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We need a business man as president
- Thread starter rockytopva
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JosephZ
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The President of the United States doesn't control gas prices. Gas prices are dictated by oil prices, and oil prices are dependent upon supply and demand on a global level. March 30, 2020 (the date in the image), was during the COVID lockdowns. Most people were staying close to home. There was also an oil war between Russia and Saudi Arabia.
The initial issue pressing gas prices down is the coronavirus pandemic’s downward pressure on demand, Mac said.
“The coronavirus has basically pushed the demand [for oil] down. The big determining factor for gas prices is oil prices,” she said. “You drill the oil and refine it into gasoline that we pump into our cars. When you look at oil and the demand for oil, that demand for oil has dropped worldwide,” Mac said.
“Multiple cities [in China and Italy, for instance] have been locked down because of the coronavirus, so it is economics 101 — supply and demand. The supply continues to be up while the demand decreases day after day,” Mac said. “That effects prices. Oil prices drop and gasoline prices follow.”
Oil prices have almost halved since the start of 2020. Oil prices now hover about $32 a barrel, where prior to the coronavirus, prices were about $70 a barrel.
Another big factor is a dispute between Saudi Arabia and Russia.
On Wednesday, Saudi Arabia announced it would increase its oil production capacity to 13 million barrels per day, up from 12 million barrels a day.
That was preceded by a breakdown in talks among an alliance of OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC producers, with the largest dispute last week between Russia and Saudi Arabia.
“Because of that, supply continues to be a the same level, and the world is continuing to be flooded with oil. And the demand is down, as people are not moving and not driving, which continues to push the prices down,” Mac said.
www.tribstar.com
The rate of inflation has fallen significantly from its peak of 9.1% in June 2022 and has been between 3% and 4% for the past year. It currently stands at 3.4%. This is below the average inflation rate for the period 1960 to 2022, which is 3.8% per year.
The initial issue pressing gas prices down is the coronavirus pandemic’s downward pressure on demand, Mac said.
“The coronavirus has basically pushed the demand [for oil] down. The big determining factor for gas prices is oil prices,” she said. “You drill the oil and refine it into gasoline that we pump into our cars. When you look at oil and the demand for oil, that demand for oil has dropped worldwide,” Mac said.
“Multiple cities [in China and Italy, for instance] have been locked down because of the coronavirus, so it is economics 101 — supply and demand. The supply continues to be up while the demand decreases day after day,” Mac said. “That effects prices. Oil prices drop and gasoline prices follow.”
Oil prices have almost halved since the start of 2020. Oil prices now hover about $32 a barrel, where prior to the coronavirus, prices were about $70 a barrel.
Another big factor is a dispute between Saudi Arabia and Russia.
On Wednesday, Saudi Arabia announced it would increase its oil production capacity to 13 million barrels per day, up from 12 million barrels a day.
That was preceded by a breakdown in talks among an alliance of OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC producers, with the largest dispute last week between Russia and Saudi Arabia.
“Because of that, supply continues to be a the same level, and the world is continuing to be flooded with oil. And the demand is down, as people are not moving and not driving, which continues to push the prices down,” Mac said.
Pandemic, oil war push down gas prices
Lower gas prices in the Wabash Valley are the result of two powerful international events happening simultaneously -- the coronavirus pandemic and an oil price war.
The rate of inflation has fallen significantly from its peak of 9.1% in June 2022 and has been between 3% and 4% for the past year. It currently stands at 3.4%. This is below the average inflation rate for the period 1960 to 2022, which is 3.8% per year.
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- Jun 11, 2005
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Ah the start of the pandemic. No one was driving, working, shopping--and every day we would see Mr. Trump, surrounded by experts, ranting in a clearly unhinged manner. It was so frightening watching this man lose touch with reality, watching Dr. Birx behind him, clearly pale, frightened, and horrified.
Please God, we will never have to face another crisis led by someone who loses it.
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Tropical Wilds
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Average gas price in March 31, 2020 was $1.99 and this gas station was one of 1,300 (out of 196,000 in the US) that were under $1 a gallon. In numerous articles, the owner said he dropped to that price to get people in the store and because he was worried it would go bad and he hemorrhaged money, almost closing in August according to their Facebook.
amp.cnn.com
Apparently society as a whole completely stopped driving and shopping and going out in March, 2020. Did something happen…?
$1 gas could soon be coming to a station near you
Gas prices haven't been this low in decades. In a few places throughout the country, gas is below $1 a gallon.
amp.cnn.com
Apparently society as a whole completely stopped driving and shopping and going out in March, 2020. Did something happen…?
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JimR-OCDS
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We don't need a businessman for president, but a statesmen.
The government should not be run as a business, which is to make profit from investments.
