On the first day of his presidency Joe Biden issued an executive order canceling the Keystone XL pipeline. It's his 1st accomplishment and the result is obvious.
Average crude oil prices since Biden's election.
November 30, 2020 42.30
December 31, 2020 48.73
January 31, 2021 53.60
February 28, 2021 60.46
Today March 5, 2021 as I'm posting 65.96
has nothing to do with joe and canceling keystone, actually that was a stupid mistake, cost Americans jobs, and energy as you read.
also the reason oil is high is cause Saudi Arabia wants it high, that is why opec cut thier production back. and when opec had a meeting a few days ago again they cut it back more. so yes they want oil to rise.
its all over the news sites i look at. That is why if your smart make a few thousand on it. you have to actually dig for the news.
((has nothing to do with joe))
Canada exports huge quantities of electricity to border states from Washington to Maine. The U.S.-Canada electricity grid is so integrated, in fact, that when the entire U.S. Northwest plunged into blackout in 2003, they took Toronto down with them . Canada could inflict critical brownouts on Minnesota, Michigan, Vermont and parts of upstate New York, among others. A particularly spiteful detail of this measure — particularly in the wake of the environmentalist underpinnings of the Keystone XL cancellation — would be that it would shut off mostly clean hydroelectric power while forcing the U.S. to compensate with increased burning of coal and gas.
so as you see that is a stupid thing joe did.
last blackout was a few months ago
Yeah, shutting down the xl pipeline was stupid.....but not just because of job loss.
Oil prices like every other commodity is dictated by supply and demand. It's true that OPEC cutting production has cause a decrease in supply which has increased the price. But one of the reasons they are able to cut production is because the XL pipeline was stopped which effectively lessens the competition with regards to the supply.
Opec knew Biden would slow the American production of oil, not just because of the XL pipeline but also from stopping permits to drill on Federal lands....IMO opinion Opec believes the United States will go from an exporter of energy to an importer of energy and that gives them more control of the supply and by extension the price.
Biden didn't just campaigned on reducing use of fossil fuels in the United States, he also campaigned on reducing production of fossil fuels, The time line I posted is post election and is in part due to Biden's stated policies even before he was inaugurated. Biden has effectively given OPEC more control by eliminating a competitor.
Trump once said that to 'go green' would require trillions of dollars in investment. I presume he meant that US needs to * grow economy rapidly* to create this level of surplus.
Electric Cars:
Consumers can currently get a federal tax credit of up to $7,500 on the purchase of an all-electric or plug-in hybrid electric vehicle, but not all cars are eligible. The incentive begins phasing out after an automaker sells 200,000 of its EVs.
Only Tesla and GM have hit that threshold so far. Both previously lobbied Congress to lift the cap or extend the existing tax credit.
If Biden increases this to a momentum and US goes green then:
US can compel China, India to go green (a small incentive in India to buy EVs)
World oil reserves will stretch a little longer than the predicted 2050
Biden concerned with Globalization
he gives money away to other countries.
useless ...
Imagine Biden giving incentives to GM to transform their existing plants in India to EVs. (Tesla already has a hyper-loop project to connect Bombay-Pune). Biden has to push hard before the Japanese enter the market.
Trump was pushing for US exports - to India - including US milk products (ice creams which Hindu India rejected because your cows are not vegans ) all this before the Covid hysteria began.
Somehow Trump sold the idea that a super rich America was in the interest of the World. Remember how he called off Boeing from flying their planes after overseas crashes. (Airbus France was elated.) To keep Trump in good mood, India had contracted Boeing for some 100 jets although our National carrier was in the red.