Announcement

Collapse

Civics 101 Guidelines

Want to argue about politics? Healthcare reform? Taxes? Governments? You've come to the right place!

Try to keep it civil though. The rules still apply here.
See more
See less

Backfire: Oil Prices Soar as Market Rejects Biden's Pleas

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    Originally posted by Stoic View Post

    It appears that what happened is that the drop in demand because of the pandemic caused prices to drop, and US production has been curtailed accordingly.


    Source: https://www.worldoil.com/news/2021/2/17/us-will-import-62-more-crude-by-2022-due-to-domestic-production-declines-says-eia


    U.S. crude oil production declined by an estimated 0.9 million b/d (8%) to 11.3 million b/d in 2020 because of well curtailment and a drop in drilling activity related to low crude oil prices.

    © Copyright Original Source


    Source: https://www.naturalgasintel.com/u-s-oil-curtailment-wave-forecast-to-top-2-million-b-d-in-june/


    Public and privately held producers working across the United States are shutting in wells and cutting expenses at an accelerated pace since Covid-19 became a demand killer, and curtailed oil and liquids output is forecast to climb to “at least” 2 million b/d in June.

    © Copyright Original Source



    Sorry if that doesn't fit with your preferred narrative.
    We were producing so much oil that we became the number one exporter back in 2019.

    Now correct me if I'm wrong, but there wasn't a pandemic in 2019 or the years building up to where we reversed course from being an energy importer to a the world's largest energy exporter.

    Of course good old Joe's policies managed to take us from that position to going around hat in hand begging OPEC to increase production in a few months. And now we're being told what a great thing it is that he's getting promises of a little bit here from this country, and a wee bit more from that country.


    picardfacepalmthumb.jpg

    LET'S GO BRANDON!

    I'm always still in trouble again

    "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
    "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
    "Of course, human life begins at fertilization that’s not the argument." --Tassman

    Comment


    • #17
      Originally posted by rogue06 View Post
      We were producing so much oil that we became the number one exporter back in 2019.
      True.

      Now correct me if I'm wrong, but there wasn't a pandemic in 2019 or the years building up to where we reversed course from being an energy importer to a the world's largest energy exporter.
      No need to correct you. It's true that we built up our production (starting during Obama's first term), and that production continued to grow until the pandemic hit. Then demand dropped, and prices along with it. Corporations driven by the profit motive cut production accordingly.

      Of course good old Joe's policies managed to take us from that position to going around hat in hand begging OPEC to increase production in a few months.
      No, it wasn't Biden's policies. The production cuts started in 2020, with the pandemic. It was just capitalism in action.

      And now we're being told what a great thing it is that he's getting promises of a little bit here from this country, and a wee bit more from that country.
      One alternative is to just wait until the high oil prices drive up our production again. That's a sure fire solution, but leads to a lot of pain in the meantime.
      Last edited by Stoic; 11-24-2021, 09:17 PM.

      Comment


      • #18
        Originally posted by Stoic View Post
        ....The alternative is to just wait until the high oil prices drive up our production again. That's a sure fire solution, but leads to a lot of pain in the meantime.
        No, it's not that simple. There has to be a favorable regulatory climate for the oil and gas business to ramp up again.

        The first to state his case seems right until another comes and cross-examines him.

        Comment


        • #19
          Originally posted by Cow Poke View Post
          No, it's not that simple. There has to be a favorable regulatory climate for the oil and gas business to ramp up again.
          What do you think Biden changed about the regulatory climate? The ramp up during the previous 8 to 10 years doesn't seem to have been hindered much by the regulatory climate.

          Comment


          • #20
            Originally posted by Stoic View Post

            What do you think Biden changed about the regulatory climate? The ramp up during the previous 8 to 10 years doesn't seem to have been hindered much by the regulatory climate.
            You're kidding, right? His whole "GREEN" focus is anti-fossil fuel.
            His energy secretary is a bloomin' idiot.

            hillarious.jpg

            Energy Secretary Jennifer Granholm on Friday laughed at a question about boosting America's domestic oil production, calling it "hilarious."

            Bloomberg host Tom Keene noted America's rising gas prices and asked the energy secretary, "What is the Granholm plan to increase oil production in America?"

            Granholm immediately began laughing. "That is hilarious," she said. Would that I had the magic wand on this."

            The first to state his case seems right until another comes and cross-examines him.

