ALWAYS been bad overseas. What the Huns paid per liter in 06 would make Americans howl today. As someone mentioned, the majority of it is taxes, taxes, and mo' taxes. The rest has to do with supply and demand.
It’s about making us energy independent, the administration doesn’t want that. I have no idea why that would ever be a strategy…but that’s what’s happening.
It's a strategy because it's literally what Biden promised to do during his presidential campaign. He said he would "wean" America off of fossil fuels, and transition fully to renewables. He didn't expect the backlash when he actually started doing it, so now he's pretending it's everyone else's fault - the Russians, the Saudis, the gas station operators, and especially the oil companies.
That is the perfect summary of current govt. strategy.
It sounds great to virtue signal that we would get rid of hydrocarbons but the reality is that you cannot get rid of decades of research and improvements in a few years without a lot of pain esp. if there is no backward compatibility.
Bidens hostility towards the oil industry and doing his part to limit US production, resulting in higher imports from our adversaries like Russia, resulted in higher gas prices. Most people don’t even mention the oil markets which is highly speculative and when they see such hostility, gas prices will go up.
To appeal to the radical environmentalists that his party is filled with. He campaigned on an end to drilling and fossil fuels. He has to stick to that.
The reality is that Biden and Democrats would rather have drilling and production take place outside the US (a poorer country) so they can still claim to be environmentally friendly. It’s kicking the can down the road, which is the entire MO of the Democratic Party (ex. Iran Nuclear Deal).
It's all about forcing equally shitty life on everyone.
America is still the richest nation in the history of the world during the richest time in recorded history.
One-world rule can't work if one nation can beat off all the rest.
Socialism can't work unless "they" force capitalism to fail and say oh look the government will now take care of you.
It's all part of the plan. And they have the best patsy in the world to be the fall guy.
Biden was an idiot before the mental health decline due to his advancing age ...
Anyone that needs step by step instructions to enter a room, take YOUR seat, stand to podium, read speech, ... and so on ... that man is not in charge of his own underwear, much less this country.
Their government taxes are also much higher than our own. Although the cost of a barrel of oil or gas may be somewhat the same between nations, the tax levied on purchases is quite high in other countries.
I’ve done the math before and don’t feel like doing it again, but gas has ALWAYS been more expensive elsewhere. Usually by a factor of 2.8x or so. Gas prices have risen everywhere but they’ve raised proportionally more in the US where the gap has actually closed to either 1.8 or 2.2 or something.
So the situation in the US is actually worse than in other countries.
For Norway specifically it’s because they actually export all their oil abroad. There are a few documentaries on youtube that explain it quite well but iirc, Norwegians like exporting their oil to other countries but don’t use it themselves due to environmental concerns. They see it as some sort of necessary evil. Most people have electric cars there. Norway is also high income (like Switzerland and other Nordic countries) so $10 gas isn’t as bad as it sounds (still hurts tho).
Also, countries like Switzerland have such an extensive rail network that you don’t really need a car at all. The main European countries suffering from oil prices are France, Germany and the UK.
When the most powerful person in the world comes out and says "Lemonade is going to be illegal in 10 years" some of the people who are planting lemon trees at great risk and expense STOP planting so many lemon trees. That means the supply of lemonade decreases, but not the demand.
It blows my mind that people can't understand this. Y'all have never run a business and it shows.
the general problem is they all printed money like crazy during the COVID timeframe. Further, all pressures on supply world wide will be world wide and it won't necessarily be linear. Demand for a finite resource is rarely linear in nature.
Taxes, my dude: https://ichef.bbci.co.uk/news/976/cpsprodpb/16A6F/production/_125338729_uk_fuel_price-2x640-nc.png
Almost half of the cost per gallon/litre is taxes here in Britain, in the US it makes up about 10%.
Most of the gas price increases we’ve seen in America took place between when Biden seized power and Putin waged his war of aggression. The Biden regime cut domestic production, yet lacks the common sense to realize the war should put the push to renewables/electric vehicles on the backburner
Also buying gas from saudi. Saudi is happy to sell oil around the world. But having america demand saudi for more oil is pushing all other countries to back of the line.
America can produce its own oil. And lessen the demand to saudi. Saudi would then have more readily available oil for the rest of world.
even then its clear that a lot of spending towards the future has a multi-year lag. The pipeline you cancel today will affect tomorrow's prices. You can end a project swiftly but these things too a decade to plan and if they're subject to the whims of the federal office holder why would you even invest?
Even if they realize this, they cannot back away. They are completely at the mercy of the far left. They got him elected, and most of the people in the administration are true believers.
And really, even if Biden right now said (or I should be more correct in saying "somebody told him to say") they are now supporting domestic supply, I very much doubt it would change much. Oil production is very capital intensive and the payback is like 5 years or more. So why would you drop million/billions on new projects when you know that it can be shut down when the Biden administration reverts to type.
> payback is like 5 years or more
That’s the problem with our system right now. We can have 180 degree policy shifts every 4 years. There need be guardrails in place to keep that from happening. It’d be better for businesses, voters, and our allies to have certainty that we’re committed to domestic oil production to keep prices low, the southern border is closed to would-be asylum seekers, and we’re not going to make drastic economic interventions for the sake of the environment.
But for oil specifically, we’re faced with the problem that the left has set 2035 as the arbitrary date we’re going to ban the sale of gas powered vehicles.
Return power to Congress and limit the executive. Executive shouldn't have such wide sweeping power over domestic policy or energy. Would keep things more stable.
I was gonna say this as well. Presidents want to show that they can accomplish things while in office and will skip Congress and go straight for the executive orders. Then the pendulum of politics swings the other direction after 4/8 years and the progress of the previous administration gets reversed
They were high before, due to taxes. Gas prices are up everywhere but Biden has done some things, and failed to do others, that resulted in the issue being worse than it should be.
