America’s Energy Crisis is Mostly US Democrats’ Fault

Republished from Energy Talking Points by Alex Epstein

Had Democrats spent the last 3.5 years liberating US oil/gas investment, production, and transport instead of strangling them, energy would be far cheaper.

Alex Epstein

I don’t identify as a Republican or Democrat.

But as an energy expert I must say this: had Democrats spent the last 3.5 years liberating US oil and gas investment, production, and transport instead of strangling them, energy would be far cheaper.

  • America is experiencing our worst energy crisis since the 1970s. High oil prices are making driving expensive, while high natural gas prices are making heating and electricity far more expensive—above all in the Northeast, where some ratepayers might see prices more than two times last winter’s.1
  • Here’s a chart of residential natural gas prices over the last several winters from the US Energy Information Administration. Notice the massive spike projected for this winter—meaning record heating bills for many.2
  • Democrats are claiming there’s nothing they could have done about today’s oil and natural gas prices. These prices, they say, are outside America’s control because they are largely set by global markets.

    In fact, had Democrats been pro-oil-and-gas our prices would be much lower.
  • Democrats could have ensured far lower oil and gas prices despite global tumult had they, upon taking power in 2019:

    1) Liberated oil investment, production, and transport.
    2) Liberated natural gas investment, production, and transport.


    Instead, they systematically strangled oil and gas.
  • How Democrats could have made oil prices lower

    By supporting the liberation of oil investment, production, and transport, Democrats could have unleashed our vast resources and industrial ingenuity to dramatically add to global oil supply—putting major downward pressure on prices.
  • Energy Secretary Granholm’s statement “that oil is a global market; it is controlled by a cartel…called OPEC” captures the view that US policy has little effect on global markets. But as the shale revolution proved, American industry can have a huge effect on global markets.3
  • American oil producers can only have a huge effect on global markets if investors are free to invest in oil production.

    But Democrats have sabotaged oil investment by 1) supporting various “ESG” policies that call for reduced oil investment and 2) threatening oil producers’ existence.
  • Since Barack Obama ran for President declaring “the age of oil must end in our time” and continuing through Joe Biden’s “guarantee” that “we’re going to end fossil fuel,” US Democrats have threatened the future of oil production—a major deterrent for investment.4
  • Leading Democrats like Elizabeth Warren and Bernie Sanders constantly threaten US oil production and make good on those threats by trying to prevent crucial oil infrastructure projects, such as pipelines. Having these kinds of politicians in power drives investment away from oil.5
  • Is it any wonder that, threatened incessantly by US Ds and other anti-oil forces, global investment in oil declined dramatically despite growing long-term demand? Between 2011 and 2021, oil/gas exploration investments declined 50%.

    Less investment = less supply = higher prices.6
  • High post-pandemic demand for oil would normally be a great opportunity for oil producers to rapidly increase their capital expenditures and profit from higher prices. But today’s hostile environment, overwhelmingly from Democratic politicians, makes companies reluctant to invest.7
  • In July one of America’s most successful oil execs, Cody Campbell, wrote an article, “Yes, Biden’s War On The Oil And Gas Industry Is Driving Shortages And High Prices,” citing Ds’ idea that “the need for oil and natural gas is soon coming to an end.”8
  • In addition to sabotaging US oil’s enormous potential by going after oil investment, Democratic politicians have done everything they can to sabotage oil production: threatening to ban fracking, banning federal leases, and calling for new, costly taxes and regulations.9
  • Another Democratic position that has increased oil prices is hostility to pipelines, especially Keystone XL. This has inhibited Canada from bringing oil to market, which prevents Canada from using its vast oil deposits to their full potential—meaning lower global supply and higher prices.10
  • Summary: If Democrats, upon taking power in 2019, had liberated oil investment, production, and transport, we could have led the world in rapidly ramping up production post-pandemic. Instead, we’ve been considerably slower than OPEC+, which actively avoids fast ramp-ups in production.11
  • Next time you hear a Democratic politician say there’s nothing they could have done about oil prices, remember that we had the opportunity to produce far more oil—but Democrats were so hostile to oil that our “Energy Secretary” is someone who advocated “keeping fossil fuels in the ground.”12

  • How Democrats could have made natural gas prices lower

    By supporting the liberation of natural gas investment, production, and especially transport,
    Democrats could have ensured we had plenty of cheap gas to use and to export to allies who need it.

They did the exact opposite.13

  • America has a virtually limitless supply of natural gas and an incredible ability to ramp up production quickly. E.g., between 2017 and 2018 we were able to increase gas production by 10B cubic feet per day—the equivalent of 1.7M barrels of oil (72M gallons) per day.14
  • US industry’s incredible ability to ramp up gas production has been desperately needed in recent years as gas has become more central to our economy and more needed by allies—especially those dependent on Russia.

    But industry has been strangled by Democratic opposition to pipelines.
  • Our bountiful natural gas is only useful if it can be transported by pipeline—to where it is needed in the US and to export terminals for shipment abroad. But in recent years we have seen a Democrat-led movement to block pipeline after pipeline—such as these 6 pipelines.15
  • The extent of Democratic hostility to natural gas pipelines was captured in 2019 by then-Lt. governor of Wisconsin, Mandela Barnes, who said we shouldn’t be “encouraging new pipeline construction” because “we have everything we need to make sure we don’t have to use it.” This was dead wrong.16
  • Democrats’ fierce opposition to natural gas pipelines has been particularly crippling in the Northeast, which should be swimming in cheap natural gas from Pennsylvania—but due to lack of pipelines has actually had to import natural gas from Russia!17
  • When Northeasterners pay much more for heating and electricity this winter, they should know that their plight was preventable—if only Democratic politicians had supported the pipelines needed to maximize the availability of natural gas vs. working to destroy those pipelines.18
  • US Democrats’ opposition to natural gas has also harmed our allies due to Democrat’s combination of opposition to pipelines and to “Liquified Natural Gas” export terminals. Every cubic foot of gas helps lower global prices and dependence on Russia—and Democratic politicians have stopped every cubic foot they could.19
  • If, when taking power in 2019, Democrats had focused on liberating US natural gas, we could have rapidly increased production, leading to lower prices and more security for us and our allies. Instead, we are struggling to grow production—and many of us are struggling to pay our bills.20
  • When you see your neighbors struggling to pay the bills, when you see businesses struggling or shutting down despite the ample energy resources in the US, just remember: we could have prevented most of this. And instead our politicians, mostly Democrats, made it worse.
  • On top of causing most of our energy crisis, Democrats just committed to making things worse by passing the “Inflation Reduction Act” which further harms oil and gas by
    • imposing new oil/gas taxes
    • giving EPA more power to restrict oil/gas
    • giving more power to anti-oil/gas activists

To understand why the two basic arguments for Democrats’ anti-oil-and-gas policies—1. “Climate emergency” and 2. Solar and wind can replace fossil fuels—are false, read this.

  • I take no pleasure in singling out Democrats for criticism on energy issues. I consider it a tragedy that today’s Democratic Party is so monolithic in supporting anti-fossil-fuel policies that harm our and our allies’ economy and security. We need many pro-energy, pro-fossil-fuel Democrats.
  • Open invitation: Any Democratic office that is interested in rational energy policy and messaging—including the best ways to promote cleaner energy long-term—can reach out to me and I’ll help you in any way I can, free of charge.
  • Summary: America’s energy crisis could have been largely prevented if Democrats used their control of Congress since 2019 to liberate oil and gas investment, production, and transport instead of sabotaging them.

    The party needs to take responsibility and reverse course.


