Originally Posted by CDShack (Post 4783565)

Dreaming is for those that facts hurt their head. My statement is true, and has been true for decades. Problem with most trumpers is all the same; you see something that has nothing to do with trump, but he takes credit for it(or you give him credit for) and you guys are afraid (for good reason) to fact check? (It's called Cognitive Dissonance) My point is proven below, but if you have something besides "feel facts" in your assessment, I'm all ears? "While it’s common for presidents to be credited when gasoline prices are low and blamed when they are high, presidents don’t actually have much effect on the prices. The policies they set can have some impact, as we’ve written before. But the U.S. Energy Information Administration has explained that more than half of the retail cost of gasoline is determined by the price of crude oil, and that price is driven, largely, by supply and demand.

The issue of supply and demand is why prices at the pump have been low in 2020. Due to the outbreak of the novel coronavirus, global oil demand dropped by 5.6 million barrels per day in the first quarter of the year, compared to the previous year, according to the International Energy Agency.

With a steep decline in road traffic, “[g]asoline was the fuel with the largest absolute decline in demand related to Covid‑19 containment measures,” according to an April report from the IEA.

Similarly, the most recent weekly report from the EIA, the U.S. agency, said, “Efforts to mitigate COVID-19’s spread led to a collapse in global petroleum product demand.” Although global demand has recovered “somewhat,” it said, demand is still lagging what it was in 2019 and “[f]uture demand for petroleum products remains highly uncertain as COVID-19 infection rates are rising in a number of countries.”

Cool, huh?

Originally Posted by Griff (Post 4783613)

Oil production is down 1 million barrels per day in the US from 4-6 months ago, which is nearly a 10% decrease. Biden banned any new leases for oil or natural gas drilling on federal land and waters. Reduced production along with an increase in demand has caused the price of oil go up. Then speculators who see the trend continuing, buy futures at higher at higher rates and also drive up prices. Its almost a certainty that if Biden opened up fed leases, prices would drop.

https://cimg7.ibsrv.net/gimg/www.off...1af6317554.png

Originally Posted by Nothing personel 353 (Post 4783713)

Funny part of this tread is you guys really think you know it all ! All our military does is protect oil for many years fact! Question you think they can increase or decline production? Sit down I said sit down supply demand your correct almost :lolhit:

Originally Posted by CDShack (Post 4783662)

There is a finite amount of oil left in the ground. (44-47 years is the estimate) !