Former President Donald Trump had bragged about his success in opening the region to oil production after decades of political fighting over the resources locked under the tundra there.
Former President Donald Trump had bragged about his success in opening the region to oil production after decades of political fighting over the resources locked under the tundra there.
If you invest in oil, then you should want higher gas prices. If you want lower gas prices, then i recommend not investing in oil. If you want energy independance, then you should be championing green energy initiatives and electric cars as much as drilling new claims, even if you yourself dont plan on getting an ev it reduces national dependance.
Oil companies got crushed under trump with the insanely low gas prices of 2016 2017 (i think it was saudi selling at a loss to take market share that time), then again under covids reduced demand and more opec suppliers flooding the market and stealing market share (also under trump). Then they cut production to match demand and cut costs. You can’t just turn a well off and back on, so when demand rose gobally post covid and foreign suppliers cut back production at the same time to reap the profits, the US lagged in ramping up production, and their record profits (under biden) didnt incen tivise them ramping it up. Those 5$ gas prices made the stock go up.
The president does influence gas prices, but not much. Here’s a decent video on gas prices.
https://youtu.be/QnBqAzJXVGo?si=rdfQFVneqaOtf9u9
Here is an alternative Piped link(s): https://piped.video/QnBqAzJXVGo?si=rdfQFVneqaOtf9u9
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I’m open-source, check me out at GitHub.
Gas prices don’t bother me personally as long as government isn’t unnecessarily hamstringing the domestic industry. The people who should be most upset about $5 gas are the ones financially struggling to buy it.
Translation: I don’t give a fuck as long as the rich people who own the industry get richer. People with less money than me should join me in protecting those poor billionaires and hectomillionaires from only becoming 45% richer every year or two.
Here in reality, the US is the number one oil producer in the world and exports much more than it uses. Prices are not affected by production anywhere near as much as by commodities trading, cartel price fixing and good old fashioned profiteering.