Poll: Where will gas prices peak?

[Tim]

gas prices consistently bring out the idiot in most people.

also this might be an unpopular opinion but if you are a WCI reader and you even notice the price of gas you need to go back to chapter 1 of those books.

I mostly hear it from my wife. The problem is, it is not just gas. Oil basically raises everything you buy. 7.9% is nothing to sneeze at. Most of the employees in a hospital have taken a painful haircut. The basic cost of living has had that impact of exactly the opposite intent of the administration for wealth redistribution.
Chapter one of Macro Economics 101. Disposable income took a hit and a big one.
Even free lunch programs and charitable food programs are stressed.
The question is, will charitable donations increase this year?

[CordMcNally]

the US is the largest oil producer in the world with more than enough oil for domestic consumption. Unfortunately, Europe is not as well prepared and are driving up prices by buying our oil on the free market. I hear that price volatility is also preventing increased oil investment/production because oil companies/investors don’t want to be burned if oil prices come crashing down again.

The US does not produce enough oil to meet our domestic consumption needs and it isn't even close so I'm not sure where that statement comes from. It also isn't as easy as saying that we consume 20M barrels/day so we need to produce 20M barrels/day to be energy independent. There are various types of crude and they all produce varying amounts of refined products. The current administration has taken a very strong stance against the fossil fuel industry but now they're trying to back track. Senator Warren did an interview a few days ago where she mentions she wants to tax fossil fuel companies even more (however, wanting to tax *insert industry* more has been her baseline). Increasing production is a time intensive process with significant investments that, as you can imagine, take LOTS of money. Now, if you were an executive of one of these companies, wouldn't you be pretty hesitant to spend all this money when the administration will try to pull the rug out from under you the minute they can?

[HikingDO]

gas prices consistently bring out the idiot in most people.

also this might be an unpopular opinion but if you are a WCI reader and you even notice the price of gas you need to go back to chapter 1 of those books.

If I’m an idiot for noticing that gas prices went from $1.89 a gallon a little over a year ago to the $4.59
a gallon that I paid yesterday, then I guess I’m an idiot.

[MPMD]

If I’m an idiot for noticing that gas prices went from $1.89 a gallon a little over a year ago to the $4.59
a gallon that I paid yesterday, then I guess I’m an idiot.

you're not an idiot if you notice that gas prices change.

you're an idiot if you use it as some kind of extremely unsophisticated political football, and many people absolutely do this.

and if you make $200k/year and an extra $30 to fill your tank for a few months affects your budget then you have large problems unrelated to gas prices.

[CordMcNally]

you're not an idiot if you notice that gas prices change.

you're an idiot if you use it as some kind of extremely unsophisticated political football, and many people absolutely do this.

and if you make $200k/year and an extra $30 to fill your tank for a few months affects your budget then you have large problems unrelated to gas prices.

Nobody on this forum is significantly financially affected by gas prices but I can guarantee the people who are already paycheck to paycheck are significantly impacted. While we can agree many people who live paycheck to paycheck could refine their budget, many of these people are already stretched thin with nowhere to cut. The increase in all the other costs aren't helping either. Gas prices affect so many other industries besides the energy industry.

[Lithium]

you're not an idiot if you notice that gas prices change.

you're an idiot if you use it as some kind of extremely unsophisticated political football, and many people absolutely do this.

and if you make $200k/year and an extra $30 to fill your tank for a few months affects your budget then you have large problems unrelated to gas prices.

Most of the talking heads and politicians using it as a political football are being intentionally intellectually dishonest and playing to their unsophisticated audience, no different than those on the other side of the aisle who say that companies are “gouging” consumers every time supply drops.

And honestly, if you can’t acknowledge the cascading effects this has on inflation at large and public policy in an election year, you shouldn’t be calling others idiots.

[StarTrekDoc]

Yes, inflation and US government policies have made the pre-war environment bad.
War and sanctions pours --- gasoline -- on the burning fire.


https://www.worldometers.info/oil/oi...on-by-country/

One can't pull 11M barrels a day (5M is exported) and it not affect markets.

-US domestic companies are NOT going to get caught with their rigs again after the 2020 meltdown despite the temptation for short term gains.
-Really makes you wonder how to get more heavy crude production domestically overall though with all this begging Venz

It's pretty well documented that many folk have no funds for a $500 event which gas spikes will get to many distance commuters. AND the expiration of the child credit too.

[Tim]

you're not an idiot if you notice that gas prices change.

you're an idiot if you use it as some kind of extremely unsophisticated political football, and many people absolutely do this.

and if you make $200k/year and an extra $30 to fill your tank for a few months affects your budget then you have large problems unrelated to gas prices.

https://www.sec.gov/ix?doc=/Archives...09/form10k.htm
Read the 10K , especially the risk disclosures. Start on page 40. Enterprise Product Partners spent $5b in two years for pipeline facilities. It is not political when an administration messages that they want to shutoff capital markets from major financing sources, Nor when the treasury secretary and DOE voice a goal of shutting down fossil fuels. No exploration in the Offshore, shut down Alaska, cancel the pipeline. And then increase regulations to make every facet of fossil fuels more difficult,
The stated goal is to shut down fossil fuels as much as possible.

https://www.houstonchronicle.com/bus...n-14268300.php
https://www.houstonchronicle.com/bus...l-13580640.php

These pipelines are key to oil production, delivery and refining. No one is going to commit to long term contracts and the billions need to replenish reserves.
Our regulators have been very effective in shutting down all incentives for investment in oil. Some discussions of shutting down existing pipelines. And actually shutting down pipelines that were significant and nearing completion.

