Today I saw this article, which echoes earlier comments by the dimwit occupying space in DC.
A little bit of background is in order.
The US has, just within the past two years permanently shuttered numerous oil refineries. So, instead of adding refining capacity to keep up with growth, 'we' have cut back on refining capacity to actually levels not seen since around ten years ago. Yep, we went backwards.
So in theory we have on a gallon per gallon basis a higher daily demand today than we had ten years ago, but we have cut refining capacity. Yet we get stupid comments like this:
“Last month, the price of oil worldwide is down,” Biden said at a meeting of the White House Competition Council. “We haven’t seen the lower prices reflected at the pump, though. Meanwhile, oil and gas companies are still making record profits -- billions of dollars in profit.”
So in adult world, if you want prices at the pump to come down, how about fast tracking some oil refining capacity? So you don't want to do that? I see. Oil companies CANNOT do that on their own. As it stands there would be AT LEAST a 5 to 10 year wait for the approval process to even break ground on an oil refinery simply because of government red tape. Once that goes through THEN the lawsuits start.
If we want lower gas prices why not show some leadership and recognize the actual problem? Furthermore the current inflation problems are linked directly to energy prices. The guy in the field running the tractor has to add 10% for fuel costs. The Mexican crews hauling the raw goods to the plant have to add 10% for their leg, then the truckers that haul the finished product to the grocery stores have to add 10% as well. Literally every single leg of production is adding 5-10%. It adds up. Next thing you know the price on the shelf is 30% higher than what it was last year... Yet these people want to 'wish it to be some other way'.
Link to the article below:
finance.yahoo.com
A little bit of background is in order.
The US has, just within the past two years permanently shuttered numerous oil refineries. So, instead of adding refining capacity to keep up with growth, 'we' have cut back on refining capacity to actually levels not seen since around ten years ago. Yep, we went backwards.
So in theory we have on a gallon per gallon basis a higher daily demand today than we had ten years ago, but we have cut refining capacity. Yet we get stupid comments like this:
“Last month, the price of oil worldwide is down,” Biden said at a meeting of the White House Competition Council. “We haven’t seen the lower prices reflected at the pump, though. Meanwhile, oil and gas companies are still making record profits -- billions of dollars in profit.”
So in adult world, if you want prices at the pump to come down, how about fast tracking some oil refining capacity? So you don't want to do that? I see. Oil companies CANNOT do that on their own. As it stands there would be AT LEAST a 5 to 10 year wait for the approval process to even break ground on an oil refinery simply because of government red tape. Once that goes through THEN the lawsuits start.
If we want lower gas prices why not show some leadership and recognize the actual problem? Furthermore the current inflation problems are linked directly to energy prices. The guy in the field running the tractor has to add 10% for fuel costs. The Mexican crews hauling the raw goods to the plant have to add 10% for their leg, then the truckers that haul the finished product to the grocery stores have to add 10% as well. Literally every single leg of production is adding 5-10%. It adds up. Next thing you know the price on the shelf is 30% higher than what it was last year... Yet these people want to 'wish it to be some other way'.
Link to the article below:
Biden Tells Oil Companies ‘Bring Down Prices You’re Charging’
(Bloomberg) -- While US gasoline prices have come down from the highs seen this summer, they’re clearly still weighing on President Joe Biden, who on Monday repeated demands for oil companies to charge less.Most Read from BloombergJohn Paulson on Frothy US Housing Market: This Time Is...
