Republicans endorsing communism to blame Biden wanting him curb gas prices.
I didn’t vote for biden and hate what he has done and alot of what he said he would but hasn’t. Republicans are going about this so wrong though. Using an easily proven wrong, false narrative that “biden is hurting gas prices” is just the worst way to go about things. I invest daily and study the market. If you think this “lease delay” is permanent or that biden is truly effecting the prices negatively put your money where ur mouth is and invest in oil.
But if you look Biden lease delay is not permanent and only effecting new wells on federal land. In the United States, 90% of onshore oil production takes place on land that isn’t owned by the federal government. And of the remaining 10% that occurs on federal land, the oil and gas industry has millions of acres leased. America’s largest producers only plan on creating 160,000 new barrels per day this year. Us Oil companies do not want to over produce why drive down the price of your product? Anyway, 10% of that is 16,000 future barrels per day Biden is delaying. nothing compared to when opec cut 10 million per day with trumps deal. Or the 10 million that Russia is no longer contributing to the global market.
However, Biden caved and released America’s oil reserves(we need those for a real emergency) oil price down 5%. There will be a short-term slump, but also trumps opec deal he helped negotiate is up in April freeing 16 countries from production limits. I’m betting prices are going to be dropping again. And I am putting my $$$ on the line. Biden is a fool but high prices in a speculative commodity market controlled by the top 80% of producers is not a knock on biden..
By saying it is his fault, its giving him and future president’s the mind set the peoples will is that they want they US government to control production and pricing in the USA, that’s COMMUNISM! We don’t want that and US companies who sell most their oil overseas right now and set there own production do not want that either! Stop blaming Biden or the Dems will lower the gas prices with the control of the government!
Article from r/Libertarian: For a Free Society