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re: What’s the Difference Between Bush’s High Gas Prices Vs Biden’s now?
Posted on 10/26/21 at 4:27 pm to Bard
Posted on 10/26/21 at 4:27 pm to Bard
quote:
The Dotcom Bubble was during Clinton's term. It ran from ~1995-2000. Bush wasn't in office until January 2001.
What Bush had was the Subprime Bubble and at the beginning of his first term he tried to drive home to Congress the problems that were coming, the Dems in the House downplayed it, even calling the administration racist just for suggesting it.
The problem was that Bush eventually let it go in order to cling to rising home ownership numbers and new housing builds as evidence of the economy rebounding post-9/11.
But then taking his eye off the ball to focus on some other bright/shiny was a big problem for GWB.
Very well said and spot on!
0
Posted on 10/26/21 at 4:32 pm to Catchfalaya
Biden did it on purpose.
This post was edited on 10/26/21 at 7:00 pm
Posted on 10/26/21 at 4:34 pm to Bard
quote:
Bush was eventually able to lower gas prices by impacting futures trading (in his last SOTU he stated his desire to remove the bans on drilling, eventually Congress followed his lead).
Gas prices nose diced in 2008 because we went into a deep recession
Posted on 10/26/21 at 4:34 pm to AmericanPsycho99
quote:
Gas prices aren't high because of Biden.
It's just a giant coincidence....
quote:
Building a new pipeline wouldn't put a dent into gas prices
Its cheaper than hauling by rail. Transportation costs are factored into the prices we pay at the pump.
quote:
It's an issue that's affecting most of the West.
Yes, and there's a common denominator amongst Western countries. They're all pursuing green policies.
quote:
Gas prices have been low for the past few years because the Saudis have been artificially driving down the price.
Which had little effect on America since we produced and processed the vast majority of our own oil.
Posted on 10/26/21 at 4:36 pm to LSUconvert
quote:
You do not understand how gas prices work. Please talk about something you have more knowledge in.
Supply and demand. Lower supply with similar demands equals higher prices. Biden attacking the supply is the reason prices are higher.
Every. fricking. Conservative. Predicted. Large. Increases. In. Gas. Prices. After. Biden. Was. Elected.
You're not fooling anyone.
Posted on 10/26/21 at 4:41 pm to Tomatocantender
quote:
I'm referring to Greenspan raising rates at practically every FOMC meeting under Bush's 8 years as a reaction to dot coms and tech companies.
By painting with such a broad brush you are completely wrong. Rates were dropped dramatically and almost continuously after 9/11 through May 2004 (with a few points where rates held steady and once or twice where there was a SMALL uptick). Even between 2004 and the Subprime Bubble they never made it back to their pre-9/11 positions.
LINK
LINK
This post was edited on 10/26/21 at 4:42 pm
Posted on 10/26/21 at 4:42 pm to Catchfalaya
(no message)
This post was edited on 12/21/23 at 12:36 pm
Posted on 10/26/21 at 4:48 pm to Powerman
quote:
Gas prices nose diced in 2008 because we went into a deep recession
Then that's an amazing coincidence the prices of oil and gasoline both not only stopped climbing, but turned completely around and went into freefall on the same day Bush signed the administration's release of the ban in July and then another amazing coincidence that it sped up, again on the same day, that Congress released theirs as well.
Two amazing coincidences. What are the chances?
Posted on 10/26/21 at 4:51 pm to Azkiger
quote:
Which had little effect on America since we produced and processed the vast majority of our own oil.
It has a big effect. In order to compete, American producers have to lower their prices. Think about what you're saying here - there would be so many arbitrage opportunities if the price of a barrel of oil was different in America versus another country. Oil is a trade-able good.
If the price of oil was different globally versus the US at the time of Saudis driving down the price, people would buy barrels of oil in the US and sell them abroad (or vice-versa). This would equalize the prices through arbitrage. The oil industry is tradeable (i.e. arbitrage opportunities exist) because transportation is cheap.
quote:
Yes, and there's a common denominator amongst Western countries. They're all pursuing green policies.
This is a global phenomenon not restricted to the US. Prices globally have risen. India, a country that doesn't really give a damn about green energy, has suffered from rising prices as well. It has nothing to do with green policies - if you were an oil trader, you'd know this.
quote:
Its cheaper than hauling by rail. Transportation costs are factored into the prices we pay at the pump.
Oil prices in India at a record high
Transportation isn't that expensive. It costs around $5 to transport a barrel of oil - that's $0.11 per gallon. Building a new pipeline isn't going to change the price. The main costs of oil is extraction, not transportation. Transportation is cheap whether it be by rail ($0.22 per gallon) or by pipeline ($0.11 per gallon).
quote:
It's just a giant coincidence....
Which is why oil prices are rising across the globe? It's not Biden otherwise it would have been a US specific issue.
This post was edited on 10/26/21 at 4:53 pm
Posted on 10/26/21 at 5:02 pm to AmericanPsycho99
quote:
None of this is why.
The Saudis have been artificially cutting the cost of oil in order to flush out the Russians, the US, and Iran.
The US, Iran and Russia refused to cut oil production, which made the Saudis angry. They then drove down prices significantly.
