re: Gas Price Question for you O&G folks

State and federal taxes are calculated by the gallon, not as a percentage of sale, each being about 20 cents a gallon, with some states being higher..,. So, at todays price state and federal tax total about 8.5%.

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Basically, the tweet said that in 2014, with the exact same crude prices, gas peaked at ~$3.60/gal but is now going for over $5 a gallon, roughly a 40% increase in the crude/gas price ratio.

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There are other factors but this is mainly about refining capacity and lack thereof.

Not in the context of the post I was replying to. Keakar said that refiners are losing money right now.

That is about as far away from the truth as you can get.

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COVID didn’t shut the country down our Government did. So, you see, this is in fact Brandon’s fault

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Ehh…I’m not knighting for the dude and believe his polices on this front and others are bad, but he wasn’t in office when the shutdown happened.

Cost either goes up, or we have gas shortages. Gas companies probably are making bank, but at the same time no one is begging them to build refineries, and why would they when everyone in government has vowed to shutdown refinery of oil to gas?

On September 9, 2019, Joe Biden made a clear promise:

"I want you to just take a look. I want you to look into my eyes. I guarantee you; I guarantee you, we are going to end fossil fuel, and I am not going to cooperate with them.”

This would not be the first or the last time, then candidate Joe Biden promised to end fossil fuels. His one and only promise made and promise kept.

Here are 80 actions since he stepped in office this administration have made directly or indirectly effecting the North American O&G industry.

please, let’s go line by line and you try to deny, blame someone else, or deflect each of these.

• 01/20/2021 – Ending Trump's Energy Independence Initiatives: Biden wasted no time living up to his promise, issuing a Day 1 Climate Change Executive Order (EO) requiring agencies to review and revoke Trump's pro-American energy rules and actions throughout the executive branch.
• 01/20/2021 – Burdensome Emissions Regulations: Biden’s EO required agencies to take action to increase burdensome emissions regulations as part of the Left’s green agenda and subsidize "good union jobs."
• 01/20/2021 – Monument Designations: Biden continued setting the tone on Day 1 by cordoning off large swaths of federal land under the guise of National Monument designations, reducing the ability to produce American energy domestically.
• 01/20/2021 – ANWR: Biden continued restricting domestic production by issuing a moratorium on all oil and natural gas leasing activities in the Arctic National Wildlife Refuge.
• 01/20/2021 – Social Costs of Carbon: Biden restored and expanded the use of the social costs of carbon metric to artificially increase the regulatory costs of energy production, as well as artificially increasing the so-called "benefits" of decreasing production.
• 01/20/2021 – Keystone XL Pipeline: Biden’s EO went on to revoke the Keystone XL Pipeline, shutting off an efficient source of energy transportation which would have brought more oil into the country.
• 01/20/2021 – WOTUS: Biden continued to revoke Trump administration executive orders, including those related to WOTUS and the Antiquities Act. The Trump-era actions decreased regulations on Federal land and expanded the ability to produce energy domestically.
• 01/27/2021 – Climate Financing: A week later, Biden was back at it again. This Biden EO attacked the energy industry by promoting “ending international financing of carbon-intensive fossil fuel-based energy while simultaneously advancing sustainable development and a green recovery." In other words, the US government would leverage its power to attack oil and gas producers while subsidizing favored industries.
• 01/27/2021 – Green the Fleet: This Biden action called on federal agencies to facilitate carbon neutrality by 2025, with a particular focus on pushing electric vehicles for Federal, State, and local governments.
• 01/27/2021 – Wind Production: The Biden administration continued to push for inefficient fuel sources by setting a goal to double wind production on Federal lands by 2025.
• 01/27/2021 – Gas Lease Moratorium: The EO announced a moratorium on new oil and gas leases on public lands or in offshore waters and reconsideration of Federal oil and gas permitting and leasing practices. In other words, Biden provided he is following through on his promise to "end" fossil fuels.
• 01/27/2021 – Fossil Fuel “Subsidies”: Biden's EO directed agencies to eliminate Federal fossil fuel subsidies wherever possible without comparable actions for other energy sources, disadvantaging oil and gas.
• 01/27/2021 – Environmental Justice: Biden's EO pushed for an increase in enforcement of "environmental justice" violations and support for such efforts, which typically are advanced by radical environmental organizations.
• 02/02/2021 – EPA Hires Radical: The EPA hired Marianne Engelman-Lado, a prominent environmental justice proponent, to advance its radical Green New Deal social justice agenda at the EPA, a signal to industry that it plans to continue its attack on American energy.

continued...

