Suggest that current US policy is the only factor at play in oil markets [“Blame Biden for high gas prices,” Letter to the Editor, Aug. 7] is a bit misleading.
In recent years, domestic production had eroded our future, a minor dependence on certain Canadian tar sands, which are expensive and toxic to mine and refine. The viability of pipelines has faltered as companies like Exxon, Shell and large investment firms have started to scale back oil sands development as they now move towards diversification. Global producers are making decisions over which the United States has little leverage.
In 2005, when Keystone XL made its first offers, it offered inflated job numbers, mostly for short-term construction, and less than 100 permanent jobs. Localities may have property tax revenues but no direct, meaningful and well-paid jobs.
Maintenance costs money. An aging pipeline to Montvale recently closed because the company did not want to shoulder the expense. They passed on higher transportation costs for delivery to that region. Just one of the many corporate pricing policies, not a presidential policy!
Does not distrust of the media or of those with divergent opinions extend to the superficial promises of big business?
In recent years, Saudi Arabia has flooded the crude market to block Iranian production. This coincided with an overabundance of domestic sources and prices fell even more to historic levels, as did profits.