We call it 'fuel price futures' because it actually takes a long time for leases to turn into petroleum/gas energy. (Trump was a beneficiary of Reagan!)
Part of that long delay is going from a pasture to a working field, assuming there's some there there. Another part is going from zero to sixty in a refinery--and as you know, refineries are built around the raw-material supply going in. There is no "universal" refinery; Texas sweet ain't Venezuelan heavy.
(Regarding refineries: we absolutely must have more of them here in the US. Even if Bai-Den actually begins leasing, he can (and likely will) kill off fossil fuels by "discouraging" refinery-building, which requires at least 20 years to pay back AND needs permits up the patootie. Count on Little Hitler in the White House to play hide-the-weenie; if he's forced to issue more leases, he'll continue to make refineries into pariahs. You lose. Again.)
Anyhow, the WSJ put out a graphic (PowerLine source) which will tell you what prices will be in the future. See if you can find Biden's contribution to heating/cooling/electricity/gasoline/diesel/lubricating stuff without a microscope.
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