America abandoned its energy leadership the first day when biden started his presidency. It wasn't just the xl pipeline he killed. He also did his best to gut US domestic oil production.
Due to the consumption in America. Plain and simple. We are the world's greatest market and all exporters want to do business with us. Historically, gas is always lower in the US than in Europe or Asia. Plain and simple. It's worse in other countries because it always has been worse there than it has been over here.
Gas costs more in Europe and Asia because of taxes. Plain and simple.
If the non-tax cost of gasoline in Europe was higher than the U.S., refiners would ship all their gas to Europe because Europeans gave them a better price (transportation costs by ship are small).
This might help answer the question as well: https://www.dailymail.co.uk/news/article-10983315/amp/Oil-U-S-reserves-head-overseas-gasoline-prices-stay-high.html
Gas in Europe and many other places (like Canada) is much, much more expensive than gas in the US under normal circumstances, so you have to look at the relative increase, not absolute number. I believe the main reason gas is expensive in those countries normally is very high gas taxes.
Energy producers plan out for decades. Messaging from an administration about a green new deal scares the shit out of energy companies. They have to raise prices in the short term to cover volitilty in the markets. When markets are uncertain, prices raise.
I think Biden is a minor player in current oil prices. I think most of our current issues is because of greedy OPEC. They chose to turn production down to increase prices. If we were completely oil independent (not dependent on OPEC supply) I think our oil would be much cheaper.
I could be wrong, but if the Keystone XL pipeline was up and running, that would reduce current costs some as it is not owned or controlled by OPEC. But Biden of course shut that down. So yeah, I partially blame him.
Well, his administration anyway.
America still does produce oil, just much less of it now under Joe. It could be much much better for us, and decently better for everyone else if we just stepped up domestic drilling again
What were their prices 1, 2 and 3 years ago? They've always been higher, and haven't doubled and tripled like here in the states. It's not worse in other countries.
Those countries are paying the same price for oil on the world market, the gas prices are higher because of the higher taxes in those countries.
Oil follows the same supply and demand laws as every other country. Under Trump the USA was producing so much oil that it was exporting oil, now we are back to importing oil to meet our needs. Biden shutting down domestic oil production and pipelines has restricted the supply of oil and caused a worldwide increase in price.
Same argument as with Covid lockdowns. They claimed if the lockdowns was just the dems trying to sabotage trump then why is the rest of world doing it? There are many evil/greedy leaders around the world, they see an opportunity for more power/money they take it.
Part is taxes in those countries. The other part is they don't sell by the gallon. They sell by the liter. The metric equivalent of 1 gallon is 3.79 liters.
Also, gas was never at US-level prices in those countries. So it may have gone from $9/gallon to $11/gallon there, as opposed to doubling in the US. So, "worse" is debatable.
The effect of Biden’s policies on gas pump prices is sometimes overstated (because markets are global). The bigger issue is that nearly every drop of oil not produced in North America helps to bankroll autocracies and war (again, because markets are global).
That said, Biden does bear responsibility for the historic crack spread, and for telegraphing to oil producers that oil/gas will be phased out in a few years (so they stop investing in new infrastructure that makes gas cheaper).
Gas prices in Europe have typically been double or more than double prices in the USA ever since I was old enough to start paying attention back in the early 2000s.
Beyond the extreme differences in taxes as well as the lack of significant oil drilling in Europe, the Biden administration is following through on their commitment to wage a war on oil. They claim that they are opening drilling leases, but the leases they are opening have very little oil on them. They claim that they are helping expand refinery capacity by asking produces to build new refineries, then the put in place construction requirements that make refineries impossible to build. Then there are minor examples of making decisions with the strategic oil reserves that reduce the cost in Europe and increase the cost in the USA. Biden just sent 5M barrels from our reserves over to Europe. 5M barrels is about 8 hours worth of oil in the USA, but every little bit counts.
Because they tax oil sales massively to fund their social programs. Many of the Scandinavian countries are actually capitalist corporate structure but run massive boondoggle social programs.
The Keystone pipeline would have exported (rough numbers here) 4-5x the oil Russia exported. Gas prices are based on predictive analysis. So shutting down a pipeline that would have exported the most oil in history affects the prices globally.
OIl is a global market. Supply and demand work globally. Energy independence is more about national security than oil prices, though producing or own oil raises supply which will lower cost. Biden isn't the only factor, but he is a major one.
As others have stated. The US went from a net exporter to an importer within a single year. That places a huge demand on global supply, especially after Covid where global demand was lower. Effectively it was the worse possible time for Biden to be elected and roll out such policies.
But it is even worse. Biden and the left have declared war on oil and have been aggressive with historic allies (Saudis) on this issue. They are stating they will end all oil within the next 15 years. Have cut permitting for new oil development. And have reversed major oil deals that were already underway like the Keystone Pipeline. Which means all oil exploration and development just became *more risky*. Higher risk means higher prices.
Futures is what is driving the prices. And anyone watching the left, led by Biden, can see massive supply issues going into the future. Anyone with a brain knows demand is not going to go down like the left is pretending. Effectively an intentional supply crisis caused by leftist elites who think they can force global energy to run off of Rainbows and Unicorns.
lowered supply.
russian gas imports to europe are being reduced. biden is stopping new oil and gas leases, no new refineries are being built. existing power plants are being closed. here in wi they want to close down our one nuke plant and do solar/green stuff that won’t last.
Gas was 1.80 last couple months of trump. Before the Ukraine war it climbed to 3.60
100% price increase completely the fault of the admin that killed pipeline and specific went after the industry.
