Is Biden at fault for the worse inflation rate in 40 years?

[struth]

FACT: Starting from almost the same amount of US oil production upon taking office, Biden increased US oil production by 31 percent in his first year while Trump only increased production by 21 percent.

FACT: Saudi Arabia is exporting less oil today than during the pandemic.

FACT: Venezuela is exporting less oil today than during the pandemic.

FACT: Oil companies are deliberately slow walking their production in order to keep profits as high as possible.

FACT: Joe Biden has approved far more public land leases for oil drilling than Trump did.

But, you know, Fox Fake News knows the rubes are too stupid to find this out for themselves and they will parrot "Because Biden!" because it feels good to be wrong, and reading is hard!

and yet gas prices were so much lower when Trump was President.

 

[Concerned American]

FACT: Starting from almost the same amount of US oil production upon taking office, Biden increased US oil production by 31 percent

Wow, has to be the only time in history when prices doubled because supply INCREASED. You're a moron.

 

[Faun]

Biden inflation hits 40-year high… Rick Santelli breaks it down…

At least crack pipes are free U.S. inflation accelerated in January, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptio…

citizenfreepress.com

Biden inflation hits 40-year high… Rick Santelli breaks it down…​

So why is it Biden's "inflation"? Well among many reasons here is one dominate one!
Every day Americans buy an average of about 338 million gallons per day (or about 8.05 million barrels per day).

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

So when gas rises in price nearly 40% from what it was a year ago... that means every day gas cost Americans $334 million a day MORE
than a year ago.
So why is it Biden's "Inflation"... ONE major reason...
Biden shut off oil exploration on land that produces 25% of Americans oil.
He then begs OPEC to pump more gas while restricting American oil producers!
He then releases 50 million barrels from the strategic oil reserves!
These three Biden actions CAUSED gas prices to increase for Americans by $334 million a DAY!
Folks... if that doesn't add to inflation...wow are those of you who don't think Biden's at fault... You don't understand economics...at all!

View attachment 599629

Every day Americans buy an average of about 338 million gallons per day (or about 8.05 million barrels per day).

And every day we produce 11.655 million barrels per day...

Crude Oil Production

www.eia.gov

... so the problem isn't production, it's greedy oil companies squeezing our supplies in order to maximize profits by exporting much of what they produce.

 

[Big Bend Texas]

Biden inflation hits 40-year high… Rick Santelli breaks it down…

At least crack pipes are free U.S. inflation accelerated in January, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptio…

citizenfreepress.com

Biden inflation hits 40-year high… Rick Santelli breaks it down…​

So why is it Biden's "inflation"? Well among many reasons here is one dominate one!
Every day Americans buy an average of about 338 million gallons per day (or about 8.05 million barrels per day).

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

So when gas rises in price nearly 40% from what it was a year ago... that means every day gas cost Americans $334 million a day MORE
than a year ago.
So why is it Biden's "Inflation"... ONE major reason...
Biden shut off oil exploration on land that produces 25% of Americans oil.
He then begs OPEC to pump more gas while restricting American oil producers!
He then releases 50 million barrels from the strategic oil reserves!
These three Biden actions CAUSED gas prices to increase for Americans by $334 million a DAY!
Folks... if that doesn't add to inflation...wow are those of you who don't think Biden's at fault... You don't understand economics...at all!

View attachment 599629

Inflation has been steadily increasing since he took office, he owns it.

 

[struth]

Every day Americans buy an average of about 338 million gallons per day (or about 8.05 million barrels per day).

And every day we produce 11.655 million barrels per day...

Crude Oil Production

www.eia.gov

... so the problem isn't production, it's greedy oil companies squeezing our supplies in order to maximize profits by exporting much of what they produce.

Do you even realize how you contract yourself? Oil companies didn't cause the Xideninflation

 

[HenryBHough]

In the world Xiden lives in these days there is no blame. He's feeling impressed with what he has done. To you. And to your children. Especially the long-haired girl-children.

 

[Big Bend Texas]

FACT: Starting from almost the same amount of US oil production upon taking office, Biden increased US oil production by 31 percent in his first year while Trump only increased production by 21 percent.

FACT: Saudi Arabia is exporting less oil today than during the pandemic.

FACT: Venezuela is exporting less oil today than during the pandemic.

FACT: Oil companies are deliberately slow walking their production in order to keep profits as high as possible.

FACT: Joe Biden has approved far more public land leases for oil drilling than Trump did.

But, you know, Fox Fake News knows the rubes are too stupid to find this out for themselves and they will parrot "Because Biden!" because it feels good to be wrong, and reading is hard!

Production increased because the price of Crude oil increased. We shut down lots of wells that are only profitable above a certain level when prices drop below those levels.

The higher prices go, the more drilling will take place as well because it's a risk/reward calculation.

We have formations all over the country that will produce only a few barrels per day per well and they are only profitable when oil is above a given level usually around 60-80.00.

Drillers are not going to run out and punch million dollar holes and spend a another million to get it into production for a temporary spike in oil prices either, they naturally wait until the long term forecast shows they can make back the money they invest in a reasonably short period of time.

By shuttering drilling along the north slope and off shore the most profitable and heaviest producing formations are off limits and that will always drive up prices.

Right now we're trying to make up for the loss of refined goods to Western Europe as well to support their efforts to reduce as much as possible their imports of crude from Russia. Even with moderate oil prices that naturally drives up the price of gas especially since this all took place during the changeover period where the refineries have to switch over to EPA mandated summer blends which always reduces the supply for a month or so and costs more to produce.

