I completely agree any recession under a 2nd Trump term would not be what this one likely is, but that's statement above is one made by someone who doesn't understand supply and demand.

Government COVID lockdowns KILLED demand, causing oil prices (and also gasoline prices as a result) to plummet, along with OPEC ramping up output to try to drive American shale E&Ps out of business. Do you not remember the price of oil going "negative" in April of 2020?

The national monthly average price of regular gasoline has been under $2/gallon five times since March 2005. January, February and March of 2016, and then since that time, the only other two months were March and April of 2020.

Would gasoline prices today be as high as they are now? I'd suspect they'd be a bit lower, but no way would we be sub $2/gallon.

This post was edited on 7/29/22 at 9:29 am

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Posted by ragincajun03

Member since Nov 2007

21637 posts

Posted on 7/29/22 at 9:28 am to Dday63

quote:
How did stopping construction of a pipeline that had barely even started getting built have a negative impact on the industry? The US is currently producing over 12 MM barrels of oil per day, which matches our all time high of 2019. Domestic oil production is not the problem here.

True on your two statements.

However, as for your question, I think it brought into doubt stability in what would be the path of the Biden Administration as far as a domestic energy policy is concerns (those idiots still don't have one). I believe that has contributed SOME to the high price per barrel of oil, along with production trying to catch up to the unexpected escalation of demand coming out of COVID shutdowns, lack of ability to ramp up more due to supply chain issues and lack of investment in takeaway infrastructure once demand crashed, and the war in Ukraine.

The Obama Administration wasn't necessarily friendly to oil & gas, but at some point early in his tenure, industry understood what the policies and rules would be going forward and adapted, and ran smoothly.

No one knows what the rules under the Biden Administration are going to be yet. Hell, the Administration themselves can't figure out the rules, because they've got ZERO people in real leadership of the Department of Energy and Department of Interior who understand anything related to energy production.

This post was edited on 7/29/22 at 9:30 am

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Posted by Jcorye1

Tom Brady = GoAT

Member since Dec 2007

71703 posts

Posted on 7/29/22 at 10:07 am to Lsuhoohoo

Probably, but wouldn't have entered into it as unprepared. It's almost like Afghanistan, it was always going to fall when we left, but it didn't have to be as crazy as it ended up being.

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Posted by DotBling

Member since Oct 2019

3127 posts

Posted on 7/29/22 at 10:12 am to Cosmo

quote:
Even Trump couldnt stop that

Are you fricking stupid? Biden did EVERYTHING he could to ensure a recession. The ATTACK on energy being the biggest. There is NO WAY President Trump would have done that.

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Posted by loogaroo

Welsh

Member since Dec 2005

31647 posts

Posted on 7/29/22 at 10:18 am to sta4ever

quote:
We’d send some money, but not nearly as much. I think Trump would send more weapons to Ukraine though.

Russia would not have attacked Ukraine with Trump as president, and Chiner wouldn’t say anything about Taiwan.

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Posted by bizeagle

Member since May 2020

1177 posts

Posted on 7/29/22 at 10:40 am to teke184

quote:
Would we have had a downturn? Yes, simply due to factors like inflation. Would it have been this severe? No, because Trump wouldn’t have done a lot of the stupid shite Biden did like cancelling Keystone which had a long term negative effect on the oil and gas industry.

I think we would have entered a recovery mode by now because (in addition to maintaining low fuel costs), Trump would have turned off the Covid over reaction much earlier, Putin would not have invaded Ukraine and the border would not have been left wide open

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