The Trump administration aims to make fossil fuels cheap—so cheap they wouldn’t be worth extracting. “‘Drill, baby, drill’ is nothing short of a myth,” one oil executive has said.
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Truly the art of the deal: Make megadonors be unable to maintain profit margins.
Per BLS, the $50 target is equivalent to $26.39 in January 2020 dollars. Setting aside the horror of 89% inflation in just 25 years, markets have this nasty propensity for self-regulating in oversupply situations.
Not to mention, anything more we pump will head overseas, as U.S. refineries are not set to handle the grade of crude we produce.
Anyone with passing knowledge of the oil and gas industries, such as the quoted anonymous oil executives (yes, plural), knows how absurd all of this is. Sure, everyone wants cheaper fuel prices to toddle their truck nuts around, but you know what’s even easier? Buying a vehicle with better fuel economy in the first place.
We should raise the gas tax to fund public transit
