So if the “war” ends we can go back to buying 3% of our oil from Putin or is Ukraine going to start producing that 2% for us. Because surely, 3% production from another country is solely the reason gas has doubled.“...as long as it takes to beat back Russian President Vladimir Putin’s invasion of Ukraine."
Europe has been a couple of dollars more than the US. Doesn't mean there is nothing that can be done for the US to lessen the pain.Gas in the UK is now over $8.00 a gal (4 litres)...in France over $7.00, and in Norway over $10.00...
I believe we do have means to at least soften the blow. Unlike other countries. Refining US oil on US soil has to be cheaper. Seems like common sense. Gas was on its way to these prices' way before the Russia/Ukraine thing.Demand was artificially low, way low. That was a result of crazy public health policies that locked down the world (and happened before Biden). It wasn’t that long ago that people on this forum were discussing how the world was ending because the price of crude was the lowest it had ever been. The pendulum swung fast, very fast, in the other direction and demand far outpaced supply. In either scenario, producers controlled the market to maximize profits. No doubt there are innumerable points where governmental policy also had an impact.
I’m sure someone on here smarter than I can state how long it actually takes to get a barrel of oil out of the ground and turn it into actual gas that is on the market and ready for consumption. Is it days, months, years?
Certainly, Biden’s anti-Dino energy policies will have an impact on supply and gas prices at some point. I just don’t believe that they have an impact in real time. So much about the global supply chain, including energy, was wrecked by failed health policies across the world that I think it is myopic to believe that simply changing presidents and firing up the drills will do much to prices in the near term. It will take years, if not decades, to recover from the supply chain (and other economic and social) issues caused by the pandemic.
The good news is I think some political tides will be changing. So, I will have the opportunity in the next several years to either eat my words or say “I told you so.”
Feb 2021 it started it's climb. One year before the Russia bs.This graph clearly shows that fuel was at a low price before COVID.
I wish I was still paying $2.72 a gallon….
Anyone who does not understand that Biden and crew WANT fuel prices to go up is not listening to what Biden and crew are actually saying.
You beat me to it.The current administration WANTS high fuel prices, that’s how they are going to get you into government transportation.