Another Loss for the US: Japan Breaks with Western Allies, Buys Russian Oil at Prices Above Cap

Trump didn’t have the US producing less that was due to crashing demand due to Covid. It was worldwide. US producers need a break even point of about $40/barrel. They will still pump for a while below that level but won’t keep doing it for too long. Why do you purposely ignore this?
Biden did nothing to cause oil companies to produce ore it was in response to the Reopening of the world and soaring prices.

The global price of Oil has quadrupled since that agreement due to all the things I listed. OPEC could have chosen to increase a year ago as they would still be making money hand over fist compared to when it was $20/ barrel.
Biden tried to get OPEC to produce more already and he failed, now OPEC takes it a step further and cuts production more.

Are you suggesting the Biden isn’t capable of getting a “deal” under Trump reversed?
Wow that’s pretty weak since Trump hasn’t been POTUS in over two years.

You’re so far up Biden’s butt being a cheerleader you can’t even see how weak he is on this one.

 

Lack of refining capacity also has put a bit of a ceiling on production also.

 

I think the point is there was a Trump agreement in place to cut production during Covid - for legit reasons at the time. Also as I said elsewhere US fracking companies finally wised up (due to investor pressure) and didn’t blow out production and flood the market with oil.

Now should Biden have been able to coax MBS to produce more? I don’t know. Biden and MBS have a frosty relationship between the whole Kashogi thing as well as history of Iran nuclear deal. I can’t blame Biden for his prior stances, but he did pay a price for them. I also think MBS greatly preferred Trump (and Jared) and would intervene to politically hurt Biden if he thought he could.

Yes refining capacity is a factor, but that isn’t something a president is going to change.

 

Agree on all points, but to try to remove Biden from any part of this and try to make the current situation Trump’s fault is just a flat out joke.
Saudis could have really crushed our frackers in 2020 like they did the last time oil prices dropped but they didn’t.

We really screwed up by not buying up oil at $20/barrel, sure there may have been some storage issues but it could have been released when oil was $100/barrel and the Gov would have actually made a profit. If I’m not mistaken the Dems in congress refused to authorize the purchase. They hated Trump and big oil too. Very short sighted on that one.

 

Well yeah if it was such a bad plan why proceed with it?

Similar to the China tariffs, they were so terrible yet to my understanding Biden has yet to reverse most of them…

If I’m the CEO of a company I’m not going to last long if I keep following my fired predecessors game plan.

 

What is he weak on? I am not following. The narrative was Biden was bad for oil.... oil is producing more oil under Biden than ever. The narrative was Trump was energy independent... we are exporting more than importing under Biden in a bigger way than under Trump. The only criticism you have is that Biden hasnt been able to pry away the candy store that Trump gave away to OPEC. Well, no shit. It's easier to give away than take back.

 

There you go, I knew you'd start to figure it out.

 

We don’t live in a state run economy. Oil companies make production decisions based on what’s good for the bottom line and what’s good for the bottom line is $100 oil. Don’t read much about massive deep water drilling ops that cost up to $15B. Gee why is that. Oh yeah it’s better for the stock price and and executive comp to spend it on share buybacks and dividends.

oil company economists see the same thing that OPEC does, the sweet spot for profits is between $80-100 per barrel. No deal to be had.

 

Those people think that because that's what happened. Trump negotiated the "surrender" agreement, he drew troop level down to 5K. If we were going to stay, we were going to have to drastically increase troop levels and reignite the conflict. Research who the equipment belonged to. Your lack of understanding what happened is stunning.

Wow, how naive is this? Trump negotiated the damn treaty. It's laughable you blame this on Biden who was following through on it. Trump also drew down the troop level. That's why the Taliban ceased most hostilities. They knew the had won, they just needed to be patient until we finally withdrew entirely.

Sure, Biden could have repudiated Trump's treaty. But using your analogy, if you're that CEO who thinks repudiating your predecessor's contracts are fine, you are rapidly going to learn no one will contract with you because the word of your company means absolutely nothing.

If we were going to stay, you need to commit 80K-100K troops there, wait for the hostilities to resume and budget a military budget to stay there forever.

Biden ended our involvement in W's war, an otherwise endless conflict. It was messy and it hurt, but it's over.

 

Uhmm, we made a profit on the oil we released from the reserve.

 

Moving the goal posts..

Biden hates big oil he has said as much.

The argument was that OPEC pretty much told Biden to piss up a rope when he asked them to produce more, and doubled down when they just decided to cut further production.

That candy you talk of was when oil prices fell off a cliff, if you recall at one point the oil futures when negative due to COVID shutting down the world.
Now prices are 4 times that and the great statesman can’t get get them to bump production, they went ahead and cut it again..

 

No kidding….

 

Thank Trump for that.

Could have made even more if we bought more when it was $20/barrel…

 

Oil futures went negative. Why exactly do you think that was and given that fact what if anything (hint) could we have done?

 

You have some orange stain around your mouth you might need to wipe off. “Biden hates big oil”. Lol. The fact that you made up a quote Biden never said and are focusing on how he “hates” or “loves” stuff tells me how strong your argument is. 1. Biden hates oil. 2. He hasn’t been able to unwind the gift Trump gave them.

LOL. Super effective debating dude. Here is my argument about Biden’s policies and whether they “hurt” oil at all:

1. More oil produced than any President ever
2. More oil exported vs imported than any president ever
3. More profitable oil companies than ever

The spread between oil prices and gas is a record. Prices aren’t actually being affected by the relatively moderate oil prices. It is the crack spread that is making the refining a total mint. Maybe you should focus less on “hate and love” quotes and more on the actual happenings in the market.

 

Agree… but Biden isn’t running on making the oil market better or worse. It’s better under him… he is running on making us less dependent on oil which is a right wing crime cuz the burning of oil is a religious purity test.

 

Biden had nothing to do with the three things you list in an attempt to prove he likes big oil.

In Feb 2020 we produced the most oil ever, we are forecast to be close this year so 1 is wrong straight off.
2 and 3 are due to macro factors not Biden, unless you credit him for the Russian “embargo” which has helped jack the price and increased profits.

 

Indisputable:

More oil per month produced under Biden through the same week in office than Trump… and that was pre-Covid.

There is no disputing that. Trump had about 6 weeks out of his 208 that were above Biden but you don’t win a baseball game scoring more in one inning. You apparently think so. Oil is killing it. I don’t care if you act like that is “in spite” of the “fact” Biden “hates” oil. It’s a lie to insinuate oil is handicapped under Biden. A total lie you are perpetuating in your head.

 

State of US proof that empires can’t empire forever.