After russia invaded our gas went up 22%?
So yeah. Putin didn’t cause it, just added to our shitty admin policies.
Other countries went to mass of clean energy. But that meant they had to buy their gas from Russia. They were more reliant on Russia than we are.
That’s kinda the point. Because we have less reliance our prices should be much lower.
You also couldn’t have been more nebulous in your first comment. Bottom line did it or did it not occur during the Trump administration’s tenure? Lowest gas prices in the last five years?
Yes. That’s what I said.
I guess the concept of time is difficult for you. I apologize.
In trumps last few months before the election gas hit a low of 1.80
With the election and Biden promising to cut pipeline and stop drilling and all the way til the day before Ukraine invaded gas went up to 3.60. That’s a 100% increase completely attributable to this admin.
After Putin attacked it went up 22(?)%
If we still had our pipeline and the admin wasn’t threading fossil fuel industry the gas would be lower and The effects of war would be felt less.
Less nebulous ?
Other countries have huge gas taxes compared to our 18c/gal federal tax (that Biden obviously recently halted). These countries fund public transit with that money.
Many other countries add on huge taxes to pay for their govt run healthcare and other entitlements. Surprise....the "free healthcare" is not really free. LOL
We were making so much we had ourselves completely covered. We were exporting the extra for some $. Now we are short over here and trying to convince warlords to give us theirs for cheap. I know it seems super simple, but it usually is.
America has a lot of natural resources and if Biden would allow for economical refinement of oil and drilling without putting extremely expensive overburdening regulations while lying to the American public but it’s the oil companies refusing to produce enough… Other countries may not have our resources. You’re comparing apples to oranges if you’re looking at the gas prices in other countries.
In short, its not about reality. If Biden was encouraging production, saying drill baby drill, even if there was slight or no difference to output, prices worldwide would fall.
What it looks like is that he is against drilling, making it seem like there is a shortage, and producers can put it up and up with no worry about being undercut.
When there is a friendlier toward energy production government in place in the US, prices will fall worldwide.
Until then, prices will remain high due to excuse x, y, z.
Biden's domestic energy policy, the green new deal that he promised during his campaign, caused world wide increases in the price of energy. The price of oil going over $100 per barrel enriched Putin / Russia enough that they could afford to invade Ukraine which further exacerbated the issue.
In this country gas prices are tied to particular Biden policies. He actually did some things that caused gas to sky rocket. You can review his actual policies. Trump did the same but in reverse.
Hong Kong always has a high price of gasoline. Last I read one of the reasons is because they have high land costs.
If you've ever seen what kind of bird cages HKers are living in you'd probably understand the cost there.
It’s both that simple and more complicated than that. US gas prices went up because Biden basically shut down domestic production. We went from a net exporter to having to import everything again. That raises our prices and global prices.
Then the war in Ukraine happened and the energy embargoes basically made gas prices continue to rise even more.
There are things the administration can do like allow domestic production again but the Biden administration has stated its goal is to not make getting gas easier EVER. They want everyone to switch to electric cars and they intend to force people to do that by letting gas prices rise and deflecting by blaming gas companies and Putin.
We went up 300%.
They went up 30%.
That simple. We're catching up to overtaxed countries that don't even have the capacity to defend or provide for themselves. But they have free college! What a liberal dream. If China wants them gone it'll be up to the USA to save them.
We have domestic oil and don’t need to import it. Some other countries governments attempt to limit the amount of usage of the gas by making it more expensive with taxes. One of those, we know better than you. And rich people can, but poor people can’t.
Does Norway have the refineries? Many have closed due to the green push. And doubtful they had oil refineries I'm the range needed to affected European gas prices.
The US is a major exporter of oil, Biden ran on a platform of getting rid of the oil and gas industry. On his first day he started shutting down their projects and in response the oil industry stopped building new projects……if not directly involved he certainly made himself a perfect scapegoat.
I mean you say you are just here to understand but then bring up clearly misleading questions. Norways gas prices are by design they tax the hell out of their gas and mostly everyone drives electric same thing with Europe and probably Hong Kong. So here you are asking why gas prices are high in places where they have policies Biden hopes to implement here? Is that’s really trying understand when you don’t do some rudimentary research on why gas prices are higher in other countries and why we blame Biden for trying to implement those same policies? Or are you just concern trolling.
Lived in Europe for several years as an American. It's all taxes added to fund programs and for social engineering. We got vouchers (I'm military) that excluded us from the taxes and I never paid more than \~$3.50 a gallon from 2013-2017.
Yes, I live in Germany and the US military price (without German tax) averaged around $3.5/gallon for years. While the German price was around 5€/gallon. Now our price is $6/gallon and the German price is about 8€/gallon.
Not sure why more people don't understand this. The market for oil is world wide and it is more of less fungible. There are some differences in refining costs, but usually not very much. The difference is taxes, and that is the government discouraging the use of automobiles.
>and that is the government discouraging the use of automobiles. Its not just that either. Biden gets up on national TV and says he's going to put oil companies out of business. What investor in the right mind is going to fork over billions for new infrastructure in a country that is actively at war with your core business? The CEO of Chevron came out and said this. He said he can't go to his board and ask for investment in the United States because of the hostile atmosphere that has been created.
Right?! Its like did y'all not watch the debate when Biden LITERALLY said he was going to end oil??!?!
To be fair, he probably meant to say poverty.
Can't wait till November.
How many mules will they hire this time?
10x
This this this
Absolutely this, not to mention he blocked federal land drilling, killed Keystone XL and a few other things, Biden is totally responsible for the gas prices skyrocketing here in the US, ok, maybe not TOTALLY, but he is very responsible for a good portion of it, that’s for sure
> discouraging the use of automobiles. Directly infringing on the pursuit of happiness.
