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

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  • #31
    Originally posted by rogue06 View Post
    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.
    Yeah, fortunately, I think a lot of people are seeing through these lying charlatans, including many Democrats.
    The first to state his case seems right until another comes and cross-examines him.

    Comment


    • #32
      Democrat leadership has lost all touch with reality.

      People realize that out-of-control spending is at the root of much of the inflation we are experiencing[1] and the Democrats are literally wondering why their multi-trillion dollar spending sprees aren't being greeted as good news.






      1. For Stoic, yes there was some transitory inflation expected as the economy continues to open back up. Everyone knew and expected it. But very early on economists were reporting strong signs that what was starting wasn't going to be transitory. That it would be long term. And in spite of the left sneering at those warnings guess who was right.

      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


      • #33
        OPEC is playing Biden for the old FOOL he is...

        OPEC considers pausing oil production increase after Biden releases more crude

        Top oil producers Saudi Arabia and Russia are considering pausing their planned efforts to ramp up oil production, according to The Wall Street Journal, after the U.S. and other energy-consuming countries said they would tap their national strategic petroleum reserves in an attempt to bring down gasoline prices.

        The Journal reported on Wednesday that leaders in Riyadh and Moscow have led the 14-member OPEC, along with other oil-producing countries, in coordinating output closely. Other members of the cartel – such as the United Arab Emirates – are not sure whether such a pause is necessary, according to the Journal, citing people familiar with the matter.

        The move comes after President Biden on Tuesday morning ordered a record-setting 50 million barrels of oil released from the nation's Strategic Petroleum Reserve in hopes of lowering gas prices, a decision made in coordination with other countries including India, the United Kingdom and China.

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

        Comment


        • #34
          Originally posted by Cow Poke View Post
          OPEC is playing Biden for the old FOOL he is...

          OPEC considers pausing oil production increase after Biden releases more crude

          Top oil producers Saudi Arabia and Russia are considering pausing their planned efforts to ramp up oil production, according to The Wall Street Journal, after the U.S. and other energy-consuming countries said they would tap their national strategic petroleum reserves in an attempt to bring down gasoline prices.

          The Journal reported on Wednesday that leaders in Riyadh and Moscow have led the 14-member OPEC, along with other oil-producing countries, in coordinating output closely. Other members of the cartel – such as the United Arab Emirates – are not sure whether such a pause is necessary, according to the Journal, citing people familiar with the matter.

          The move comes after President Biden on Tuesday morning ordered a record-setting 50 million barrels of oil released from the nation's Strategic Petroleum Reserve in hopes of lowering gas prices, a decision made in coordination with other countries including India, the United Kingdom and China.
          It isn't their first rodeo whereas for old Joe, he has problems staying on one of those old 25 cent rides they used to have in the front of supermarkets.



          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


          • #35
            Originally posted by rogue06 View Post
            It isn't their first rodeo whereas for old Joe, he has problems staying on one of those old 25 cent rides they used to have in the front of supermarkets.


            They scare the poop out of him!
            The first to state his case seems right until another comes and cross-examines him.

            Comment


            • #36
              About that Regulatory situation?

              Report: Joe Biden to Recommend Increasing Red Tape, Fees on Oil Industry

              Despite high gasoline prices stressing the U.S. consumer and home heating prices expected to soar this winter, the Biden administration will reportedly recommend hiking fees and increasing red tape on the United States’s oil industry Friday.

              The move to raise the costs of U.S. energy production runs contrary to the Biden administration’s pledge to bring down gasoline costs. The Biden administration has been urging foreign producers to increase oil supplies and asked the Federal Trade Commission to investigate energy companies for potentially illegal and anticompetitive behavior.

              The U.S. Interior Department will release a delayed study from the summer about how to further strangle the American energy sector to fulfill Biden’s campaign promise to the far-left, Reuters reported:

              Under the U.S. federal oil and gas leasing program, the Interior Department is required to hold regular auctions of federal land for the oil and gas drilling industry – an initiative intended to boost domestic energy self-sufficiency and raise money for public coffers.

