OPINION | 'Big Oil is exploiting the Russian invasion of Ukraine and its effects on the price of gas to run up record profits and handsomely reward their shareholders and CEOs by using the American people as their own personal ATMs.'
The fine print here seems to be that if the Biden administration does away with most or all of the regulations around oil production such as onsite inspection, environmental review, permit approval, and wildlife habitat protection, this could happen more quickly, but as Coloradans who love our public lands, we know that is a terrible idea.on public lands in his first year in office than President Trump did in his.
“Crude oil is about the most perfect example of raw global supply and demand market forces at work you can see,” said Skyler McKinley, regional director of public affairs for AAA. McKinley gave me a crash course in gasoline pricing, and in the course of our fascinating conversation, laid out a simple truth: it’s not irrational for fossil fuel companies to exploit this moment for their own financial gain on the backs of American consumers, in fact, it is essentially their responsibility to do so.
And, yet, this week oil prices took another rollercoaster ride, with West Texas crude dropping 12% on March 9 and Brent crude, the international benchmark, losing 13% in the same day. The price of oil had hitContrary to what Republicans and many of their allies in the fossil fuel industry would like you to believe, which party holds the White House, Congress, the Colorado Governor’s Office or the state legislature has absolutely nothing to do with the price of gasoline.
Short of nationalizing the fossil fuel industry, which, if I had to guess, would not be a policy the vast majority of oil and gas executives or Republicans would support, the invisible hand of the market will dictate gasoline prices. Anyone claiming that we can ramp up production right now to have a meaningful effect on gas prices today isn’t telling close to the whole story.
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