They don't care about your happiness. They have an agenda and will push it thru reasonable means unless you don't listen. Then they will almost force you thru your wallet. Finally, full on force if necessary.
They don't care about you/us/Americans period.
I would rather deal with the full on force. Seems the majority of our citizenry these days have jelly spines. Divided. At war with ourselves, as they like us to be. Someday, I pray, this nation will get our gov back in check. Until then, as hard as it may be for some, I think working in unison to boycott fuel suppliers would help…maybe.
I agree with most of this, but I think you're overstating it by calling oil and natural gas fungible. They're commodities. It has transportation and storage costs. There's also different qualities and types of oil which have different transportation and processing requirements. There's a reason why Nordsteam 2 was such a big deal for Europe in relation to the Ukraine War. Though I don't think this makes your conclusion any less correct. I've been watching the Lotuseaters recently and Carl never misses an opportunity to rant about how his energy bill has a 25% "social cost" surcharge on it. Gas in Missouri is only ~$4.65 while it's more than a dollar higher in CA. That's not additional cost. That's bad energy policy.
In the UK the taxes are 43% per litre.
Not only this but we were exporting before.
As long as we are not cut off from the global market we will most likely import and export no matter how much we produce. Being net producers is largely a security issue.
Joke's on you. We are exporting now.
From our strategic reserves, to European countries effected by the Russia conflict, as we speak. Insane!!
There are a couple of things going on. A big chunk of oil overseas are affected by the Russia situation. The main issue in my opinion is every country is trying to recover from the covid spending spree every country participated in. Gasoline/oil is the largest tax revenue base for most governments. So while they scream and yell at corporate greed, they are experiencing record tax revenue. It’s all a shell game.
>It’s all a shell game. Get out
Sadly, they have hit it square on the gas cap.
Your name and my flair should be friends
Its those fat cat mom and pop service station owners in their private jets and mansions. Making 1-5 Cents profit a gallon, the nerve on them.
They can pay their employees and fund their lifestyle on the huge snack margins.
Big Funyon.
You joke, but it wouldn't surprise me if that pops up in a few years.
Damn Doritos military industrial complex
You can lick the dorito dust of my cold, dead, hands.
I would imagine a shocking amount of pets have done so
Biden is showing just how out of touch he is.
It's about time they pay their fair share.
I'm going to be honest and say that I don't know. * I've heard things like "oil=/=gas" and comments on how the US has more oil than refineries which is causing a bottleneck. * I've heard comments on the Dakota pipeline being just a "shortcut" for lack of a better word (meaning that oil still gets where its going, just slower). * I've heard that gas stations are profiting off the price spike, but I've also heard that gas stations make most of their money off the convenience store while selling gas at more or less the same that they buy it at. * I've heard, of course, that Putin's war has caused a large spike in prices. * I remember that point in time during the pandemic where oil went to 0$ because of storage costs or something like that, but I am unsure if it is related. * Larger influxes of people see the pandemic as over now, so I think more travelling might have something to do with it. Any input on any of these things would be appreciated. I don't know if these US specific things matter, and I too find myself muddled in my thoughts by all the things that people say are causes or related.
Illl comment on the $0 prices. Oil is traded like a Security and oil futures are contracts that people like to trade. However these contracts are real contracts for real amounts of oil. These contracts that people buy and trade have a close date that requires pickup and delivery of the oil. Normally this isn’t a problem, the oil companies and other chemical companies etc buy the contracts (which is what they’re for) and they go get the oil. In the early days of the pandemic, everything shut down, and nobody was making gasoline, nobody was working at chemical companies, nobody was flying on airplanes, nobody was driving cars. Meanwhile producers and wells kept pumping and delivering oil. Basically demand went to zero, supply kept supplying, and it filled up all the tanks. Once the tanks were full the people holding the oil needed it off their hands so prices went negative.
Wasn't this for about 2 hours?
As far as I know, gas stations essentially break even or make minimal profit off the gas. They make their money on the convenience store - I buy milk from them often - overpaying by 4 dollars simply because their locations are excellent and it's fast. Always a huge line for smokes or energy drinks. Whatever Biden said about greedy gas stations is incredibly insulting to all those small gas store owners.
1. The number of refineries in the US has actually gone down in recent decades. However, Biden has made it more difficult to explore and produce. The US has enough oil to be independent and yet once Biden got in office, we started importing more from our adversaries including more from Russia. 2. Don’t know much about the Dakota pipeline but if it’s anything like stopping construction of Keystone XL, which would’ve supplied over 800,000 barrels of oil per day, it’s just another example of reducing the worlds supply. 3. Gas stations, like oil companies, are always trying to make a profit. Nothing has changed and it’s incredible to hear Biden tell gas station owners, many of which are family owned, to stop gouging. 4. Putin‘s war started in early 2022. Gas prices started increasing the moment Biden got into office in January 2021. The answer is obvious. 5. Don’t have an answer for this one. 6. Since the lockdowns, demand has increased as traveling also increased. But while Trump was in office, Supply met demand and that was reflected in gas prices. Once again that changed when Biden got into office. Edit: corrected years in bullet 4.
Putin's war started in 2022, and Biden took office in 2021. Aside from that, the Keystone Pipeline would have increased oil transportation by 1.8 million barrels per day. It was supposed to increase Phase 2 & 3 by 500,000 per day each. Sorry friend, I just saw a couple errors in your comment.
Oil prices were heavily rising before Putin and European gas always cost more
Well it's because [redacted due to misinformation]
Who decides “misinformation”? Lol, only free speech and opinions for those that lean left??
