Why does the headline specify Biden-Harris but not trump-Pence?
this post was submitted on 09 Sep 2024
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Because Harris is running for president and Pence is just running from a noose.
I wonder why? Renewables are at an all time high, and people are starting to buy electric cars and lawn equipment. Where’s the extra demand coming from? Is it related to cars getting bigger and bigger?
With the invasion of Ukraine, there’s been a big push in the US to produce to help stabilize global energy prices.
"The Biden-Harris administration focused on replacing them with clean energy."
Did they though? I don't know how record fracking approvals and 100% tariffs on EVs help with that.
It’s 2024. Let’s maybe stop farming and consuming the fossil fuels that we know are irreversibly fucking the planet???
Wonder how that happened what?!?!?!?!?!??!!?!!?!??????!! It's almost like: Different energy goals; Same monetary goals.
It's fracking. Domestic oil production has increased because it's gotten cheaper and easier. This has been happening for a long time now.
I’d really like to know the long term affect of Biden policies ….. I hope it’s to turn this travesty around. I understand we’re currently in record “drill baby, drill” territory here but many of these are long term decisions and the article did note several limiting factors achieved by the Biden administration. Clearly it’s not helping in the short term but will it in the long term?
Given Russia’s invasion of Ukraine and the need to support allies foolish enough to depend on Russian gas, I’m even fine with an intentional temporary increase, but it’s got to be winding down and reversing asap
Gas prices are rumbling. OPEC is busy trying to prop them up.
But OPEC propping up prices is actually them reducing production, isn't it?
I don't think they've quite decided what to do. Some say that there is really nothing they can do. The problem is soft demand from China and huge US production
But OPEC is the solution to that. If OPEC were willing to take the hit, they can still profit even with a surplus large enough to lower prices and drive frackers out of business
The US is the biggest producer and is not part of OPEC. There is no reason for the US to comply with OPECs supply targets, which is the way OPEC controls the market.
True enough, but between higher costs of drilling plus yet more cost for fracking, US oil is more expensive. US drillers can only be profitable if they can sell at a fairly high rate. OPEC can flood the market to lower all prices while still making a small profit, yet US drillers would be losing money
Oil is sold on the market at barrel cost, set by OPEC. Should that barrel cost be below US pumping costs the US will lower production. So far that isn't the case and the result is a lower market and lower gas costs. I'm sure OPEC can flood the market making prices even lower. Speaking for the American consumer, I say "Bring it on".