Careful your playing with reality!!That is right, a barrel of oil was $40 to $45 during the Trump administration. During those years, the USA was oil and energy independent! Then WE THE PEOPLE voted for Joe the Biden and since then oil has risen to $63/barrel and gas has risen from $1.89/gallon to $2.59 and continues going up. To balance the cost of oil and gas going increasing in price, I look forward to a tax increase that will help balance everything out. Not to worry, as I am covering my boat with solar panels and wind generators and modifying my diesel to burn frog spit. That's okay, the gubmint keeps send out those checks to fix the financial problems of all Americans. In other words, the gubmint is stealing my tax dollars to pay me my tax dollars, so I can afford to buy expensive gas and oil. Whew! I feel much better now...
Baker in mass tried to get a multiple state fuel cap tax at $0.24 per gallon to discourage over use. They wanted multiple states because some folks cross state lines for gas and avoid sales taxes.Agreed, believe me, I'm not for higher prices and stupid legislation, but for prices were seeing, we're arguing over pennies.... right now, but, future remains to be seen.
Not to mention three of our classmates got laid off this year. Hitting close to home...I can tell you the state of the oil industry in the Gulf of Mexico is pretty dismal. Vantage drilling is sending a 9 year old rig(same age as my rig) to scrap. A buddy on one of the work-over rigs had their contract terminated early and the entire crew besides the marine department was layed-off with almost no notice. We have one rig decomissioned in Texas, one cold stacked in Aruba, another getting ready to go to Aruba for cold stacking, and the remaining 3 in the Gulf of Mexico will be off contract shortly. There are glimmers of hope here and there for some work, but a lot is just rumors. Time will tell what happens I guess.
Fundamentals hardly ever control the price if oil.It's as simple as supply and demand, no matter how bad you want to blame someone. Here's a thought: Gas prices of $0.53/gal in 1974 is equal to $2.99 in 2021. I can imagine how much squealing would occur if the current admin. reduced the highway mph to 55 as Nixon did and Ford put into effect. Truth is having a hard time surviving these days.
That is correct. There have been both temporary shutdowns and permanent closures. Demand for gasoline has remained fairly flat since 2003, so this is no suprise.I had someone supposedly in the know tell me that many refining operations have been shut down. Any truth to that?
One fifth of US production was,shut in due to the cold snap. When you shut down refineries they take a couple of weeks to start up. Russia needs to pump oil and. There is much talk about OPEC increasing production. Stay tuned.I had someone supposedly in the know tell me that many refining operations have been shut down. Any truth to that?