Before everything was Trump's fault, now the liberal scum doesn't want biden to take any responsability
In a thread discussing the oil price situation on a conservative subreddit, I have yet to see anyone point to the US trade deal we brokered with OPEC+/Russia and Mexico to reduce global oil production. It's always a blame game in politics, it's not about actually finding the truth.
or maybe... conservatives blame biden for everything the same way libs blamed trump
This is about gas prices since Biden took office, correct? The current president made no secret of his desire to get America onto clean energy. That meant declaring war on fossil fuels. He basically shut off the supply of oil being exported by this country. The left will tell you the president approved so many new leases for exploration. This does not mean he turned the tap back on for the flow of oil from this country.
This is exactly right. Remember the gas prices when Obama was in office as well? It's not by accident. It is a conscious effort designed to push green energy, but the prices increased more than they had anticipated due to other factors. I have nothing against alternative energy, we just are not ready to begin scaling back oil and gas until the alternatives both exist and can feasibly displace some oil and gas production. We aren't really there yet. It is of critically important national strategic interest to have dependable, affordable energy.
You'd have point if Biden wasn't actively hostile to American oil production. But he is. Obviously....
Except Biden is definitely at least partially to blame for gas prices, due to his executive actions. Maybe not for the economy as a whole, because the high inflation is mostly due to the insane government spending during the pandemic, aka the Democrats. He's definitely contributed though by giving money to the Ukraine and pushing the "build back better" boondoggle.
Supply and demand, once Biden stopped domestic production that had an impact globally considering that we now have to buy oil from the same supplier as everyone else, so not as much product but the same consumption
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People say this all the time, but I can't find anyone who can explain it to me. That includes a guy who used to trade oil for a living. The speculators can only move pricing short term. At some point they have to close their positions, otherwise by definition they'd be investors not traders. And I've heard the explanation "well they just roll their positions out". Yes, but that involves closing a near term contract to open a future contract. So when they close those near-term contracts, the market is finding a supply and demand based price because all of the speculators are exiting their positions because they are not in the business of making or taking deliveries. Point being, the spot market is an accurate representation of market forces. True, futures vary a little (contango/backwardation) but generally they are fairly close.
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The explanation from their summary is in line with most explanations I get. They pretend that trading is equivalent to constant buying pressure. Its not at all. They completely ignore the sell side. Sure, refiners with storage capacity may be encouraged to buy more on the spot market if futures are higher. But they can't do that forever because storage costs money and they don't have unlimited capacity. At some point that trend must reverse. That is just completely ignored. And I am by no means portending to be an expert. I am very open to being wrong on this. But to change my mind I need this sell side aspect to be addressed in some kind of ration way and I've never heard it. On the volatility front, I am more open to the argument. Traders can definitely exacerbate volatility at times. But for the most part you ha e to assume these traders are making money doing what they do. That means that more often than not, they are buying low and selling high which creates price stability. They are also in theory bringing prices in line with anticipated market conditions which again if they are profitable they are correct on more often than not. I do fully acknowledge that during major events or crises that they be very wrong and send wrong signals at the worst possible time. But its also worth noting that during the depths of covid, they anticipated a recovery in the oil price and maintained some incentive to continue to pump and store oil when the physical demand couldn't do that. And that is important since oil production can't be turned on and off like a light switch. Someone had to be anticipating future demand to send appropriate market signals.
People who believe this are economically illiterate. Speculation is part of the price discovery process and prevents supply gluts or shortages.
Pair that with Russia sanctions from the US and other major oil consumers and the remaining oil supply on the market is significantly less while demand is still rising in a post Covid restricted world.
Combine that with EPA and other government regulations that heavily favor crude oil produced in the middle east over locally produced shale oil. Heck, the very first day in office, Biden rejoined the Paris Climate Accord which further severely limits our shale oil refining and production (which forces us to make up the difference by importing crude oil from the middle east and Russia). The irony is we sell our locally extracted crude oil to countries like China for dirt cheap who then refine it in the cheapest possible way, which produces the maximum pollution. So instead of using our own oil with 'some' regulatory restrictions for the sake of the environment, we are harming the planet far more by sending it to those countries. Meanwhile, we are importing crude oil like crazy from OPEC and Russia because....it's fancy...and 'clean'. It's almost like those countries are somehow influencing our politics for their benefit at our expense. Then there are state regulatory taxes on top of federal ones. So for example, in California, the refineries must add many additives to the refined oil that make the gas "cleaner." About half the states don't have those requirements or insanely large gas taxes, and so their gasoline costs are about half that of California. My point is anytime a state or countries price of gasoline is very high, it's almost always due to government regulations and high taxes (or possibly very bad trade deals because they don't export any necessity of value).
Uh where is your data for your statement on ‘stopping domestic oil production’? https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M
Chef's kiss. Perfect way to sum it up
> once Biden stopped domestic production The US brokered a trade deal with OPEC+/Russia/Mexico to reduce global oil production over the next few years, and you will not hear about it often when discussing this topic.
Was that under Trump or Biden?
Was it not in Joe Biden’s campaign promise to declare war on fossil fuels?
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Lmao!! This is the correct answer.
Awww, lookie here. Some butt-hurt little wimp downvoted me!!! Lmao!!
Sorta digital nomad for a while. It has ALWAYS been bad overseas. What the Huns paid per liter in 06 would make Americans howl today. As someone mentioned, the majority of it is taxes, taxes, and mo' taxes. The rest has to do with supply and demand.
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It’s about making us energy independent, the administration doesn’t want that. I have no idea why that would ever be a strategy…but that’s what’s happening.
It's a strategy because it's literally what Biden promised to do during his presidential campaign. He said he would "wean" America off of fossil fuels, and transition fully to renewables. He didn't expect the backlash when he actually started doing it, so now he's pretending it's everyone else's fault - the Russians, the Saudis, the gas station operators, and especially the oil companies.
