Does Obama Understand Basic Economics?

[acesfull86]

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"Understand what this project is: It is providing the ability of Canada to pump their oil, send it through our land, down to the Gulf, where it will be sold everywhere else. It doesn't have an impact on US gas prices," he said, growing visibly frustrated.



Da fuq?

 

[zitothebrave]

Keystone pipeline is ****ty. But is it ****tier than the alternative? That's the tricky thing to debate. It's not a job creator though, aside form the short term construction jobs added. The question is, do you go with the safer pipeline, or the continue with rail oil delivery?

Personally I wish we'd wake the **** up and move our electricity to solar and alternative and get more EVs on the roads. Consumers need to demand it.

 

[50PoundHead]

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"Understand what this project is: It is providing the ability of Canada to pump their oil, send it through our land, down to the Gulf, where it will be sold everywhere else. It doesn't have an impact on US gas prices," he said, growing visibly frustrated.



Da fuq?

The price of oil is set by the total world market. Unless the existence of the pipeline increases the production and subsequent sale of oil, it won't have an effect on the supply by which the price as set. That said, I don't know if more oil will be produced as a result of the pipeline. If supply goes up, the price will likely go down some, but when price goes down, demand ramps up and the price heads up again.

I don't have a problem with the pipeline per se. But it's kind of apples and oranges as to whether or not it would have a significant effect on gas prices over the long term. I think it would create jobs though, both in construction and on-going jobs in New Orleans.