In the middle of historic high gas prices, what does Biden do?

[hislegacy]

Biden administration cancels Alaska oil and gas lease sale

That’s right, cancel gas lease from two of the largest sources of oil instead of incentivizing companies to produce more.

what inflation go through the roof.

 

[Fantine]

The article I read said that there was a lack of interest in buying them.

Surely you don't labor under the illusion that oil and gas companies are in the business to help people get affordable energy! When they are getting top dollar because gas is scarce, why should they buy more land to drill--when more gas would drive the price down?

They are playing you! If you're blaming the government you're barking up the wrong tree.

Robert Reich on LinkedIn: Shell reports a record $9.1 billion profit. | 115 comments

Reich says: Oil giant Shell raked in a staggering $9.1 billion in the first quarter of 2022, nearly triple its profits from this time last year. The company announced it would increase its stock buybacks in the second quarter, from $4 billion to $4.5 billion. Yes: while you pay through the nose at the gas pump, Shell is boasting record profits and using them to line the pockets of its executives and shareholders with stock buybacks. It’s the same story across the industry: Chevron’s profit more than *quadrupled* in the first quarter and ExxonMobil’s more than doubled. Exxon, just like Shell, will use those profits to buy back $30 billion in shares of its own stock, up from the $10 billion it announced three months ago.

 

[friend of]

@Fantine Then why is Biden helping the oil companies price gouge

 

[Fantine]

Wage-price controls were tried in the 1970's. They didn't work.

The companies didn't want to buy these lands. Scarcity is working for them.

 

[Aldebaran]

Wage-price controls were tried in the 1970's. They didn't work.

The companies didn't want to buy these lands. Scarcity is working for them.

Are you trying to make the case that oil companies are sabotaging their own industry as a way to make more money?

 

[HARK!]

Surely you don't labor under the illusion that oil and gas companies are in the business to help people get affordable energy! When they are getting top dollar because gas is scarce, why should they buy more land to drill--when more gas would drive the price down?

So none of the oil companies in the world have any competition; so there is no incentive to sell as much oil as possible while they can still get top dollar for it?

 

[Fantine]

The only reason why prices are high is that supply is low.

If they increase the supply, the price will drop.

 

[hislegacy]

The only reason why prices are high is that supply is low.

If they increase the supply, the price will drop.

Right and joes actions decrease the chance of increasing the supply.

 

[Fantine]

As I said, the article indicated the land sale was withdrawn because of lack of interest from oil companies. You can't sell unless you have a buyer.

 

[Aldebaran]

The only reason why prices are high is that supply is low.

If they increase the supply, the price will drop.

That never stopped the oil industry from supplying oil when the price was $40 per barrel.

 

[HARK!]

The only reason why prices are high is that supply is low.

If they increase the supply, the price will drop.

Here's your big chance to show Big Oil what is what.

Drill baby drill!

Maybe you can start a oil drilling co-op.

 

[Ceallaigh]

Since the democrats want to put an end to gas powered vehicles, why would they try to make gas more affordable?

Biden says, let them ride bikes or drive teslas ala let them eat cake.

 

[HARK!]

Since the democrats want to put an end to gas powered vehicles, why would they want to make gas more affordable?

I wonder if the Federal fuel tax a flat rate; or is the government getting a piece of the action? ...sort of like the fox guarding the hen house.

Maybe now would be a good time to drop that tax.

 

[Ceallaigh]

I wonder if the Federal fuel tax a flat rate; or is the government getting a piece of the action? ...sort of like the fox guarding the hen house.

Maybe now would be a good time to drop that tax.

That was suggested from the get-go. I haven't heard the White House acknowledging it so far.

 

[HARK!]

That was suggested from the get-go. I haven't heard the White House acknowledging it so far.

Well we have to pay for all of those cushy jobs in our bloated Federal government somehow. The peasants will find a way to squeeze out a living; even if they have to walk to work. Maybe Biden is growing weary of all of their bellyaching. They need to remember who they serve.

 

[Sparagmos]

Biden administration cancels Alaska oil and gas lease sale

That’s right, cancel gas lease from two of the largest sources of oil instead of incentivizing companies to produce more.

what inflation go through the roof.

There was a ‘lack of industry interest," as in no one even wanted to lease it.

 

[Sparagmos]

Are you trying to make the case that oil companies are sabotaging their own industry as a way to make more money?

It’s hardly sabotage if it’s making them tons of money. Oil companies are energy companies now, their future plans aren’t even in oil.

 

[Sparagmos]

Since the democrats want to put an end to gas powered vehicles, why would they try to make gas more affordable?

Biden says, let them ride bikes or drive teslas ala let them eat cake.

Why would I need to buy a Tesla when there are so many other options? Car companies have planned to stop making cars that run on oil. Electric is getting cheaper and cheaper. I hope you don’t make all decisions in life based on what will save you a few bucks in the short term.

 

[Ceallaigh]

Why would I need to buy a Tesla when there are so many other options? Car companies have planned to stop making cars that run on oil. Electric is getting cheaper and cheaper.

I was using Tesla as a colloquial term for electric powered vehicles.

I hope you don’t make all decisions in life based on what will save you a few bucks in the short term.

I didn't express making making a decision, so what kind of decision did you invent for me?

(I fail to understand why people have to make things personal in topical conversation).

 

[SkyWriting]

Biden administration cancels Alaska oil and gas lease sale

That’s right, cancel gas lease from two of the largest sources of oil instead of incentivizing companies to produce more.

what inflation go through the roof.

Allowing the lease would increase production at least 10 years from now when cars are planned to not use oil.