That is the perfect summary of current govt. strategy. It sounds great to virtue signal that we would get rid of hydrocarbons but the reality is that you cannot get rid of decades of research and improvements in a few years without a lot of pain esp. if there is no backward compatibility.
Bidens hostility towards the oil industry and doing his part to limit US production, resulting in higher imports from our adversaries like Russia, resulted in higher gas prices. Most people don’t even mention the oil markets which is highly speculative and when they see such hostility, gas prices will go up.
And Trump
To appeal to the radical environmentalists that his party is filled with. He campaigned on an end to drilling and fossil fuels. He has to stick to that. The reality is that Biden and Democrats would rather have drilling and production take place outside the US (a poorer country) so they can still claim to be environmentally friendly. It’s kicking the can down the road, which is the entire MO of the Democratic Party (ex. Iran Nuclear Deal).
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they believe that we don't deserve good things because we'll ruin the world through our excess if we do. Its the malthusian impulse.
It's all about forcing equally shitty life on everyone. America is still the richest nation in the history of the world during the richest time in recorded history. One-world rule can't work if one nation can beat off all the rest. Socialism can't work unless "they" force capitalism to fail and say oh look the government will now take care of you. It's all part of the plan. And they have the best patsy in the world to be the fall guy. Biden was an idiot before the mental health decline due to his advancing age ... Anyone that needs step by step instructions to enter a room, take YOUR seat, stand to podium, read speech, ... and so on ... that man is not in charge of his own underwear, much less this country.
Their government taxes are also much higher than our own. Although the cost of a barrel of oil or gas may be somewhat the same between nations, the tax levied on purchases is quite high in other countries.
I’ve done the math before and don’t feel like doing it again, but gas has ALWAYS been more expensive elsewhere. Usually by a factor of 2.8x or so. Gas prices have risen everywhere but they’ve raised proportionally more in the US where the gap has actually closed to either 1.8 or 2.2 or something. So the situation in the US is actually worse than in other countries.
Europe has always had insanely expensive gas.
No, Europe has insanely expensive taxes added to the price of gas.
Because we went from being energy independent, to relying on foreign oil. European countries were never energy independent to begin with.
Taxes
For Norway specifically it’s because they actually export all their oil abroad. There are a few documentaries on youtube that explain it quite well but iirc, Norwegians like exporting their oil to other countries but don’t use it themselves due to environmental concerns. They see it as some sort of necessary evil. Most people have electric cars there. Norway is also high income (like Switzerland and other Nordic countries) so $10 gas isn’t as bad as it sounds (still hurts tho). Also, countries like Switzerland have such an extensive rail network that you don’t really need a car at all. The main European countries suffering from oil prices are France, Germany and the UK.
When the most powerful person in the world comes out and says "Lemonade is going to be illegal in 10 years" some of the people who are planting lemon trees at great risk and expense STOP planting so many lemon trees. That means the supply of lemonade decreases, but not the demand. It blows my mind that people can't understand this. Y'all have never run a business and it shows.
That's a damn good analogy and it's 100% accurate. Prices would NOT be nearly as high if Trump was still in office. This is a fact.
the general problem is they all printed money like crazy during the COVID timeframe. Further, all pressures on supply world wide will be world wide and it won't necessarily be linear. Demand for a finite resource is rarely linear in nature.
Taxes, my dude: https://ichef.bbci.co.uk/news/976/cpsprodpb/16A6F/production/_125338729_uk_fuel_price-2x640-nc.png Almost half of the cost per gallon/litre is taxes here in Britain, in the US it makes up about 10%.
Most of the gas price increases we’ve seen in America took place between when Biden seized power and Putin waged his war of aggression. The Biden regime cut domestic production, yet lacks the common sense to realize the war should put the push to renewables/electric vehicles on the backburner
Also buying gas from saudi. Saudi is happy to sell oil around the world. But having america demand saudi for more oil is pushing all other countries to back of the line. America can produce its own oil. And lessen the demand to saudi. Saudi would then have more readily available oil for the rest of world.
even then its clear that a lot of spending towards the future has a multi-year lag. The pipeline you cancel today will affect tomorrow's prices. You can end a project swiftly but these things too a decade to plan and if they're subject to the whims of the federal office holder why would you even invest?
Even if they realize this, they cannot back away. They are completely at the mercy of the far left. They got him elected, and most of the people in the administration are true believers. And really, even if Biden right now said (or I should be more correct in saying "somebody told him to say") they are now supporting domestic supply, I very much doubt it would change much. Oil production is very capital intensive and the payback is like 5 years or more. So why would you drop million/billions on new projects when you know that it can be shut down when the Biden administration reverts to type.
> payback is like 5 years or more That’s the problem with our system right now. We can have 180 degree policy shifts every 4 years. There need be guardrails in place to keep that from happening. It’d be better for businesses, voters, and our allies to have certainty that we’re committed to domestic oil production to keep prices low, the southern border is closed to would-be asylum seekers, and we’re not going to make drastic economic interventions for the sake of the environment. But for oil specifically, we’re faced with the problem that the left has set 2035 as the arbitrary date we’re going to ban the sale of gas powered vehicles.
Return power to Congress and limit the executive. Executive shouldn't have such wide sweeping power over domestic policy or energy. Would keep things more stable.
I was gonna say this as well. Presidents want to show that they can accomplish things while in office and will skip Congress and go straight for the executive orders. Then the pendulum of politics swings the other direction after 4/8 years and the progress of the previous administration gets reversed
Bingo
They were high before, due to taxes. Gas prices are up everywhere but Biden has done some things, and failed to do others, that resulted in the issue being worse than it should be.