08/05/2021 – Biden “Clean Cars and Trucks” Executive Order: This executive order established a new target to make half of all new vehicles sold in 2030 zero-emissions vehicles, including battery electric, plug-in hybrid electric, or fuel cell electric vehicles. The Executive Order also kicked off development of more stringent long-term fuel efficiency and emissions standards to, among other things, "advance environmental justice, and tackle the climate crisis.”
• 08/05/2021 – EPA Clean Trucks Plan: The same day, the EPA announced plans for further transportation emissions regulations targeted at heavy-duty trucks, aiming to shift markets in favor of zero-emission vehicles.
• 08/26/2021 – EPA Proposed Rule on Passenger Car Emissions: The Environmental Protection Agency (EPA) issued a proposed rule to heighten federal greenhouse gas (GHG)?emissions standards for passenger cars and light trucks by setting stringent requirements for reductions through Model Year (MY) 2026. According to the NPRM, "the proposal would incentivize" technology, i.e., Green industries, to "encourage more hybrid and electric vehicle technology."
• 09/03/2021 – CAFE Standards: This proposed rule would update the Corporate Average Fuel Economy Standards for Model Years 2024–2026 Passenger Cars and Light Trucks. The rule is a direct result of a Biden EO and would increase fuel economy regulations on passenger cars and light vehicles. The modeling used here misleadingly attributes "fuel savings" by multiplying fuel price with 'avoided fuel costs', meaning the rule intends to disincentivize gas by making it more costly to afford cars and trucks.
• 09/09/2021 – Sustainable Flight National Partnership: NASA and the FAA launched a partnership to reduce "fuel use and harmful emissions" by strong-arming industry to adopt elements of their green agenda.
• 09/09/2021 – Department of Education (ED) Climate Action Plan: ED's CAP includes efforts to incorporate the green agenda into as many guidance and policies as possible, effectively leveraging the department as an anti-fossil fuel propaganda tool.
• 09/09/2021 – DOL Climate Action Plan: The Department of Labor's CAP includes an increased focus on procurement regulations on contractors relating to the use of fossil fuels and efforts to increase use of "green" energy sources.
• 10/04/2021 – MBTA Incidental Take: The FWS published its final rule revoking Trump-era action which eased burdensome regulations on energy action.
• 10/07/2021 – CEQ NEPA Revisions: The Council on Environmental Quality revoked Trump administration NEPA reforms that reduced regulatory burdens by reinstating tangential environmental impacts of proposed projects.
• 10/07/2021 – Monument Designations: Biden announced plans to designate the Northeast Canyons and Seamounts Marine National Monument, a move counter to Trump's reversal of a similar Obama-era proclamation. Trump aimed to allow energy exploration in the area to increase energy independence.
• 10/07/2021 – USDA Climate Action Plan: The U.S. Department of Agriculture's (USDA) CAP includes efforts to switch fuel away from oil and natural gas and subsidize more costly, less efficient fuel sources.
• 10/07/2021 – DOE Climate Action Plan: The Department of Energy's (DOE) CAP includes leveraging the federal agency to transition away from fossil fuel resources where possible, and plans to subsidize and advance "green" and renewable industries at the expense of cheaper and more efficient energy resources.
• 10/07/2021 – EPA Climate Action Plan: As part of its CAP, EPA intends to incorporate Biden's Green New Deal agenda throughout its rulemaking process.
• 10/14/2021 – DOL ESG Rule: The rule would require fiduciaries to consider the economic effects of climate change and other so-called environmental, social and governance (ESG) factors when evaluating funds for retirement plans. As worded, the rule would strongly encourage fiduciaries to draw capital from domestic energy development in oil and natural gas to less reliable renewables.
• 10/21/2021 – FSOC Financial Stability Report: This report paints climate change, and there for oil and gas producers, as a "risk to financial stability." The report recommended the "climate disclosures" later set forth by the Biden administration.
• 10/29/2021 – BLM Social Costs of Carbon: BLM announced use of social costs of carbon in permitting decisions, increasing regulations on oil and gas permitting, among other industries.
• 11/02/2021 – Global Methane Pledge: Biden administration lead a "Global Methane Pledge" to reduce global methane emissions by 30% by 2030. Russia and China both didn't sign the pledge, increasing the world's reliance on the countries for oil and gas while disadvantaging the U.S. natural gas industry.

continued......

