Gas Prices Could Be Spiking Again by Election Day
Jul 17, 2022 23:17:30 GMT -5
Post by leilani on Jul 17, 2022 23:17:30 GMT -5
Gas Prices Could Be Spiking Again by Election Day
BY RICK MORAN JUL 17, 2022 1:14 PM ET
Gas prices have been moderating slightly this month, dropping from a peak of more than $5 a gallon to an average of $4.60, allowing Joe Biden to claim his policies are “working.”
It’s OK, because most of us are smarter than Biden and know that he’s full of s**t.
But no matter how far gas prices fall, the sad truth is that before election day in November, they’ll be sky-high again and possibly much, much worse.
The concerns about price are tied to a timeline for sanctions on Russia that could further exacerbate energy supply problems and may force Russian President Vladimir Putin to take drastic retaliatory action.
Washington Post:
“If you were to ask me where could oil prices go, I would say pick a number,” said Michael Tran, managing director for global energy strategy at RBC Capital, who says that while the outlook is murky, several indicators point to a price rebound. “This is the tightest oil market we have seen in a generation or more.”
The worrisome prognosis for consumers, coming as the nation is already struggling with historic levels of inflation, has the Biden administration grasping for interventions that could bring relief.
Yet U.S.political leaders are confronting the reality that even the most aggressive domestic political and policy measures often have scant impact over prices in a global oil market guided by forces out of their control.
Does it bear repeating that the impact of reduced global supply and high prices would have been softened considerably, if not eliminated, if Joe Biden hadn’t declared war on the U.S. fossil fuel industry? Recall that U.S. crude oil exports increased to nearly 3 million barrels per day in 2019 — up 45% from 2018. We were well on our way to oil independence — until Joe Biden became president.
Continued at the link
BY RICK MORAN JUL 17, 2022 1:14 PM ET
Gas prices have been moderating slightly this month, dropping from a peak of more than $5 a gallon to an average of $4.60, allowing Joe Biden to claim his policies are “working.”
It’s OK, because most of us are smarter than Biden and know that he’s full of s**t.
But no matter how far gas prices fall, the sad truth is that before election day in November, they’ll be sky-high again and possibly much, much worse.
The concerns about price are tied to a timeline for sanctions on Russia that could further exacerbate energy supply problems and may force Russian President Vladimir Putin to take drastic retaliatory action.
Washington Post:
“If you were to ask me where could oil prices go, I would say pick a number,” said Michael Tran, managing director for global energy strategy at RBC Capital, who says that while the outlook is murky, several indicators point to a price rebound. “This is the tightest oil market we have seen in a generation or more.”
The worrisome prognosis for consumers, coming as the nation is already struggling with historic levels of inflation, has the Biden administration grasping for interventions that could bring relief.
Yet U.S.political leaders are confronting the reality that even the most aggressive domestic political and policy measures often have scant impact over prices in a global oil market guided by forces out of their control.
Does it bear repeating that the impact of reduced global supply and high prices would have been softened considerably, if not eliminated, if Joe Biden hadn’t declared war on the U.S. fossil fuel industry? Recall that U.S. crude oil exports increased to nearly 3 million barrels per day in 2019 — up 45% from 2018. We were well on our way to oil independence — until Joe Biden became president.
Continued at the link