https://old.reddit.com/r/economy/comments/v5rk11/buttigieg_price_of_gasoline_is_not_set_by_a_dial/ibbm2cz?sort=controversial
First comment:
He's right. Its not.
And the fact that gas prices are hitting new highs WORLDWIDE would indicate that Biden policies are not responsible for the increase.
But hey, don't let the facts get in the way of this right-wing conservative circle-jerk that /r/economy has become. Keep putting those stickers on the gas pumps you donuts.
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Followed by protracted arguing:
That's a whole lot of words to say some stupid both sides bullshit
You really play this whole anyone that disagrees with me hates minorities card.
If anyone is super into the oil industry or arguing about it there's a lot going on in there.
Everyone else in here is also probably an r-slur:
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Libs in 2020: “Frick off bootlicker. We’re the resistance!”
Libs now: “oh please no criticize daddy biden its not his fault hes twying verwee hard the president has no impact on anything except rainbow bus benches”
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It's too stupid to be funny
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hmmmm guys the most powerful country in the world integrated with the developed world changing economic policy which lower China's economic output as well which the rest of the middle income world is dependent upon has no influence on gas prices
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Umm... quite the opposite. They indicate that DD(D)s policies are having a WORLDWIDE impact. Why does this redditor think that speculators are falling over themselves to buy futures at insane prices all of the sudden? They expect the demand to go up massively? Or maybe, just maybe, they're worried about something?..
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as German I do what I always do and just send you the bill :*
pls pay in the terms of two weeks or else
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Don't even bother thinking about it. Redditors are so unbelievably fricking stupid when it comes to economics, more so than any other subject matter aside from social interaction and self-esteem.
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Don’t care what Reddit is talking about but Brandon absolutely needs to bc impeached for gas crisis and guns for his sake bc his millenial handlers are commuting elder abuse by manipulating him into doing ridiculous that hurt we the people and it’s very sad
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Why do you enjoy blowing the lungs out of school children with your high caliber murder machines
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If we’re getting rid of abortion we need to get rid of unwanted children some other way
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They're ruining SIDS too
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Let people enjoy things
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For God’s sake cmon man!!!
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Why don't you?
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Because drone strike and ATGM footage is much hotter
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Do these people not realize the US is the #1 producer of oil in the world and the #3 exporter? Is it really so hard to fathom that domestic oil production can have a massive impact on global prices?
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Not hard at all, this is what you get when low IQ people are encouraged to have big opinions
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I hate populism
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populism is when politicians promise to fix shit that nonideological plebs are pissed about
This, however, is ideologically invested brainlets thinking that their imbecilic political analyses make sense
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Do not prescriptivist my language, language-janny.
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I will, and there's nothing you can do to stop me
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Go off, kween's standard english
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Of course anyone saying Biden policies are solely to blame is equally r-slurred. Reality is it's complicated and there are a lot of factors.
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But the sticker said Biden did it
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This is correct. It's also correct that this admin has not done enough to resolve the crisis and could do several things that would have major impact.
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Name one.
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Namely bow to the Saudi's.
They also should not have stopped the keystone pipeline.
Likely pour money into boosting supply across the board instead of just giving money to consumers (This is more macro and would need to be longer term, but should probably be something we are doing anyway for critical industries.)
Pushing for more work from home would help lower demand as well, but likely wouldn't do a ton, but may blunt further supply shocks.
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Reducing local demand is likely to just create more oil exports. We need more supply or a global reduction in demand, which isn't going to happen.
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Which is why you need to bow to Opec, and there are a number of things the Saudi's would like from us.
Secondly, America uses a shit ton of oil. Reducing local demand would have an effect on fuel prices and inflation (though inflation would happen in other areas again, but probably in more sustainable ones, like lumber production.)
This isn't some insane thing that can't be worked through. We had signfigant issues with oil supply right up until the shale booms. Covid killed a lot of companies in that space, helping push them back in and helping push for more refineries would likely be helpful.
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We consume a ton of oil but work commute is too insignificant to effect price. Pumping production is the only way to go short term. They are giving contracts to drill Federal oil reserves out like candy right now.
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Sorry. My mistake. Burger politics means if you're 1% responsible youre 100% responsible.
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If 10 people share a table with one nazi etc
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Does that mean the threshold is 10% not 1%
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I forgot where it was posted, somewhere on reddit but when Biden got elected some brave soul made a post saying we need to hold him accountable and not just blindly follow everything he says and does. 2 years later they are still twisting themselves into pretzels defending him. It's so predictable.