• 11/04/2021 – COP 26 Pledge: The President committed to "ending fossil fuel financing abroad." The administration's actions target the global fossil fuel industry, a move that must be viewed in tandem with their push to increase subsidies for "green" energy. Doing so disadvantages the oil and gas industry and increases global gas prices. Further, key countries, like China, did not sign the pledge, so the pledge harms signatories while empowering adversaries.
• 11/09/2021 – FAA Climate Action Plan: The Federal Aviation Administration published its CAP which pushes a "whole of-government” approach to enacting green policies in the aviation space. Put in plain tongue, the plan aims to force industries to utilize favored "green" technologies through increased red tape.
• 11/12/2021 – New Source Review: These broad, overreaching regulations target new, modified, and reconstructed oil and natural gas sources, and would require states to reduce methane emissions from hundreds of thousands of existing sources nationwide for the first time. The Proposed Rule follows the President's Day 1 Climate EO and the passage of the S.J. Res. 14, a CRA rescinding Trump-era energy independence policies. The proposed rule spends several paragraphs dismissing the effects of the rule on the oil and gas industry and misleadingly applies its effects on the industry to only the "140,000" (an underestimate of the over 220,000) employees directly involved in extraction. This means it ignores the nearly 10 million other people working in the oil and gas industry and the impacts to the oil and gas economy more broadly.
• 11/15/2021 – Chaco Canyon: DOI announced plans to withdraw Chaco Canyon from oil and gas drilling for 20 years.
• 11/15/2021 – Omarova Nomination: The Biden administration nominated Saule Omarova to serve as Comptroller of the Currency. Omarova's past comments speak for themselves: “A lot of the smaller players in [the fossil fuel] industry are going to, probably, go bankrupt in short order—at least, we want them to go bankrupt if we want to tackle climate change,” she said.
• 11/17/2021 – HUD Climate Action Plan: HUD's CAP leverages the Community Development Block Grant to advance 'environmental justice' efforts.
• 11/19/2021 – Biden-endorsed Methane Tax: Build Back Better (BBB) included a new tax on natural gas, in the form of a tax on methane, of up to $1500 per ton
• 11/19/2021 – BBB Mineral and Energy Withdrawals: BBB includes language resulting in mineral and energy withdrawals on federal lands and the repeal of TCJA policies allowing energy production in the Arctic. Prohibits offshore leasing on the Outer Continental Shelf (OCS) in the Atlantic, Pacific and Eastern Gulf of Mexico Planning Areas.
• 11/19/2021 –BBB Royalties: The Biden-supported bill would increase fees and royalties for onshore and offshore oil and gas production and institute other such increases aimed at curtailing the fossil fuel industry.
• 11/19/2021 – BBB Oil and Gas Tax: BBB includes a new $8 billion tax on companies that produce, process, transmit or store oil and natural gas starting in 2023.
• 11/19/2021 – BBB Minimum Tax: The book income taxes included in BBB amount to double taxation on capital intensive industries. A Tax Foundation study found it would hit energy industry more than others - Petroleum and Natural Gas industry would lose 10,000 jobs
• 11/19/2021 – BBB GILTI Exemption: Biden endorsed a repealed Global Intangible Low-Taxed Income exemption for oil and gas income, which would result in a $84.4 billion tax increase on production.
• 11/19/2021 – BBB Dual Tax Capacity: BBB limited ability of energy producers to claim tax credits for upfront and royalty payments in foreign countries - amounting to a tax increase on domestic energy producers.
• 11/19/2021 – BBB Net Investment Tax: Biden sought to expand a 3.8% Net Investment Tax to active pass-through income – a tax which would hit independent oil producers.
• 11/19/2021 – BBB EV Tax Credit: Biden’s BBB significantly expands the EV Tax Credit from $7,500 to $12,500, subsidizing fossil fuel competition while simultaneously driving up costs.
• 11/19/2021 – Tax on Crude Oil: BBB includes a 16.4 cent tax on each barrel on crude oil - up from 9.7 cents - a $13 billion tax increase on oil production
• 11/26/2021 – DOI Leasing Program Report: This report on the Federal Oil and Gas Leasing Program includes recommendations to raise costs on producers.
• 12/08/2021 – Clean Energy Economy EO: This EO would artificially incentivize a push for a 100% EV fleet by 2035 including light vehicles by 2027, carbon-free electricity government-wide by 2030, and net-zero "federal operations" by 2050.
• 12/14/2021 – EPA OCR Environmental Justice: The EPA launched a revamp of its Office of Civil Rights to add socalled environmental justice enforcement as a key pillar in enforcing Title VI civil rights complaints. The agency's announcements mean social justice claims against, among others, the oil and gas industry will increase costs and penalties that have specious connections to its environmental mission.
• 12/28/2021 – NHTSA CAFE Standards: This Final Rule revokes Trump era actions which prevented California from arbitrarily becoming the national standard for fuel emissions. The rule set the stage for the administration to reinstate California’s waiver, and, since automakers don’t make different cars for different states, the rule would allow California’s radical environmental policies to reach nationwide.

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Do you understand how supply and demand works?

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It's not rocket science, dude! If the clown in the white house wouldn't have reversed all Trumps policies on oil & gas, we wouldn't be begging other countries to produce more oil and the prices would be lower due to supply.

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Federal govt shouldn't have bailed businesses and individuals out, should have left that up to the States with no additional revenue.

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You said the opposite about 18 months ago