Thursday, May 2, 2024 | 2 a.m.
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Gas prices have risen since March 2020. It’s all President Joe Biden’s fault for halting drilling and I’m not voting for him.
I don’t care about new infrastructure or low unemployment; gas prices are higher because of him.
Or is it?
Who is the real culprit? Facts and figures are boring, but they reveal the truth.
When demand is steady or high, but supply is low, prices rise.
U.S. crude oil production averaged 13.3 million barrels per day in December, following sustained productivity increases at new wells.
Since first surpassing the previous record in August, U.S. crude oil production has increased another 2%, exceeding the pre-pandemic November 2019 peak by 0.3 million barrels per day.
In simple language, the U.S. is now, and has been, producing record amounts of crude during the Biden administration. How does this fit with the MAGA line that Biden has curtailed production of crude?
And if there’s such an increase in production and supply, why does the price keep rising?
In November 2020, Exxon Mobil was trading at $33.08. On April 17, it traded at $118, a 357% increase in market value.
Chevron’s price rose from $71.15 to $156 in the same period.
The market value of these oil and gas giants grew as the gas prices rose, and the gas prices rose despite an increase in supply.
So why didn’t Biden just take control and set the price for them?
Oh wait, that’s President Putin. We don’t have dictators in the U.S. — yet.