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“Energy Talking Points by Alex Epstein” is my free Substack newsletter designed to give as many people as possible access to concise, powerful, well-referenced talking points on the latest energy, environmental, and climate issues from a pro-human, pro-energy perspective.

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1 Boston 25 News – Another New England-based utility company announces massive rate hike ahead of winter season

2 U.S. Energy Information Administration – U.S. natural gas bills will increase in all regions this winter

3 YouTube, Bloomberg Markets and Finance – Biden Is Looking at Possible SPR Release: Granholm

4 The Hill – Democratic bill would force Fed to defund fossil fuels

Chicago Tribune – Obama: ‘The age of oil must end’

Breitbart – Joe Biden Promises Environmentalist: ‘Look into My Eyes; I Guarantee You, We Are Going to End Fossil Fuel’

5 Senator Warren’s official website – Senators Markey and Warren Call on FERC to Rescind Authorization for Spectra’s Atlantic Bridge Pipeline

Business Insider – Bernie Sanders says he’ll vote against keeping the government open if Manchin’s ‘disastrous side-deal’ on energy is included

Senator Sanders’ official website – Sanders Statement on Executive Orders to Advance Keystone XL and Dakota Access Pipelines

6 Financial Times – Embrace high fossil fuel prices because they are here to stay

Michael Shellenberger – How Climate Activists Caused the Global Energy Crisis

7 U.S. Energy Information Administration – U.S. oil producers increased capital expenditures and cash from operations in late 2021

8 Cody Campbell – Yes, Biden’s War On The Oil And Gas Industry Is Driving Shortages And High Prices

9 U.S. Environmental Protection Agency – EPA Proposes New Source Performance Standards Updates, Emissions Guidelines to Reduce Methane and Other Harmful Pollution from the Oil and Natural Gas Industry

10 USA Today – Keystone pipeline canceled after Biden had permit blocked

11 OPEC – Monthly Oil Market Report, November 2021

U.S. Energy Information Administration – U.S. Field Production of Crude Oil

12 YouTube, 350 Action – Top Clinton Ally Jen Granholm Opposes Dakota Access

13 EQT – Nationwide Poll Shows Nearly 70% of All Voters Support Increasing Natural Gas Production

14 U.S. Energy Information Administration – U.S. Natural Gas Gross Withdrawals

15 EQT – Nationwide Poll Shows Nearly 70% of All Voters Support Increasing Natural Gas Production

16 The Washington Free Beacon – EXCLUSIVE VIDEO: Mandela Barnes Rules Out ‘Even Encouraging New Pipeline Construction’

17 Robert Bryce – Cuomo’s War on Pipelines Hurts New England

Real Clear Energy – Northeast Pipeline Blockade Delivers Trifecta of Bad Outcomes: Dependence on Fuel Oil, Higher Prices, and More Foreign Energy Imports

18 Boston. com – Winter is coming and so are (much) higher electric bills, National Grid warns; here’s how you can lower costs

19 E&E News – Jordan Cove project dies. What it means for FERC, gas

Sierra Club – Annova LNG Is Cancelled!

20 U.S. Energy Information Administration – U.S. Dry Natural Gas Production

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John Bell
October 27, 2022 2:08 pm

I wish people would say/write Democrat party and not Democratic party. They hate democracy.

Janice Moore
Reply to  John Bell
October 27, 2022 2:13 pm

Yes! The Democrats’ modus operandi is: twist language to deceive people. As I voted my (all mail-in in Washington State) ballot last week, I muttered what you just wrote, essentially. “They are not the ‘Democratic’ Party. They made sure the ballot had that on it, no doubt!”

Reply to  John Bell
October 27, 2022 3:04 pm

How about the Dumbocrat Party, to be more accurate?

Bryan A
Reply to  Richard Greene
October 27, 2022 3:41 pm

Or DimO’Crat

Frank from NoVA
Reply to  Richard Greene
October 27, 2022 4:13 pm

Their voters may be stupid but the party’s principal actors are flat out evil.

Rod Evans
Reply to  Richard Greene
October 28, 2022 12:32 am

I like to use ‘Demon-rats’ as a true/accurate header for the Party fixated on the destruction of civilised society.
Their objective is to destroy free enterprise they know closing down energy availability is the quickest way to achieve their goal.

Last edited 2 months ago by Rod Evans
observa
Reply to  John Bell
October 27, 2022 4:15 pm
MarkW
Reply to  John Bell
October 27, 2022 6:47 pm

Time and again, Democrats have declared that it is only “democracy” when they win.

Carbon Bigfoot
Reply to  John Bell
October 28, 2022 11:07 am

How does a writer who studied Philosophy and Computer Science and graduated with a BA from Duke considers himself an Energy “Expert” when he never worked in the Industry??
David Middleton, Andy May and others are Experts, IMHO as a Professional Engineer who has worked as an Energy Specialist for 50 years.

Dan Kurt
Reply to  Carbon Bigfoot
October 28, 2022 11:36 am

Check his IQ as it probably is around 140+, and if so, he would have the capacity to become an energy expert as an autodidact. Read his book Fossil Future and erase your unfounded doubts.

Dan Kurt

Carbon Bigfoot
Reply to  Dan Kurt
October 30, 2022 5:08 am

My IQ is 160 and I have applied my Thermodynamic Skills in the REAL WORLD for 50 years as a professional chemical engineer–not writing books. I have applied my professional engineer’s stamp to multi million dollar projects which made me the responsible/liable professional.
As the engineer’s creed does not allow advertising in self-laudatory language I am limited to “Engineering Specialist”.
What significant energy projects has Epstein managed/design/engineered that allows him to claim he is an “expert”??
Dan Kurt you have no idea what an expert is.
Suggest you read Manhattan Institutes Dr.Marks Mills’ numerous papers on energy. Then you’ll have some idea what a real Energy Expert is.

October 27, 2022 2:12 pm

Good post. When I give climate talks I often get accused of being political. I respond by saying I’m analytical — and I follow those who follow the data. This makes voting choices very easy. However, in America, there is a problem with the analytical process within the IPCC as seen in this IPCC training video … https://www.youtube.com/watch?v=uU6apI31BMo

Reply to  John Shewchuk
October 27, 2022 3:06 pm

The goal of the IPCC is to scare people about the future climate and blame humans. They do that very well.

markl
October 27, 2022 2:15 pm

It’s part of the plan to kill Capitalism. They take the blame with pride.

Editor
October 27, 2022 2:17 pm

They do it because they are LEFTISTS who doesn’t love America that is why they play this dumb energy starvation game.

Paul S.
October 27, 2022 2:19 pm

“had Democrats spent the last 3.5 years liberating US oil and gas investment, production, and transport instead of strangling them, energy would be far cheaper.”

Yes, of course, but that wasn’t the plan. The plan was to force us to purchase electric vehicles or use public transportation. Also, the plan was to make natural gas and fuel oil expensive forcing us to use expensive electricity to heat our homes. Deisel fuel increases inflation to food and other thing we buy due to trucking costs. All of this essentially puts us at the mercy of those in charge. Peons vs the fiefdom.

Dana H Saylor Sr.
October 27, 2022 2:21 pm

Epstein is certainly not going to win many popularity contest but he “hit the nail on the head”. It’s about time we as nation understand the true value of fossil fuels for our well-being as well as that of others.

Andy Pattullo
Reply to  Dana H Saylor Sr.
October 28, 2022 8:56 am

I disagree. Most people with critical thinking skills and a sound self-interest celebrate this type of honest, objective analysis. Emotional, anti-human ideologues are another story, but no one who values their own integrity should seek admiration from that lot.

Old Man Winter
October 27, 2022 2:29 pm

Hmmmmm!

