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Inflation was steadily rising before Russia invaded Ukraine. Also a US President who is antithetical to the oil/lng industry will drive up the price of oil thr

Inflation was steadily rising before Russia invaded Ukraine. Also a US President who is antithetical to the oil/lng industry will drive up the price of oil through the futures market. Demand is still high, Biden has constrained supply, forcing futures prices to go up. Trump was bullish on oil/lng, with the same demand and increased supply, prices went down.

______-_-______ 5y ago
The biggest perk of being president is the dial under your desk you can turn to raise or lower gas prices
- typeofhuman 5y ago
  I suggest you read my longer root level comment on this post. It'll help you understand how the actions of a president can affect oil futures.
- macilacilove 5y ago
  That dial exists and it calls the Saudi king and reminds him that he wants to increase oil production if he prefers himself untoppled.
  - JumpCrisscross 5y ago
    > it calls the Saudi king and reminds him that he wants to increase oil production if he prefers himself untoppled America no longer supports the House of Saud. It tolerates it. But were it to face a serious threat, apart from a Wahhabi fundamentalist, the U.S. would be unlikely to intervene. Riyadh knows this, which is why those calls aren’t very useful. That said, the President does have dials. They are drilling permits and import restrictions.
    - cthalupa 5y ago
      >They are drilling permits and import restrictions. I'll focus just on the first half: Less than 10% of oil drilling happens on Federal land, and there are thousands of unused permits available. Which isn't to say that these thousands of permits could be drilled on tomorrow - they are subject to environmental impact studies, lawsuits from locals for dozens of reasons, supply chain issues around equipment, etc. Which is a long way of saying: This particular dial is very indirect, at best.
photochemsyn 5y ago
The fact that Obama/Biden worked with Republicans to lift the ban on crude oil exports in 2015 is a major factor in the rise of gasoline and diesel prices, along with the closure of several major domestic refineries since then. Additionally, there's the push to expand LNG exports to Europe. Both of these are major factors in the price rise. I personally don't really care about this as I don't own a car, and this will push new buyers towards EVs, but the media silence on this is kind of instructive - corporate media is owned by the same investors profiting off the high energy prices, so there's no incentive for honest reporting, not if you want to keep your media job anyway.
JaimeThompson 5y ago
The oil companies have been a bit slow to increase production on some of their existing, approved, active leases because why should they? They are making incredible profits right now and are buying back billions of their own stock. Seems to me if they wanted to increase production a lot they would decrease the stock buy backs and instead increase future revenue by increasing current and near future production.

______-_-______ 5y ago

The biggest perk of being president is the dial under your desk you can turn to raise or lower gas prices

typeofhuman 5y ago
I suggest you read my longer root level comment on this post. It'll help you understand how the actions of a president can affect oil futures.
macilacilove 5y ago
That dial exists and it calls the Saudi king and reminds him that he wants to increase oil production if he prefers himself untoppled.
- JumpCrisscross 5y ago
  > it calls the Saudi king and reminds him that he wants to increase oil production if he prefers himself untoppled America no longer supports the House of Saud. It tolerates it. But were it to face a serious threat, apart from a Wahhabi fundamentalist, the U.S. would be unlikely to intervene. Riyadh knows this, which is why those calls aren’t very useful. That said, the President does have dials. They are drilling permits and import restrictions.
  - cthalupa 5y ago
    >They are drilling permits and import restrictions. I'll focus just on the first half: Less than 10% of oil drilling happens on Federal land, and there are thousands of unused permits available. Which isn't to say that these thousands of permits could be drilled on tomorrow - they are subject to environmental impact studies, lawsuits from locals for dozens of reasons, supply chain issues around equipment, etc. Which is a long way of saying: This particular dial is very indirect, at best.

photochemsyn 5y ago

The fact that Obama/Biden worked with Republicans to lift the ban on crude oil exports in 2015 is a major factor in the rise of gasoline and diesel prices, along with the closure of several major domestic refineries since then. Additionally, there's the push to expand LNG exports to Europe. Both of these are major factors in the price rise. I personally don't really care about this as I don't own a car, and this will push new buyers towards EVs, but the media silence on this is kind of instructive - corporate media is owned by the same investors profiting off the high energy prices, so there's no incentive for honest reporting, not if you want to keep your media job anyway.

JaimeThompson 5y ago

The oil companies have been a bit slow to increase production on some of their existing, approved, active leases because why should they? They are making incredible profits right now and are buying back billions of their own stock. Seems to me if they wanted to increase production a lot they would decrease the stock buy backs and instead increase future revenue by increasing current and near future production.