You haven't been on here long but your holier than thou and I'm the ultimate authority attitude is already wearing thin. The Saudis were partly responsible, but when you have an administration openly hostile to the O&G industry along with its minions in the governors' mansions, you'll eventually have a retrenchment in the industry.
quote:
The annual average rig count peaked at 1,919 in 2012 and hit a record low of 433 in 2020, according to Baker Hughes data going back to 1988.
quote:
U.S. investment bank Piper Sandler this week forecast the rig count would rise to an average of 472 in 2021 and 599 in 2022 from 436 in 2020.
I would have to believe that the O&G industry would have a lot more rigs firing up if they ne that the regulatory environment wasn't stacked against them. (Search what that dope governor in Michigan is trying to do with a pipeline coming in from Canada)
Posted on 10/26/21 at 5:13 pm to lsufan31
quote:
Here’s a nice article about it: The actual reason for higher gas prices
Biden campaigned on shutting down the fossil fuel industry and took measures toward it. He gets to own this because he was stupid enough to explicitly plan on it happening.
Posted on 10/26/21 at 5:17 pm to furrydogs
quote:
You haven't been on here long but your holier than thou and I'm the ultimate authority attitude is already wearing thin. The Saudis were partly responsible, but when you have an administration openly hostile to the O&G industry along with its minions in the governors' mansions, you'll eventually have a retrenchment in the industry.
Nonsense.
Everyone here is asserting that Biden is to blame when anyone who's remotely involved in finance could tell you that Biden really isn't that much to blame.
quote:
The annual average rig count peaked at 1,919 in 2012 and hit a record low of 433 in 2020, according to Baker Hughes data going back to 1988.
So the number of rigs was declining from 2012 onwards? How does this at all prove your point that Biden is to blame?
2012 is when the Saudis began driving down prices, which meant that American producers couldn't compete. That would suggest there are global macro factors to blame here, not Biden.
quote:
I would have to believe that the O&G industry would have a lot more rigs firing up if they ne that the regulatory environment wasn't stacked against them. (Search what that dope governor in Michigan is trying to do with a pipeline coming in from Canada)
You're speculating. You've got to make the leap between this and global oil prices being low. The price of oil has risen everywhere from India to France. The US is around 16% of global oil production but it's nowhere near the majority producer. Prices have risen globally - Biden's not to blame for this at all.
This post was edited on 10/26/21 at 5:19 pm
Posted on 10/26/21 at 5:24 pm to Catchfalaya
None. They both suck arse at the job of POTUS.
Posted on 10/26/21 at 5:30 pm to LSUconvert
explain it to us, swami.
Do it without google if you have anything resembling character.
Do it without google if you have anything resembling character.
Posted on 10/26/21 at 5:40 pm to Bard
quote:
By painting with such a broad brush you are completely wrong. Rates were dropped dramatically and almost continuously after 9/11 through May 2004 (with a few points where rates held steady and once or twice where there was a SMALL uptick). Even between 2004 and the Subprime Bubble they never made it back to their pre-9/11 positions.
No broad brush, I was a young professional working through these 8 yrs. And Greenspan didn't just nibble with 25 bips at a time, he did the Kiss of Death by going 50 bips and hell might even have done 75 bips at one meeting. This was the moment where the economy had a governor switch on it. But this is the problem trying to debate a Google link poster like yourself versus someone that actually worked, lived and had a mortgage/financing and stock purchases tied to Bush/Greenspan's 8-year wasted economy.
Posted on 10/26/21 at 5:56 pm to LSUconvert
quote:
You do not understand how gas prices work. Please talk about something you have more knowledge in.
I have over 10 years in O&G.. please tell me how gas prices work... I'm really curious to know what you think..
Posted on 10/26/21 at 6:23 pm to LSUconvert
For one thing the prices went up during OBAMA. Not Bush. Get your shite straight.
Posted on 10/26/21 at 6:23 pm to Friscodog
The USA was not energy independent.
Psycho is correct in that it is a globally traded commodity and is subject to simple supply and demand trends.
Biden admin may have some influence on price, but not that much. Saudi could cut the price in half tomorrow if they wanted to.
Tons of factors come into play, Venezuela, Libya, Iraq, Iran are all producing way less than they could/should.
U.S. became the swing barrel on the supply side not because of any regulation or leasing, it was mostly due to fracking technology improvements and banks willing to lend at low interest rates without really ever making a profit. That is why prices were low the past 8 years or so.
Psycho is correct in that it is a globally traded commodity and is subject to simple supply and demand trends.
Biden admin may have some influence on price, but not that much. Saudi could cut the price in half tomorrow if they wanted to.
Tons of factors come into play, Venezuela, Libya, Iraq, Iran are all producing way less than they could/should.
U.S. became the swing barrel on the supply side not because of any regulation or leasing, it was mostly due to fracking technology improvements and banks willing to lend at low interest rates without really ever making a profit. That is why prices were low the past 8 years or so.
Posted on 10/26/21 at 6:47 pm to AmericanPsycho99
quote:
Gas prices aren't high because of Biden.
FFS...bullshite!
Posted on 10/26/21 at 6:56 pm to pointman
quote:
For one thing the prices went up during OBAMA. Not Bush. Get your shite straight.
Gasoline was nearly $4 a gallon when we went on vacation in July 2008, six months before Obama was inaugurated. I remember it costing me over $100 to fill the tank of my Ford Expedition.
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