              One source said the report will discuss royalties and fees that drillers are required to pay for drilling on federal land, as well as non-competitive leasing – a controversial process where leases not sold at an auction can be sold directly to interested companies during the following two years.

              About a quarter of the nation’s oil and gas comes from federal leases and the program raises billions of dollars for federal and state budgets.

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

              Comment


              • #37
                Originally posted by rogue06 View Post
                Going up, yes.

                Going up like a skyrocket, no.

                That's because of old Joe.
                You're saying you think you can tell how much of the price increases is because of curtailed production due to low demand during the pandemic, and how much is because of Biden's policies?

                Comment


                • #38
                  Originally posted by Stoic View Post
                  You're saying you think you can tell how much of the price increases is because of curtailed production due to low demand during the pandemic, and how much is because of Biden's policies?
                  I'm saying this because numerous economists were pointing it out step by step, showing how what we are experiencing was not just a transitory blip but had all the earmarks of the sort of inflation we experienced due to Carter and how old Joe was repeating some of the same mistakes. And guess what? Now even the liberals are admitting that what we're facing isn't just transitory inflation expected after an economy opens up again.

                  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


                  • #39
                    Originally posted by Cow Poke View Post
                    About that Regulatory situation?

                    Report: Joe Biden to Recommend Increasing Red Tape, Fees on Oil Industry

                    Despite high gasoline prices stressing the U.S. consumer and home heating prices expected to soar this winter, the Biden administration will reportedly recommend hiking fees and increasing red tape on the United States’s oil industry Friday.

                    The move to raise the costs of U.S. energy production runs contrary to the Biden administration’s pledge to bring down gasoline costs. The Biden administration has been urging foreign producers to increase oil supplies and asked the Federal Trade Commission to investigate energy companies for potentially illegal and anticompetitive behavior.

                    The U.S. Interior Department will release a delayed study from the summer about how to further strangle the American energy sector to fulfill Biden’s campaign promise to the far-left, Reuters reported:

                    Under the U.S. federal oil and gas leasing program, the Interior Department is required to hold regular auctions of federal land for the oil and gas drilling industry – an initiative intended to boost domestic energy self-sufficiency and raise money for public coffers.

                    One source said the report will discuss royalties and fees that drillers are required to pay for drilling on federal land, as well as non-competitive leasing – a controversial process where leases not sold at an auction can be sold directly to interested companies during the following two years.

                    About a quarter of the nation’s oil and gas comes from federal leases and the program raises billions of dollars for federal and state budgets.

                    Weaning off of fossil fuels is inevitable. But just like Afghanistan the demented duffer is doing everything backwards. There anyone with at least two working brain cells knew you pulled out the civilians before you pull out the military, and with this you have viable alternative sources up and running before you start scrapping fossil fuels.

                    But not old Joe.

                    Everything he's done -- and I do mean everything -- has turned to smiley poop2.gif

                    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


                    • #40
                      Originally posted by rogue06 View Post
                      I'm saying this because numerous economists were pointing it out step by step, showing how what we are experiencing was not just a transitory blip but had all the earmarks of the sort of inflation we experienced due to Carter and how old Joe was repeating some of the same mistakes. And guess what? Now even the liberals are admitting that what we're facing isn't just transitory inflation expected after an economy opens up again.
                      I've been talking about oil prices. You seem to have wandered off topic.

                      Comment


                      • #41
                        Originally posted by Stoic View Post

                        I've been talking about oil prices. You seem to have wandered off topic.
                        Let's bring things back on topic.

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

                        Comment


                        • #42
                          The CRUELEST Tax of all...

                          Willis Eschenbach / January 21, 2017
                          A “progressive” tax is one where the wealthier you are the higher percentage of tax you pay. On the other hand, I’ve said before that a tax on energy, the so-called “carbon tax”, is one of the most regressive taxes available. It is the reverse of progressive, it hits the poor the hardest. This is because poor people spend a larger percentage of their income on energy than do rich people.

                          Someone challenged me on this claim about energy taxes the other day, and I realized I believed it without ever checking it … bad Willis, no cookies. So of course, having had that thought I had to take a look.

