CNN - Biden wants a gas tax holiday. Here’s why Congress isn’t on board

[Moviefan-2]

Joe Biden's message to Congress: Help me! I've fallen in the polls and I can't get up.

Biden wants a gas tax holiday. Here's why Congress isn't on board | CNN Politics

A gas tax holiday means the typical taxes that are applied to purchases of gasoline and diesel are lifted for a period of time, offering a measure of relief to consumers. Both Republicans and Democrats in Congress have signaled opposition to a federal gas tax holiday.

www.cnn.com

Really, how sad is it that even Nancy Pelosi is non-committal?

 

[toguy5252]

Joe Biden's message to Congress: Help me! I've fallen in the polls and I can't get up.

Biden wants a gas tax holiday. Here's why Congress isn't on board | CNN Politics

A gas tax holiday means the typical taxes that are applied to purchases of gasoline and diesel are lifted for a period of time, offering a measure of relief to consumers. Both Republicans and Democrats in Congress have signaled opposition to a federal gas tax holiday.

www.cnn.com

Really, how sad is it that even Nancy Pelosi is non-committal?

Yea pretty sad that he is trying to help the American consumer rather than spending his time grifting. Regrettably it is the GOP which will be hurting the consumer this summer.

 

[Frankfooter]

Joe Biden's message to Congress: Help me! I've fallen in the polls and I can't get up.

First you argue that Biden should do this.
Then, when Biden starts doing it you say its a failure.

Let us know if your brain ever gets up.

 

[anon1]

Big Oil will simply raise the prices to take advantage of the tax savings.

 

[oil&gas]

U.S. shale oil producers will be pumping less with Biden and the
Democrats in control than under Trump. Tax holiday won't change
that. Putin, Saudis and me will be very pleased if Biden wins in 2024
so he can complete his mission to end fossil fuel to save the world
from climate change.

 

[Frankfooter]

U.S. shale oil producers will be pumping less with Biden and the
Democrats in control than under Trump. Tax holiday won't change
that. Putin, Saudis and me will be very pleased if Biden wins in 2024
so he can complete his mission to end fossil fuel to save the world
from climate change.

Yes, because big oil just wants the profits of high prices.

 

[toguy5252]

U.S. shale oil producers will be pumping less with Biden and the
Democrats in control than under Trump. Tax holiday won't change
that. Putin, Saudis and me will be very pleased if Biden wins in 2024
so he can complete his mission to end fossil fuel to save the world
from climate change.

According to the EIA, U.S. oil production will surpass in 2023 its previous annual average of 12.25 million barrels per day, achieved in 2019.

The tax holiday is not intended to promote oil production. It is intended to give consumers at least a small measure of relief.

 

[squeezer]

According to the EIA, U.S. oil production will surpass in 2023 its previous annual average of 12.25 million barrels per day, achieved in 2019.

The tax holiday is not intended to promote oil production. It is intended to give consumers at least a small measure of relief.

You pointing out facts means nothing to the delusional cultists Right Wing radicals.

 

[jcpro]

Joe Biden's message to Congress: Help me! I've fallen in the polls and I can't get up.

Biden wants a gas tax holiday. Here's why Congress isn't on board | CNN Politics

A gas tax holiday means the typical taxes that are applied to purchases of gasoline and diesel are lifted for a period of time, offering a measure of relief to consumers. Both Republicans and Democrats in Congress have signaled opposition to a federal gas tax holiday.

www.cnn.com

Really, how sad is it that even Nancy Pelosi is non-committal?

Poor Joe finds himself in the pickle juice of his own making.

 

[Frankfooter]

You pointing out facts means nothing to the delusional cultists Right Wing radicals.

You mean they won't be here cheering Biden for pumping more oil than rump?

 

[oil&gas]

According to the EIA, U.S. oil production will surpass in 2023 its previous annual average of 12.25 million barrels per day, achieved in 2019.

The tax holiday is not intended to promote oil production. It is intended to give consumers at least a small measure of relief.

You realise last time when crude price was about as high (~2014)
it didn't take long for shale oil producers to increase production to a level
so high that price collapsed to the $20--$30 range? This time oil producers
are not taking advantage of rising oil prices like they did. Yes oil production
is high but seeing that their business could soon be doomed by the anti-fossil-fuel
POTUS to save the climate they have been restrained in capex to boost production
to meet demand adequately. And where is carbon emission going with the measure
of relief? Down or up?

 

[jcpro]

You realise last time when crude price was about as high (~2014)
it didn't take long for shale oil producers to increase production to a level
so high that price collapsed to the $20--$30 range? This time oil producers
are not taking advantage of rising oil prices like they did. Yes oil production
is high but seeing that their business could soon be doomed by the anti-fossil-fuel
POTUS to save the climate they have been restrained in capex to boost production
to meet demand adequately. And where is carbon emission going with the measure
of relief? Down or up?

