Biden Won't Allow Production - OPEC Starts Cutting

Oil prices up……OP bitches
Oil prices down….OP bitches.

Methinks it’s not really about oil prices

Someone just likes to bitch.

 

How are you defining energy independent?

 

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.

 

Brilliantly put.
He disagrees.

 

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.

 

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.

 

To be fair, you need to add that when you reference USG requested production cuts in 2020.

 

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.

 

Lol wut?

 

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.

 

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

 

What else needs to be said. Indefensible position.

 

There are some things you can’t fix.