                          percentage-income-spent-on-energy.jpg

                          The Energy Information Agency (EIA) collects data on this, with the exception of gasoline usage. I got the most recent data, for 2009. (Excel workbook). Gasoline usage figures are here from the Bureau of Labor Statistics. Finally, income averages by tiers are available here from the Census Bureau.

                          Putting all those data sources together, here are the expenditures on energy as a percentage of the average income.

                          As always, data brings surprises. I didn’t expect the main expense to be heating (water and space heating) and the smallest to be gasoline.

                          In any case, it is quite clear that my original intuition was correct. The wealthiest of our households spend about 6% of their income on energy, while the poorest spend just over 40% of their income on energy.

                          And of course, this means if energy costs go up by say 25%, the rich will get a bite out of their income of 1.5%. But the poor will get an additional bill for no less than 10% of their income …



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

                          Comment


                          • #43
                            And the Regulatory Crap keeps on coming from this administration at war with Energy.

                            Biden to Increase U.S. Oil Lease Fees 50% While Accusing ‘Big Oil’ of Anticompetitive Activities

                            The Biden-Harris administration issued a report Friday to increase the price of oil leasing fees on federal lands in the United States by 50 percent—even while accusing oil companies of artificially increasing prices through illegal and anticompetitive actions.

                            Despite record-high gasoline prices impacting American families across the country with winter around the corner, the Biden-Harris administration is recommending Congress hike the cost of oil leases on government lands from 12.50 percent to 18.75 percent.

                            The 6.25 percentage point royalty rate increase on oil companies would contradict the administration’s promise to lower gasoline prices. In recent weeks, the Biden-Harris administration has asked OPEC to increase oil supplies and requested the Federal Trade Commission conduct an investigation into oil companies for “anticompetitive behavior.”

                            The rate increase, according to the New York Times, would generate about an extra “$2.5 billion in new revenue by the end of the decade,” which oil companies would pay to the federal government, though consumers would absorb the increased cost the companies incur. So far, the Biden-Harris administration has collected $1.6 billion more from oil leases in 2021 than in 2020.

                            An increased royalty rate would be the first rate hike since 1920 and would fulfill President Biden’s campaign promise to global warming activists and the far-left.



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

                            Comment


                            • #44
                              Originally posted by Cow Poke View Post
                              And the Regulatory Crap keeps on coming from this administration at war with Energy.

                              Biden to Increase U.S. Oil Lease Fees 50% While Accusing ‘Big Oil’ of Anticompetitive Activities

                              The Biden-Harris administration issued a report Friday to increase the price of oil leasing fees on federal lands in the United States by 50 percent—even while accusing oil companies of artificially increasing prices through illegal and anticompetitive actions.

                              Despite record-high gasoline prices impacting American families across the country with winter around the corner, the Biden-Harris administration is recommending Congress hike the cost of oil leases on government lands from 12.50 percent to 18.75 percent.

                              The 6.25 percentage point royalty rate increase on oil companies would contradict the administration’s promise to lower gasoline prices. In recent weeks, the Biden-Harris administration has asked OPEC to increase oil supplies and requested the Federal Trade Commission conduct an investigation into oil companies for “anticompetitive behavior.”

                              The rate increase, according to the New York Times, would generate about an extra “$2.5 billion in new revenue by the end of the decade,” which oil companies would pay to the federal government, though consumers would absorb the increased cost the companies incur. So far, the Biden-Harris administration has collected $1.6 billion more from oil leases in 2021 than in 2020.

                              An increased royalty rate would be the first rate hike since 1920 and would fulfill President Biden’s campaign promise to global warming activists and the far-left.


                              I drive so little right now that I've only filled my tank three times this year (maybe four). The last time was at $2.89. Today the lowest I saw was $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


                              • #45
                                Originally posted by rogue06 View Post
                                I drive so little right now that I've only filled my tank three times this year (maybe four). The last time was at $2.89. Today the lowest I saw was $3.19.
                                LET'S GO BRANDON!
                                That's still cheaper than me. Right now, gas is about $3.45.
                                "For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6

                                "Theology can be an intellectual entertainment." Metropolitan Anthony Bloom

                                Comment

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