DemUkrff.jpg
Travis
October 27, 2022 2:34 pm

Lets hope the voters read this article

Steve Case
October 27, 2022 2:39 pm

America’s Energy Crisis is Mostly US Democrats’ Fault
____________________________________________

In other news, the sun will rise in the east tomorrow morning.

Reply to  Steve Case
October 27, 2022 10:23 pm

If anyone has a spare billion or two, I’m working on solutions for high oil prices in North America.
The Keystone pipeline is interesting – the existing phases deliver ~700,000 bbl/d to USA refineries. Both Canada and the USA badly need the 830,000 bbl/d Keystone XL expansion that Biden blocked on grounds of idiocy. XL alone will deliver another  7% of total existing USA oil production. That 7% should greatly ease supply shortages.
TC Energy have abandoned the XL project but there is a $15 Billion lawsuit against the USA government. Bargain?
Allan MacRae
https://energy-experts-international.com

Tom Abbott
Reply to  Allan MacRae
October 28, 2022 10:26 am

Let’s make a deal! 🙂

Biden will never agree and ok a pipeline, but maybe after November 8, circumstances will be different.

IAMPCBOB
Reply to  Tom Abbott
October 31, 2022 11:28 am

Assuming there isn’t too much election fraud going on, we can certainly HOPE so!

Truth will prevail
October 27, 2022 2:40 pm

Wake up world!

You are being fooled by the false claims about so-called “radiative forcing” which all boil down to saying the Second Law of Thermodynamics is not violated by the imagined heat transfer from cold to hot by radiation from water vapor, carbon dioxide, methane etc into the warmer surface. That law is violated because it only applies either to a single process (eg one-way passage of radiation) or a set of interacting thermodynamic systems. Look it up yourselves in Wikipedia under “Laws of Thermodynamics.” Nothing interacts with such radiation.

MarkW
Reply to  Truth will prevail
October 27, 2022 6:51 pm

All things who’s temperature is above absolute zero radiates.
When that radiation hits things, it gets absorbed. It doesn’t matter in the slightest, what the temperature of the object it hits his.
Radiation transferring heat from a cold thing to a hot thing does not violate the laws of thermodynamics.

To defeat the warmunists we need to counter their junk science with real science. Trying to counter junk science with more junk science is a fool’s errand.

Jim Gorman
Reply to  MarkW
October 28, 2022 6:03 am

The only thing I would add is that radiation from a cold body does not raise the temperature of the hot body. It only slows the cooling.

mkelly
Reply to  MarkW
October 28, 2022 6:37 am

Mark if your first statement is correct then please tell us how much energy is emitted by the nitrogen and oxygen that make up 99% of the atmosphere.

Your second statement is misleading because there are 3 possibilities. Absorption, reflection, and transmission and you have no way of saying that every time under every circumstance it is always absorption.

You third statement is incorrect because you use the word “heat”. Heat is only recognized at the boundary and it only moves due to a temperature difference and in the direction of higher to lower.

MarkW
Reply to  mkelly
October 28, 2022 11:43 am

It’s true, doesn’t matter.

It’s a simplification to show why the initial claim is wrong.

It’s a simplification to show why the initial claim is wrong.

Rud Istvan
October 27, 2022 2:50 pm

Look on the bright side. They stole the 2020 election for Biden. He promptly took a hammer to energy (cancelled KXL day 1) and then passed GND inside the misnamed inflation reduction act (IRD). So energy inflation promptly followed. Which then caused food inflation. The combination will cause a red tsunami Nov 8, and the Dems won’t recover for a decade.

Meanwhile, the looming dire EU winter energy situation might put a big dent into the greens that Putin has been surreptitiously supporting for years.

Progress. Painful, but progress.

Steve Case
Reply to  Rud Istvan
October 27, 2022 5:21 pm

 The combination will cause a red tsunami Nov 8, and the Dems won’t recover for a decade.
_____________________________________

Democrats are going to do exactly what they did in 2020 only their mules won’t be schlepping around with cell phones this time around.

Rah
Reply to  Steve Case
October 28, 2022 12:29 am

Looks like the fix is already in for the dems in PA. Nothing like the AG of the state declaring the results will not be known for days to telegraph that the cheat is on.

Reply to  Rah
October 28, 2022 4:16 am

Democrats expect a landslide during the after midnight on Election Day vote

Rah
Reply to  Richard Greene
October 28, 2022 5:54 am

And where the lose they have already set the stage for blaming Russian interference. Brandon, his criminal AG and even ole piano legs Clinton are saying so.

We went from the most secure election ever to The Russians determining the election out comes where the democrats lose in 6 months.

Last edited 2 months ago by rah
Pflashgordon
Reply to  Rah
October 28, 2022 10:31 am

I have never understood the “Russian interference” allegation by the leftard loonies. Billary and the Dems blaming Russian interference is totally illogical on its face. Putin benefits by Dems winning, so why would he work to defeat them?

Reply to  Rud Istvan
October 28, 2022 4:15 am

Inflation is caused by monetary expansion by central banks. Food price inflation and energy price inflation are two results. The supply of money and credit has to expand faster than the supply of goods and services available to purchase with that money and credit, to have inflation. You are mixing the symptoms with the cause.

Frank from NoVA
Reply to  Rah
October 28, 2022 7:32 am

I would give Ricardo some deference here, as I believe he is differentiating between monetary inflation (MI) and price inflation (PI). For certain, food and energy prices are much higher, but that can result from any combination of lower supply, monetary printing and changes in consumer preference. Obviously, given what the FEDs been up to for many years, and Biden’s stupid policies, we’re mainly suffering the effects of the first two drivers.

MarkW
Reply to  Frank from NoVA
October 28, 2022 11:48 am

The problem with price inflation, is when the cost of one set of goods go up, individuals have less money to purchase everything else. The result is that the demand for those other goods goes down, causing the price of those other goods to go down. If you focus only one the goods that are increasing in price, yes it looks like inflation is increasing. When you look at the economy as a whole, the inflation in one set of goods is matched by deflation everywhere else in the economy.
Only monetary inflation is capable of causing the price of everything to rise.

sycomputing
Reply to  MarkW
October 28, 2022 2:17 pm

“Only monetary inflation is capable of causing the price of everything to rise.”

Unless the cost of everything is dependent upon the price of some one thing, e.g., energy.

sycomputing
Reply to  Richard Greene
October 28, 2022 7:37 am

“You are mixing the symptoms with the cause.”

He’s not. Energy price inflation doesn’t necessarily presuppose central bank interference.

It can happen all by itself, e.g., as Mr. Istvan has described above.

MarkW
Reply to  sycomputing
October 28, 2022 11:48 am

Price inflation cannot cause general inflation.

sycomputing
Reply to  MarkW
October 28, 2022 2:28 pm

“Price inflation cannot cause general inflation.”

That wasn’t the argument Mr. Istvan made and you and Mr. Greene have apparently misunderstood.

Nevertheless, I’ll bite.

Assume the price of all forms of energy suddenly rises 50% in one day for whatever reason. Convince me the final price of all things farmed/manufactured won’t also rise (however much it does) in an attempt to cover that additional cost to the farmer/manufacturer.

paul courtney
Reply to  sycomputing
October 29, 2022 6:45 am

Mr. Sy: I’ll bite, too. Price of fuel up forces farmer to forgoe purchase of tracter. Tractor manufacturer, caught with too much inventory, drops price of tractor (typically top-shelf goods sit as buyers tighten belt).

sycomputing
Reply to  paul courtney
October 29, 2022 4:01 pm

“Price of fuel up forces farmer to forgoe purchase of tracter.”

“(typically top-shelf goods sit as buyers tighten belt).”

