Quote (Santara @ Feb 14 2022 02:25pm)
NGL, I have those stickers in my wallet. But I have yet to apply one, and it won't be to a gas pump if I do.
The president has little control over the price of gas. It's true they can, and do take actions that affect the long-term prices by approving/revoking drilling permits, but the price of oil as a worldwide commodity can scarcely be affected by a POTUS.
Price is a function of production, and I do think certain policy & signaling has had an impact on production. Between the Paris climate accord, empowering the EPA, designating more federal land to not be used for drilling, signaling to companies they have to be 'carbon neutral' etc. all have an impact on production. I don't think you can go 24 hours without a Democrat politician trying to push for something because of global warming. It's become a very fashionable talking point.
Oil exploration is at like 75 year lows, and that's not because we can't find it but because of the economic threats put on these businesses by policies and ESG initiatives which are largely pushed by western governments. Like if you are an oil company it's too risky to throw hundreds of millions into searching and developing new oil projects because based on the language and some of the ESG narratives that are being pushed you have to be careful and not grow, but rather transition. Combine that with the fact many of these same governments forced full economies to come to a standstill, making oil not needed for awhile, messing with the logistics and supply chains and you end up with this mess.
So it's not all on Biden, but he deserves some of the blame, as he's a cog of the machine that created both supply constraints and has been a leading voice that echoes the attitude oil bad.
This post was edited by ofthevoid on Feb 16 2022 01:18pm
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