Every single thing Republicans are saying about gas prices is wrong.
Just listen to oil executives themselves. “Whether it’s $150 oil, $200 oil, or $100 oil, we’re not going to change our growth plans,” the CEO of Pioneer, which is the largest oil producer in the Permian Basin, the key oil-producing area of the Southwest,
event last month. “If the president wants us to grow, I just don’t think the industry can grow anyway.”at the moment: “I feel now that we do need to return cash to the shareholders in the form of dividends or buybacks, especially during the better cycles.” Profit motives have held back oil production outside the U.S. too. OPEC countries hard hit from the recession—despite pressure from the U.S. and Japan and India to pump more—in order to goose their revenues. They only began to relent last week, when the United Arab Emirates announced it would increase production, leading prices to retreat a bit. As oil historian Gregory Brew told me last month,AdvertisementEnergy companies and oil-rich Middle Eastern monarchies aren’t the only ones cashing in.
notes that some of the California gas stations that were charging $7 per gallon were setting their prices far above state and national averages because they found that desperate drivers were willing to pay—even if it hurts.Aside from political points scoring, why does any of this matter? Well, it has implications for a policy debate that’s unfolding in Washington.
a bill to ban the U.S. from purchasing oil from those countries, and have argued that Biden should be focused on increasing U.S. production instead.RT if you agree → Biden should be turning to AMERICAN energy producers for more oil and gas—not dictators in Venezuela, Iran, and Saudi Arabia.This position only makes sense if you think the Biden administration is holding the U.S. oil industry back.
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