Biden should just be honest and tell the people that prices are increasing as a direct consequence of his policies but that it is necessary to push the green agenda and to help our allies reduce their dependence on Russian oil.

If he actually gave a damn about "The People" he'd also be removing every federal road block to building new LNG export facilities so we can help Europe wean itself off of Russian Natural Gas but that would upset the green weenies.

 

[Big Bend Texas]

Every day Americans buy an average of about 338 million gallons per day (or about 8.05 million barrels per day).

And every day we produce 11.655 million barrels per day...

Crude Oil Production

www.eia.gov

... so the problem isn't production, it's greedy oil companies squeezing our supplies in order to maximize profits by exporting much of what they produce.

You need to start learning the difference between Crude oil and refined products.

We don't produce enough crude to produce all the gas and diesel we burn every day.

A barrel of oil is not equal to a barrel of gas or diesel. Gas and diesel only make up a percentage of the total in every barrel.

What’s Made from a Barrel of Oil?

Oil is a building block that makes modern life possible. Here are the proportion of finished products that are created from a barrel of oil.

www.visualcapitalist.com

 

[Flash]

 

[Faun]

Do you even realize how you contract yourself? Oil companies didn't cause the Xideninflation

Well I just showed the OP we're producing about 45% more than the OP claimed we're purchasing. So with that being the case why else would prices be this high?

 

[struth]

Well I just showed the OP we're producing about 45% more than the OP claimed we're purchasing. So with that being the case why else would prices be this high?

Xideninflation

 

[Big Bend Texas]

Well I just showed the OP we're producing about 45% more than the OP claimed we're purchasing. So with that being the case why else would prices be this high?

You seem to be reading with your eyes closed.

 

[Big Bend Texas]

He never said it increased 31% during Biden's first minute. He said repeatedly it happened in Biden's first YEAR.

There is something seriously wrong with you.

You are woefully ignorant of how the oil industry actually works. It can take years between leasing, permitting, drilling and production.

 

[Faun]

You need to start learning the difference between Crude oil and refined products.

We don't produce enough crude to produce all the gas and diesel we burn every day.

A barrel of oil is not equal to a barrel of gas or diesel. Gas and diesel only make up a percentage of the total in every barrel.

What’s Made from a Barrel of Oil?

Oil is a building block that makes modern life possible. Here are the proportion of finished products that are created from a barrel of oil.

www.visualcapitalist.com

The 8.05 mmbd mentioned in the OP includes 94.2% of every barrel.

 

[Faun]

You seem to be reading with your eyes closed.

Oh? 11.655 mmbd is not about 45% more than 8.05 mmbd?

 

[Faun]

You are woefully ignorant of how the oil industry actually works. It can take years between leasing, permitting, drilling and production.

I never said it didn't. Still, it squashes the lie that oil prices are higher because Biden cancelled leases in ANWR or killed the Keystone XL pipeline.

 

[Big Bend Texas]

I never said it didn't. Still, it squashes the lie that oil prices are higher because Biden cancelled leases in ANWR or killed the Keystone XL pipeline.

No, because that is not a lie.

People in business don't focus just on today, prices largely reflect what the perceived future will look like.

We can't produce and ship either enough crude or refined products to Europe to help them without creating price hikes here.

 

[Roudy]

Biden inflation hits 40-year high… Rick Santelli breaks it down…

At least crack pipes are free U.S. inflation accelerated in January, with prices across a wide range of goods and services soaring further amid lingering shortages and supply chain disruptio…

citizenfreepress.com

Biden inflation hits 40-year high… Rick Santelli breaks it down…​

So why is it Biden's "inflation"? Well among many reasons here is one dominate one!
Every day Americans buy an average of about 338 million gallons per day (or about 8.05 million barrels per day).

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

So when gas rises in price nearly 40% from what it was a year ago... that means every day gas cost Americans $334 million a day MORE
than a year ago.
So why is it Biden's "Inflation"... ONE major reason...
Biden shut off oil exploration on land that produces 25% of Americans oil.
He then begs OPEC to pump more gas while restricting American oil producers!
He then releases 50 million barrels from the strategic oil reserves!
These three Biden actions CAUSED gas prices to increase for Americans by $334 million a DAY!
Folks... if that doesn't add to inflation...wow are those of you who don't think Biden's at fault... You don't understand economics...at all!

View attachment 599629

Do bears shit in the woods?

 

[pknopp]

Every day Americans buy an average of about 338 million gallons per day (or about 8.05 million barrels per day).

And every day we produce 11.655 million barrels per day...

Crude Oil Production

www.eia.gov

... so the problem isn't production, it's greedy oil companies squeezing our supplies in order to maximize profits by exporting much of what they produce.

Oil companies don't set the price. Wall Street does. As you note there are NO shortages so.........

I've stated here before that when the Fed quits pumping the markets would set it's sight on oil.

Make it like it used to be and only those who use oil can bid on oil and prices plummet.

What difference is it even if there is a shortage to people who aren't actually buying the oil anyway?

 

[Big Bend Texas]

Oil companies don't set the price. Wall Street does. As you note there are NO shortages so.........

I've stated here before that when the Fed quits pumping the markets would set it's sight on oil.

Make it like it used to be and only those who use oil can bid on oil and prices plummet.

What difference is it even if there is a shortage to people who aren't actually buying the oil anyway?

Actually, the price is set by the companies that buy it.