Gas Prices, am I right?!
johnnydoom Strange. The graph shows a strong correlation.
Dude, look at the chart again and tell us all about correlations. LOL Trump elected 2016 the next 2 and 3/4 years gasoline went up. What's that mean?
Then it dropped precipitously into the pandemic. What's that mean? (A hint,, demand went way down.) First, demand really dropped. Then the supply-side slowed down because there was less need for refined oil. As demand increased so too did the price.
You think that chart reflects a direct 1 to 1 correlation? You're not understanding a small sample size, over a short period of time, not adjusted for the concomitant value of the dollar.
Do some research in economics and get back to me since you're purporting the POTUS controls the price of gasoline.
johnnydoom that doesn't mean it can't be influenced by the U.S. president and their regulatory control of the industry just because you don't like it.
So, now you're also stating that the POTUS has regulatory influence over the oil industry? That's a joke. Big Oil owns this country far mare than even Big Pharma.
Par4QC Didn't realize they had that control.
Because they don't. A very good reason to not realize that. It's simply a myth.
jsippy73 President can refuse to issue permits or make so many regulations that make it impossible to drill or do most anything.
I don't think that is true. Permits are issued under the Dept. of Interior(Land Management div.).
And here again, the President does not make the regulations, as I understand it.
And right now there are more permits out than ever in history. Many came from this administration's tenure.
When it comes down to it, you and I, control the drilling/production more than the Presidents. IYKWIM
Par4QC AFAIK the Dept. of Energy and the Dept. of Interior are in the Executive branch and the President is Chief Executive.
johnnydoom So his sig is on all the permits?
professor So, now you're also stating that the POTUS has regulatory influence over the oil industry?
Yes. He can fire the Secretaries of Energy and Interior at will can’t he? If he can’t than he is only a figurehead and is of no value or consequence to anyone.
Par4QC I have no idea. But he can determine whose signature is.
- Edited
As with most commodities , Oil pricing is primarily driven by supply/demand fundamentals. Geopolitical factors will intertwine with that. The cost of exploration, drilling and production is obviously also a major factor in price.
OPEC plays a role as does the global investment community where speculation and hedging go on and of course general market sentiment
johnnydoom They are cabinet posts. And are in the line of succession actually(Energy =15th).
But if he 'runs' those depts., why would he(Biden) have to issue an Executive Order on the permits??? And why would Trump just 'ask' for an increase in oil production???
I'll never understand government......
professor I may not be an economist, but I can read a chart. Take off your blindfold and compare 2017 - 2020 to 2021 - 2024 and tell me which period was lower and more stable. Stop the gaslighting and see what is right in front of you. Don’t believe the chart? Then pull up your own gas receipts from both periods and compare them.
Par4QC But if he 'runs' those depts., why would he(Biden) have to issue an Executive Order on the permits
Again, I don’t know the precise reason. I presume that like most organizations, the departments have many levels of management and procedures. I presume the executive order is to formally override those layers. However, I have no direct knowledge.
Would shutting down a pipeline construction project on day one have any effect on decisions of oil companies? Asking for a friend (don't want to be called an ignorant idiot by the "professor").
Some seem to believe that ONE pipeline, which was to ship the world's costliest "oil" to produce ("oil" that is strip mined), would magically solve the global energy situation forever.
Yipsy Do you want gas to skyrocket to force people into EVs?
Oh, I was afraid you'd put in your two cents. EV's aren't even close to market ready. Get real.
Par4QC So his sig is on all the permits?
Of course it is. Does Congress and the Executive branch have the ability to indirectly affect the use of natural resources in North America? Of course but, that's a different topic than what price Big Oil sets for their product.
johnnydoom Yes. He can fire the Secretaries of Energy and Interior at will can’t he? If he can’t than he is only a figurehead and is of no value or consequence to anyone.
I addressed this above. Indirectly yes, the gov't can affect the production of oil t some degree. But who refines it and sells it as gasoline? Geezus, enough already. It's a myth that the POTUS sets or adjusts the price of gasoline.
Learning a lot reading this thread. Didn't realize there are climate experts here let alone oil market experts .