Snopes: Gas prices really arn't the president's faul

Hoosierhawkeye

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This part is really important.

It’s also misleading to say that the United States can’t produce enough oil domestically to meet demand due to government restrictions. A recent survey of U.S. oil producers found that the majority of companies cited “investor pressure” as their reason for not expanding production. Only 6% of those companies cited government restrictions. CBS News reported:

As to why they weren’t drilling more, oil executives blamed Wall Street. Nearly 60% cited “investor pressure to maintain capital discipline” as the primary reason oil companies weren’t drilling more despite skyrocketing prices, according to the Dallas Fed survey.
Only 11% cited environmental, social or governance issues; 8% said they had difficulty getting financing; 15% cited other reasons.
“Investors in energy stocks have been a bit thrown off by the volatility, so they’re looking more for energy firms to pay back down their debt, or return money to shareholders, rather than going and investing in new wells — even if those new wells would be profitable,” Ashworth said.
In other words, many companies are choosing to enjoy their high profits rather than increase the supply of oil. That’s despite the relatively low oil price they would need to turn a profit. On a different Dallas Fed question, executives said oil prices between $23 and $38 a barrel, on average, would cover the cost of drilling new wells.
 

abby97

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Sep 16, 2010
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What do you thing government regulations refer to? The government is pressuring banks not to loan money to oil companies for exploration and leases. The government is telling the country that their goal is to eliminate fossil fuels making it hard to get investments for future production. The government hasn't allowed a new refinery to be build in this country for decades.

If you don't believe those government actions influence the price of oil, I don't know what to say other than take a basic economics class. Stop listening to the very people who are causing these high prices and trying to deflect.
 

Flie

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Nov 2, 2001
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My question has always been: Who is fact-checking the fact-checkers? How did they become the supreme arbiters of truth?

The fact checking sites are not the supreme arbiters of truth. They are open to being fact checked also. What is truth? What are facts?

It seems like people feel that they can just invent their own truth and facts these days and as long as these alternate facts/truths speak to what people believe, they are accepted as reality. That's part of why fact checking sites exist. There's a lot of fake news out there that is readily spread around to like minded people.
 
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FAUlty Gator

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They’re not Biden’s fault. But he campaigned on being good with gas prices going up and hasn’t done shit to help lower them…because like he said…he’s ok with it.

At least he can be honest about it. You can’t root something on, then when it happens and it backfired on you, suddenly pretend you’re the guy to help fix the problem…that you wanted to happen.

That’s like asking Colonel Sanders to help solve the beef shortage.
 

SalAunese

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It’s a combination of many things but Wall Street pressuring energy companies to put more $$$ towards debt than drilling is a factor along with gov’t influence over the years.
 

Hammer93

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Nov 6, 2001
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What do you thing government regulations refer to? The government is pressuring banks not to loan money to oil companies for exploration and leases. The government is telling the country that their goal is to eliminate fossil fuels making it hard to get investments for future production. The government hasn't allowed a new refinery to be build in this country for decades.

If you don't believe those government actions influence the price of oil, I don't know what to say other than take a basic economics class. Stop listening to the very people who are causing these high prices and trying to deflect.
This is exactly accurate. Oil Companies do not trust the administration for good reason. They have proven to not care about the oil companies' future earnings when they make random policy changes. These companies have investors/stockholders that expect them to be good stewards of the cash.
 

coasterhawk75

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They’re not Biden’s fault. But he campaigned on being good with gas prices going up and hasn’t done shit to help lower them…because like he said…he’s ok with it.

At least he can be honest about it. You can’t root something on, then when it happens and it backfired on you, suddenly pretend you’re the guy to help fix the problem…that you wanted to happen.

That’s like asking Colonel Sanders to help solve the beef shortage.
So, releasing massive amounts of oil from the strategic reserve and meeting with oil company executives-twice- Is doing nothing? Good old supply and demand is working just like they taught us in economics 101- demand is lessening now so the prices are going down too. Funny how that works.
 

BanjoSaysWoof

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This is exactly accurate. Oil Companies do not trust the administration for good reason. They have proven to not care about the oil companies' future earnings when they make random policy changes. These companies have investors/stockholders that expect them to be good stewards of the cash.

1-Oil companies pay a lot of money for lobbyists to ensure they are okay regardless of the party in charge.

2-“Proven not to care about oil companies’ future earnings” can also be rewritten as “has weighed the impact of reduced oil companies future earnings against the impact of climate change, trade, and other factors”.

3- the investors expect returns. All investments have risk, including regulatory risk. Oil co. mitigate That risk via lobbying.

is your argument that the concerns of the oil industry should be of paramount concern?
 

FAUlty Gator

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So, releasing massive amounts of oil from the strategic reserve and meeting with oil company executives-twice- Is doing nothing? Good old supply and demand is working just like they taught us in economics 101- demand is lessening now so the prices are going down too. Funny how that works.
Oh…so it’s not Putin and COVID now? Gee…I guess there IS something he can do, eh? Not what he started out saying. For months he told us there was nothing he could do. Oil leases were maxed out. Putin is doing it all.

