Amare's Right Hook
Southeast World Champion
Because you touch yourself at night. REPENT!! The time is near.
Why are gas prices so high?
- Thread starter Pool_Shark
- Start date
They aren’t being greedy. This is capitalism. This is no different than American companies using covid relief money to do share buybacks. They’re obligated to do whats best for shareholders.
https://www.eia.gov/tools/faqs/faq.php?id=709&t=6
The 10 largest oil1 producers and share of total world oil production2 in 20213
| Country | Million barrels per day | Share of world total |
| United States | 18.88 | 20% |
| Saudi Arabia | 10.84 | 11% |
| Russia | 10.78 | 11% |
| Canada | 5.54 | 6% |
| China | 4.99 | 5% |
| Iraq | 4.15 | 4% |
| United Arab Emirates | 3.79 | 4% |
| Brazil | 3.69 | 4% |
| Iran | 3.46 | 4% |
| Kuwait | 2.72 | 3% |
| Total top 10 | 68.82 | 72% |
| World total | 95.57 |
https://www.forbes.com/sites/rrapier/2021/07/29/the-us-remained-the-worlds-top-oil-producer-in-2020/?sh=21f8e1dd5a6c
Literally google "Worlds largest OIL producer" and see who comes up. Coal and natural gas are one thing, but we technically could hold our own nuts. For a buncha dumb economic reasons, we don't. Russian sanctions hurt us at the pump because the entire pie of oil production shrank and we compete with the world for even less. Add to the fact that it is a commodity and oil companies are price gouging...its absolutely a factor in our energy independence. We drill now but won't see a change in prices for months. Also saying it would result in higher prices did not say how much or that oil companies would be making all-time high returns.The EU sanctions didn’t come until months after the US sanctions when gas prices already reached record numbers. Gas prices were increasing before the sanctions due to increased demand from covid lockdowns ending.
It wasn’t until the Ukraine Russia conflict that we saw a huge increase in gas prices due to the US sanctions. Oil is traded on the commodities market. When you have a powerful country like the US sanctioning Russian oil imports its going to cause a ripple effect on the entire market.
You don’t understand how this works. It’s not about how much Russian oil the US imports. Russian oil is traded on the global commodities market just like the stock market. It’s a market where good/bad news anywhere in the world will affect prices just like in the stock market. A country like the US sanctioning Russian oil will affect the entire market. It has nothing to do with how much Russian oil we import.
EIA.gov article
And how much of US consumption does that make up? Also, I said what did he do to make worldwide oil prices skyrocket.
If anything, Biden needs to reverse the Obama era decision to let oil go back on the market.
Congress voted in 2015 to repeal a 40-year ban on exporting U.S. crude oil. Since that year, crude exports have skyrocketed nearly 600% to 3.2 million barrels per day in 2020, according to data from the U.S. Energy Information Administration.
Crude Oil Markets: Effects of the Repeal of the Crude Oil Export Ban
Maybe it would help and maybe it wouldn't, but acting like war and all-time demand for oil (as well as profiteering) isn't what is pushing prices up helps no one.
You can’t be selective in your reading. I didn’t say Biden’s sanctions were the sole reason gas prices are up. In fact, I stated gas prices are up also due to increased demand and supply manipulation by OPEC.
Bruh, in another post I directed to you I literally mention commodities. I know how this works, but I respond to post content as I see it. Of course the US sanctioning them will affect the market greatly, but not because we *needed* their oil, merely because other countries knew what time it was and eventually followed suit (EU sanctions being the big one).Also, you can't be selective in reading as no where did my post say that you said it was the sole reason. There is literally a war going on(which I mentioned) and all-time high demand (which I mentioned) in the middle of an awful supply chain and labor crunch. Due strictly to Covid, we were unfortunately going to arrive at this destination one way or another. No way we could have a year or so of extremely low demand and a period of negative oil prices and not expect them to come up hard on the back end. No one could have predicted a 3+ month long war popping up.
ALonelyDad
Veteran
Because we have to defend our brothers and sisters in Ukraine
Oldschooler
All Star
I'm happy this happened....it's a wake up call. This has been brewing since Henry Ford invented the automobile supply chain. The US PLANNED to have their consumers put all their eggs in one basket in industries that they were once dominant in....or should i say industries where the oligarchs are heavily invested in. As an economy America did not diversify in this sector and it's a mistake that could potentially lead to anarchy and the end of our balanced capitalistic system.
Some of the problems contributing to this:
Some of the problems contributing to this:
- large endless roads for which we spent trillions in maintaining,
- Mass production of large heavy trucks requiring an enormous amount of fuel to run. Reliance on power instead of efficiency.
- large parking lots in the middle of metropolis where there's demand for housing. Drive thrus, etc.
- killing advancements in renewable technologies (i.e. GM EV1 electric car fiasco)
- non existent public transit or non existent inter city public transit (think electrification of railways).
Maaaann that’s why I was saying. They’re going to push it so high that we will be happy when we’re hovering around $3.50, when that will still technically be too high.
This is what always happens when gas spikes. Smh
Ashley Banks
All I ever wanted was the world
And here i thought 4.99 earlier today was bad. I express condolences for your deceased purse/wallet.
Im a little curious what your normal gas prices were like. Im over here fantasizing about getting my 2.60 gas back, but it seems like your normal price may actually be well above 3$
Damn I don’t even remember my husband usually gets my gas. I believe it’s always been around $3-$4. I’ve also been running out of gas sooner that’s why I’ve been having to do it myself lately it’s so weird.
Weak $ = higher oil prices
Sending 30B to ukraine monthly = weaker $
Halting oil & gas infrastructure projects = more expensive to drill and ship crude
Sanctioning Russia with America's allies = less supply to meet demand for industrial countries
Not visiting KSA and letting them kiss your ass = they wont do anything in your favor. ie ramp up production.
This is the biden administrations fault. Thats the bottom line. People will try to blame everyone else they can, but thats malarky
this is a Politics first, the American public second. issue.
Sending 30B to ukraine monthly = weaker $
Halting oil & gas infrastructure projects = more expensive to drill and ship crude
Sanctioning Russia with America's allies = less supply to meet demand for industrial countries
Not visiting KSA and letting them kiss your ass = they wont do anything in your favor. ie ramp up production.
This is the biden administrations fault. Thats the bottom line. People will try to blame everyone else they can, but thats malarky
this is a Politics first, the American public second. issue.
what that does is decrease the available world supply... Europe has to look elsewhere for oil now. So in the marketplace, you have the US & EU both straining & competing for Saudi, Venezuela, Iran, UAE/Qatar oil and driving prices higher.
Its a foreign policy issue that resulted from the US taking a hostile stance on Russia post-Trump. They pushed Ukraine to join Nato & the EU, which Russia had warned against.
ukraine was never pushed into joining NATO, just like finland and sweden aren't being pushed into joining nato.
the EU would have undoubtedly sanctioned russian oil even if the U.S didn't. russia is a bigger threat to them than it is to the U.S.
