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Re: $5.00 per gallon gas
Not to mention that the drilling rigs need to bring in the ANWAR field are current in use elsewhere. Before production can start, drilling needs to be done. Before drilling can start, rigs need to be available and then be transported to ANWAR. Most rigs are on 2 to 5 year commitments. SO when Biden stopped work at ANWAR, it didn't just cause a delay until he says work can start again, once the rigs left delay became 2 to 5 years after they can start again.Comment
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Re: $5.00 per gallon gas
Biden to announce release of up to 15 million barrels of oil from Strategic Petroleum ReserveComment
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Re: $5.00 per gallon gas
Biden admin keeps delaying oil and gas permitting due to math error | Fox BusinessComment
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Re: $5.00 per gallon gas
President Biden says oil companies should ramp up production and cut prices at the pump instead of buying back stock, paying dividends
- “My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends. Not now. Not while a war is raging,” Biden said. “You should be using these record-breaking profits to increase production and refining.”
- Profits at the six largest publicly traded oil companies topped $70 billion in the second quarter, Biden said, adding that in the first half of the year, those companies spent $20 billion on buybacks.
- Biden promised to purchase oil to refill the Strategic Petroleum Reserve once the price hits $70 a barrel.
President Joe Biden said oil companies need to use their record profits to ramp up production rather than to enrich shareholders.
“My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends. Not now. Not while a war is raging,” Biden said. “You should be using these record-breaking profits to increase production and refining.”
Profits at the six largest publicly traded oil companies topped $70 billion in the second quarter, Biden said, adding that in the first half of the year, those companies spent $20 billion on buybacks — “the most significant buyback in almost a decade.”
“So far American companies are using that windfall of profits to buy back their own stock, passing that money on to their shareholders, not to consumers,” he said.
Gas prices are averaging $3.85 a gallon in the U.S., dropping off the record high of more than $5 a gallon, set in June. With less than three weeks until the midterm elections, Americans in polls increasingly put the economy and the price of gas at the top of their concerns.
“Invest in America for the American people. Bring down the price you charge at the pump, to reflect what you pay for the product,” Biden said. “You’ll still make a significant profit, your shareholders will do very well, and the American people will catch a break they deserve and get a fair price at the pump as well.”
Biden also officially announced the release of 15 million barrels of crude oil from the Strategic Petroleum Reserve. The White House has released about 165 million barrels of crude from the reserve since the beginning of the year, out of a total that it said would be around 180 million.
Biden promised to purchase oil to refill the reserve once the price hits $70 a barrel. He said companies should therefore invest now in increased production with the confidence that the government will purchase the oil later.
“My message to oil companies is this: You’re sitting on record profits and we’re giving you more certainty so you can act now to increase oil production now,” he said.
Biden said if retailers and refiners were earning the average profit they have made over the last 17 years, Americans would be paying 60 cents less per gallon.Comment
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Re: $5.00 per gallon gas
I wonder if any of our liberals can afford the new Rolls-Royce EV? It has a $350,000.00 price tag.
Rolls-Royce unveils its $350,000 Spectre luxury EV [Video]Comment
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Re: $5.00 per gallon gas
Dateline March 15, 2020. During the 2020 Democrat primaries Biden said "No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period. Ends." And after he was sworn in one of the first he did was to cripple the US petroleum industry.
Biden Promises 'No More Drilling' Under His Presidency
The entire world energy crisis that led to the worst inflation in 40 years was mostly caused by President Biden drastically reducing US oil production forcing the US to buy on the world market. This increased the demand on the world market which in turn caused increases in prices.Comment
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Re: $5.00 per gallon gas
Bartiromo Identifies a Major Difference Between Last Time Strategic Petroleum Reserve Was This Low in 1984 and Now
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