It wasn't Trump reversing the policy of Obama. It was his USA first and making us energy independent. Biden comes into office and shuts everything down. Prices go up and continue to rise. Biden then begs Russia and OPEC to pump more. They sit back and laugh at him. Now we are heading into winter with some of the highest predicted prices for natural gas and oil. Who suffers, the poor and the elderly on fixed incomes.
Good call.......Depends on the price of O&G and the debt the companies are carrying. This one is up well over 70% in the last year. Good investment or bad? Im holding my shares.. Time will tell if it was the smart thing to do.
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In your opinion do you believe OPEC and Russia intentionally drove down oil prices to cripple or shut down US fracking operations?"Presidents publicly fretted for decades about the loss of energy independence for the U.S. They tried many different approaches to solving this problem—from serious intervention in the energy markets to letting the free market solve the problem. Many billions of dollars were spent on programs with the intent of eliminating dependence on foreign oil.
Yet in 1969, Americans depended on oil imports for 10% of their consumption, and in 2008 that number had risen to over 50% of consumption. That trend was only reversed when fracking caused U.S. oil production to surge.
Thus, a president may have some impact on U.S. oil production, but it is mostly a factor of influences well beyond their control."
How The Oil Industry Fared Under The Last Nine U.S. Presidents
Over the past 50 years, oil production has risen and fallen under nine different presidents. Here's a look at what happened during each of their terms.
There is a self loathing segment that is cheering for US energy companies to go bankrupt, but I don't think they will be happy campers when they get what they want.
I think that was absolutely part of the calculus. The US production segment is the only major global production wedge that you can’t price fix, Trump/Biden whoever can’t negotiate with Russia/OPEC for a production quota, so driving US operators out of business is kinda the only card they have.
I'm certainly not poor or elderly, but if gas prices keep going in this direction, I'm going to wish I was poor and didn't have a vehicle or 225hp boat motor to keep gassed up. Or wish I was old enough to not give a shit what's happening in a few years...
Agree, same boat for all of us. But the elderly get hit especially hard and will try to make do without. Look at the summer time during a heat wave, they have no AC and will close their windows to "keep the heat out". Neighbors the notice a smell or in one case here in the city I live in, besides the smell notice a large amount of flies in the widows. Police make forced entry only to find an elderly person who died. Winter time just the opposite, if they can't afford the heat, they will turn the t-stats all of the way down and try to get by only to have their core temp drop, or they turn the oven on nd prop the door open and end up having a fire.
That's nuts.
