WOW the $5 gas is really here to stay it looks like......😳

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"Even the oil companies have said that." Making up facts doesn't make them true.

By Thomas Barrabi from Less than a month ago:
CEO Rick Muncrief of Devon Energy — a large driller worth around $40 billion — told Bloomberg that he’d be happy to talk to US officials about upping production. But there’s been no call. “I’m a little mystified that there hasn’t been some dialog,” he said. “It’s not been that long ago that we were asked to drill less, not more,” he said. “They need to be talking about what is it they would really like U.S. producers to do.”

“There’s an invisible hand in the oil market – If there’s a perception that, ‘Hey, if this guy is going to free up this pipeline, he might start freeing up some leases and stuff,’” then that could help push prices down, said Phil Flynn, senior market analyst at Price Futures Group.

“It would have an immediate psychological impact on price,” Flynn said – noting a Keystone reboot announcement that would bring oil from the tar sands of Canada could knock off up to $10 from the price of oil just at the stroke of a pen, even if the pipeline were years away from production.

Look at what happened in the wake of the United Arab Emirates and Iraq saying they’d up production by an estimated 800,000 barrels a day: The global price of oil dropped by $22 a barrel within minutes.

If Biden signaled full-throated support for US drillers to get to work — and perhaps allowed the re-starting of the Keystone XL Pipeline from Canada — global oil prices could similarly fall sharply, the industry experts told The Post.

“Biden could go to the oil and gas industry and say, ‘OK, I’ve said we’re going to get off oil and gas and that you guys are yesterday’s industry, but I’m going to drop that,'” surmised Myron Ebell, the director of the Competitive Enterprise Institute’s Center for Energy and Environment. “Part of the run up in oil prices is the psychology of it,” he said.

Biden could say to the industry: “‘I need your help,'” Ebell said. But so far, it’s been crickets, according to oil executives who’ve been willing to speak out.

Not sure if you noticed but the price of fuel started going up as soon as Biden won the election. I know it's tough to follow but when governments create anti fossil fuel environments prices will rise every time. It's all connected buddy.

Hello: your two most recent posts including the one above on this thread are spot on. Let me add a couple of things to the mix. These add to the cost of fuel issue on top of the things you have posted.

Some of the increase in cost is from the general inflation in large part caused by massive deficit spending of late. Do not get me wrong on this as there was deficit spending for many years before the more recent episodes. It is that the last few years have seen so much massively greater spending than before.
Some spending during Covid can likely be justified. A huge amount cannot, and some was massive waste and fraud. My main point being the policies in place have to be taken into account.

I would throw in the interest rates at near zero for so many years as part of the confluence of events getting us to where we are. Another topic worthy of discussion at some point.

I find of interest the "greedy oil companies" talking points. Is it that these companies were not greedy in past decades and just recently became so? I contend these companies have not changed over the decades. They run a business for profit. Are the CEO's so dense they do not understand how unreasonably high fuel prices will lead to conditions that hurt their business?

I only see, so far, folk's outside of the oil business making statements about how high fuel prices are a good thing. Perhaps others have seen those with an anti-fossil fuel agenda making such statements. The idea being higher fuel prices are good because that will force us away from using fossil fuels and toward whatever "green" alternative they envision.
Let me state again. I can see moving to an EV for basic transportation when it is practical, and all the needed parts are in place. Sadly, inflation has hit the cost of EV's same as everything else and they were already at a premium before the latest boost in inflation.

I get a magazine from the area Powell Valley Electric Cooperative. On page 22 of the April 2022 edition is a guide for summer and winter peak electricity demand. The higher demand during summer is from 3P.M. to 6:30 P.M. During winter the peak demand is from 6 to 9 AM. I know they already can turn off my water heater remotely. There is a listing of ways to help with demand. So, in my area there are times during the hot days of summer when the utility already struggles to provide power. I see notices on local news.

Last time I checked there are no public charging closer than 50+ miles away from my home. I will have to charge at home if I get an EV. I do not work anymore so could pick any time. Back when i worked I would have to plug in an EV during the peak demand times in the warm season.

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