            Comment


            • #21
              Originally posted by Stoic View Post

              What do you think Biden changed about the regulatory climate? The ramp up during the previous 8 to 10 years doesn't seem to have been hindered much by the regulatory climate.
              Freezing new oil and gas leases, complete shutdown of Keystone XL, reversal of methane emission requirements, what hasn't he changed?
              "So when you actually get the virus, you're going to start producing antibodies against multiple pieces of the virus. So, your antibodies are probably better at that point than the vaccination."
              - Pfizer Scientist Chris Croce

              Comment


              • #22
                Originally posted by Gondwanaland View Post
                Freezing new oil and gas leases,
                That doesn't affect production this year, and it has been estimated that it will cause 2022 production to be about 1% lower.

                It was also only temporary: https://www.npr.org/2021/11/17/10566...as-development

                complete shutdown of Keystone XL
                That affects Canadian production a bit.

                reversal of methane emission requirements
                That's one I don't think he has any need to apologize for. If we're going to do anything at all about climate change, it should include that.

                But my point is that none of this makes as much a difference on oil prices as the decrease in demand during the pandemic.

                Comment


                • #23
                  U.S. shale has a message for the Biden administration: Ask us to increase oil production, not OPEC

                  The chief executive of U.S. oil company Occidental Petroleum said that it would have been preferable if the Biden administration had asked shale producers closer to home to increase production and crude supplies, rather than the OPEC alliance that’s led by Saudi Arabia.

                  Asked whether President Joe Biden and his team were getting it wrong by asking OPEC to pump more when there are shale oil producers at home, CEO Vicki Hollub said that “if I were gonna make a call, it wouldn’t be long distance, it would be a local call.”

                  “And I think that we could do it cheaply in the United States, as other countries can do,” she told CNBC’s Hadley Gamble at the Adipec energy industry forum in Abu Dhabi on Monday.

                  “I think first you, you stay home, you ask your friends, and you ask your neighbors to do it. And then if we can’t do it, you call some other countries,” she said.

                  Hollub’s comments come after a period of dramatic energy price rises in recent months that led to the White House calling on OPEC and its oil-producing allies, a group known as OPEC+, to boost production in an effort to combat climbing gasoline prices.

                  The first to state his case seems right until another comes and cross-examines him.

                  Comment


                  • #24
                    Originally posted by Cow Poke View Post

                    No, it's not that simple. There has to be a favorable regulatory climate for the oil and gas business to ramp up again.


                    And the codger in charge has turned off pipelines (and is currently debating on shutting off even more), canceled exploration and pumping on public land as well as an assortment of other numbskull policies. And now to everyone's dismay (well, at least to those on the left), energy prices are skyrocketing. Less than a year ago I was paying less than $2/gallon. Yesterday the cheapest gas around is $3.03/gallon (most are around $3.19).


                    LET'S GO BRANDON!

                    I'm always still in trouble again

                    "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                    "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                    "Of course, human life begins at fertilization that’s not the argument." --Tassman

                    Comment


                    • #25
                      Originally posted by Stoic View Post
                      That doesn't affect production this year, and it has been estimated that it will cause 2022 production to be about 1% lower.

                      It was also only temporary: https://www.npr.org/2021/11/17/10566...as-development


                      That affects Canadian production a bit.


                      That's one I don't think he has any need to apologize for. If we're going to do anything at all about climate change, it should include that.

                      But my point is that none of this makes as much a difference on oil prices as the decrease in demand during the pandemic.
                      People who invest in US Energy are not stupid - they are putting an awful lot of money at risk hoping for a good return (yeah, I know, nasty capitalism) and the regulatory environment is a huge chunk of their decision making.
                      The first to state his case seems right until another comes and cross-examines him.

                      Comment


                      • #26
                        Originally posted by rogue06 View Post


                        And the codger in charge has turned off pipelines (and is currently debating on shutting off even more), canceled exploration and pumping on public land as well as an assortment of other numbskull policies. And now to everyone's dismay (well, at least to those on the left), energy prices are skyrocketing. Less than a year ago I was paying less than $2/gallon. Yesterday the cheapest gas around is $3.03/gallon (most are around $3.19).
                        Energy prices would be skyrocketing in any case.

