XCR1250 Posted November 16, 2021 Share Posted November 16, 2021 Biden has the power to lower your price at the gas pump, and he's facing increasing pressure to do so Ben Winck Mon, November 15, 2021, 3:51 PM A person pumps gasoline at a Conoco gas station, a brand owned by Phillips 66, in Brooklyn, New York, U.S., November 11, 2021.Andrew Kelly/Reuters Biden could cool gasoline prices, one of the biggest drivers of today's historic inflation. The White House is reportedly eyeing options as lawmakers and Americans call for a fix. Possible actions range from an oil export ban to tapping the goverment's underground oil stockpile. While Biden can't do much about overall inflation, he has a few options when it comes to rising gasoline prices. And he's being urged to choose one. Prices of nearly every good and service in the US are soaring at the fastest pace since 1990 — especially when it comes to energy. With Biden's approval ratings plummeting and Americans' recovery hopes dashed, lawmakers on both sides of the aisle are pressuring his administration to fight back. Energy prices climbed 4.8% in October, according to the Consumer Price Index. Gasoline prices leaped 6.1% — the largest one-month jump since March. While the president can't quash broad inflation like the Federal Reserve can, but the White House has a few tools to solve the problem. Biden has 3 options to fight inflation at the pump Likely the easiest one to leverage is the Strategic Petroleum Reserve. The reserve is a government complex of deep underground storage wells that, as of Friday, hold more than 600 million barrels of crude oil. The SPR isn't usually used to change gasoline prices, but key Democrats are already pressing the administration to tap the massive stockpile. "We're here today because we need immediate relief at the gas pump and the place to look is the Strategic Petroleum Reserve," Senate Majority Leader Chuck Schumer said during a Sunday news conference in New York. "Let's get the price of gas down right now. And this will do it." To be sure, using the SPR probably wouldn't solve the price problem for good. The reserve stores crude oil, meaning it would take some time for oil to be refined into pumpable gasoline. The stockpile is also limited and it can't permanently close the gap between driver demand and gasoline supply. But the world's most influential oil group has already denied Biden's calls for more product. The Organization of Petroleum Exporting Countries declined to boost production earlier in November despite soaring prices and overwhelming demand. OPEC's refusal has led the White House to prepare a multifaceted approach for lowering prices. Along with tapping the SPR, the Biden administration is mulling regulatory changes that would allow refiners to turn more crude oil into gasoline, according to Bloomberg. Among the actions is a relaxing of the rule to mix gasoline with biofuels. Easing the mandate would help more supply hit the market and, in turn, ease prices. The White House could also ban oil exports to keep more supply in the US, but administration officials have balked at such measures so far. Holding back exports could hurt relations with other countries, particularly those the Biden administration aims to restore diplomacy with after disputes with the Trump administration, Bloomberg reported. No matter what Biden does to cool gasoline inflation, the fixes don't need to last forever. Energy prices will fall by 7% over the next 12 months, David Kelly, chief global strategist at JPMorgan, said in a Monday note. Oil production is expected to "increase sharply" in the year ahead, he added. The eventual cooldown won't just dampen gas prices. A 7% drop in energy prices will subtract 0.5% from broad inflation, Kelly said. If the decline in energy prices is the only change in CPI from October 2021 to October 2022, the inflation measure will still plunge to 3.5% from 6.2%, he added. In other words, the best long-term solution is to wait it out. Quote Link to comment Share on other sites More sharing options...
Phenom Posted November 16, 2021 Share Posted November 16, 2021 People just need to drive less. It will decrease demand and create a surplus in supply and then the lowering of price to move product. Case in point, I was stuck in a traffic jam in Tomahawk…it delayed me a whole minute. Too many drivers. Quote Link to comment Share on other sites More sharing options...
motonoggin Posted November 16, 2021 Share Posted November 16, 2021 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted November 16, 2021 Platinum Contributing Member Share Posted November 16, 2021 So who here is in favor of banning oil exports? 1 Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted November 16, 2021 Share Posted November 16, 2021 Yes, lets shoot the messenger, and be just fine with gas prices almost doubling in the past 2 years. Quote Link to comment Share on other sites More sharing options...
racer254 Posted November 16, 2021 Share Posted November 16, 2021 (edited) I just laugh about the people who think administration policies can't effect the price pf our energy, yet they think OPEC can. Sorry folks, if OPEC can do it, so can the US. Edited November 16, 2021 by racer254 1 Quote Link to comment Share on other sites More sharing options...
racer254 Posted November 16, 2021 Share Posted November 16, 2021 Lets remember, the middle and lower class are the people most effected by the HIGH energy prices. Think long and hard about that. 2 Quote Link to comment Share on other sites More sharing options...
XCR1250 Posted November 16, 2021 Author Share Posted November 16, 2021 2 hours ago, Jimmy Snacks said: So who here is in favor of banning oil exports? We should never sell our oil product to other countries. 1 Quote Link to comment Share on other sites More sharing options...
