easyrider16 wrote: ↑Jul 1st, '24, 08:09
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.
Futures went negative for a day in early 2020. This is an EIA note from 2021.
Killington Zone
You can checkout any time you like,
but you can never leave
"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
F. Scott Fitzgerald
"There's nothing more frightening than ignorance in action" - Johann Wolfgang von Goethe
It continues to amuse me to scroll back in this thread and read what people were saying about it being Biden's fault that production slowed and prices surged. Yet here we are, after four years of Biden, and we've returned to exporting more than we import and producing more oil than ever.
Well, people like Moose will say that even as positive as the current administration is doing with energy production, it would still have been better under the GOP because they talk friendlier about oil. Drill baby drill, yada yada
I mean, that might be true. There's no question the GOP is more friendly to the oil industry than Democrats. Trump's administration rescinded a number of safety regulations for offshore drilling, for instance, which arguably reduced costs. I believe Biden tightened many of those regulations back up.
Of course my preference is to pay a few cents more per gallon but make sure there are ample watchdogs in place to prevent oil companies from cutting corners and creating more environmental disasters, but that's just my opinion. If the past four years has demonstrated anything, it's that we can regulate the industry without killing it.
Most of my amusement comes from people in this thread making assumptions based on their political predispositions that the spike in gas prices and decrease in production was Biden's fault when it clearly was not. You would think GOP supporters would be a little more understanding of the workings of the free market and how market forces affect pricing, but I guess not.
