Biden said fuel prices should more closely follow oil Is the math as simple as he claims Joe Biden - California HEAD TOPICS
Biden said fuel prices should more closely follow oil Is the math as simple as he claims
10/22/2022 10:45:00 PM Biden' s explanation was simpler and cleaner than the truer one that presidents have
Joe Biden California
Source Houston Chronicle
Biden said fuel prices should more closely follow oil Is the math as simple as he claims Biden's explanation was simpler and cleaner than the truer one: that presidents have... The explanation he offered for the muted effects of these efforts, however, was misleading.His efforts have been limited, he claimed, because energy companies enjoying lower costs are not passing along their savings to customers. His explanation was simpler and cleaner than the truer one: Presidents have little control over energy prices. Why are fuel prices still higher than last year?Biden has made heavy use of the main lever that presidents have over energy prices — withdrawalsfrom the Strategic Petroleum Reserve— which infused the market with more oil during a global energy crunch and eased soaring prices. But while the drawdowns offered some relief to consumers at the pump, they couldn’t cure the tightness in oil markets caused by the loss of Russian supplies, nor could they fix Read more:
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CNN's Michael Smerconish speaks with New York Magazine writer Reeves Wiedeman about the true story that inspired the Netflix series 'The Watcher.' Read more >> Jill Biden goes to bat for stepson Hunter Biden: ‘I know Hunter is innocent’First lady Jill Biden strongly insisted that her stepson Hunter Biden is “innocent” as federal prosecutors weigh possible tax and gun charges against him. Innocent of what?🤔 HelenTuttle Of course, How many times did you,Jill,Step Mom, get in SHOWER WITH HUNTER 👎🇺🇸 The ENTIRE world when hearing Jill Biden say Hunter is innocent: Jill Biden says she knows Hunter Biden 'is innocent'The Biden son is under federal investigation, CBS News has previously reported. Is Hunter Biden innocent? Lol Oh ok case close then. Biden gets testy when asked if he supports any restrictions on abortionsPresident Biden snapped at a reporter on Thursday after he asked the commander-in-chief if there should be any restrictions on abortion, telling the reporter to “get educated.” Biden is the face of the murdering abortionist Hallmark of late stage dementia. Republicans react to Biden White House secrecy around Delaware visitors: 'a bunch of malarkey'Congressional Republicans reacted to the White House dodging Fox News Digital's questions on the president's visitor's log from his Delaware home that reportedly doesn't exist. If you got nothing to hide why lie . The optics of this do not help Low-polling Biden bristles about Democrats snubbing him on the campaign trailPresident Biden became defensive on Thursday when asked why so few Democrats have asked him to campaign with them ahead of the Nov. 8 midterm elections. Biden awkwardly tells Gisele Fetterman she will be a ‘great lady in the Senate’President Biden on Thursday said John Fetterman’s wife Gisele would make a “great lady in the Senate” in an awkward stumble amid questions over the Senate candidate’s health after a stroke. Not my meme. So good. I had to share it. Does this clown even own a suit? He always looks like he just got out of bed. What a slob. Wednesday to paint a picture of a leader doing everything in his power to reduce fuel prices, which is largely true.Follow Us.has been investigating the younger Biden since at least 2019.Follow Us. The explanation he offered for the muted effects of these efforts, however, was misleading. His efforts have been limited, he claimed, because energy companies enjoying lower costs are not passing along their savings to customers. His explanation was simpler and cleaner than the truer one: Presidents have little control over energy prices. Investigators are looking at whether the Biden son owes taxes on incomes from a time during his father's vice presidency as aboard member for Ukrainian energy company Burisma, sources familiar with the matter have previously told CBS News. Why are fuel prices still higher than last year? Biden has made heavy use of the main lever that presidents have over energy prices — withdrawals from the Strategic Petroleum Reserve — which infused the market with more oil during a global energy crunch and eased soaring prices. But while the drawdowns offered some relief to consumers at the pump, they couldn’t cure the tightness in oil markets caused by the loss of Russian supplies, nor could they fix a global shortage of refining capacity . There hasn’t been a new refinery built in decades. I know that Hunter is innocent. The world has lost 3 million barrels per day of refining capacity since the start of the pandemic, including 1 million barrels per day in the United States — for gasoline as automakers accelerate the transition to electric vehicles. ‘It’s simple,’ Biden said. But is it? “When the cost of oil comes down,” he said, “we should see the price at the pump come down as well. Earlier this month, during an interview with CNN, President Biden said he didn't know anything about the possibility that his son lied on an application to purchase a gun. That’s how it should work. ” Yes, oil is the key ingredient in gasoline and diesel, and therefore a key component of fuel costs, but there's more to the picture. Fuel-makers also have to pay taxes, energy bills to power their own refineries and other costs of processing oil into gasoline and diesel. And I'm just so proud of him. Prices are also dictated by global commodities markets ruled by supply and demand. Prices remain high in parts of the country affected by recent refinery outages. The Houston region has remained insulated because of its many refineries and its status as a global export hub, which typically keeps prices here globally competitive and lower than elsewhere in the country, where markets are more sensitive to the events of a single refinery. Prices along the Gulf Coast are only around 34 cents higher than last year, before Russia invaded Ukraine and disrupted the world’s energy markets, . In California, which was affected by refinery shutdowns that hit supply, prices are $1.43 higher on average. High prices at Americans’ expense? Biden said refiners are reaping profits at the expense of American consumers. It’s technically true, but that’s the way commodity markets work. Refinery closings have left fewer of them to process oil into gasoline and diesel, causing fuel shortages that drive up prices. Short supplies mean high prices, which then feed the companies so that, hopefully, they invest in projects that increase supply. While it’s unlikely any energy companies will spend money b , companies are expanding their existing refineries where it makes fiscal sense and building low-carbon fuel facilities. With its expansion underway in Beaumont, .