Gas prices are dropping; 55 straight days now

Greensburg PA

Description

So republicans thought they could scare americans into thinking Joe Biden was in charge of gas prices solely. And it was a reduction in well permits that was causing slowing of raw oil or gas. NOPE. The gas & oil producers took a calculation of what level of price would be ok, and that's what things raised up to. Do you think that the current inventory of 3-4k oil drilling permits in the USA alone, which are still sitting without any digging or drilling equipment on site are empty for no reason? The cost to produce a well is well over 8million today, so when there is no profit, there is no drilling. When profits get realized, then drilling will start again. BUT- Oil companies are still reeling from soft pricing in the sub 3 and sub 2 dollars during the pandemic. For many, they just survived so this is a much needed shot of income to their coffers. Fast forward and now were seeing prices start to moderate as companies dont yet want to drill and sink money down hole till they get some pennies in the purse. When America realizes that we don't need to value oil and gas as the # 1 commodity and switch to alternative sources; electric cars / trucks / buses and vans., we will literally make oil a commodity only used for things like either making power, making plastics, making lubricants and other not so stupid shit - such as using it to push you car 10 miles to work and back. Electric is here today and the USPS just ordered a whole fleet of delivery vehicles. Those along with most US car manufacturers going to electric cars are going to reduce the consumption of oil and gas by 20% in the next 5-10 yrs. and 50% in the next 20. When you have half the demand and all the supply.....prices go way the F down. Gas will be below 1.50 in the next 10 yrs.