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Are gas companies actually price fixing or is it just
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No, companies are shook up over the Ukraine crisis, and demand has come back post-COVID. During covid prices were cheap because storage facilities were full, and demand faltered. This caused many wells to shut down. Today, wells are spinning back up, but now are feeding increased demand, plus nervous traders placing high bids on futures so they can fill up storage facilities again in case there's a major disruption to the supply. Effectively, we have a decreased supply on top of booming economy demand + demand to secure future production that could get scarce.
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Smaller energy producers got muscled out of the industry by a combination of covid and loss leader strategies and had to either sell or fold. It also destroyed investment plans to expand energy production.
This means there is less energy supply owned by fewer companies. This means it's a seller's market. It's not price fixing they are just selling for what they can get away with.
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If gas companies were actually price fixing (and not OPEC), it would already have been resolved.
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Remember about a year ago all those banks and funds were bragging about how they would never fund oil & gas operations ever again? And how California said they were going to single-handedly end the combustion engine?
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It's massive cope
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No idea but here are some potential answers from Redditors.
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Heh. Redditors have discovered the secret of capitalism. Just make things infinitely expensive, then you only have to sell a few things!
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lol I didn't read any of the posts proceeding this but I'm betting on "stop trying to add nuance to my personally accepted news talking point"
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Doesn't matter if there's a dial, Biden hasn't been doing much to help it and historically gas prices have always been one of the biggest issues when it comes to voting. Pulling some oil out of reserves we couldn't last on for a week isn't doing shit, that's for darn sure. Personally, it's good job security for me though, we've been busier than ever at the refineries so I'm not complaining
as someone who works in the industry I can assure you that's not true. We've been busting our asses running non-stop. My main priority is taking heat exchangers off-line to get them cleaned, and we've never been operating at a faster pace. We've broken several intracompany records for turnaround time in the past 6 months. High oil prices aren't good for the execs in the long-term, they see the sweet-spot between 50-75 dollars a barrel. High prices gives clients more initiative to start looking into alternative solutions
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That's the real irony: environmentalists have wanted this for decades, but now they have it, they deny their Savior three times
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Yeah I saw an article earlier that gulf refineries are running at like 93% utilization which is nuts.
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Such as..?
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If gas is $10/gallon, people buy electric.
Heck, my parents just bought a hybrid for the first time ever.
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Which rides on the energies acquired directly from the cosmos, of course.
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Coal power babeeeeeee
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Steampunk flying carriages it is then
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Steampunk flying carriages
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I swear everyone just gave up trying to understand the reasons behind energy prices, it's impossible to have a discussion that doesn't include 3 conspiracy theories and a dozen r-slurs who think there's a simple 1 sentence explanation.
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It's actually very simple. You don't even need a whole sentence, just one word:
Overregusneedulation
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I can go find the specific talking point that came out a year ago around inflation being a result of price gouging.
This is just a continuation of this. it's rather worrying that both parties in this country have decided to stop being adults and indulge their stupidest members
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If you posted this on twitter it would unironically be reposted by 14 year olds and middle class white women.
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Since most conspiracies are real based on the number of disinformation campaigns, I don’t know what you expect
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ITS THE FRICKING LIZARD PEOPLE I CAN PROVE IT
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It is.
If more dinos died we'd have more oil.
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I'm surprised they haven't thought of a way to blame the orange man for gas prices
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https://cepr.net/high-gas-prices-are-donald-trumps-fault/
Don't you worry, they have
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Probably because anyone with eyes can see it coming. Probably because 2/10 bond yield inversions are a pretty reliable predictor of coming recessions. Even the IMF is downgrading its forecasts. Also the global economy is about feel the pain from staple food shortages due to the war in Ukraine. Shit's not looking good.
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I'm not informed at all but I'm curious what people thought would happen when we shut down the world economy and maxxed out public spending at the same time. Did we just delay economic suffering or is there a chance it will be reduced by those sneaky jews in central banks?
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Economists are academics, and fundamentally every academic will do obviously stupid things because their complicated models say that apples should fall up.