Probably not the manufacturer in most cases, but rather the dealer will be caught with too much inventory, but I quibble.

I’ll give you the exception of this year’s “top-shelf” goods, at least until next year’s inventory is shipped (it was built with 50% higher energy costs).

Good objection.

Last edited 2 months ago by sycomputing
sycomputing
Reply to  MarkW
October 28, 2022 2:59 pm

“Price inflation cannot cause general inflation.”

Thanks MarkW – was the idea to correct something Mr. Istvan or I had argued?

I’m only asking because I don’t recall making the claim you’re contradicting.

Chris Hanley
October 27, 2022 2:51 pm

It is all very puzzling to an outsider after all the Democrats are simply honoring a pre-election promise, instead of denying responsibility you would think they would be touting their successful measures so far in the existential struggle against the climate.

October 27, 2022 3:04 pm

“Energy Crisis” is over the top scaremongering by the author.

Natural gas today vs. December 1979 in 2022 dollars:
$$5.61 versus $4.83, up +16%
($1.18 in 1979 dollars x 4.09)

Oil price per barrel today vs. December 1979 in 2022 dollars”
$88.60 versus $69.53, up +27%
($17 in 1979 dollars x 4.09)

I believe it is exaggerating to call a +16% and +27% price increase an American “energy crisis”.

Retired_Engineer_Jim
Reply to  Richard Greene
October 27, 2022 3:11 pm

But you are using the inflation rate to come up with your numbers.

Let’s say something cost $USD1.00 in 2020, and there has been overall inflation of 15% since then. And now the item costs 1.15. So there was no inflation, right?

Reply to  Retired_Engineer_Jim
October 27, 2022 7:23 pm

Give me a break engineer!
I compared both prices in 2022 dollars for a fair comparison
+16% or +27% in 2022 dollars is not yet an energy crisis
It is an energy cost problem.
Give Biden another year to work on creating an energy crisis
He’s doing the best that he can.
Remember the Dumbocrat motto:
If it makes sense, and is good for America, we’ll do the opposite

Rud Istvan
Reply to  Richard Greene
October 27, 2022 3:27 pm

RG, you use deceiving math. Where I live, regular gas was $2.20 two years ago, and about $4/gallon now. And at the grocery store, a Hormel pork tenderloin that two years ago was $6.50 is now $9.99. That is the difference since Resident Biden took office.

Reply to  Rud Istvan
October 27, 2022 7:34 pm

I’m not a deceiver.
I compared energy prices in 1979, a prior period with high inflation, to 2022, which is the latest period with high inflation.

Concerning the high rate of inflation in 221 and 2022:

The high rate of inflation in 2021 and 2022 was caused by the Federal Reserve Bank during the last year of the Trump administration and the first year of the Biden administration.

The Fed decided to finance very high Federal deficits with credit printed out of thin air

There were very high levels of deficit spending mainly to finance Covid stimulus deficit spending

Covid deficit spending was approved by Congress in 2020 and 2021, signed by Trump in 2020, and signed by Biden in 2021

The House was controlled by Democrats in 2020 and 2021

The Senate was controlled by Republicans in 2020 and Democrats in 2021.

Based on the facts that I have presented, it is very biased to blame the 2021 and 2022 inflation ENTIRELY on Jumpin’ Joe Biden
High inflation was a bipartisan effort

MarkW
Reply to  Richard Greene
October 27, 2022 8:56 pm

You subtract inflation, and then declare that inflation is the thing that matters.
What matters is supply and demand. In 1979, Carter’s ineptitude caused a restriction in supply that caused prices to go up.
Today, Biden’s deliberate strategy caused a restriction in supply that is causing prices to go up.

Neither of which matters, because the article is about how energy prices have shot up over the last 2 years. What happened 43 years ago only matters in the fact that whenever government restricts supplies, prices go up.

Rah
Reply to  MarkW
October 27, 2022 9:38 pm

You hit on the key point here. The economic disaster that looms is unlike recessions we have seen before because it’s root cause is on the supply side and not the demand side. And the cost of energy is a huge part of that supply side cause.

Tom Abbott
Reply to  Rah
October 28, 2022 10:40 am

Biden disrupted the supply of oil and natural gas which has caused an increase in their prices and in the prices of everything else, by adding to the costs of transportation.

Frank from NoVA
Reply to  Rah
October 28, 2022 11:43 am

Also consider that the natural course in a free market is for prices to decline for the simple reason that people get better at making stuff over time. It takes central banks and government to cause prices to rise.

Reply to  MarkW
October 28, 2022 4:20 am

I did not subtract inflation, I converted 1979 dollars to comparable 2022 dollars for a fair comparison. Prices are higher in 2022 versus 1979, even in 2022 dollars, which is not good, but we don’t have gas lines and shortages yet. Give Biden time to work on that.

sycomputing
Reply to  Richard Greene
October 28, 2022 8:51 am

“I compared energy prices in 1979, a prior period with high inflation, to 2022, which is the latest period with high inflation.”

But what you didn’t do (and Mr. Istvan DID) was to include the effects of that energy price increase to the price(s) of those things (i.e., EVERYTHING) that are affected by energy prices.

That’s why you’re a deceiver, whether purposely or via generic economic ignorance.

Rah
Reply to  Rud Istvan
October 27, 2022 9:34 pm

And everybody knows it. But liars gotta lie.

Reply to  Richard Greene
October 27, 2022 3:39 pm

Average price of gas in 2018 2.79. Average price of gas right now 3.76. As per usual, you did not address the content of the article which is that current prices should be much lower.

Reply to  Dennis Topczewski
October 27, 2022 7:36 pm

You are data mining a short term trend
The current prices are based on supply and demand as they have always been. There is no such thing as “should have been” prices — that is wishful thinking.

MarkW
Reply to  Richard Greene
October 27, 2022 8:57 pm

You are trying to hide the actual causes by including data that has nothing to do with the current prices.

Reply to  MarkW
October 28, 2022 4:22 am

I did not hide anything
The real price of gasoline and natural gas is up since 1979. But not enough to declare a US energy crisis.

MarkW
Reply to  Richard Greene
October 28, 2022 11:51 am

Having the price double in just two years is not a problem because 43 years ago, prices were higher.

Rah
Reply to  Dennis Topczewski
October 27, 2022 9:41 pm

And we have less than 20 days supply of diesel. How’s that gasoline from the strategic oil reserves or any other source going to get to the pumps without diesel?

Reply to  Rah
October 28, 2022 4:25 am

That could be a problem at the rate the days supply of diesel fuel has been shrinking this year. Or maybe not.

There Is Only 25 Days of Diesel Supply, the Lowest Since 2008 – Mish Talk – Global Economic Trend Analysis

Bryan A
Reply to  Richard Greene
October 27, 2022 3:47 pm

Natural gas prices today vs Oct 2020
$5.61 versus $2.39 up almost 100%
Oil price today vs Oct 2020
$88.60 versus $39.90 up 122%
Brandon did this
No math needed to convert last year’s dollars either

Last edited 3 months ago by Bryan A
Scissor
Reply to  Bryan A
October 27, 2022 4:51 pm

Heating oil and propane are also up similarly.

Reply to  Bryan A
October 27, 2022 7:47 pm

Data mining short term gasoline price trends

January 2008 = $3.04 a gallon
December 2008 = $1.69 a gallon, down 44% in 11 months

2022 peak = $5.03 a gallon in June 2022
2022 low = $3.76a gallon today (10/27/22), down 25%
Likely New York Times Headline:
Biden cuts gasoline prices by 25% in less than four months

Anyone can data mine a short term trend.

