Oil prices up……OP bitches Oil prices down….OP bitches. Methinks it’s not really about oil prices Someone just likes to bitch.
Yep, here we are. If we’ve left our descendants an inhabitable planet, they’ll look back at us as greedy and
There you go with that disingenuous reference again VA. Tell the whole story or don’t tell it at all.
As I conceded before, forcing worldwide production cuts may have been the correct decision at the time given that many independent shale oil producers in the US would have gone under with the price of crude well under the cost of production. That being the case production worldwide and production in the US are still below the 2019 prepandemic peak and when the economies of the US as well as most western industrial countries reopened in late 2020, demand increased at a much greater rate than the supply causing prices to skyrocket.
What im suggesting is that production responds to price, so if you want increased production, you really want a higher price.
This is the most uninformed crowd I have ever seen. At one time we had so much oil we couldn't use it or sell it. This occurred when OPEC and Russia flooded the oil market to lower the price. Why? To attack American oil production and put the oil companies out of business. Trump acted to save the oil companies when oil was being sold at less than zero, less than zero is right. In Biden's case, he is doing everything he can to kill the oil business even though we need them. He acted that way from his first day in office. Earlier today, oil was up 4%. Can you just imagine the price of oil if OPEC and Russia drop production by 200,000 barrels? All of those votes Biden has been working to buy by selling down the SPR would be wasted by people seeing gasoline prices headed back up again. The Biden Administration is crapping in their pants tonight.
Often times... macro economics and oil in particular run on rumors and fear... even a slight pull back makes a bigger impact than it should.
daily worldwide consumption is something like 84 million barrels. 200k isn’t going to move the needle much, if at all. It’s like .25 percent of consumption. Especially against the back drop of a current price drop pattern. There could be a temporary panic bump, but that’s all it would be. And you made the point here everyone is trying to make for us - OPEC, they control the market because they have the lion’s share of the reserves. They buried us once, and will do it again if they feel they need to. It’s folly to try and control it in any meaningful way, and has been folly for decades to think we can drill our way out of the mess that is oil worldwide. The bigger issue is when and how we stop liquidating our the reserve. That is what will truly impact prices. But OPEC may up production at that point, they don’t want the gas pain to be great enough that it forces real effort around renewables. Then they lose their power.
Except we don’t. Oil Reserves by Country 2022 we are currently producing the most in the world, but OPEC could bury us again tomorrow if they chose to.
If you use the simple definition of exporting more oil then importing, then yes, we were energy independent under Trump. But guess what? Using that same definition, we're still energy independent under Biden! Of course, much of the oil we export is low grade, and not anything we can use in the US. In addition, some of the gulf oil is exported to Mexico where it can be refined quicker and cheaper. Much of this oil is imported back, but not all. Biden is trying to balance current energy needs while preparing us for a future where we are not oil dependent. It's what we should have been doing for years.
All part of the plan... crush the middle class... and redo the Constitution... and blame the freedom and Liberty loving Pubs for it. Then make a communist nation that the entire world will be scared of.
The recession brought on by Dictator Biden has lowered gasoline more than anything else. Recession + Inflation = Stagflation. This should be easy except for the uninformed crowd, all hopeless left wingers. A government report brought here in another thread said selling the SPR lowered gasoline between 13 and 31 cents. The rest is the pain of the American people.
When the thread starts with the claim that Biden had stopped oil production in the US, it’s hard to imagine it will be really fruitful discussion