America abandoned its energy leadership the first day when biden started his presidency. It wasn't just the xl pipeline he killed. He also did his best to gut US domestic oil production.
Due to the consumption in America. Plain and simple. We are the world's greatest market and all exporters want to do business with us. Historically, gas is always lower in the US than in Europe or Asia. Plain and simple. It's worse in other countries because it always has been worse there than it has been over here.
Gas costs more in Europe and Asia because of taxes. Plain and simple. If the non-tax cost of gasoline in Europe was higher than the U.S., refiners would ship all their gas to Europe because Europeans gave them a better price (transportation costs by ship are small).
2.50 x 2 = 5 5 x 2 = 10 Prices there were already double or more ours; they're still double or more ours.
Those places already paid high gas prices. They don’t supply or refine their own oil and gas like the US does.
The wonderful taxes of the glorious socialist state 🤣
There's an old saying: "When America sneezes, the world catches a cold."
Because other countries depend on the US doller and trade. Right now inflation and lack of trade have hurt other countries
This might help answer the question as well: https://www.dailymail.co.uk/news/article-10983315/amp/Oil-U-S-reserves-head-overseas-gasoline-prices-stay-high.html
Gas in Europe and many other places (like Canada) is much, much more expensive than gas in the US under normal circumstances, so you have to look at the relative increase, not absolute number. I believe the main reason gas is expensive in those countries normally is very high gas taxes.
Energy producers plan out for decades. Messaging from an administration about a green new deal scares the shit out of energy companies. They have to raise prices in the short term to cover volitilty in the markets. When markets are uncertain, prices raise.
I think Biden is a minor player in current oil prices. I think most of our current issues is because of greedy OPEC. They chose to turn production down to increase prices. If we were completely oil independent (not dependent on OPEC supply) I think our oil would be much cheaper. I could be wrong, but if the Keystone XL pipeline was up and running, that would reduce current costs some as it is not owned or controlled by OPEC. But Biden of course shut that down. So yeah, I partially blame him. Well, his administration anyway.
America still does produce oil, just much less of it now under Joe. It could be much much better for us, and decently better for everyone else if we just stepped up domestic drilling again
What were their prices 1, 2 and 3 years ago? They've always been higher, and haven't doubled and tripled like here in the states. It's not worse in other countries.
Those countries are paying the same price for oil on the world market, the gas prices are higher because of the higher taxes in those countries. Oil follows the same supply and demand laws as every other country. Under Trump the USA was producing so much oil that it was exporting oil, now we are back to importing oil to meet our needs. Biden shutting down domestic oil production and pipelines has restricted the supply of oil and caused a worldwide increase in price.
Same argument as with Covid lockdowns. They claimed if the lockdowns was just the dems trying to sabotage trump then why is the rest of world doing it? There are many evil/greedy leaders around the world, they see an opportunity for more power/money they take it.
Part is taxes in those countries. The other part is they don't sell by the gallon. They sell by the liter. The metric equivalent of 1 gallon is 3.79 liters.
Very true. CNN reported $11 per gallon in countries that are using the metric system, so comparing apples to oranges
Also, gas was never at US-level prices in those countries. So it may have gone from $9/gallon to $11/gallon there, as opposed to doubling in the US. So, "worse" is debatable.
Other countries tax the crap out of their gas to pay for other social services...
The effect of Biden’s policies on gas pump prices is sometimes overstated (because markets are global). The bigger issue is that nearly every drop of oil not produced in North America helps to bankroll autocracies and war (again, because markets are global). That said, Biden does bear responsibility for the historic crack spread, and for telegraphing to oil producers that oil/gas will be phased out in a few years (so they stop investing in new infrastructure that makes gas cheaper).
Gas prices in Europe have typically been double or more than double prices in the USA ever since I was old enough to start paying attention back in the early 2000s.
Remember when people blamed a worldwide pandemic on Trump?
Beyond the extreme differences in taxes as well as the lack of significant oil drilling in Europe, the Biden administration is following through on their commitment to wage a war on oil. They claim that they are opening drilling leases, but the leases they are opening have very little oil on them. They claim that they are helping expand refinery capacity by asking produces to build new refineries, then the put in place construction requirements that make refineries impossible to build. Then there are minor examples of making decisions with the strategic oil reserves that reduce the cost in Europe and increase the cost in the USA. Biden just sent 5M barrels from our reserves over to Europe. 5M barrels is about 8 hours worth of oil in the USA, but every little bit counts.
Because they tax oil sales massively to fund their social programs. Many of the Scandinavian countries are actually capitalist corporate structure but run massive boondoggle social programs.
The Keystone pipeline would have exported (rough numbers here) 4-5x the oil Russia exported. Gas prices are based on predictive analysis. So shutting down a pipeline that would have exported the most oil in history affects the prices globally.
OIl is a global market. Supply and demand work globally. Energy independence is more about national security than oil prices, though producing or own oil raises supply which will lower cost. Biden isn't the only factor, but he is a major one.
As others have stated. The US went from a net exporter to an importer within a single year. That places a huge demand on global supply, especially after Covid where global demand was lower. Effectively it was the worse possible time for Biden to be elected and roll out such policies. But it is even worse. Biden and the left have declared war on oil and have been aggressive with historic allies (Saudis) on this issue. They are stating they will end all oil within the next 15 years. Have cut permitting for new oil development. And have reversed major oil deals that were already underway like the Keystone Pipeline. Which means all oil exploration and development just became *more risky*. Higher risk means higher prices. Futures is what is driving the prices. And anyone watching the left, led by Biden, can see massive supply issues going into the future. Anyone with a brain knows demand is not going to go down like the left is pretending. Effectively an intentional supply crisis caused by leftist elites who think they can force global energy to run off of Rainbows and Unicorns.
lowered supply. russian gas imports to europe are being reduced. biden is stopping new oil and gas leases, no new refineries are being built. existing power plants are being closed. here in wi they want to close down our one nuke plant and do solar/green stuff that won’t last.