U.S. All Grades All Formulations Retail Gasoline Prices (Dollars per Gallon) (eia.gov)

Last edited 2 months ago by Richard Greene
Bryan A
Reply to  Richard Greene
October 27, 2022 8:14 pm

It’s simply what has happened under his watch. No data mining necessary just truth.
Biden cuts gasoline prices by 25% from his overly inflated price 4 months ago (because he’s worried about the Midterm election and how the vastly higher prices will affect the electability of his Dem cohorts.
During the Biden Administration…
U.S. gas price Oct 2020 $2.12 … Ca gas $2.69 (what I was paying then)
U.S. gas price today $3.88 … Ca gas $5.69 – $6.19 (what I just paid 10 minutes ago) National 78% higher … Ca 112% higher.
You cherry picked a high time (during the great California Hose Job) and I simply picked the span of the current administration. For prices to double in 2 years is BAD for the economy and for it to be energy prices affects all other prices equally. Commerce can’t happen without energy and current overly inflated prices demonstrate this fact.

Last edited 2 months ago by Bryan A
Bryan A
Reply to  Richard Greene
October 27, 2022 8:23 pm

Also under Biden the U.S. Strategic Oil Reserves have been decimated from over 700M barrels down to 453M. Which Biden claims is to lower the cost of gas. But it appears that his reason is to eliminate that reserve as part of his campaign to eliminate oil all together.

MarkW
Reply to  Richard Greene
October 27, 2022 8:59 pm

Not data mining, just dealing with reality.
If you want to talk about what Biden’s policies have done to energy prices, you deal with the time since Biden took office. Dragging in data from 43 years ago is just an attempt to obfuscate using irrelevant data.

Reply to  MarkW
October 28, 2022 4:28 am

I compared two t years with high inflation and high energy prices for context, avoiding scaremongering, such as comparing 2020 with 2022 — a low inflation year compared with a high inflation year.

Bryan A
Reply to  Richard Greene
October 28, 2022 7:47 am

And I compared 2 years over the course of the current presidential term (only 1/2 of the term so far). One might expect to see a doubling of energy costs over decades (3% inflation over several decades will eventually double prices) but to see the same happen over the course of months is detrimental to any economy

MarkW
Reply to  Richard Greene
October 28, 2022 11:53 am

The rate of inflation is irrelevant to the point being made.

Jim Gorman
Reply to  MarkW
October 28, 2022 6:11 am

Figures lie and …

mal
Reply to  Richard Greene
October 27, 2022 3:54 pm

You took the number at the peak of our last energy crisis, which was again caused by a Democrat President(Carter solution to high oil prices was to tax oil company profits not allowing them to invest in more infostructure.) Move 5 years ahead and you argument is gone.

Bryan A
Reply to  mal
October 27, 2022 3:57 pm

He’s visiting his local Cherry Tree

MarkW
Reply to  mal
October 27, 2022 4:56 pm

Why pick the year 1979, 43 years ago? Normally one would pick a year that is a multiple of 5 or 10 years.

Reply to  MarkW
October 27, 2022 7:57 pm

1979 and 2022 both had high inflation rates and high energy prices. I tried to make a peak to peak comparison, which is an attempt to avoid cyclical bias. Trough to trough comparisons are also fair. That’s basic economics. I edited a finance and economics newsletter for 43 years and also earned a Finance MBA

MarkW
Reply to  Richard Greene
October 27, 2022 9:01 pm

Oil prices started going up a long time before inflation started picking up.
Your attempts to distract from the disaster of Biden’s energy policy by trying to compare it to the disaster that was Carter’s energy policy is not working.

Reply to  mal
October 27, 2022 7:53 pm

I tried to compare two periods with similar high inflation and high energy prices. That is a fair comparison. The inflation in 1979 was caused by the Federal Reserve Bank, as inflation always is. There were also bad energy policies, as there are today. And 1979 was affected by OPEC too: The Organization of Petroleum Exporting Countries decided to today raise the price of crude oil by 14.49 percent in four steps during 1979, ending a price freeze in effect since mid-1977.

MarkW
Reply to  Richard Greene
October 27, 2022 9:02 pm

You seem to feel that oil prices are high because inflation is high.
Nice try, but it’s not true.

Reply to  MarkW
October 28, 2022 4:32 am

So, inflation affects the price of every product and service except oil? Give me a break !

MarkW
Reply to  Richard Greene
October 28, 2022 11:56 am

That’s not what I said, and you know it.
There are lots of things causing the price of oil to go up.
The price of oil has been going up way faster than the inflation rate.

Reply to  mal
October 28, 2022 4:30 am

I attempted to do a peak to peak comparison
Some call that an apples to apples comparison
For products with volatile prices, such as most energy products,
peak to peak or trough to trough are the most honest comparisons.
That also applies to the stock market, if you are interested.

MarkW
Reply to  Richard Greene
October 28, 2022 11:57 am

We are talking about the affects of Biden’s policies on energy prices.
You want to drag in stuff that happened 43 years ago.

Dragging in utter irrelevancies is what one does why they are trying to distract.

MarkW
Reply to  Richard Greene
October 27, 2022 4:52 pm

1979 was during Carter’s oil crisis era, several years before Reagan deregulated gas prices resulting in a great decrease in gas prices.

You have cherry picked the time of highest gas prices in the past in an attempt to hide the damage Biden has done.

Reply to  MarkW
October 27, 2022 8:01 pm

I cherry picked a year (1979) with high inflation and high energy prices, because it was similar to 2022. I explained why in an earlier comment. I made no attempt to hide the damage Biden has done.
But I pointed out in an earlier comment that both Democrats and Republicans and the federal Reserve bank were involved in creating high inflation in 2021 and 2022.

Biden is the worst president in modern times and has ruined everything he’s touched. Leftists always ruin everything they touch, but Biden seems to do it faster than ever before.

MarkW
Reply to  Richard Greene
October 27, 2022 9:03 pm

You are the only one who seems to feel that inflation is the explaining factor.
Nothing could be further from the truth.

Rah
Reply to  MarkW
October 27, 2022 9:44 pm

Exactly. Expensive fuel is a huge part of the cause of inflation. Once again supply side driven.

Reply to  Rah
October 28, 2022 4:34 am

Price rises do not cause inflation
Inflation causes price rises.
The price of oil went up a lot in 2008 without causing overall high inflation.

MarkW
Reply to  Richard Greene
October 28, 2022 11:58 am

Once again, you find yourself lying about what I said in order to make another irrelevant point.
Not once did I say that price increases cause inflation, I never even implied it. In fact I have argued frequently against such claims.

Last edited 2 months ago by MarkW
Surrr
Reply to  Richard Greene
October 27, 2022 5:16 pm

Yeah ok Dick, and a schooner of beer at my local pub cost 90cents in 1979, $8 dollars now, lol

harry
Reply to  Richard Greene
October 27, 2022 5:32 pm

What you actually proved was 1979 was an energy crisis, and this one is worse.

Reply to  harry
October 27, 2022 8:05 pm

I wrote that energy prices rising +16% and +27% are not enough to define an energy crisis. When we run short of natural gas and gasoline, or have a +50% price increase that lasts for more than a month or two, that would be an energy crisis.
Give Biden more time to accomplish that.

MarkW
Reply to  Richard Greene
October 27, 2022 9:03 pm

Hiding the magnitude of a short term trend by pulling in utterly irrelevant years, is something that those who are trying to hide reality do.

CrashEX
Reply to  Richard Greene
October 27, 2022 6:06 pm

You clearly demonstrated that the 2022 Biden Energy Crisis is substantially worse than the Energy Crisis caused by Carter in 1979.

