Yes this, no one is mentioning the record profits the oil companies are getting, they are giving $38 billion to shareholders via buybacks and issuing another $50 billion in dividends.
Production has not yet reached the pre Covid Peak. We all know it takes time to ramp up production that's why Trump didn't have peak production day one in office. Oil companies do not just turn a valve and have it pour out, new wells need to be developed, and how much is developed is dependent on the near and mid term outlook. Big companies aren't going to spend a bunch of money to develop new wells if the 2-3 year out look for demand is bad. In addition regulations(real or perceived) and administrations have more of an effect on long term production than price fluctuations. Companies are not going to keep investing when an Administration is out there touting how bad oil is for the planet. Look at Cap/Ex spend in see how that correlates to production downstream.
How many people could even point out Ukraine on a map before Feb? How many people paying for higher gas prices now do you think really cares about Ukraine's democracy and freedom? This is an entirely post-hoc rationalization to make people feel better about paying more at the pump as a result of our failed foreign policy. If that was actually our rationale we would've engineered a regime change in Saudi Arabia a long time ago. I mean, who doesn't want freedom and democracy in Saudi Arabia? We're all cool about paying more for gas to achieve that, right?
Oh wow, I was hoping for an actual answer, not some made up non specific buzzword. But I'll still play, so lets say the pay this "living wage" when oil craters and the evil oil companies start to hemorrhage money I guess they cut those employees wages back down...?
Can something be a post-hoc rationalization and be true at the same time? John Bolton admits Putin didn't invade during Trump because Trump was Putin's useful idiot. And we could invade Saudi Arabia and pay more for the instability in favor of democracy, but when was the last time The US, or any country for that matter, was successful forcing regime change through invasion? It's also not us invading, it's Russia that causing the instability. What could we have really done to stop the invasion and keep gas prices lower? The answer is likely nothing, except maybe appease Putin by weakening our ties to NATO. Short term, we'd have lower gas prices. Long term, would this be beneficial?
I will just say that there is so much complexity on these issues. I know about 1% of what I need to, and most people who opine know much less than that. They're very significant US interests as defined since at least 1946, if not earlier, which support our current policy towards Ukraine. It's absurd to pretend like it some recent vintage. Anyone with a passing understanding of most US foreign policy would know otherwise
If we tolerated Russian control over Ukraine like we've been tolerating the House of Saud's control over Saudi Arabia, we would have avoided the invasion. I mean, why invade Ukraine when you can control it without firing a shot? Technically, even with the invasion, if we didn't levy broad sanctions on Russia oil prices wouldn't have been disturbed much. Now obviously that's not an option, we'd look too weak and it'd cost us more in the long run, but we could've just let the status quo be.
THANKS BIDEN!!!! While you guys have been whining your asses off about oil prices Biden has been working overtime lowering prices. This week alone Biden has reduced oil prices by over 25%.
I'm not exactly sure what point you're making, but I think that if Putin had simply recognize the "independence" of Donetsk and Luhansk, and continued his dominance in the Eastern region, and somewhat maintained the military threat, then you would've had the scenario where the West seem feckless and had to simply accept those events rather than actively intervene. But the invasion change the calculus. Were still not militarily intervening but we stepped up the sanctions. An invasion to change borders without even colorable pretense challenges the whole concept of postwar Europe in a way that could not simply be accepted without sanctions or other similar type of actions short of actual military intervention.
Great post City! Biden is doing a great job and lending strength to America during these hard times. I look forward to the midterms. Oil prices plunge below $100 a barrel and loses 'quarter of its value'
I meant status quo as in before we announced our plans to let Ukraine join NATO. I agree that once the invasion happened, what ensued has been pretty predictable and necessary.
When are you talking about? I'm not aware of any definitive pronouncement although we flirted with it in 2014. Since that time, we have largely backed off from that although the Ukrainians enshrined it in their constitution
Weekly U.S. Field Production of Crude Oil - U.S. Energy Information Administration (EIA) Gasoline and Diesel Fuel Update - U.S. Energy Information Administration (EIA)
Yeah that’s why his approval polls are in the shitter! Give me a break and quit watching MSNBC for your info.
