Price of gas

[slgrieb]

Yeah, I said that quote because that is what the left told us for most of the last 8 years. "Obama is great because gas is cheaper than it was when he took office." "Obama fixed the economy and that is why gas is cheap."

OPEC made gas cheap, and now that they are turning off the spigots, the same people will now say,"Trump sucks because gas prices went up"

Now why OPEC ramped up production is questionable. I never said it was Obama. You did. You brought him up in the context of blame. I just pointed out it coincided with his election. I don't know if you know this but OPEC has more influence on us than we do on them. We can ask for them to turn off the spigots but we cannot make them. This was all their doing.

There is nothing questionable at all about why OPEC ramped up production. Fracking and other advanced recovery techniques in the U.S. and the potential of Canadian shale oil meant that the U.S. could produce enough oil to cut OPEC out of the picture, so long as prices were high. These aren't cheap technologies to implement.

So the Saudis stepped up production to lower prices and drive American competitors out of business. And yes, this is really pinching Saudi incomes. My heart bleeds. Cheap OPEC oil may have made the Keystone pipeline irrelevant, but the Saudi's are a long way from killing the U.S. production industry, even if they have hurt it badly, and when the Saudi's finally cave to pressure to raise prices again, I think they will be surprised to see how quickly U.S. production rebounds. Life in the Oil Patch is always a continual Boom/Bust cycle, and people in the business learn to deal with it.

[slgrieb]

BTW gas here is $1.99 a gallon or $1.79 with my grocery discount.