Reply to  CrashEX
October 28, 2022 4:35 am

Prices are higher in 2022 but supply is available
We are not at an energy crisis yet in 2022

AGW is Not Science
Reply to  Richard Greene
October 27, 2022 6:20 pm

Comparing to ANOTHER period of energy crisis and suggesting that “worse than that” ISN’T a crisis is a bit disingenuous.

Reply to  AGW is Not Science
October 27, 2022 8:05 pm

It’s a fair “apples to apples” comparison

Bryan A
Reply to  Richard Greene
October 27, 2022 8:27 pm

This is true, it is Apple’s to Apple’s since both times the inflation was intentional AKA artificial

MarkW
Reply to  Richard Greene
October 27, 2022 9:04 pm

No it isn’t. It would only matter if inflation was the only thing that affected oil prices.

Reply to  AGW is Not Science
October 28, 2022 4:37 am

In the 1970s there were periods when gasoline was not available. Gas stations had long lines and would run out of gas. You could only fill up on even or odd days. You could only fill up when your tank was below 1/4 full. That was an energy crisis.

Reply to  Richard Greene
October 27, 2022 6:28 pm

‘“Energy Crisis” is over the top scaremongering by the author.’

Indeed so. US production of oil and gas is ample to meet the needs of the citizens. The US is exporting record amounts of petroleum. And the US is now the world’s largest exporter of LNG.

So why are prices high? The same reason that exports are high. World prices are high, and the people who control the product seek to sell in the most rewarding market.

This is not the fault of US governments, D or R. And increasing production is not a solution. There is already a surplus (hence exports). If more is produced, the owners will still make the same decision – sell in the most profitable market. That means US consumers still have to pay the high world prices. It’s what happens if you build export facilities.

MarkW
Reply to  Nick Stokes
October 27, 2022 6:56 pm

Once again, Nick attempts to lie by telling only half the story.
What matters is net importation. Looking at only imports or export is meaningless.

I don’t know if Nick actually is this ignorant of basic economics, or if he just hopes those who read his posts are.

Reply to  Nick Stokes
October 27, 2022 8:08 pm

High price inflation is the fault of central bank monetary inflation
Central banks finance government deficit spending
So price inflation has to be blamed on government deficit spending

Rah
Reply to  Richard Greene
October 28, 2022 5:27 am

So you deny the effect of low supply and continued or growing demand effecting prices.

And don’t point to the recent decline in demand. The supply side shortages started it and only more recently the demand has declined after a substantial period of shortages driving prices up.

Bryan A
Reply to  Nick Stokes
October 27, 2022 8:31 pm

The U.S. is exporting huge quantities of oil directly from the U.S. strategic reserve which has need denuded of almost 300M barrels (close to 40%) in the last several months

Bryan A
Reply to  Bryan A
October 27, 2022 9:24 pm

Dang autocorrect…
need been

Rah
Reply to  Nick Stokes
October 27, 2022 9:48 pm

WTF does LNG exports have to do with less than a 25 day supply of diesel? That is the crisis we’re facing right now!

Reply to  Rah
October 27, 2022 11:00 pm

The diesel shortage is worldwide. It can’t be solved by drilling for oil. It is a refining issue, again disrupted by the war in Ukraine.

Rah
Reply to  Nick Stokes
October 27, 2022 11:49 pm

Bull crap. We could be energy independent if Biden had continued Trumps policies and kept opening up the leases as he did. It’s the left that has repeatedly stopped the building or expansion of refineries. They have been doing that for decades.

Obama said that we couldn’t drill our way out foreign dependence and Trump came along and did exactly that and now here you are repeating that same BS!

Last edited 2 months ago by rah
Rah
Reply to  Nick Stokes
October 28, 2022 12:07 am

Face it Nick. There is not enough lipstick in the world to pretty up this pig.

The Trump legacy has totally exposed the lies.

Derg
Reply to  Nick Stokes
October 28, 2022 2:04 am

Hahahaha…..

MarkW
Reply to  Nick Stokes
October 28, 2022 12:07 pm

How exactly has the war in Ukraine interrupted refineries world wide?

Derg
Reply to  Nick Stokes
October 28, 2022 2:03 am

I wonder what prices were during Trump’s presidency 😉

Tom Abbott
Reply to  Derg
October 28, 2022 10:49 am

At one point the price was about $1.84 per gallon under Trump.

Lrp
Reply to  Nick Stokes
October 28, 2022 9:09 am

That’s BS! high prices no restrictions on oil and gas would provide incentives to increase supply

Don Perry
Reply to  Richard Greene
October 27, 2022 6:33 pm

It’s not just a matter of cost that causes a “crisis”, but of supply. Diesel fuel shortages are spreading across the nation and supplies once designated for export to Europe are now being sent to the US east coast. You think there is no crisis? Wait until trucks can’t deliver food to urban groceries. You ain’t seen nothin’ until the grocery store shelves are empty. Then, you’ll understand the meaning of the word “crisis” and it won’t be an exaggeration.

Reply to  Don Perry
October 27, 2022 8:10 pm

There is no US energy crisis yet
There are predictions of an energy crisis
There is no climate crisis yet
There are predictions of a climate crisis
I ignore predictions — they are usually wrong

Rah
Reply to  Richard Greene
October 28, 2022 12:18 am

You ignore. Me? I have prepared. That new fireplace insert I bought and had installed this summer and the wood I laid in to fuel it, is looking better and better every day. And you grasshopper will not be allowed in my nice warm den.

MarkW
Reply to  Rah
October 28, 2022 12:12 pm

He’s nick-picking on whether oil is a crisis or merely a really big problem.

n.n
October 27, 2022 3:39 pm

They deemed carbon to be nonviable, a burden, so they threw a scalpel into the works, and executed a forward-looking plan to abort present and deny future investment through renewable risk of excessive taxes, shared penalties, social contagion, and corporate proscriptions. Clever.

October 27, 2022 3:45 pm

Energy saving: leading by example

F5CD417D-2904-45DE-9DAD-2B0E7B98AC86.jpeg
Bryan A
Reply to  Phil Salmon
October 27, 2022 3:55 pm

I dunno…all those burning buildings courtesy of Putin must be adding some CO2

Derg
Reply to  Bryan A
October 28, 2022 2:07 am

I am bored with Ukraine. Sue for peace and stop giving money to this proxy war.

MarkW
Reply to  Derg
October 28, 2022 12:14 pm

Now that Putin is losing, it’s time to lock in his gains.

Frank from NoVA
October 27, 2022 4:09 pm

Another good article by Alex Epstein. While he covered all the Dem’s regulatory misconduct, he didn’t mention the elephant in the room, which is Biden’s Russian energy sanctions. You just can’t take that much gas, crude and distillate out of the market without creating an energy crisis. Feel free to downvote if it makes you feel better, but the reality is that Western Europe and the Northeastern US states are going to get pounded this winter.

Mike Dubrasich
Reply to  Frank from NoVA
October 27, 2022 5:38 pm

“Biden’s Russian energy sanctions” are not the elephant. They are the mouse.

The elephant is Climate Alarmism, which Epstein noted. The Climate Crazies, with Puppet Joe Mumbles leading the charge, are behind the War on Fossil Fuels. No doubt about it. Climate Alarmism has hamstrung economies and is the Primary Big Reason for Stagflation. The Warmunistas are 100% responsible, guilty, the cause.

Frank from NoVA
Reply to  Mike Dubrasich
October 27, 2022 7:24 pm

I have no problem ascribing blame to Climate Alarmism (CA)for putting the West’s energy security at risk. However, while CA has been ongoing for many years, it wasn’t until Russian energy was taken off the market that prices began to really reflect scarcity. Keep an eye on distillate (aka diesel) inventories – thanks to Biden’s idiotic sanctions, they’re projected to hit zero in a month or so.

