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re: Gas Price Rise Hits Pause, Prices Decline
Posted on 1/28/25 at 12:07 am to JohnnyKilroy
Posted on 1/28/25 at 12:07 am to JohnnyKilroy
quote:
Gas was pretty cheap for the majority of Biden's admin.
It was mediocre to high all while making other countries rich off the US dependent on importing foreign oil.
1
Posted on 1/28/25 at 12:16 am to tgrgrd00
Are you in the industry?
Posted on 1/28/25 at 12:20 am to JohnnyKilroy
quote:
Gas was pretty cheap for the majority of Biden's admin.
Are you comparing this to gas prices during Trumps first term?
I mean there was a 35-40% average increase from good old joe.
Posted on 1/28/25 at 12:38 am to DMAN1968
quote:
I mean there was a 35-40% average increase from good old joe.
It was mid 2's for most of trump's first term. Don't be a fig and say that April 2020 was the normal gas price under trump.
Gas was high in 2021 and into 2022 but fell quite a bit late 2022 through the rest of his term. Mid to high 2's mostly and when factoring in inflation, gas was pretty cheap, in real terms for much of the biden admin.
Oil has been dirt cheap in real terms for a few years now. Up until just recently Oil has hovered in the upper 60s/low 70s for quite a while now. That's like 57 buck in 2019 dollars. That's cheap as hell.
Posted on 1/28/25 at 12:47 am to JohnnyKilroy
quote:
Don't be a fig and say that April 2020 was the normal gas price under trump.
Yeah...I knew that was coming.
quote:
When Trump took office in January 2017, the average price of gas was $2.47 per gallon. The average for his entire four-year term was only slightly higher, at $2.57. Excluding the COVID pandemic that dominated Trump’s last 10 months in office and sent oil and gas prices plummeting, the average pump price was $2.67.
When Biden took office in January 2021, gas prices averaged $2.42. But they shot up along with oil prices, peaking at $5 per gallon in June 2022. Through Biden’s presidency so far, gas prices have averaged $3.61. That’s 40% higher than gas prices during Trump’s entire term and 35% higher if you exclude the COVID period.
Even adjusting for inflation, gas prices have been considerably higher under Biden. The average Trump price, in 2024 dollars, was $3.18. The average Biden price was $3.86. That’s 21% higher under Biden, adjusted for inflation.
Posted on 1/28/25 at 5:24 am to ragincajun03
quote:
But then yeah...the Saudis started getting pissed, and finally their decision beginning 2020 to flood the market combined with COVID shutdowns made it absolutely brutal.
That started in 2014. 2016-2019 is when 100’s of US owned O&G companies started going bankrupt each year.
Haynes Boone Report
Posted on 1/28/25 at 5:30 am to TigerSooner
It's amazing the difference between having a demoncrap president vs an Americaj president.
Trump 2016-2019 was awful for the US O&G Industry. He was claiming he was making the U.S. energy independent as 100’s of companies filed for bankruptcy and billion of $$$ in investments were being lost. It worked out well for the Saudis though.
Trump 2016-2019 was awful for the US O&G Industry. He was claiming he was making the U.S. energy independent as 100’s of companies filed for bankruptcy and billion of $$$ in investments were being lost. It worked out well for the Saudis though.
Posted on 1/28/25 at 5:39 am to redstick13
Yes. It's simple. People (including foreign powers that be) respect (or fear) Trump. They had no respect or fear of our previous Clown in Chief.
Posted on 1/28/25 at 5:40 am to JohnnyKilroy
Lol, are you kidding? Prices shot up and store shelves became empty within the 1st week Burden was in office.
Posted on 1/28/25 at 5:41 am to ragincajun03
quote:
Next prices to come down will be crawfish
not gonna happen
Posted on 1/28/25 at 5:54 am to ragincajun03
None the oil produced less than a month ago is refined and at the pump.
Posted on 1/28/25 at 5:56 am to Motownsix
quote:
Trump 2016-2019 was awful for the US O&G Industry. He was claiming he was making the U.S. energy independent as 100’s of companies filed for bankruptcy and billion of $$$ in investments were being lost. It worked out well for the Saudis though.
2014 price collapse as well as 2020 price collapse for covid killed a number of small over leveraged companies.
Posted on 1/28/25 at 7:51 am to CitizenK
quote:
None the oil produced less than a month ago is refined and at the pump.
Recalibrate the sarcasm monitor. Last week I blamed the election of Trump for gas prices ticking higher than the previous week.
Next week, if they drop more, then maybe I’ll praise Richard Nixon or James Monroe.
Posted on 1/28/25 at 7:54 am to ragincajun03
War in Ukraine was supposed to end last week and gas should be under a dollar a gallon by now.
Posted on 1/28/25 at 8:26 am to ragincajun03
Not sarcasm but fact. It's still "Biden" gasoline at the pump until the end of February. The oil has to get to the refinery then has to be blended to the refinery specs. Each refinery has its own special crude oil cocktail. Then it is refined which takes about a day to go through all of the downstream units and blended from various downstream unit streams to meet specification for shipment by tank car or tank truck. If put into the pipeline then blended with additives at downstream terminals.
Drill Baby Drill is about natural gas not oil.
Drill Baby Drill is about natural gas not oil.
Posted on 1/28/25 at 8:33 am to DMAN1968
quote:
I mean there was a 35-40% average increase from good old joe.
Indie over leveraged oil companies bit the dust in 2020 and 2021. In fact a now deceased friend (2022 at the age of 90) saw a correction coming and positioned his oil company for $24 per barrel oil just in time for the Covid die off. HIs company is only on the books as being a non operating partner, usually 15% of an oilfield holdings from putting the deals together globally.
He bemoaned the fact that friends were going to go bankrupt back in 2020 if they hadn't of gone bankrupt in 2014/15.
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