All you’re pointing out is the line of how shitty it needs to get before Biden does the cost analysis of his own survival. Looks like $6 a gallon or so is that line.
 

hawkland14

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Cons prefer to get their data from Infowars and Newsmax. Fact checking sites are the enemy.
What does this have to do with the fact the POTUS always gets blamed for high gas prices? Obama and Pelosi did it to Bush and Schumer did it to Trump. But for some reason the fact check sites only chime in when a Dem is President. “Non biased” at its best.
 

Jerome Silberman

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Oct 30, 2009
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Again Republicans blaming Biden for high gas prices isn’t new. They learned it from Pelosi and Obama. Weird Snopes never ran any article like this back then. I wonder why.
huh.gif
 

Flie

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Nov 2, 2001
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Oh…so it’s not Putin and COVID now? Gee…I guess there IS something he can do, eh? Not what he started out saying. For months he told us there was nothing he could do. Oil leases were maxed out. Putin is doing it all.

All you’re pointing out is the line of how shitty it needs to get before Biden does the cost analysis of his own survival. Looks like $6 a gallon or so is that line.

No... Putin and Covid are still contributing factors. Do you have a quote where Biden said there is nothing that he can do?
 

Tom Paris

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This part is really important.

It’s also misleading to say that the United States can’t produce enough oil domestically to meet demand due to government restrictions. A recent survey of U.S. oil producers found that the majority of companies cited “investor pressure” as their reason for not expanding production. Only 6% of those companies cited government restrictions. CBS News reported:
Weird. I said this before but I learned from Rex Tillerson when he was CEO at Exxon Mobil back when gas prices skyrocketed under W. When Rex said he wasn’t beholden to the American people. He wasn’t at his job to make us happy. He was in his job to make shareholders happy. I learned right there that gas prices weren’t Bush’s fault.
 

hawkland14

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Weird. I said this before but I learned from Rex Tillerson when he was CEO at Exxon Mobil back when gas prices skyrocketed under W. When Rex said he wasn’t beholden to the American people. He wasn’t at his job to make us happy. He was in his job to make shareholders happy. I learned right there that gas prices weren’t Bush’s fault.
Yet Obama and Pelosi continually bashed Bush for high prices for political gain. It’s called politics.
 

Tom Paris

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What do you thing government regulations refer to? The government is pressuring banks not to loan money to oil companies for exploration and leases. The government is telling the country that their goal is to eliminate fossil fuels making it hard to get investments for future production. The government hasn't allowed a new refinery to be build in this country for decades.

If you don't believe those government actions influence the price of oil, I don't know what to say other than take a basic economics class. Stop listening to the very people who are causing these high prices and trying to deflect.
Yeah, let’s listen to the oil companies who make billions and the Republican politicians, and Joe Manchin, who are paid to defend them.

Here’s the thing, the Democrats want to move away from being dependent on oil. Your side absolutely blocks everything the Democrats do to accomplish this, keeping us tied to oil companies. THEN, when we get high gas prices you all bitch when it’s your damn party which doesn’t let us escape paying for oil. Big oil companies thank you for keeping them perpetually wealthy.
 

Tom Paris

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Yet Obama and Pelosi continually bashed Bush for high prices for political gain. It’s called politics.
Link? Because I couldn’t find one. I did see an article blaming Obama for oil prices. I’ll say the same thing I said on here when Obama was President - make up your minds. Pick the rule. Is it the president’s fault or not? You don’t just get to pick and choose if your side is in office, especially when we know it isn’t on the POTUS.
 

Tom Paris

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What is?

First, I didn’t see Obama. Second, Schumer was wrong. See how easy that was? We tried this 10 years ago…can we all agree gas prices aren’t the president’s fault? Not Bush. Not Trump. Not Biden. It’s global.
 
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Rifler

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Bad timing Dems,.. Oil prices are coming down now, so I guess Joe isn't responsible for that either.
 
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hawkland14

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First, I didn’t see Obama. Second, Schumer was wrong. See how easy that was? We tried this 10 years ago…can we all agree gas prices aren’t the president’s fault? Not Bush. Not Trump. Not Biden. It’s global.
I agree but the POTUS has always gotten blamed for high prices. That’s the point. It’s politics.

check out the YouTube video posted in another thread where Obama made it the central theme of his campaign tying McCain to Bush. He mentions high gas prices many times.
 

Titanhawk2

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Jul 14, 2011
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Care to comment on the actual article or are we just going to focus on my typo.

Yes I know fault has a t in it. Did I fail to type it when I entered the subject line, apparently I did.
Article from Snopes? Really? So when did they start doing opinion pieces?
 

Tom Paris

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I agree but the POTUS has always gotten blamed for high prices. That’s the point. It’s politics.

check out the YouTube video posted in another thread where Obama made it the central theme of his campaign tying McCain to Bush. He mentions high gas prices many times.
Well that’s wrong to do. Why do we perpetuate falsehoods about gas prices? If we know it’s false, why say it? More of us would get on the same side of various issues if the BS would end.
 
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