They still haven't figured out that the future prospects depend as much on the hard figures as on the confidence.

 

[dirtydaveiii]

You realise last time when crude price was about as high (~2014)
it didn't take long for shale oil producers to increase production to a level
so high that price collapsed to the $20--$30 range? This time oil producers
are not taking advantage of rising oil prices like they did. Yes oil production
is high but seeing that their business could soon be doomed by the anti-fossil-fuel
POTUS to save the climate they have been restrained in capex to boost production
to meet demand adequately. And where is carbon emission going with the measure
of relief? Down or up?

I guess big oil should start reading terb to see what direction they are going in lol. There are immediate profits to be made and you are claiming they don't want to bother making billions because of Biden? So on one hand you claim that clean energy is a farce and cannot be attained but the oil companies aren't as smart as you are ? Interesting to say the least

 

[oil&gas]

They are making more money by spending less in exploration and infill drilling
than they could to avert crashing of oil price.

 

[dirtydaveiii]

The geopolitical situation and oil price level may give US producers a license to grow volumes more meaningfully. It takes time for producers to respond to prices, though, and the price signal was not strong enough for E&Ps to potentially veer from their plans for moderate growth until recently. Private producers have been able to ramp upstream activity more meaningfully given that they do not have to answer to a public investor base.”

Oil companies regularly lose money. In four of the past ten years, the oil industry lost money. Big oil lost $76 billion just two years ago. Therefore, they are proceeding with caution. They are maintaining more capital discipline. They aren’t rushing to do projects with the assumption that oil prices will remain above $100/bbl. They are doing projects with the assumption that in a year or more when the projects might pay off, oil prices will have retreated to well below $100/bbl.

On this issue, the Biden Administration is correct. The oil industry is going slow. But this belies a misunderstanding of how long it takes to execute a project. Oil companies don’t have crystal balls. They have to make decisions now based on where they think prices are headed. Because of multiple collapses in oil prices over the past decade, they are proceeding with more caution and capital discipline

 

[dirtydaveiii]

They are making more money by spending less in exploration and infill drilling
than they could to avert crashing of oil price.

Exactly. Bidens policies have absolutely nothing to do with it

 

[oil&gas]

Exactly. Bidens policies have absolutely nothing to do with it

Oil prices as high as it is now was actually not in the
interest of Big Oil CEOs in the past. They made big bucks
by growing their companies. They wanted oil prices sufficiently
high to generate cash flow needed to grow production and yet
not high enough to trigger demand pull back. They earned a lot
of their money from stock options not from retail sales. Now
seeing or fearing that fossil fuel is about to be phased out
they may as well keep price at a level just below the threshold
that could kill the economy and reap the profits. By the time
renewable energy takes over as the dominant energy source,
if that ever transpires, they will all be happily retired.

 

[rhuarc29]

Joe Biden's message to Congress: Help me! I've fallen in the polls and I can't get up.

Not gonna lie, I laughed harder than I should have at that!

I'm with congress. The government went deep into debt to chuck cash at the populace during COVID, so what would this accomplish aside from more of the same? Guess who pays the government's debt. That's right, the people. So this would effectively be mandatory borrowing for everyone, that they'll pay interest on. Doesn't really get us ahead now, does it? We've already borrowed overmuch against our future here in the West. We're addicted to debt. It's a short-sighted policy.

A gas tax holiday would only ever make sense if they were running budget surpluses. When's the last time that happened? 20 years ago.

No, the only logical way out of this mess is to address the actual problem: supply and demand. High prices are already curbing some demand, as they're supposed to. Why would we alleviate that and bring us back to square one, but with more debt?
Fix the supply and you fix your prices.

 

[Frankfooter]

They are making more money by spending less in exploration and infill drilling
than they could to avert crashing of oil price.

They are making more money because they can.
Cash in now with high prices before transition.

 

[toguy5252]

You realise last time when crude price was about as high (~2014)
it didn't take long for shale oil producers to increase production to a level
so high that price collapsed to the $20--$30 range? This time oil producers
are not taking advantage of rising oil prices like they did. Yes oil production
is high but seeing that their business could soon be doomed by the anti-fossil-fuel
POTUS to save the climate they have been restrained in capex to boost production
to meet demand adequately. And where is carbon emission going with the measure
of relief? Down or up?

The oil companies are making record profits, raising dividend share buy-backs etc. They have determined that there is little incentive to drill because that would take a lot of cap-x, soften prices and ultimately moderate profits. That is not a criticism the CEO's are doing what they are supposed to do but please this blame it on Joe game is just not factual at all. The "doom" that the apologists for the industry refer to, even if it was true, it not going to arrive any time soon and it is far enough down the road that whatever cap-x was employed would be more than recouped. The bigger players are all employing a multi pronged approach and are investing heavily in green strategies. Just listen to the CEO's of Exxon and other integrated companies etc.

And yes regrettably emissions will go up in the short term. That is just the reality of the world and times we live in.