Chemicals and petroleum were my bailiwick the last 20 years of my CSX career. I think I know quite a bit about the market. My conclusion is that Joe Biden’s administration has taken a direct aim at the petroleum industry, and the petroleum industry, basically, extrapolates into the chemical industry as so much of the base stock in the chemical industry comes from the gas and oil industry.We are about 25 cents cheaper but pushing hard to $5.00. People need to realize the cost of gasoline is just part of the problem in our economy. It drives up costs for everything we buy and do.
For example the service industry. I have a pool boy who has added $10.00 to his monthly bill to pay for gas. Same with my lawn boy. Ten more dollars a month to pay for Biden's gas hike. There is no end to it.
The first attack on the oil and gas industry was the creation of the EPA. The EPA was given too much power to attack the industry. Same way with the coal industry. The US Congress is a lazy group that can’t get along, so they create these agencies that the President can assign the running to his henchmen. They come in and take a club to specific industries if they don’t like them. A perfect example of overreach is the declaration that carbon dioxide is a pollutant. Just google it and you get a lecture on the green new deal. They do not want you to know that plants depend on carbon dioxide to live. You only get the one side.
For the last 50 years the U.S. has not allowed building new refineries in the U.S. So, the concept is not new, but the Biden administration has arbitrarily vowed to destroy an industry. So, until something changes politically it will get worse and worse and the green new deal guys will cheer it on. The biggest problem is that at the moment we do not have a substitute for oil and gas. What will we make lubricants and plastic and many fabrics et.al out of?