Tom Abbott
Reply to  Mike Dubrasich
October 28, 2022 10:52 am

“The Warmunistas are 100% responsible, guilty, the cause.”

Yes, sir, that’s correct.

CO2-phobia is the real problem. The destruction of our economies is the result.

Independent
October 27, 2022 4:25 pm

The Democrat Party WANTS to harm our country. It’s not the Democrat Party of 50 years ago. They hate the United States and want to destroy everything that is America in favor of a communist utopia.

MarkW
Reply to  Independent
October 27, 2022 5:03 pm

Who else remembers Ted Kennedy and the Dear Comandante letter written to Daniel Ortega, offering to work with the communist leader in order to undermine Pres. Reagan?

Last edited 2 months ago by MarkW
Independent
Reply to  MarkW
October 27, 2022 5:26 pm

Point taken, but remember that was a different time. Kennedy was on the far left of his party in those days. Today, he’d be to the right of Joe Manchin, the least-crazy Democrat senator (although still a leftist and in basically no way a moderate).

Tom Abbott
Reply to  Independent
October 28, 2022 10:55 am

No, Joe Biden and Ted Kennedy were twins when it comes to politics. Both of them were/are radical leftist appeasers of dictators.

Independent
Reply to  Tom Abbott
October 28, 2022 11:04 am

Yes indeed. My point is there are no moderates in the Democrat Party today, or at least they are vanishingly rare. Anyone who has an independent thought is excommunicated by the collective.

Greg Bacon
October 27, 2022 4:42 pm

Alex Epstein seems to forget that Trump was in charge for 2 of the past 3.5 years.

Mike Dubrasich
Reply to  Greg Bacon
October 27, 2022 5:41 pm

It’s amazing how quickly the Dems managed to screw things up royally.

MarkW
Reply to  Mike Dubrasich
October 27, 2022 9:09 pm

It’s also amazing how hard Dems work to try and cover up the damage their incompetence causes.

Philip CM
Reply to  Greg Bacon
October 27, 2022 6:51 pm

In charge of what? A host of never-Trumper’s, RINO’s and the Pelosi-Schumer program of serial impeachment. 🤣 🤣 🤣

Bryan A
Reply to  Greg Bacon
October 27, 2022 8:34 pm

It’s also amazing how all the dangerous inflation (approaching double digits) and skyrocketing energy prices have occurred since Jan 21, 2021

MarkW
Reply to  Greg Bacon
October 27, 2022 9:08 pm

And when Trump was in charge, oil prices were going down. It wasn’t until BIden took over that things started falling apart.

Rah
Reply to  Greg Bacon
October 27, 2022 9:55 pm

Back to reality for you:

comment image

Bryan A
Reply to  Rah
October 27, 2022 10:09 pm

Dang now THAT’S a hockey stick

Tom Abbott
Reply to  Greg Bacon
October 28, 2022 10:58 am

“Alex Epstein seems to forget that Trump was in charge for 2 of the past 3.5 years.”

Well, when Trump left office gasoline was about $2.30 per gallon and inflation was about 1.4 percent. And the American ecnomy was booming like never before.

Now look at it.

What’s your point in trying to bring Trump into it? Details. We need details of your accusations. How was Trump bad for the economy?

MarkW
Reply to  Tom Abbott
October 28, 2022 12:22 pm

When Trump was in office, the economy was still trying to recover from the COVID lockdowns. Not all of which had been removed by that time.

mkelly
October 27, 2022 4:47 pm

Post says:”Democrats’ fierce opposition to natural gas pipelines has been particularly crippling in the Northeast,…”

The average liberal in the northeast voted in the people that stopped the pipelines and they knew when they voted that it was going to happen. I have little sympathy for people who shook themselves in the foot then complain their shoes hurt them.

And it has been going on for decades.

Last edited 2 months ago by mkelly
MarkW
Reply to  mkelly
October 27, 2022 7:06 pm

who shook themselves in the foot

How vibrational.

Greg Bacon
October 27, 2022 4:48 pm

It is articles like this one that despoils the reputation of this site as a place concerned with global warming and climate change.

Mike Dubrasich
Reply to  Greg Bacon
October 27, 2022 5:51 pm

The Dem’s rush to catastrophic inflation was and is driven by Climate Alarmism. Algore’s warmunista chickens have come home to roost swinging an economic sledge hammer — one that hurts you as well as all the rest of us.

Pointing that out is absolutely in keeping with the theme, concerns, and reputation of this site. You despoil yourself by failing to connect the dots.

MarkW
Reply to  Greg Bacon
October 27, 2022 7:07 pm

Do you have any corrections that you wish to make, or are you just upset that the truth about Democrats is being exposed?

Rah
Reply to  Greg Bacon
October 27, 2022 9:56 pm

Then leave.

Pat from kerbob
Reply to  Greg Bacon
October 27, 2022 10:10 pm

You’re a strangely funny creature.
Almost every problem we face today is due to the fake climate crisis eating up all resources. Here in canada practically nothing works anymore and yet our idiotic government can only talk about climate emergency.

And then you write this comment.

Jesus take the wheel

Tom Abbott
Reply to  Greg Bacon
October 28, 2022 11:01 am

“It is articles like this one that despoils the reputation of this site as a place concerned with global warming and climate change.”

You are welcome to your opinion. I don’t agree.

Brya
October 27, 2022 5:45 pm

It’s ALL the democrat’s fault

MarkW
Reply to  Brya
October 27, 2022 9:15 pm

In the US, that’s true. In other countries, it’s parties that push the same broken policies that the Democrats push, that are causing the devastation.

TheLastDemocrat
October 27, 2022 6:04 pm

I tried to find evidence of this just a few hours ago.
I saw: similar / not notably different production of oil, and natural gas. As in “U.S. Dry Natural Gas Production.” Things look very similar Trump regime compared to Biden Regime.
Where’s the difference?

Tom Abbott
Reply to  TheLastDemocrat
October 28, 2022 11:03 am

“Things look very similar Trump regime compared to Biden Regime.
Where’s the difference?”

Trump was encouraging increasing production of oil and natural gas.

Biden is at war with oil and natural gas and is putting obstacles in the path of increasing production.

bigoilbob
Reply to  Tom Abbott
October 28, 2022 2:43 pm

Biden should allow more leasing. But the lack of it is not an “obstacle” by any stretch.

More leases would equal more boni, and since the E&P’s usually over pay, the taxpayers would benefit. If the leases came with clauses lock boxing actual asset retirement costs as they accrued, if strict drilling obligations were actually enforced, and if the inevitable whines for royalty relief were ignored, then any subsequent production would be welcomed.

The only problem with that is the fact that, since most of the scant remaining acreage is goat pasture, it would go begging under these terms. Which is why crying “obstacle” is merely cloud yelling.

Tom Abbott
Reply to  bigoilbob
October 28, 2022 5:17 pm

Leasing isn’t the only area where the radical Democrats are harming the production of oil and natural gas. They are doing everything they can to stifle oil and natural gas production.

bigoilbob
Reply to  Tom Abbott
October 28, 2022 6:20 pm

About the usual degree of fact free vaguity. Your claim, your responsibility to back it up. At least in superterranea. Here, maybe not…

“That which can be asserted without evidence, can be dismissed without evidence.” Christopher Hitchens.

rah
Reply to  bigoilbob
October 28, 2022 10:35 pm

How’s this for evidence of intent?

https://youtu.be/Slszva6kk90

Last edited 2 months ago by rah
bigoilbob
Reply to  rah
October 29, 2022 6:17 am

The discussion is not about politics or any mention of intent. I can name a half dozen useless Biden intonations and actions w.r.t. fossil fuels. Rather, it’s about actual damage to the industry. Which is nada.

