Quote:
Originally Posted by ITD
Higher energy cost is the only solution our present administration and all the green lobbyists has for the green dilemma. You can't escape it. Your electric bill will not double, but it will have a significant rise. The only way to reduce it is to lower your usage. That means turning things off, maybe buying more efficient appliances, but that results in marginal savings at significant cost.
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Higher energy costs are not due to this administration.
Oil was $147 when gasoline was last at the $4 mark. We only went to $120 for gasoline to go to $5. That means a great demand for the supply of refined product. We lost 1 million barrels per day of refining capacity in 2019 and 2020... this Administration hadn't even entered office.
We saw this coming in 1984... for the wage labor. And 2015/2016, for the energy increase. Everybody in the market was discussing it back then.
The US oil fields are producing... the US doesn't have refining capacity, and the next two countries even close to our capacity are Russia and China.
The Houston refinery was slated to close in 2023, taking another 500 thousand barrels per day out of our refining capacity... and only expects to hold on to 2024 due to federal pressure and incentives.
If the cost was actually hurting anyone... we wouldn't see so many out-of-state plates in central NH or the lakes full of boats.
So regardless of our increasing field production in the US, we have no more refining capacity and must send the crude overseas to be refined.
Because this situation is not going to change... everyone in the industry being honest has told the American people that it is going to require demand destruction...
In other words, people will need to be more than conservatives in self-appointed name only.