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There have been people screaming about how stupid this was since the begining. Theoretically, it was necessary to avoid a pretty massive recession as a fallout of covid, but the fed pushed incredibly hard for maximum employment right after while also keeping up their covid mitigation strategy, and that led to a ton of inflation. The fed misplayed their hands due to some political concerns, as well as due to uncertainty around the pandemic.
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The thing was we were showing signs of a downturn before COVID and then the pandemic just blew everything up.
I think the fed is trying to mitigate the fallout but there's only so much they can do.
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“If it’s America’s fault why does it affect the whole world?” would be a great argument if it weren’t for the 1929 crash, the US abandoning the gold standard, the 2008 crash…
Economics experts of Reddit lmao
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Changing banking regulations to make it not lucrative for banks to lend for future oil and gas projects doesn’t change the current supply, that’s all OPEC. So the Biden admins cracking down on domestic energy production really has nothing to do with the price at the pump. Read more chuds
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Why are all these people so oblivious to the fact that we were largely energy independent until Biden gutted our production capabilities beginning with Day One executive orders explicitly for that purpose because muh climate change
That’s literally it
That’s all
There’s no understanding of economics or logistics or supply chains or anything necessary here
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American liberals (
@pizzashill included) are some of the stupidest people in the world.
Joe Biden runs on a platform that explicitly promises to destroy the fossil fuel industry.
Liberals vote for Joe because they want him to destroy the fossil fuel industry.
Joe Biden appoints people who explicitly promise to destroy the fossil fuel industry, including Kamala Harris. Liberals cheer.
Joe Biden proceeds to sign various orders aimed at destroying the fossil fuel industry starting from his first day in office. Liberals cheer.
Shareholders tell oil companies to stop investing in growth and distribute as much profit as possible as dividends.
Demand recovers from Covid, supply does not, so oil and oil products' prices soar.
Liberals do the surprised Pikachu face and claim that Joe Biden's policies and promises and appointees have nothing to do with fuel prices, it's all just a huge coincidence, muh covid, muh worldwide prices, muh drilling permits akshualy, muh keystone xl akshualy.
It's as if Derek Chauvin publicly stated that he's gonna find and kill some bipoc, kneeled on George Floyd's neck while saying "look, I'm killing this bipoc with my knee", the crowd chanted "kill the bipoc, kill the bipoc", the bipoc died, and suddenly the same crowd is, like, nah, that was a fent overdose or maybe he died of old age, who knows. Not for the lack of trying, you dumb motherlovers!
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I love how people with no understanding of the oil industry, how they operate, or what's even happening rn actually try this shit.
Mind the gap between rhetoric and reality. The only people that know less about how the oil industry functions or the challenges it faces (capital discipline for example and investors sick of boom/ bust cycles) are republican politicians.
You've lost multiple arguments to me on this topic and keep coming back for more.
Last time you tried being a keystone truther, how'd that go for you?
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By that pizza means that he supplied me with direct evidence that oil companies are not expanding because shareholders told them not to, while thinking that he is proving that they are being irrational or something. Like literally, he just gave me these tweets and said look, these idiots:
https://twitter.com/TheStalwart/status/1506695839674253318
https://twitter.com/frankmonah/status/1502158569528987654
https://twitter.com/TheStalwart/status/1506695630663602176
Pizza, you are a bit r-slurred, you know that, right?
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Luckily, voters don't understand either. Midterms are coming up fast!
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What do I care? If Americans want a 3rd world country let them have it lol. If people can't be bothered to learn how oil and gas works while at the same time holding very strong views on those things, they deserve whatever they get.
I managed to secure citizenship in another western country and don't care what happens in this shithole anymore. I'll just leave when it's convenient.
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Which country? America will still have the best tech jobs, whatever happens in politics.
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That was a mistake. You're about to find out the hard way why.
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My understanding is that the current biggest bottleneck is refining, not crude production. Refineries in the US are already running at unsustainable levels and it's not like you can just magic up more refining throughput
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https://www.rigzone.com/news/wire/biden_admin_crackdown_prompts_refinery_closure-22-jun-2021-165754-article/?amp
https://www.foxbusiness.com/politics/oil-refineries-shutter-amid-hostile-fossil-fuel-policies-pain-at-the-pump.amp
etc
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I unironically support these policies but that's because I'm not poor so gas prices increasing doesn't actually affect me.
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Limetree and LyondellBasell got hammered for benzene pollution though. That's not a new Biden thing.
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bardfinn
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🚨Bard bot alert!🚨
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Snapshots:
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