I'm not a Biden fan. Last year crude was $40/bbl, crack spread was low due to working off the glut of crude and product. Biden has constrained oil business by killing pipeline(s) and limiting leasing of new properties. No shortage of oil at $70/bbl there is a shortage of $40/bbl oil. Gasoline price increases by 25 cents per gallon for every $10 increase in crude price. IMHO market prices are controlling the price of fuel, not much blame to Biden, although his policies have not helped.
The refiners along the coast need heavy oil to balance all that light oil the Permian produces. Keystone XL killed heavy oil from Canada; CBR much more expensive. Russia now 2nd largest provider of imported oil for US. Oil companies holding back production due to uncertainty associated with Biden's policies. Oil companies are loving it and so am I.
Cant fix stupid with duct tape. Quote from LA Sen Kennedy (not those kennedys)
ReplyDeleteBut Resident Biden is correct: with driving season coming to an end, the price of gasoline should be dropping.
DeleteI'm not a Biden fan. Last year crude was $40/bbl, crack spread was low due to working off the glut of crude and product. Biden has constrained oil business by killing pipeline(s) and limiting leasing of new properties. No shortage of oil at $70/bbl there is a shortage of $40/bbl oil. Gasoline price increases by 25 cents per gallon for every $10 increase in crude price. IMHO market prices are controlling the price of fuel, not much blame to Biden, although his policies have not helped.
ReplyDeleteThe refiners along the coast need heavy oil to balance all that light oil the Permian produces. Keystone XL killed heavy oil from Canada; CBR much more expensive. Russia now 2nd largest provider of imported oil for US. Oil companies holding back production due to uncertainty associated with Biden's policies. Oil companies are loving it and so am I.
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