Biden admin cancels massive oil and gas lease sale amid record-high gas prices

When someone uses it it's a tell.

 

The gas tax hasn't changed since sometime in the late 70s or early 80s. In real dollars, it brings in 1/3 what it used to.

That tax is to help maintain highways, which means cars and their roads are heavily subsidized...

The idea behind everything is balancing competing needs and interests.

You simply have to tax gas. Remember Biden promising a trillion for infrastructure. We are SEVEN trillion behind in infrastructure..

Actually, the single smartest thing we could do is an incremental Carbon Tax.

But what you can do is keep taxes low for people that need that. And we should do more in the way of means tested social programs. A gas tax rebate for the poor would also help.

 

I’ve even seen articles from the NYP that have used that spelling. When I see articles that clearly and intentionally misspell a word like that the first thing I think of is their standards are very low. If they have to resort to name calling their facts must be next to zero. Just as the second poster on your topic. Just a name and no facts.

 

Of course, all your opinions are facts and all my facts are opinions. I understand that.

No, the reasons you accept are those provided by CBS. Mine came from interviews with oil company executives. You took your pick. I took mine. It is what it is.

 

You think the Federal Reserve Bank of Dallas was just made up oil company survey for some weird reason?

Those evil lyin Texans....... Sheesh

Feel free to believe anything youwant.

 

Government policies that produce shortages and hike the price of fuel and other necessities are very regressive. They punish the poor and the working class.

Gas taxes like all sales taxes are very regressive. There is no excuse for them in states that have an income tax.
Has there ever been an audit that confirms how and where the previous infrastructure money was spent?

 

Oil executives certainly have a bias, but given that CBS = MSM = Fake News, even oil executives should be considered more credible.

 

More R&D.

 

The DP always hurts the people it pretends to love, the poor, the working class, black Americans, women and children.

 

The quarterly "Dallas Fed Energy Survey" is done by Federal Reserve Bank of Dallas, but of course you think they made it up, because reported by CBS Moneywatch (and many other sources).

Denial is not just a river in Egypt.

Shrieking "fake news" every time you see something you don't like is not just dishonest, - its lazy.

More terrible "fake news" from Federal Reserve Bank of Dallas

Fake noooooose......fake nooooose

 

More Inconvenient Truth: The Fed is one of our most notoriously unreliable, mistake prone bureaucracies.

“It is often said that those who cannot learn from history are doomed to repeat it. Jerome Powell’s Federal Reserve Board would do well to heed that adage. By seeming to have learned little from both the 2008 housing and credit market bust and our painful inflationary experience in the 1970s, it risks repeating those two sorry economic episodes.

In 2009, in the aftermath of the bursting of the housing price bubble, Federal Reserve Chairman Alan Greenspan quickly went from hero to zero. He did so as the bubble’s burst ushered in the Great Recession. Hauled before a congressional committee, Greenspan was forced to publicly confess that he should have paid more attention to the housing price bubble that formed under his watch and relied less than he did on the ability of markets to correct their excesses.

Fast forward to 2021, Powell, today’s Fed chairman, seems to be paying little attention to the global “everything” asset price and credit market bubble that has formed as a result of the Fed’s massive bond-buying program in response to the COVID-19 pandemic. Instead, it continues to add froth to the “everything” bubble by buying $120 billion a month in U.S. Treasury bonds and in mortgage-backed securities.”
THE HILL, Is Jerome Powell doomed to repeat the Fed’s past mistakes?, By Desmond Lachman, 09/15/21.
https://thehill.com/opinion/finance/572204-is-jerome-powell-doomed-to-repeat-past-fed-mistakes/

 

I see.

 

The administration isn't in the area of drilling. Energy companies are, and your story even gives the very reason they cancelled. it. I think they get renewed every many years.

Also in the OP link
...
The spokesperson also told FOX Business that "there are 10.9 million acres of offshore federal waters already under lease to industry," and "of those, the industry is not producing on more than three-quarters (75.7% or 8.26 million acres)."

Federal law requires DOI to stick to a five-year leasing plan for auctioning offshore leases. The department had until the end fo the current five-year plan – due to expire on June 30 – to complete the sales.
...
Why aren't our companies not producing more? They have the places under lease already.

And the lease plan was due to expire and our energy companies seemed to have no interest in that area.

 

White supremacy.

 

No, there's no proof.
Most if not all of that oil is still going to market by the way it's been transported for years.
The pipeline would be more convenient for the oil industry, but to those that don't want the pipeline in their back yard are in opposition to it.

 

That's actually highly doubtful.

 

The OP link had this little paragraph in it.

...
The spokesperson also told FOX Business that "there are 10.9 million acres of offshore federal waters already under lease to industry," and "of those, the industry is not producing on more than three-quarters (75.7% or 8.26 million acres)."

 

This should be yelled all day every day.

 

There is bias everywhere. That is why there are at least to truths to every "fact." We make our choices.

 

From your link...

It was expected to transport 830,000 barrels of Alberta tar sands oil per day to refineries on the Gulf Coast of Texas. From the refineries, the oil would be sent chiefly overseas—not to gasoline pumps in the United States.

 

Biden has ZERO ability to bring down oil prices. Were Trump in office it would be exactly the same deal. No American President has the power to fix global prices on oil and gas. The partisan talking points being voiced here ignore this basic fact as a matter of necessity so they can keep on pouring out their fictions.

 

I disagree a presidents policys can affect the price of oil

 

Yes, but no one should rely on the MSM unless it is reporting against its bias or retracting its Fake News.
Oil executives, as opposed to the MSM, do not pretend to be unbiased. This alone makes them at least slightly more credible than Fake News phony "journalists".

 

You are free to assume the Dallas Fed is lying in the quarterly survey.

Go read Breitbart. I'm sure you find their angle more to your liking. Me, I prefer facts.

Powell is not in charge

Right. Trump didnt want to hurt the oil producers, but they got seriously beat up during his term anyway. There was nothing he could do to stop it, and now the same companies are being very careful to not repeat the same mistake only 2 years later.

 

The unreliability of the Fed is well documented. Surely you have noticed.

Here is the Fed confession after the damage is done:

“Let’s get this out of the way first: I was wrong about inflation.”...

“At the time I wrote my July 2021 piece, “Don’t worry about inflation,” a prescient copy editor noted that this headline might look bad if I was wrong and inflation got increasingly worse. I responded that I stood by it, and if I was wrong, I would write a groveling follow-up piece.

So here we are.

In my defense, I wasn’t alone. A lot of people much better credentialed than me argued that inflation was going to cool down substantially in 2022. When I made my prediction, I cited the Federal Reserve’s policymakers, whose median forecast as of December 15, 2021, was for 2.7 percent inflation in 2022, per the core PCE measure (their favorite metric as well as mine).

But in March, the Fed updated its projection from 2.7 percent to 4.1 percent. Private forecasters surveyed in November said they expected 2.3 percent inflation; by February, it was up to 3.1 percent.

Put another way, the people you’d expect to have the surest handle on where inflation is going have admitted they got it wrong, too — and by a lot. “The models really led us astray,” Karen Dynan, a professor of economics at Harvard and former assistant secretary of the treasury for economic policy, told me, offering the below chart as further evidence.”
VOX, How I (and US policymakers) got inflation wrong, Bad takes, revisited., By Dylan Matthewsdylan@vox.com Apr 13, 2022.
https://www.vox.com/22996474/inflation-federal-reserve-nairu-ngdp-powell

When will they ever learn?