Zambroski Posted November 16, 2021 Share Posted November 16, 2021 23 minutes ago, racer254 said: I just laugh about the people who think administration policies can't effect the price pf our energy, yet they think OPEC can. Sorry folks, if OPEC can do it, so can the US. Who in the fuck thinks this? Quote Link to comment Share on other sites More sharing options...
irv Posted November 16, 2021 Share Posted November 16, 2021 The only reason Biden would lower the price of gas is because he is plummeting in the polls, otherwise, due to his/Dems climate change plan, this would go against it. Some likely don't think this is all by design but they couldn't be anymore wrong. He needs high gas prices for the EV/green energy/climate change movement and he needs the taxes to pay for all the illegal immigrants (votes) and all his other over the top policies (screwups) 3 Quote Link to comment Share on other sites More sharing options...
Phenom Posted November 16, 2021 Share Posted November 16, 2021 34 minutes ago, XCR1250 said: We should never sell our oil product to other countries. I disagree. Oil is a finite product. I’d rather horde our reserves and pay more now than be on empty and at the total mercy of the foreign oil markets. Quote Link to comment Share on other sites More sharing options...
racer254 Posted November 16, 2021 Share Posted November 16, 2021 (edited) 1 hour ago, irv said: The only reason Biden would lower the price of gas is because he is plummeting in the polls, otherwise, due to his/Dems climate change plan, this would go against it. Some likely don't think this is all by design but they couldn't be anymore wrong. He needs high gas prices for the EV/green energy/climate change movement and he needs the taxes to pay for all the illegal immigrants (votes) and all his other over the top policies (screwups) BINGO. 1 hour ago, Zambroski said: Who in the fuck thinks this? Everyone running deflection right now for the high gas prices. At least that is was they are being told and parroting on this site. Just read through this: Edited November 16, 2021 by racer254 Quote Link to comment Share on other sites More sharing options...
1jkw Posted November 16, 2021 Share Posted November 16, 2021 Biden should tell SA to bring production up or he will lift sanctions on Iran and let them pump as much as the can. 2 Quote Link to comment Share on other sites More sharing options...
Snake Posted November 16, 2021 Share Posted November 16, 2021 1 hour ago, Zambroski said: Who in the fuck thinks this? Ask that question 'over there'... Quote Link to comment Share on other sites More sharing options...
Zambroski Posted November 16, 2021 Share Posted November 16, 2021 51 minutes ago, Snake said: Ask that question 'over there'... Nope! It's just not worth it. I bet I could guess the TDS crowd that think policy and regulations don't impact gas prices. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted November 16, 2021 Platinum Contributing Member Share Posted November 16, 2021 5 hours ago, XCR1250 said: We should never sell our oil product to other countries. Havnt since the 70's untill a few yrs ago. 1 Quote Link to comment Share on other sites More sharing options...
1jkw Posted November 16, 2021 Share Posted November 16, 2021 6 hours ago, racer254 said: I just laugh about the people who think administration policies can't effect the price pf our energy, yet they think OPEC can. Sorry folks, if OPEC can do it, so can the US. Name anyone on this site that thinks that. Quote Link to comment Share on other sites More sharing options...
racer254 Posted November 16, 2021 Share Posted November 16, 2021 Awesome, so we can finally blame these high gas prices on BIDEN. Take responsibility for it and make some changes to bring those down.....wait, just need to get those prices up high enough.... Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted November 16, 2021 Platinum Contributing Member Share Posted November 16, 2021 Just now, racer254 said: Awesome, so we can finally blame these high gas prices on BIDEN. Take responsibility for it and make some changes to bring those down.....wait, just need to get those prices up high enough.... He can pump from the strategic reserves and ban oil exports which will help in the short term..IDGAF who you blame but the fact remains that Trump was cozy with the Saudis so they pumped more oil…maybe Biden should do the same. Quote Link to comment Share on other sites More sharing options...
1jkw Posted November 16, 2021 Share Posted November 16, 2021 4 minutes ago, racer254 said: Awesome, so we can finally blame these high gas prices on BIDEN. Take responsibility for it and make some changes to bring those down.....wait, just need to get those prices up high enough.... Read the Bloomberg report as of today on the delay of the Russian gas pipeline, and why that causes the price of oil to increase, guess who delayed the pipeline? Take responsibility for it. Quote Link to comment Share on other sites More sharing options...
1jkw Posted November 16, 2021 Share Posted November 16, 2021 7 minutes ago, Jimmy Snacks said: He can pump from the strategic reserves and ban oil exports which will help in the short term..IDGAF who you blame but the fact remains that Trump was cozy with the Saudis so they pumped more oil…maybe Biden should do the same. No he shouldn't be cozy with those cocksuckers, we have been too easy on them for far to long. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted November 16, 2021 Platinum Contributing Member Share Posted November 16, 2021 4 minutes ago, 1jkw said: No he shouldn't be cozy with those cocksuckers, we have been too easy on them for far to long. I agree 💯…I guess cheap gas trumps terrorist oil in the minds of these guys. Quote Link to comment Share on other sites More sharing options...
racer254 Posted November 16, 2021 Share Posted November 16, 2021 This is fun. LETS GO BRANDON Quote Link to comment Share on other sites More sharing options...
racer254 Posted November 16, 2021 Share Posted November 16, 2021 Quote Link to comment Share on other sites More sharing options...
racer254 Posted November 16, 2021 Share Posted November 16, 2021 6 hours ago, Zambroski said: Who in the fuck thinks this? LOL. You read it here. "at the end of the day most agree that historically the President has little to no effect on fuel prices" Quote Link to comment Share on other sites More sharing options...
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