You f'in moron. Of course the economic recovery is
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Posted On: 08/12/2021 9:10:39 AM
You f'in moron. Of course the economic recovery is driving gas prices up. If there weren't a recovery you be pissing and moaning about that. And it's partly seasonal, travel and ethanol, and partly supplier decisions during the pandemic.
Oil man Salty knows a bit about oil economics, time for you to learn as well.
https://www.cnbc.com/2021/08/11/as-gas-prices...utiny.html
The jump in gas prices comes on the heels of a rebound in oil prices. In April 2020, West Texas Intermediate crude futures, the U.S. oil benchmark, dipped into negative territory for the first time on record as the pandemic sapped demand for petroleum products.
OPEC+ made the unprecedented decision in April 2020 to remove nearly 10 million barrels per day from the market in an effort to support prices, while U.S. producers also scaled back production.
These supply cuts, coupled with a demand recovery, have pushed WTI back above $70 per barrel, although the contract has pulled back slightly from that level in recent sessions.
OPEC+ is still withholding about 6 million barrels per day, which it plans to gradually return to the market. The group's latest meeting ended in disarray after the UAE took issue with its baseline quota, briefly sending the oil market into turmoil. The group eventually came to an agreement later in July.
U.S. producers also turned off the taps during the depths of the pandemic, and they've been slow to bring production back online. According to the latest data from the Energy Information Administration, U.S. production averaged 11.2 million bpd in May, down from the pre-pandemic high above 13 million .
A little history for you, dickhead.
I have written many times about the limited impact a sitting President can have on gasoline prices. Presidents can pursue policies that over a period of time can influence gasoline prices in one direction or another, but their ability to impact prices quickly is pretty limited.
However, this year President Trump did indeed impact gasoline prices.
Gasoline prices fell sharply because oil prices collapsed. President Trump influenced that by conning Saudi Arabia into increasing production and then letting Iran continue to export oil.
I would also point out that gasoline prices at this time of year are usually low, because seasonal demand is low (and it's cheaper to produce winter gasoline).
For comparison, below is the national average retail gasoline price during the first week of January over the past 12 years.
https://www.forbes.com/sites/rrapier/2019/01/...and-trump/
But the jury is still out as to whether President Trump's impact will be more than fleeting. The short-term benefit of lower gas prices came at a cost. Saudi Arabia is already reducing oil production and pushing oil prices higher. It is doubtful they will be as compliant when it comes to future requests that they pump more oil.
Oil man Salty knows a bit about oil economics, time for you to learn as well.
https://www.cnbc.com/2021/08/11/as-gas-prices...utiny.html
The jump in gas prices comes on the heels of a rebound in oil prices. In April 2020, West Texas Intermediate crude futures, the U.S. oil benchmark, dipped into negative territory for the first time on record as the pandemic sapped demand for petroleum products.
OPEC+ made the unprecedented decision in April 2020 to remove nearly 10 million barrels per day from the market in an effort to support prices, while U.S. producers also scaled back production.
These supply cuts, coupled with a demand recovery, have pushed WTI back above $70 per barrel, although the contract has pulled back slightly from that level in recent sessions.
OPEC+ is still withholding about 6 million barrels per day, which it plans to gradually return to the market. The group's latest meeting ended in disarray after the UAE took issue with its baseline quota, briefly sending the oil market into turmoil. The group eventually came to an agreement later in July.
U.S. producers also turned off the taps during the depths of the pandemic, and they've been slow to bring production back online. According to the latest data from the Energy Information Administration, U.S. production averaged 11.2 million bpd in May, down from the pre-pandemic high above 13 million .
A little history for you, dickhead.
I have written many times about the limited impact a sitting President can have on gasoline prices. Presidents can pursue policies that over a period of time can influence gasoline prices in one direction or another, but their ability to impact prices quickly is pretty limited.
However, this year President Trump did indeed impact gasoline prices.
Gasoline prices fell sharply because oil prices collapsed. President Trump influenced that by conning Saudi Arabia into increasing production and then letting Iran continue to export oil.
I would also point out that gasoline prices at this time of year are usually low, because seasonal demand is low (and it's cheaper to produce winter gasoline).
For comparison, below is the national average retail gasoline price during the first week of January over the past 12 years.
https://www.forbes.com/sites/rrapier/2019/01/...and-trump/
But the jury is still out as to whether President Trump's impact will be more than fleeting. The short-term benefit of lower gas prices came at a cost. Saudi Arabia is already reducing oil production and pushing oil prices higher. It is doubtful they will be as compliant when it comes to future requests that they pump more oil.
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