It’s the flip side of T****s purported “support”. Except for encouraging regulatory neglect – which merely undermined best practices – there was none that mattered.

But thx for playing, rah. Now we can both wait for Mr. Abbott to respond with actual facts to back his claim.

Last edited 2 months ago by bigoilbob
bigoilbob
Reply to  TheLastDemocrat
October 28, 2022 2:35 pm

Market caps of CONUS E&P’s were dropping under T****, even before the pandemic. They are up under President Biden. Neither had anything to do with it.

Olen
October 27, 2022 6:05 pm

There are no good news in this except it will crush green renewable energy this winter.

Philip CM
October 27, 2022 6:24 pm

Come on, man! The American Democratic Party can not liberate oil and gas while sanctimoniously simultaneously crippling oil and gas in the name of the Green New Deal.

Duane
October 27, 2022 6:38 pm

There is no “energy crisis” in the US. WTF is he blabbing about?

Everybody can buy all the oil and gas they want, no gas lines, prices inflation adjusted today are not much higher than during the years the GOP controlled government in 2017-2019, despite the Ukraine war that sent prices higher for a few months earlier this year. US oil production in 2021 was the second highest all time, only slightly less than the all time highest in 2019 before the COVID crash hit in 2020. The EIA projects that oil production in the Permian Basin, the largest US oil producing region, will set an all time production record next month.

Inflation adjusted oil and gas prices were far higher a decade ago, and at various times in the past regardless of which party ran the US government.

None of the real data suggests in the slightest degree that the US is in an “energy crisis”.

Political parties don’t control oil and gas supplies, demand, or prices. The markets – influenced by events like wars, recessions, and disease pandemics – are what controls demand and therefore controls prices and supplies.

MarkW
Reply to  Duane
October 27, 2022 7:11 pm

Are you claiming that the policies of the Democrats has absolutely no impact on the supply of oil and gas???????
Are you claiming that energy prices have not increased dramatically in the last 2 years????

Are you so desperate to convince yourself that your vote for Biden wasn’t a mistake that you are willing to completely ignore reality????

Bryan A
Reply to  Duane
October 27, 2022 8:46 pm

Everybody can buy all the oil and gas they want, no gas lines, prices inflation adjusted today are not much higher than during the years the GOP controlled government in 2017-2019,

Everybody can buy all the oil and gas they can afford, no gas lines can’t afford gas need money for food, prices inflation adjusted today are not much higher than during the years the GOP controlled government in 2017-2019 .. GUESS AGAIN SUNSHINE

Inflation rate under President Trump…
2020 1.23%
2019 1.81%
2018 2.44%
2017 2.13%
Inflation rate under President Biden…
2021 4.70%
2022 8.20% (12 months ending Sept)

2022 inflation by month
Year Jan Feb Mar Apr May Jun Jul Aug Sep
2022 7.5 7.9 8.5 8.3 8.6 9.1 8.5 8.3 8.2

Last edited 2 months ago by Bryan A
Tom Abbott
Reply to  Duane
October 28, 2022 11:07 am

“The markets – influenced by events like wars, recessions, and disease pandemics – are what controls demand”

Governments and private banks also control oil production when they discourage the investment in oil and natural gas exploration.

MarkW
Reply to  Tom Abbott
October 28, 2022 12:27 pm

Governments also control production when they ignore the law and refuse to grant permits to explore or develop new sites.

James F. Evans
October 27, 2022 6:39 pm

Don’t be silly… everybody knows Democrats want high energy prices to force “TRANSITION.”

But there is no physical way to meet American energy needs by way of windmills & solar panels.

Tell your Democratic friends…

America’s life blood (economy) depends on it.

American lives depend on it.

Retired_Engineer_Jim
October 27, 2022 6:40 pm

Note that the Dems also gave us The War on Poverty, and. IIRC, The War on Drugs. Both fantastic successes. They are consistent.

observa
October 27, 2022 6:58 pm
Rah
October 27, 2022 9:32 pm

Right now I don’t much care about the science. We stand on the edge of the abyss of total economic collapse and this government is trying to push us over the edge.

If diesel runs out the whole house of cards is coming down and nobody in this government appears concerned about it. What is left of the strategic oil reserve won’t even provide for essential services for a single day.

MarkW
Reply to  Rah
October 28, 2022 12:30 pm

If the rail workers unions do go out on strike after the election, then the demand for diesel will be going up.

griff
October 28, 2022 1:06 am

Hmmm… Shell just announced record profits.

Derg
Reply to  griff
October 28, 2022 2:12 am

Hmmm…shocker

GeoNC
Reply to  griff
October 28, 2022 4:21 am

And Shell’s profits averaged over the two prior years are more than 50% less than they are presently. And their ROI sucked for those years. So what?

Bryan A
Reply to  griff
October 28, 2022 6:53 am

Go figure, Record Profits during a time of Record High Energy Costs

MarkW
Reply to  griff
October 28, 2022 12:32 pm

Oil prices go up and oil comapnies make more profit.
Oil prices go down and oil companies make less profit.

Surprise, surprise, surprise. Economics works as expected.

BTW, I don’t recall griff crying any crocodile tears a few decades ago when low oil prices were causing oil companies to go bankrupt.

toorightmate
October 28, 2022 5:39 am

Forget about Russia/Putin, forget about OPEC, forget about any other fairy stories MSM wants to make up.
The dim witted President of the USA, Buck Fiden, did two significant things when sworn in. He stopped US from being self-sufficient in hydrocarbons and he increased taxes.
These two seemingly simple acts have stuffed up the economies of the Western World countries in no uncertain manner.

Bryan A
Reply to  toorightmate
October 28, 2022 6:55 am

I am so going to steal Buck Fiden

MAK
Reply to  toorightmate
October 28, 2022 10:09 am

One of the first thing he did was cancel Keystone XL from friendly Alberta. Then be begs the middle east for oil. He is as bad as Trudeau.

dmacleo
October 28, 2022 6:50 am

ordered first load of home heating oil yesterday. 5.60/gal for #2.
I normally do first fill of around 150 gallons with K1 then swap #2.
7$/gal now and limited to 100 gallons.
I’ll pass, been mixing for years so I’ll be safe.
gets little cold in Maine.

Rah
Reply to  dmacleo
October 28, 2022 8:53 am

I hope you have another heating source.

Tom Abbott
Reply to  Rah
October 28, 2022 11:11 am

A woodburning stove makes me feel safe. 🙂

David Hoopman
October 28, 2022 9:52 am

“The party needs to take responsibility and reverse course.”

With all due respect, you cannot possibly be serious. “The Party” is concerned only with beating the populace into submission, a purpose that is served in part by shoveling other people’s money down the green energy rathole. Whenever you find yourself wondering why “the Party” persists in implementing policies that diminish people’s well-being, the first step is to remind yourself that they are doing it deliberately. .

Tom Abbott
Reply to  David Hoopman
October 28, 2022 11:13 am

“With all due respect, you cannot possibly be serious. “The Party” is concerned only with beating the populace into submission”

Well put.

The Democrat Party is out to help the Democrat Party, not the People of the United States.

TonyG
October 28, 2022 10:31 am

Prices will go up, the media will proclaim (as they already are) that it’s “greedy corporations”, Dems will call for price caps. They might just get them, and then things will really get bad.

MarkW
Reply to  TonyG
October 28, 2022 12:36 pm

How quickly people forget Jimmy Carter.

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