re: Democrats control the House, Senate and White House...

quote:

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I could care less how much gas costs the rest of the world. That's their problem. We were self sufficient in oil and energy this time last year and gas was $1.75/gal or thereabout nationally. Trump's energy policy helped make that possible. Yes, Biden bears a lot of the blame after reversing Trump's energy policy. You did this, Joe. Now own it.

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I want you to think about how moronic this sounds. We were never self-sufficient in oil and energy - the US imported around 8 million barrels of oil a day in 2020. The number of refineries in the US has declined from 1900 in 2012 to around 450 in 2020. The decline continued under Obama and Trump.

It has nothing to do with Trump's energy policies. Gas prices were low because there was less demand and supply exceeded demand during the pandemic.



Look at this graph that shows the correlation between retail oil prices and WTI crude. Oil and gas prices started to rise in May of 2020 when demand for oil picked back up. There's been a shortage of supply since 2020 since refineries have been slow to open back up.

Biden cancelling a pipeline doesn't determine the prices *now.* It may have an impact in the future but oil markets respond to what happens in the short-run, not the long-run.

The rest of the world has also had rising gas prices for this reason alone.