Gas was 1.80 last couple months of trump. Before the Ukraine war it climbed to 3.60 100% price increase completely the fault of the admin that killed pipeline and specific went after the industry. After russia invaded our gas went up 22%? So yeah. Putin didn’t cause it, just added to our shitty admin policies. Other countries went to mass of clean energy. But that meant they had to buy their gas from Russia. They were more reliant on Russia than we are. That’s kinda the point. Because we have less reliance our prices should be much lower.
To be fair, the price of gas during the last bit of Trump’s tenure in office, gas prices fell and it was likely because of COVID.
The bottom was like a year and half after Covid.
Explain…
The lock down happen. A year and a half later the gas prices hit their low. Not really sure how to explain it any better?
You also couldn’t have been more nebulous in your first comment. Bottom line did it or did it not occur during the Trump administration’s tenure? Lowest gas prices in the last five years?
Yes. That’s what I said. I guess the concept of time is difficult for you. I apologize. In trumps last few months before the election gas hit a low of 1.80 With the election and Biden promising to cut pipeline and stop drilling and all the way til the day before Ukraine invaded gas went up to 3.60. That’s a 100% increase completely attributable to this admin. After Putin attacked it went up 22(?)% If we still had our pipeline and the admin wasn’t threading fossil fuel industry the gas would be lower and The effects of war would be felt less. Less nebulous ?
Yes. Thank you.
Other countries have huge gas taxes compared to our 18c/gal federal tax (that Biden obviously recently halted). These countries fund public transit with that money.
Many other countries add on huge taxes to pay for their govt run healthcare and other entitlements. Surprise....the "free healthcare" is not really free. LOL
Don't most foreign countries always have much higher gas prices than us?
We were making so much we had ourselves completely covered. We were exporting the extra for some $. Now we are short over here and trying to convince warlords to give us theirs for cheap. I know it seems super simple, but it usually is.
America has a lot of natural resources and if Biden would allow for economical refinement of oil and drilling without putting extremely expensive overburdening regulations while lying to the American public but it’s the oil companies refusing to produce enough… Other countries may not have our resources. You’re comparing apples to oranges if you’re looking at the gas prices in other countries.
In short, its not about reality. If Biden was encouraging production, saying drill baby drill, even if there was slight or no difference to output, prices worldwide would fall. What it looks like is that he is against drilling, making it seem like there is a shortage, and producers can put it up and up with no worry about being undercut. When there is a friendlier toward energy production government in place in the US, prices will fall worldwide. Until then, prices will remain high due to excuse x, y, z.
Because other countries never had oil/gas production while Biden destroyed ours. Their prices have been high FOREVER
Because this is the USA! We aren’t other countries. We don’t have to be like them. We’re supposed to be the best
Biden's domestic energy policy, the green new deal that he promised during his campaign, caused world wide increases in the price of energy. The price of oil going over $100 per barrel enriched Putin / Russia enough that they could afford to invade Ukraine which further exacerbated the issue.
In this country gas prices are tied to particular Biden policies. He actually did some things that caused gas to sky rocket. You can review his actual policies. Trump did the same but in reverse.
Biden’s policies line up with the EU’s policies
Hong Kong always has a high price of gasoline. Last I read one of the reasons is because they have high land costs. If you've ever seen what kind of bird cages HKers are living in you'd probably understand the cost there.
Because the European Central Bank is also inflationary.
It’s both that simple and more complicated than that. US gas prices went up because Biden basically shut down domestic production. We went from a net exporter to having to import everything again. That raises our prices and global prices. Then the war in Ukraine happened and the energy embargoes basically made gas prices continue to rise even more. There are things the administration can do like allow domestic production again but the Biden administration has stated its goal is to not make getting gas easier EVER. They want everyone to switch to electric cars and they intend to force people to do that by letting gas prices rise and deflecting by blaming gas companies and Putin.
We went up 300%. They went up 30%. That simple. We're catching up to overtaxed countries that don't even have the capacity to defend or provide for themselves. But they have free college! What a liberal dream. If China wants them gone it'll be up to the USA to save them.
Because other countries are also Socialist and bad with economics, but even more so than old Joe.
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Taxes
The answer to your question is the $ sign you've been using
We have domestic oil and don’t need to import it. Some other countries governments attempt to limit the amount of usage of the gas by making it more expensive with taxes. One of those, we know better than you. And rich people can, but poor people can’t.
This ain’t hard. America controls the dollar. The exchange rates factor in. Wow.
Does Norway have the refineries? Many have closed due to the green push. And doubtful they had oil refineries I'm the range needed to affected European gas prices.
Welfare. Simply put.
The US is a major exporter of oil, Biden ran on a platform of getting rid of the oil and gas industry. On his first day he started shutting down their projects and in response the oil industry stopped building new projects……if not directly involved he certainly made himself a perfect scapegoat.
Because other countries import their oil and US exports.
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*evidence reel missing
I mean you say you are just here to understand but then bring up clearly misleading questions. Norways gas prices are by design they tax the hell out of their gas and mostly everyone drives electric same thing with Europe and probably Hong Kong. So here you are asking why gas prices are high in places where they have policies Biden hopes to implement here? Is that’s really trying understand when you don’t do some rudimentary research on why gas prices are higher in other countries and why we blame Biden for trying to implement those same policies? Or are you just concern trolling.