$6.00 gas?

[boston_e]

$2.68 (cash price) for a fill up yesterday.

[easyrider16]

Yeah, I don't buy it. Releasing strategic oil reserves in that amount is literally a drop in the bucket. 180 mil barrels? world oil production is 80-90 mil per day. So congratulations, you increased supply by 2 days worth, a fraction of a percent per year.

Some more numbers - U.S. oil production went from around 11mil bpd to around 13 mil bpd from 2020-2023. That's a delta of 2 mil bpd, which on an annual basis is well over 700 mil barrels per year, or more than triple the release of the strategic oil reserve on an annualized basis. Further, unlike the release of the strategic oil reserve, the increase in oil production is not temporary, and it continues to increase.

Source: https://www.eia.gov/dnav/pet/hist/LeafH ... RFPUS2&f=M

That's the story, here - it's massive increases in U.S. production that are driving this price change. Biden has little to do with it. It's the free market at work.

[deadheadskier]

No, no. Gas production and prices would certainly be better under Republicans like Trump. Folks like Moose have made very compelling arguments for this truth such as Republicans simply talking nicer about the gas companies, so that inspires them to do more when Conservatives are in office vs Liberals

Heck, Trump reminds us all the time how gas got as low as $1.75 a gallon back when he was president!!!

[easyrider16]

I think you're being unfair to Moose, there. I don't think he's wrong that U.S. Presidents can do things to try to influence the climate for oil production. You also have to admit that Biden sounded pretty hostile to the oil industry when he first took office. I just disagree that it made much difference in the real world, especially since Biden didn't have congress and/or the courts on its side.

Now if Biden could get legislation through congress that materially affected the oil industry, or if the Supreme Court upheld his administration's early decisions on stopping oil leases, that might have had a lot more of an effect. As it stands, though, Biden's been about as useless as Trump was when it comes to affecting the price of oil.

[deadheadskier]

Sure. My point is that by and large, the actions of Presidents have had very little to do with the prices of a globally traded commodity.

However, the general population of Americans are absolute idiots when it comes to understanding gas prices. I mean look at what Trump says about gas being $1.75 in November of 2020. His voters actually look at that as a function of his policies and not the greatest slowdown in travel / demand in modern history? Trump knows his supporters are total idiots and he can get away with saying something so completely stupid.

[Killington_Lover]

The difference that matters is whether you like EVs shoved down your throat or policy like banning/phasing out new ICEs (looking at you CA) or support a robust fossil fuel industry. I work in construction and electric just isn’t there yet. Funny the military gets trucks and machinery without DPFs and DEF yet all of our trucks and equipment has that crap on it. I guess it’s cool to make whatever 3rd world country we occupy have reliable, non emissions compliant stuff. I’m surprised progs haven’t insisted on protecting our enemies lungs.

[Bubba]

(Vermont) Gasoline prices hold steady, expected to decline in 2024

https://vermontbiz.com/news/2023/decemb ... cline-2024

[daytripper]

I filled up for $3.09 today.

[Bubba]

U.S. energy production exceeded consumption by record amount in 2023

https://www.eia.gov/todayinenergy/detail.php?id=62407

[easyrider16]

Somebody should tell Trump, who implied that we were no longer energy independent during the debate.

[Low Rider]

U.S. energy production exceeded consumption by record amount in 2023

https://www.eia.gov/todayinenergy/detail.php?id=62407

Inconvenient information for the deplorables.

Also - filled up for $3.07 (cash price) yesterday.

[easyrider16]

You know what's ironic about this whole thing? Trump has been hammering Biden since 2020 about gasoline prices and oil production, yet the data suggests he's been 100% wrong. Like very obviously wrong, not even debateable. Nevertheless, on my travels this weekend I saw a group of people holding a sign at a highway overpass that said, "Trump was right." Truly, these people live on another planet.

[TheLurker]

When has Trump ever cared about whether something he said was factual? Actually, when has he ever said anything factual?

[easyrider16]

It's funny to go back to the first few pages of this thread and see what all the pro-Trump / anti-Biden people were saying. All of them were pretty much 100% wrong about the whole thing. Even the title of the thread is ironic in that regard.

[Dickc]

You know what's ironic about this whole thing? Trump has been hammering Biden since 2020 about gasoline prices and oil production, yet the data suggests he's been 100% wrong. Like very obviously wrong, not even debateable. Nevertheless, on my travels this weekend I saw a group of people holding a sign at a highway overpass that said, "Trump was right." Truly, these people live on another planet.

Compared to gas prices dropping like a rock during the COVID crisis, they do look high, but look at the reasons for it. At one point I seem to remember the concern on TV that futures prices "might" go negative for a particular month. Buuba might recall that better than I AND find that data.

Kind of reminds me of the adage about statistics, damn statistics and damn lies, or something to that extent.