What they haven’t done is provide any energy replacements. Basically, the well and reserves will run out. Tax incentives are not replacements,

Private industry doesn’t have investors jumping on IPO’s for nuclear, wind or solar. They are talking points. I don’t care about the politics. Just want answers that aren’t dead ends.

Real world, who is investing billions? I don’t hear Google or Amazon or private equity. Not political,
it’s just business. The is no replacement under construction, this will not end well for renewable or fossil fuels. Supply had been damaged for a long time.
Demand hasn’t changed. Please feel free to give me a viable plan the has a chance of completion in 3 years. That is a political deadline, we as a country will pay a huge price economically for the next three years. The talking point is Putin is responsible. I don’t think Putin sets policy or was a factor for the lack of renewable energy sources.
I just want a viable plan.

I think it’s insane to dismiss real world politics from causing significant damaging policy decisions. The fastest way is known to eliminate energy shortages. The supply/demand imbalance will only get worse.
The talking points seem to be “transitory” and “Putin”.
Not one mention of solutions.

[Kamban]

My Exxon and Phillips 66 stocks are having a wild ride in the past 5 years.

Their dividends got more shares of these stocks for reinvestment in 2020. Now, not so much.

[Cubicle]

Call me an idiot too then. I do absolutely blame the current president, his "handlers", & his administration for making this country less energy independent that the day before he was inaugurated.

Say what your want about me, but in my eyes Joe set in motion actions that increased our need to call Venezuela & Iran for oil, for us & the rest of the world.

I wish I was in the room when earlier this week Kamala told the oil executives "America needs now oil now".

[Tangler]

Nobody on this forum is significantly financially affected by gas prices but I can guarantee the people who are already paycheck to paycheck are significantly impacted. While we can agree many people who live paycheck to paycheck could refine their budget, many of these people are already stretched thin with nowhere to cut. The increase in all the other costs aren't helping either. Gas prices affect so many other industries besides the energy industry.

Yes agree. And to pretend that one party is not hostile to the oil and gas industry is simply dishonest.

It is like when i hear a leftist say they never did anything to discourage or defund the police, it is rubbish.

We might be idiots but we are not the idiot in charge.

[Tim]

Yes agree. And to pretend that one party is not hostile to the oil and gas industry is simply dishonest.

It is like when i hear a leftist say they never did anything to discourage or defund the police, it is rubbish.

We might be idiots but we are not the idiot in charge.

In all honesty, I do not actually blame this on Joe Biden. The reason for that is I have yet to see him demonstrate independent logic or thinking. Presidents actually need advisors and the ability to reason. There is one highly competent and connected member of his staff that we never hear from, Director of the United States Domestic Policy Council since 2021. I highly think this is intentional, but I do not think the influence has been diminished. Behind the scenes connections with politics, domestic policy, international relations and security would be a mistake to waste. Susan Rice is an unknown factor. I don't feel like her skills should be underestimated. She is no idiot. Extremely bright and skilled. Biden does not seem to have the capacity to master the complexities.
Just a thought. I have no answer, but it is my impression Biden is being handled significantly. I actually feel sorry for him. Reading the scripts that are being given.

[StarTrekDoc]

Just like everything else in today's decisions -- the desired correct action is somewhere in the middle of the two party conversation. -- drill-baby-drill v green deal.

We need fossil energy now and that includes infrastructure to support total domestic needs - AND we need to pivot to cleaner energy for the future generations and industry development. We CAN do that AND support the existing companies to do that pivot. Those that don't will become Kodak, Radio Shack, and Blockbusters of the energy industry.

It will evolve as Tesla already has shown that vehicle EVs and home solar/battery are completely viable as that's just the start.

We can choose to circle and fire at each other or move forward with a logical energy plan (along with health, immigration and all others) if only we stop letting the extremes of both spectrums control the narratives AND listening to them. Or where are my moderate right of central people aside of making the economy chug along?

[CordMcNally]

It will evolve as Tesla already has shown that vehicle EVs and home solar/battery are completely viable as that's just the start.

We are still very dependent on what some would call hostile countries for many of the components needed for EVs.

[Tim]

"a logical energy plan (along with health, immigration and all others) if only we stop letting the extremes of both spectrums control the narratives AND listening to them."
I actually appreciate hearing extreme points of view. I just don't think they should become policy. Sometimes radical off the wall ideas are diamonds in the rough. Those advocating may not be capable, but ideas and concepts have value. There is always room at the table for ideas. Conceptually, better results and a via plan or two are needed.