Then Russia, a major oil supplier to the world, invaded Ukraine, and oil prices globally took a steeper climb. And decisions by the OPEC+ oil cartel, led by Saudi Arabia and Russia, to only modestly increase the oil they released to the market kept prices high.Īiming to reduce prices, Biden and leaders of other oil importing countries decided to release more oil from strategic reserves, but those actions had little impact on rising prices. The biggest driver is the price of crude oil, which has been rising over the past year.Īs more people get on the road after being cooped up during the pandemic, oil and gas suppliers that had scaled back production during the pandemic lull in demand are struggling to keep up. There are many reasons gasoline prices have pushed higher. remains the world’s biggest producer of crude oil. While there was a dip in oil production in February 2021 due to winter storms in Texas, said Mark Finley, a fellow in energy and global oil at Rice University in Houston, the U.S. is producing 11.6 million barrels per day. The latest data shows that for the week of March 4, 2022, the U.S. was producing 11.185 million barrels of crude oil per day in 2021, compared with an average of 11.283 million barrels per day in 2020, according to data from the U.S. But he and other experts say the reasons behind rising gas prices are being misrepresented.įirst, there has not been a shutdown of oil production. The graphic circulating with the post was not created by his company, although the numbers used are accurate. Patrick De Haan, head of petroleum analysis for GasBuddy, said that users can create graphs using GasBuddy data on the website. This information should be all over social media right now,” the post said. “Everyone here knows gas is high because they shut down production in the US…But here is an extremely simple breakdown for people with short memories (putting it kindly). It shows prices increasing from the end of November 2020, the month Biden was elected president, through the end of February 2022. “BIDEN SHUT DOWN OUR PRODUCTION SO NOW WE DEPEND ON OTHERS,” said one Facebook post, sharing the graphic which tracked the average retail price of gasoline over an 18 month period ending in February 2022. THE FACTS: As prices at the pump hit a record high on Tuesday, social media users shared a graphic made on, which tracks gas prices nationally, to falsely claim the increases are the result of a shutdown in U.S. Gas prices are rising for several reasons, including higher demand after the easing of pandemic restrictions, experts said. produced just as many barrels of crude oil per day in 2021 as it did in 2020, according to data from the U.S. Oil production has not been “shut down” in the U.S., multiple experts told The Associated Press. (AP) - CLAIM: Gas prices are skyrocketing because oil production has been “shut down” in the United States.ĪP’S ASSESSMENT: False.
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