                        Comment


                        • #27
                          Originally posted by Stoic View Post

                          Energy prices would be skyrocketing in any case.
                          THAT is almost certainly correct. Private companies won't settle for a 100% net profit when they can get 101%, and if they can shift the blame, they'll make it 110%.
                          sigpic1 Cor 15:34 εκνηψατε δικαιως και μη αμαρτανετε αγνωσιαν γαρ θεου τινες εχουσιν προς εντροπην υμιν λεγω

                          Comment


                          • #28
                            Originally posted by Stoic View Post

                            Energy prices would be skyrocketing in any case.
                            Going up, yes.

                            Going up like a skyrocket, no.

                            That's because of old Joe.

                            I'm always still in trouble again

                            "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                            "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                            "Of course, human life begins at fertilization that’s not the argument." --Tassman

                            Comment


                            • #29
                              Democrats Start Blaming Biden For High Gas Prices, Slam His ‘Policy Band-Aid’ Of Releasing Oil Reserves

                              Democrat lawmakers are starting to blame Democrat President Joe Biden for high gas prices across the country that are threatening the party’s majorities in both chambers of Congress in the upcoming midterm elections.

                              “There is a variety of contributing impacts, but certainly I think the buck stops with the president,” Rep. Abigail Spanberger (D-VA) said in an interview this week. “And I’m proud to be among those legislators on Capitol Hill that continue to ring the alarm bells about how serious this is.”

                              The interview comes after Biden announced that he would be releasing up to 50 million barrels of oil from the nation’s Strategic Petroleum Reserve in an attempt to combat the high prices, even though analysts suggested the move was “symbolic.”

                              Sen. Joe Manchin (D-WV), Chairman of the Senate Energy and Natural Resources Committee, slammed Biden in a statement following the president’s announcement, calling it a “policy band-aid” that fails to address the real issue, which Manchin said was “the self-inflicted wound that shortsighted energy policy is having on our nation.”

                              The first to state his case seems right until another comes and cross-examines him.

                              Comment


                              • #30
                                Originally posted by Cow Poke View Post
                                Democrats Start Blaming Biden For High Gas Prices, Slam His ‘Policy Band-Aid’ Of Releasing Oil Reserves

                                Democrat lawmakers are starting to blame Democrat President Joe Biden for high gas prices across the country that are threatening the party’s majorities in both chambers of Congress in the upcoming midterm elections.

                                “There is a variety of contributing impacts, but certainly I think the buck stops with the president,” Rep. Abigail Spanberger (D-VA) said in an interview this week. “And I’m proud to be among those legislators on Capitol Hill that continue to ring the alarm bells about how serious this is.”

                                The interview comes after Biden announced that he would be releasing up to 50 million barrels of oil from the nation’s Strategic Petroleum Reserve in an attempt to combat the high prices, even though analysts suggested the move was “symbolic.”

                                Sen. Joe Manchin (D-WV), Chairman of the Senate Energy and Natural Resources Committee, slammed Biden in a statement following the president’s announcement, calling it a “policy band-aid” that fails to address the real issue, which Manchin said was “the self-inflicted wound that shortsighted energy policy is having on our nation.”
                                Other Democrats are looking for someone else to blame like Sen. Elizabeth Warren (D-MA). Knowing that old Joe has been doing nearly everything that the left want wrt energy, and so blaming him means blaming core Democrat dogma, Warren has proclaimed that it's really the oil companies who are responsible because they want a profit.

                                I'm always still in trouble again

                                "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                                "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                                "Of course, human life begins at fertilization that’s not the argument." --Tassman

                                Comment

                                Related Threads

                                Collapse

                                Topics Statistics Last Post
                                Started by Cow Poke, 11-27-2021, 03:48 PM
                                5 responses
                                53 views
                                0 likes
                                Last Post rogue06
                                by rogue06
                                 
                                Started by Gondwanaland, 11-27-2021, 01:59 PM
                                5 responses
                                48 views
                                0 likes
                                Last Post Ronson
                                by Ronson
                                 
                                Started by rogue06, 11-27-2021, 10:48 AM
                                22 responses
                                166 views
                                0 likes
                                Last Post KingsGambit  
                                Started by seer, 11-27-2021, 09:42 AM
                                24 responses
                                143 views
                                1 like
                                Last Post NorrinRadd  
                                Started by tabibito, 11-27-2021, 06:11 AM
                                31 responses
                                161 views
                                0 likes
                                Last Post Gondwanaland  
                                Working...
                                X