Instead, the government needs to run more like a family. Don't spend more than you earn
and save for a rainy day.
The government should not be run as a business, which is to make profit from investments.
Instead, the government needs to run more like a family. Don't spend more than you earn
and save for a rainy day.
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- Nov 21, 2008
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until you notice this
By restricting down our own domestic oil -- the president "makes a difference"
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JosephZ
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A statistical analysis of 36 years of monthly, inflation-adjusted gasoline prices and U.S. domestic oil production by The Associated Press shows no statistical correlation between how much oil comes out of U.S. wells and the price at the pump.
That’s because oil is a global commodity and U.S. production has only a tiny influence on supply. Factors far beyond the control of a nation or a president dictate the price of gasoline.
FACT CHECK: More U.S. drilling didn't drop gas prices
It’s the political cure-all for high gas prices: Drill here, drill now. But more U.S. drilling has not changed how deeply the gas pump drills into your wallet, math and history show. A statistical analysis of 36 years of monthly, inflation-adjusted gasoline prices and U.S. domestic oil...
publicintegrity.org
No matter how much oil the U.S. produces domestically, we'll still face huge swings in the price of gasoline. That's because there's a single, global price for oil.
Of course, more U.S. drilling could increase the global supply of oil, lowering the global price a bit for everyone. But more likely, according to the report, is that other oil producers would respond by cutting their own oil production, "diminishing or eliminating the effect" of increased U.S. production.
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- Jun 11, 2005
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Considering all of the "businessmen" who lobby, give gifts, and make payoffs to rogue Supreme Court justices, it seems as if businessmen exert more than their share of influence in Washington.
The Chamber of Commerce is a huge lobby--and hugely anti labor and anti regulations.
We need to balance the needs of business against the needs of the 350 million Americans politicians allegedly represent.
A president should reflect that balance.
The Chamber of Commerce is a huge lobby--and hugely anti labor and anti regulations.
We need to balance the needs of business against the needs of the 350 million Americans politicians allegedly represent.
A president should reflect that balance.
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com7fy8
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Being good in business can help, but one needs to be good at other things, too . . . and be good at delegating, like if you are not so good at business, be able to delegate business to the right people.
You are possibly recommending Donald, since he has been a businessperson.
Well, ones have said he has not been very successful, but I don't know. I think a person should be a good role model for younger people. And have good standards.
Donald spent time with Kim Jong Un. And he claims he had no wars while he was president and no obvious military fiascos.
But I'm not sure either party has been competent and honest enough to offer a qualified person . . . or honest enough to accept one if offered one.
Certain Christian leaders have said, vote for the "lesser of two evils". I don't think God buys that.
But make sure we do what God wants, and He will take care of the rest.
If I vote, it won't possibly be an approval, but a prayer for God to use someone for some kind of good.
You are possibly recommending Donald, since he has been a businessperson.
Well, ones have said he has not been very successful, but I don't know. I think a person should be a good role model for younger people. And have good standards.
Donald spent time with Kim Jong Un. And he claims he had no wars while he was president and no obvious military fiascos.
But I'm not sure either party has been competent and honest enough to offer a qualified person . . . or honest enough to accept one if offered one.
Certain Christian leaders have said, vote for the "lesser of two evils". I don't think God buys that.
But make sure we do what God wants, and He will take care of the rest.
If I vote, it won't possibly be an approval, but a prayer for God to use someone for some kind of good.
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Brihaha
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If America does need a businessman as president, we need a competent, honest one. That last businessman was very corrupt and increased our debt like the world has never seen before!
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Turkey inflation passes 75% due to miss-managed leadership. This could also happen in the USA if we are not careful.
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Arcangl86
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I'm really skeptical the picture in the OP is true considering the average price of gas was over $2 a gallon on that date. But even with that proviso, the price of gas was so low mostly as a result of a crash in demand, not any policies implemented by Mr. Trump.
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- Apr 14, 2003
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Common sense ought to tell anyone that raising fuel prices will also cause inflation...
I'm not sure what "lies" the OP is talking about.
I am not sure I want a businessman (or woman) as President. There is a lot more to running the country than there is to running a dollar store. A wealthy businessman is likely to favor the wealthy, which is exactly what we do not need.
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Spent $75 on groceries. After buying for the dog and cat I was left with a box of cereal and a gallon of milk. Do think that is funny? Well... Do you?
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- Apr 14, 2003
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I didn't say it isn't a reality. I asked who lied about it. I don't remember anyone lying about it.
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- Jun 25, 2008
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Common sense tells me to find out why gas prices were low or high when a picture is posted and not accept the poster's opinion first.Common sense ought to tell anyone that raising fuel prices will also cause inflation...
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