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A comment on US Gross Domestic Product, Second Quarter 2022 (Advance Estimate). Parent comment

Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by ceejayoz on Thursday July 28, 2022 @10:47AM (#32265074)
> We could drill our away out of this problem, but we are not, because the the biden administration is being held hostage by the progressive left.

Saying this doesn't make it true.

https://apnews.com/article/fact-checking-452931879750

> The U.S. was producing 11.185 million barrels of crude oil per day in 2021, compared with an average of 11.283 million barrels per day in 2020, according to data from the U.S. Energy Information Administration. The latest data shows that for the week of March 4, 2022, the U.S. is producing 11.6 million barrels per day.

> While there was a dip in oil production in February 2021 due to winter storms in Texas, said Mark Finley, a fellow in energy and global oil at Rice University in Houston, the U.S. remains the world’s biggest producer of crude oil.

https://apnews.com/article/joe-biden-business-science-enviro...

> Approvals for companies to drill for oil and gas on U.S. public lands are on pace this year to reach their highest level since George W. Bush was president, underscoring President Joe Biden’s reluctance to more forcefully curb petroleum production in the face of industry and Republican resistance.

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Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by nightski on Thursday July 28, 2022 @10:59AM (#32265253)
You can't look at the oil market in isolation like that. Saudi was dumping oil at that point, producing way more than necessary. So much so futures went negative. That is not the case today.
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Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by ceejayoz on Thursday July 28, 2022 @11:01AM (#32265287)
> That is not the case today.

As a deliberate political choice by the Saudis.

https://theintercept.com/2022/02/15/saudi-arabia-gas-price-o...

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Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by nightski on Thursday July 28, 2022 @11:09AM (#32265388)
Which is largely irrelevant.
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Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by ceejayoz on Thursday July 28, 2022 @11:15AM (#32265451)
As is the President re: gas pricing.
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Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by nightski on Thursday July 28, 2022 @11:31AM (#32265699)
Which is not true either, as the dip we've seen over the past several weeks can attest. We've deeply tapped into our reserves (much more than expected as released yesterday) to achieve this. It seems like it might be short sighted and short lived.

Also if the president has no effect on gas prices why was ours groveling at the feet of the Saudi Prince?

[ Parent | on HN ]
Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by ceejayoz on Thursday July 28, 2022 @12:45PM (#32266844)
> Also if the president has no effect on gas prices why was ours groveling at the feet of the Saudi Prince?

Because they're the people who can have an effect?

If Biden could tweak gas prices, he wouldn't have to do that.

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Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by nightski on Thursday July 28, 2022 @02:21PM (#32268282)
Leaders have power through influence. Unless you are suggesting Biden has no influence, which in his specific case unfortunately might have some truth. But that's not generally the case with the president of the US.
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